REGISTERED CHARITY NUMBER: 299534
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2024
FOR EXBURY GARDENS TRUST
Martin and Company 25 St Thomas Street Winchester Hampshire $023 9HJ
EXBURY GARDENS TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2024
Page Report of the Trustees 1 to 3 Independent Examiner's Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes to the Financial Statements 7 to 12 Detailed Statement of Financial Activities 13 to 14
EXBURY GARDENS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST OCTOBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31st October 2024. 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 2019).
OBJECTIVES AND ACTIVITIES
Status and Objectives of the Charity
The objectives of the Trust are: the maintenance, improvement, development and preservation of Exbury Gardens; the opening of these gardens to the public; the advancement of horticultural science, knowledge and learning; and the provision of donations for such charitable purposes in any part of the world, at such time or times, and in such manner as the Trustees shall, in their absolute discretion, think fit.
Public Benefit
The Trustees have paid due regard to the Charity Commission's guidance on public benefit in their direction of the Trust's activities. The Trust provides a public benefit in the form of charitable donations as outlined above.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trust generated net income before any gains on investments of £20,789 (2023: net expenditure £171,343). Charitable donations amounting to £189,000 (2023; £201,000) were made to Exbury Gardens Limited. The investments increased in value by £793,150 (2023: £117,501) and investments sold realised gains £49,797 (2023: £28,877). Foreign exchange gains in the year amounted to £187,205 (2023: £125,402).
FINANCIAL REVIEW
Principal funding sources
The charitable activities are funded by the investment portfolio and although the current economic climate has a negative impact on this, the portfolio has sufficient value to support continued grant making.
Investment policy and objectives
The investment objective is to obtain growth by the way of non-taxable appreciation and to generate income for charitable donations. The return on investments continue to provide these resources.
The trustees manage the risks associated with management of investment funds by using the investment advisory services of Rothschild Wealth Management (UK) Limited.
Reserves policy
It is the policy of the Trust to maintain its free reserves at a level which maintains the capital base of the portfolio and also generates sufficient income to cover management, administration and support costs. At 31 October 2024 the Trust has funds of £10,835,114 (2023: £9,784,191),
Going concern
The Trustees have satisfied themselves that the trust is a going concern and has adequate resources to continue in operational existence for the foreseeable future. In forming this view the trustees made appropriate enquiries into the financial position of and resources available to the trust.
The Trustees have resolved to provide on-going financial support to Exbury Gardens Limited, having reviewed the challenges facing the business for the next twelve months and in the longer term.
The trustees continue to monitor closely all aspects of the business through regular meetings with the directors of the company. Adequate funds will continue to be made available to support Exbury Gardens Limited during the next twelve months. In addition, the company has previously secured a loan of £650,000 against the Trust's endowment with an option of obtaining a further £100,000 if and when required.
FUTURE PLANS
The trustees do not plan any changes to the current objectives or how these are to be achieved.
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EXBURY GARDENS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST OCTOBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document The Trust is controlled by its governing document, a Deed of Trust dated 2 November 1987 and Deed of Amendment dated I June 1989, and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
New trustees may be appointed by the existing trustees. The governing document requires there to be a minimum of 3 trustees with no maximum.
Organisational structure
The trustees are responsible for the general control and management of the Trust. The trustees give their time freely and receive no remuneration or other financial benefits.
The trustees meet on a biannual basis to progress the aims of the charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 299534
Principal address Estate Office
Exbury Southampton Hampshire $045 1AZ
Trustees
D L de Rothschild
Baroness K de Koenigswarter R J Howell Earl of Rosebery (resigned 7.10.2024) SJL Linnett L J de Rothschild M Aspey S O'Brien (appointed 7.10.2024)
Independent Examiner L Dixon FCA Martin and Company 25 St Thomas Street Winchester Hampshire $023 9HJ
Bankers
HSBC Bank Ple 55 Above Bar Street Southampton $014 7DZ
Investment Manager Rothschild & Co Wealth Management (UK) Limited New Court St Swithin's Lane London EC4N 8AL
Page 2
EXBURY GARDENS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST OCTOBER 2024
Approved by order ofthe board of trustees on seemed fad,[secr and signed on its behalf by: Reet Sent een Aone Re
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EXBURY GARDENS TRUST
Independent examiner's report to the trustees of Exbury Gardens Trust
I report to the charity trustees on my examination of the accounts of Exbury Gardens Trust (the Trust) for the year ended 31st October 2024.
