**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:-
- The Deed of Trust
- The latest financial statements
- 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
Page 1
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
Page 2
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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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
Page 3
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.
Page 4
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
Page 5
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.
Page 6
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)
Page 7
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|
Page 8
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:
Page 9
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.
Page 10