REGISTERED CHARITY NUMBER: 265686
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2023 for The Fairhaven Garden Trust
The Fairhaven Garden Trust
Report of the Trustees
for the Year Ended 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal charitable objective of the Trust is to allow the public to enjoy and learn from the natural setting of a wooded garden near South Walsham, Norfolk on the Norfolk Broads. The trust is mainly funded by visitor charges admission and income from its gift shop and tea room.
FINANCIAL REVIEW AND FUTURE PLANS
The trustees have continued to plan for the long term development of the garden. However, in the light of the implications of the Covid-19 pandemic, these are presently on hold.
Reserves policy
Events of 2020, specifically the Covid-19 pandemic, have illustrated the importance of the trustees prudent reserves policy.
The trust has fixed assets which are necessary for its operation of £423,426 which are funded by reserves of capital.
The trustees have placed £246,802 of its reserves in a liquid investment which is readily available as a contingency. This is broadly based on three months of running expenditure with no income arising
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
No additional trustees are likely to be appointed in the foreseeable future.
Organisational structure
The trust is headed by a Board of Trustees, chaired by The Hon Melanie Broughton, who meet quarterly. Day to day management of the Trust is delegated to the manager who reports directly to the Trustees.
Induction and training of new trustees
Any new trustees would be provided with copies of:-
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The Deed of Trust
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The latest financial statements
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Charity Commission guidance notes, The Essential Trustee 'What you need to know'
In addition, the trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
265686
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The Fairhaven Garden Trust
Report of the Trustees
for the Year Ended 31 March 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Principal address School Road South Walsham Norwich NR13 6DZ
Trustees
The Hon Melanie Broughton S W Macfarlane The Hon J Broughton Mrs A Hampshire-Broughton
Independent Examiner
Adrian Mole FCA ATII BFP Quove Accounting Ltd Talpa Hall Old Newton Stowmarket IP14 4HQ
Approved by order of the board of trustees on 13 Septemer 2023 and signed on its behalf by:
The Hon Melanie Broughton - Trustee
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Independent Examiner's Report to the Trustees of
The Fairhaven Garden Trust
Independent examiner's report to the trustees of The Fairhaven Garden Trust
I report to the charity trustees on my examination of the accounts of the The Fairhaven Garden Trust (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of The Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Adrian Mole FCA ATII BFP Quove Accounting Ltd Talpa Hall Old Newton Stowmarket IP14 4HQ
13 September 2023
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The Fairhaven Garden Trust
Statement of Financial Activities
for the Year Ended 31 March 2023
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Operation of Garden Other activities Investment income Total EXPENDITURE ON Raising funds Charitable activities Operation of Garden Total NET (LOSS)/INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Notes | 31.03.23 Unrestricted fund 1,686 221,922 279,187 5,810 508,605 335,266 259,346 594,612 (86,007) 723,407 637,400 |
31.03.22 Total funds 5,498 201,477 229,208 290,721 |
|
|---|---|---|---|---|
| 2 | ||||
| 3 | ||||
| 726,904 | ||||
| 269,840 213,903 |
||||
| 483,743 | ||||
| 243,161 480,246 |
||||
| 723,407 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
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The Fairhaven Garden Trust
Balance Sheet At 31 March 2023
| FIXED ASSETS Investments – Cash Deposits Tangible assets CURRENT ASSETS Stocks Debtors Cash at bank CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors – Amounts falling due in more than one year NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
Notes | 31.03.23 Unrestricted fund 246,802 423,426 670,228 19,947 9,711 34,525 64,183 (63,583) 600 670,828 33,428 637,400 637,400 637,400 |
31.03.22 Total funds 170,338 424,688 |
|
|---|---|---|---|---|
| 6 | ||||
| 595,026 | ||||
| 24,936 9,034 186,105 |
||||
| 7 | ||||
| 8 | ||||
| 220,075 | ||||
| (40,708) | ||||
| 9 | ||||
| 179,367 | ||||
| 774,393 50,986 |
||||
| 10 | ||||
| 723,407 | ||||
| 11 | 723,407 | |||
| 723,407 |
The financial statements were approved by the Board of Trustees on 13 September 2023 and were signed on its behalf by:
The Hon Melanie Broughton -Trustee
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The Fairhaven Garden Trust
Notes to the Financial Statements
for the Year Ended 31 March 2023
1. Accounting Policies
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
All fixed assets are initially recorded at cost
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:-
Freehold land - nil Plant and machinery - 5 years Office equipment - between 5 and 10 years Motor vehicle - 5 years Buildings - between 10 and 20 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The charity has no restricted funds.