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 member of the Institute of Chartered Accountants in England and Wales, which is one ofthe 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:
- 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.
] 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 accounts to be reached.
CH9
L Dixon FCA
Martin and Company
25 St Thomas Street Winchester Hampshire S023 9HJ wth bh
Page 4
EXBURY GARDENS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2024
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2024|2023|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|2|175,000|-|
|Investment|income|3|133,049|88,727|
|Total|308,049|88,727|
|EXPENDITURE|ON|
|Raising|funds|4|76,492|46,325|
|Charitable|activities|5|
|Charitable|Activities|210,768|213,745|
|Total|287,260|260,070|
|Net|gains on|investments|1,030,134|271,780|
|NET INCOME|1,050,923|100,437|
|RECONCILIATION|OF FUNDS|
|Total|funds|brought forward|9,784,191|9,683,754|
|TOTAL FUNDS CARRIED FORWARD|10,835,114|9,784,191|
----- End of picture text -----
The notes form part of these financial statements
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2024|2023|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|FIXED|ASSETS|
|Tangible|assets|10|2,495,000|2,320,000|
|Investments|11|7,875,424|7,309,570|
|10,370,424|9,629,570|
|CURRENT|ASSETS|
|Cash|at|bank|469,302|162,274|
|CREDITORS|
|Amounts|falling|due|within|one|year|12|(4,612)|(7,653)|
|NET CURRENT ASSETS|464,690|154,621|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|10,835,114|9,784,191|
|NET ASSETS|10,835,114|9,784,191|
|FUNDS|13|
|Unrestricted|funds|10,835,114|9,784,191|
|TOTAL FUNDS|10,835,114|9,784,191|
----- End of picture text -----
The finangial, statements were approved by the Board of Trustees and authorised for issue on i MIU and were signed on its behalf by: a DL de Rothschild - Trustee
The notes form part of these financial statements
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EXBURY GARDENS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2024
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 2019)', 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets,
The financial statements have been prepared on a going concer basis. The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view. This departure has involved following the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
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
Liabilitics 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 classificd 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Tangible fixed assets are stated at cost and are not depreciated on the grounds that such depreciation would be immaterial. It is the policy of the trustees, on the grounds of cost, not to review the assets for impairment at each year end unless there is clear evidence of diminution in value.
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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
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continued...
EXBURY GARDENS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR TILE YEAR ENDED 31ST OCTOBER 2024
1. ACCOUNTING POLICIES - continued
Investments
Investments are stated at market value. Profits or losses on the realisation of investments and unrealised change in market value are shown in the Statement of Financial Activities in accordance with the Statement of Recommended Practice for Charities.
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|||||||
|---|---|---|---|---|---|
|2.|DONATIONS|AND|LEGACIES|
|2024|2023|
|£|£|
|Other|donations|175,000|-|
|3.|INVESTMENT|INCOME|
|2024|2023|
|£|£|
|Rents|received|26,098|26,056|
|Investment|portfolio|106,951|62,671|
|133,049|88,727|
|4.|RAISING|FUNDS|
|Investment|management|costs|
|2024|2023|
|£|£|
|Portfolio|management|fee|61,768|29,044|
|Property|management|fee|5,168|5,201|
|Property|repairs|and|maintenance|9,556|12,080|
|76,492|46,325|
|5.|CHARITABLE|ACTIVITIES|COSTS|
----- End of picture text -----
Charitable Activities
----- Start of picture text -----
|||||
|---|---|---|---|
|Grant|
|funding|of|
|activities|Support|
|(see|note|costs|(see|
|6)|note|7)|Totals|
|£|£|£|
|189,000|21,768|210,768|
----- End of picture text -----
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continued...
