Lower Central Gardens Bournemouth Ch3rky No. 199739 Trustee's Report and Audlted Accounts 31 March 2024 Lower Central Garden5 Bourntmouth Cortents Pages 2toS Trustee's Annual Report Audltor'5 Report Statement of Flnancial Actlvltles 6t09 io Balance Sheet li Statement of Cash flow5 12 Note5 to the Accounts 13to23 Detalled 5tstement of FSnantlal Activities 24to25 Pa8e I Lowèr Ceortral Gardens Bournemouth Trustees Annual Report The trustee presents their report wlth the audited financlal statements of the charlty for the yèar ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Charity No. 299739 Principal Offlce Civic Centre Bourne Avenue Bournemouth Dorset 8H2 6DY Trustee The following trustee Served during the year.. BCP Council Trustees holdlni title to ¢harlty property 8CP Council Key Man•iernertt Personnel Councillor Matthew Gillett- Chalr Counclllor Lawrence Wllllams Counclllor An(Jy Hadley- re518ned 10 December 2024 Counclllor Mlke Greene- resi8ned 23 May 2023 Coun¢lllor Jamle Martln- Vlee Chalr Councillor Bernadette Nanovo Mr Roger Boon - reslgned 18 December 2024 Counclllor Simon Bull reslgned 23 May 2023 Counclllor Stephen Bartlett- rèslgned 7 May 2024 Counclllor Vlkki Slade- reslgned 23 May 2023 Chicf Executlve ¢)fficer- Mr lan Poultnev Audltor Hlxson5 24 Cecll Avenue Bournemouth 8H8 9EI OBJECTIVES AND ACTIVITIES The oblect of the charity is the provi55on of open Space for the recreatlon and enjoyment of the public. The Garden5 are Listed Grade11 In the H15torlc En8land"Re8lStèr ol Parks and Garden5" The Charity Is subject to several strategies that desl8n the way that oblectlves are being fulfllled. The main do¢ument Is Lower, Central & Upper Garden5 5-year Mana8ement Plan whlch was drafted in conjunction with.. Bournemouth 2026 Communlty Strategy, Green Space Strategy, Playground Strategy, Nature Conservation Strategv, The Mana8ement Plan and Lower Gardens Masterplan are providlng detalls of proposals to Improve the vlsitLirs' experience in the Gardens. The exarnples of these are.. to review planting and phase replacement with new water tolerant plantSn& to reflne and improve Chrlstmas events in Lower Garden5 to ensure smooth runnlng. 4-year plan to renovate all the shrub5/tree boarders along Westover Road. to develop We5tover Gardens as an area for the arts and other cornmunity events. Page 2 Lower Central Gardens Boumemouth Tru51ees Annual Report ACHIEVEMENTS AND PERFORMANCE The event highlights were the Air FestlV31 (August 20231. the Bournemouth Marathon (Ortober 20231, the Arts By The Sea Festival (September 20231 and winter ice rink and Christma5 Tree Wonderland (November 2023- January 20241. At the South West Tourlsm Awbrds held on 14 March 2024 the Arts By the Sea Festival 120221 won 8old in the 'Tourism Event / Festlval of the Year" category Iwinners & Finalists 150Uthwesttouri5m3wards.org.ukll FINANCIAL REVIEW Historically the Council, in its role 85 local authority and corporate trustee. has provided donated services each year sufficient for the charily to achieve breakeven and meet any Ilabilities as they fall due. This is currently the pollcy that Is expected to continue and so the atcount5 have been prepared on a going concern basls. The trustee consider5 that there are no materlal uncertainties about the charlty's ability to continue as 3 going concem. The restricted income fund of £2,689,200 represents £han8e in the flxed assets value and is not used for distribution. The endowment fund of £19,379,000 Is held on trust to be rètalned lor the benefit of the charity as a capltal fund. The trustee must permanently maintain the whole of the fund. The fund consists of assets that are used for the purposes of the charity and tannot be spent as If St were Income. The net revenue expenditure supports the objectlve of the Trust. PLANS FOR FUTURE PERIODS Maintaining and improvlng the public'5 acce5S to the Charity's land lor use as pleasure 8ardens wlll continue to be the main focus in the years ahead. PUBLIC BENEFIT The Trustee have taken the Charity Commi53ion'$ 8Utdance or) public benefit Into conslderatlon. The Lower Central Gardens are provlded for thè enjoyment of the public without charge and thère ctsntinues to be investment in and SrnpfovementS to the main pleasure garden infrastructLlfe. Furtherrnore, a series of events have been held that were deslgned to have broad appeal to the publlc both local and visltors allke. PRINCIPAL RISKS AND UNCERTAipifiES The Trustee ha5 consldered the rlsks that the charityls exposed to but do noi dèem there to be any sl8nificant rlsk ar15in8 from its actlvltles. STRucfuRE, GOVERNANCE AND MANAGEMENT Thè ac¢ount5 recognlse the treatrnent of the Charity as a separate entity with it5 own tran5actlons dlslln¢t from those of 8CP Council. The Trust wa5 created in 1873 under an Indenture be￿een BCP Council's predecessor body the Bournemouth Commissloner5 and 51r George Eliot Meyrlck Tapps GervSs. The day to day control and management of the Lower Central Gardens and hence the charity, was varied by s.29 Bournemouth Borou8h Council Act 1985. This vested in the Council the general power to Use, control and manage the Lower Central Gardens. BCP Council manages the Charity in its role as trustee. Recommendation5 from the Council Cabinet on Charitv 155ues are referred to full meetinBs of the Council acting as trustee for appropriate declsions. Page 3 Lower Central Garden$ 