Hire Purchase
Assets acquired subject to hire purchase contracts are capitalised at their fair value at the date of acquisition.
The finance element of the payments is charged to the Income and Expenditure Account so as to represent a constant proportion of the amount outstanding.
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The Fairhaven Garden Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
2. Other Trading Activities
| Tea room sales Boat trip sales Gift sales Plant sales Special events Gardeners contracting . Investment Income Rents received Deposit account interest Profit from disposal of Investment Property |
31.03.23 £ 178,737 13,471 21,146 18,455 36,809 10,569 279,187 31.03.23 £ 4,200 1,610 - 5,810 |
31.03.22 £ 147,188 - 15,380 14,913 25,253 26,474 |
||
|---|---|---|---|---|
| 229,208 | ||||
| 31.03.22 £ 4,973 498 285,250 |
||||
| 290,721 |
3. Investment Income
4. Trustees' Remuneration And Benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
5. Staff Costs
No employee received remuneration of more than £60,000 during the year (2022: Nil)
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The Fairhaven Garden Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
6. Fixed Assets – Tangible Assets
| COST At 1 April 2022 Additions At 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Freehold property Improvements to property £ £ 299,361 261,752 - 21,525 299,361 283,277 - 202,081 - 13,103 - 215,184 299,361 68,093 299,361 59,671 |
Plant and machinery £ 187,311 4,274 191,585 121,655 13,958 135,613 55,972 65,656 |
Totals £ 748,424 25,799 |
|---|---|---|---|
| 774,223 | |||
| 323,736 27,061 |
|||
| 350,797 | |||
| 423,426 | |||
| 424,688 |
The net book value of assets held under hire purchase contracts was £20,380 (2022: £27,360)
The trust owns property which was received as a gift and which has historically not been shown on the balance sheet. There is no market valuation available for this property as the Trustees consider that the cost of valuation would outweigh any benefit to be gained from it. This property is maintained by the Trustees to preserve its value.
7. Stocks
| Stocks | 31.03.23 £ 19,947 |
31.03.22 £ |
||
|---|---|---|---|---|
| 24,936 |
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The Fairhaven Garden Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
8. Debtors: Amounts Falling Due Within One Year
| Trade debtors Other debtors |
31.03.23 £ 3,530 6,181 9,711 |
31.03.22 £ 2,933 6,101 |
||
|---|---|---|---|---|
| 9,034 |
9. Creditors: Amounts Falling Due Within One Year
| Bank loan and overdraft Amounts due under hire purchase contracts Trade creditors Taxation and social security Other creditors 0. Creditors: Amounts Falling Due In More Than One Year Bank loans and overdrafts Amounts due under hire purchase contracts 1. Movement In Funds At 1.4.22 £ Unrestricted funds General fund 723,407 TOTAL FUNDS 723,407 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 508,605 TOTAL FUNDS 508,605 |
||
|---|---|---|
| Unrestricted funds | ||
| General fund | ||
| TOTAL FUNDS |
10. Creditors: Amounts Falling Due In More Than One Year
11. Movement In Funds
Net movement in funds, included in the above are as follows:
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The Fairhaven Garden Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
12. Related Party Disclosures
There were no related party transactions for the year ended 31 March 2023 or 31 March 2022.
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