NOTES TO THE FINANCIAL, STATEMENTS- continued FOR THE YEAR ENDED 31ST OCTOBER 2024
EXBURY GARDENS TRUST
6. GRANTS PAYABLE
| 6. | GRANTS PAYABLE | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Charitable Activities | 189,000 | 201,000 | ||
| The total grants paid to institutions duringtheyearwasas follows: | ||||
| 2024 | 2023 | |||
| Exbury Gardens Limited | 189,000 | 201,000 | ||
| 7. | SUPPORT COSTS | |||
| Govemance | ||||
| Management | costs | Totals | ||
| £ | £ | £ | ||
| Charitable Activities | 15,162 | 6,606 | 21,768 | |
| Support costs, included in the above, are as follows: | ||||
| Management | ||||
| 2024 | 2023 | |||
| Charitable Activities |
Total activities |
|||
| £ | £ | |||
| Wages | 1,841 | 2,400 | ||
| Insurance | 2,035 | 2,008 | ||
| Sundries | 1,853 | 2,445 | ||
| Management fee | 3,133 | 3,192 | ||
| Professional fees | 6,300 | - | ||
| 15,162 | 10,045 | |||
| Governance costs | ||||
| 2024 | 2023 | |||
| Charitable | Total | |||
| Activities | activities | |||
| £ | £ | |||
| Independent examiner's fees | 2,784 | 2,700 | ||
| Legal fees | 3,822 | - | ||
| 6,606 | 2,700 |
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continued...
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST OCTOBER 2024
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st October 2024 nor for the year ended 31st October 2023.
Trustees’ expenses
Expenses amounting to £1,315 were reimbursed to two trustees in the year in respect of travel expenses on behalf of[the][charity][(2023:][£1,724][to][one][trustee).]
- STAFF COSTS
No employees received emoluments in excess of £60,000 (2023: nil).
- TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| Freehold property |
Long leasehold |
Totals | |
| £ | £ | £ | |
| COST ORVALUATION | |||
| At IstNovember 2023 | 2,320,000 | . | 2,320,000 |
| Additions | 85,000 | 90,000 | 175,000 |
| At 31st October 2024 | 2,405,000 | 90,000 | 2,495,000 |
| NETBOOKVALUE | |||
| At 31st October 2024 | 2,405,000 | 90,000 | 2,495,000 |
| At 3lst October 2023 | 2,320,000 | - | 2,320,000 |
| Cost or valuation at 31st October 2024 is represented by: | |||
| Freehold | Long | ||
| property | leasehold | Totals | |
| £ | £ | £ | |
| Valuation in 2021 Cost |
370,000 2,035,000 |
. 90,000 |
370,000 2,125,000 |
| 2,405,000 | 90,000 | 2,495,000 |
Included within freehold property are the Exbury Gardens land as well as three residential properties. These properties are shown at acquisition cost or the market value at transfer where they have been transferred to the Charity, plus revaluation. Of the value shown above £1,000,000 is attributable to the Exbury Gardens land.
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continued...
EXBURY GARDENS TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST OCTOBER 2024
11. FIXED ASSET INVESTMENTS
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||||||||
|---|---|---|---|---|---|---|
|Listed|Unlisted|
|investments|investments|Totals|
|£|£|£|
|MARKET VALUE|
|At|Ist November|2023|7,305,889|3,681|7,309,570|
|Additions|704,772|-|704,772|
|Disposals|(932,050)|-|(932,050)|
|Revaluations|793,132|-|793,132|
|At|31st October 2024|7,871,743|3,681|7,875,424|
|NET BOOK VALUE|
|At|31st October 2024|7,871,743|3,681|7,875,424|
|At|31st|October|2023|7,305,889|3,681|7,309,570|
----- End of picture text -----
The valuation of listed investments at 31st October 2024 is in accordance with a formal valuation by Rothschild & Co Wealth Management (UK) Limited.
The historical cost of investments at 31 October 2024 was £6,203,107 and at 31 October 2023 £5,890,054.
12, CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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|||||||
|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Trade|creditors|445|3,486|
|Other|creditors|-|1,125|
|Accruals|and|deferred|income|4,167|3,042|
|4,612|7,653|
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13. MOVEMENT IN FUNDS
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||||||
|---|---|---|---|---|
|Net|
|At|movement|At|
|1.11.23|in|funds|31.10.24|
|£|£|£|
|Unrestricted|funds|
|General|fund|9,784,191|1,050,923|10,835,114|
|TOTAL FUNDS|9,784,191|1,050,923|10,835,114|
----- End of picture text -----
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continued...
FOR THE YEAR ENDED 31ST OCTOBER 2024
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|308,049|(287,260)|1,030,134|1,050,923|
|TOTAL FUNDS|308,049|(287,260)|1,030,134|1,050,923|
|Comparatives|for movement|in|funds|
|Net|
|At|movement|At|
|1.11.22|in|funds|31.10.23|
|£|£|£|
|Unrestricted|funds|
|General|fund|9,683,754|100,437|9,784,191|
|TOTAL FUNDS|9,683,754|100,437|9,784,191|
----- End of picture text -----
Comparative net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|88,727|(260,070)|271,780|100,437|
|TOTAL|FUNDS|88,727|(260,070)|271,780|100,437|
----- End of picture text -----
14. RELATED PARTY DISCLOSURES
During the year Exbury Estate Partnership transferred the ownership of Five Arrows Gallery to the charity at a value of £85,000 and agreed the lease of Glasshouses at a value of £90,000. These transfers have been reflected as donations in these accounts. The Trust made cash donations of £189,000 to Exbury Gardens Limited (2023: £201,000). Exbury Gardens Limited occupies the Gardens owned by the Trust on payment of an annual rent of £l.
Exbury Gardens Limited was given a loan of £500,000 from Rothschild Bank on 18 November 2014 and a further £150,000 on 9 November 2016 of which £100,000 was repaid in November 2022. This loan is guaranteed by the Trust.
Page 12
EXBURY GARDENS TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Other donations | 175,000 | - |
| Investment income | ||
| Rents received | 26,098 | 26,056 |
| Investment portfolio | 106,951 | 62,671 |
| 133,049 | 88,727 | |
| Total incoming resources | 308,049 | 88,727 |
| EXPENDITURE | ||
| Investmentmanagement costs | ||
| Portfolio management fee | 61,768 | 29,044 |
| Property management fee | 5,168 | 5,201 |
| Property repairs and maintenance | 9,556 | 12,080 |
| 76,492 | 46,325 | |
| Charitable activities | ||
| ExburyGardens Limited | 189,000 | 201,000 |
| Support costs | ||
| Management | ||
| Wages | 1,841 | 2,400 |
| Insurance Sundries |
2,035 1,853 |
2,008 2,445 |
| Management fee | 3,133 | 3,192 |
| Professional fees | 6,300 | - |
| 15,162 | 10,045 | |
| Governance costs | ||
| Independent examiner's fees | 2,784 | 2,700 |
| Legal fees | 3,822 | - |
| 6,606 | 2,700 | |
| Total resources expended | 287,260 | 260,070 |
| Net income/(expenditure) before gains and | ||
| losses | 20,789 | (171,343) |
This page does not form part of the statutory financial statements
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EXBURY GARDENS TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2024
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||||||
|---|---|---|---|---|
|2024|2023|
|£|£|
|Recognised|gains|and|losses|
|Net|realised|and unrealised|gains/(losses)|on|
|fixed|asset|investments|842,929|146,378|
|Foreign exchange gain/(loss)|187,205|125,402|
|Net income|1,050,923|100,437|
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This page does not form part of the statutory financial statements
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