8ournemouth Trustees Annual Report There Is a separate Charity Board. The compositlon and remit of the board has been made consL5tent with the requirernents Identlfied in the Maidment tribunal case that addressed a Similar open space known as Dartford Central Park. The board of the Trustee meets periodically and receives reports from operational staff and determines Strategy and poliry for the Charity. Operational decisions on day to day mana8ement of the Charity are the responsibillty of the Environment Service Dlrettor and Service Managers. Charlty related ems are clearly separated and identlfled in all reports and papers. A clear distinction is drawn between the Councll acting Its role as local authority and In Its role of trustee of the Lower Central Gardens Trust. The trustee has considered the risks that the charity 15 exposed to but do not deem there to be any significant risk arisin8 from its activities. The Charity's main relationshlp is with 8CP Council who delivers all maintenance and mana8ement servlces to the Charity. The trustee recruitment proce55 is carrled out by existin8 trustees on behalf of Members of the Trust. The trustee vacancy Is advertised in the local medla and interested partles are then provlded with'.a. Briefln8 Note b. Application Form c. Draft Scheme of Management d. Master Plan drawing e. Lower Gardens summary. The appllcants arè then Intervlewed and appointed using the Charity Commi$5ion Operatlonal Guldance, Trustee Act 2000, OG 86 B4'Power to employ nominee5 and custodians.. On the appolntment the trustees are provided wlth a copy of the Charity Schème for the new Trust together with the rules for conflicts of intèrest. There are no formal pollcles or procedures adopted for the Inductlon and trainln8 of trustees, The law appll¢able to charltles requires the charlty trustee to prepare financial statements which Sve a true and fa5r view of the state ol affairs of the tharlty and ol the incomin8 resources and appllcation ol resources of the charity for that period. In preparlng these financSal statements. the trustee is required to: select sultable accountlng policles and then apply them con515tentlyi obserye the methods and princlples in the CharStles SORP., make lud8ements and estlmates that are reasonable and pfudent., state whether applicable UK accounting standard5 have been followed, subject to any material departures dlscltssed and explained In the finan¢lal statements,. prepare the Ilnancial statement5 on thè going concern basls unless It Is Inapproprlate to presume that the charlty wlll contlnue In business. The trustee 15 responsible for keeping proper accountin8 records that dlsclose wlth reasonablè accuracy at any tlme the financlal p051tion of the ¢harity and to enable them to ensure that the fSnancial Statements comply with the Charitles Act 2011, the applicable Ch3rStles (Account5 and Reports) Regulatlons, and the provlsions of the Trust deed. The Trustee is also responsible for safeguarding the asset5 of the charlty and hence takin8 reasonable 5tep5 ftsr the preventSon and detectlon of fraud and other irre8ularities. Page 4 Lower Certral Gardens Bouvnemouth Trustees Annual Report ststement of dls¢losure of inforniatlon to auditor So far as the tru5tee5 are aware, there Is no relevant audit informatlon of which the company's audltots are unaware and eath trustee has taken all the steps that he or she ought to have taken as a trustee In order to make himself or herself aware of any relevant Information and to establlsh that the company's èudltors are awarè of that information. Slgned BCP Council Trustee 27 January 2025 Pa8e 5 lower Central Gardens 8ournemouth Audit Report Unquallfled Independent Auditor's Report to the Trustee of Lower Central Gardens Boumemouth Opinion We have audlted the account5 of Lower Central Gardens Bournemouth Ithe'eharlty'l for the year ended 31 March 2024 which comprlse the Statement of Finantial Actlvlties, the Balance Sheet, the Statement of Cash Flows and the Notes tts the Accounts. includin8 a summary of significant accounting policies. The financial repoiting framework that has been applied in their preparation is applicable law and Unlted Klngdorn Accounting Standards, includin8 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the accounts.. give a true and falr vlew of the state of the charftV'5 affalrs as at 31 March 2024,and of its profitlloss for the year then ended.. have been properly prepared In accordance wlth United Kingdom Generally Accepted Accountlng Practice., and have been prepared In accordance with the reouirements of the charities Art 2011. 8a515 for oplnlon We conducted our audlt in accordance with Internatlonal Standards on Auditlng IVKI11SAs IUKI and applicable law. Our respon5ibilitie5 under those standards are further descrlbed in the Audltor's re5pon51bllitle5 for the audit of the accounts settlon of our report. We are Independent of the charity In accordance wlth the ethical requlrements that are relevant to our audit of the attounts In the UK, includlng the FRC'S Ethical standard and we have fulfilled our ather èthical responsibilities in atcordance with these requSrements. We be15eve that the audlt evidence we have obtained is sufficient and approprlate to provide a basis for our oplnion. ConclusSon5 relatlni to 8oln8 concern In audltlng the accounts, we have concluded that the trustee5' use of the goln8 concern ba51$ of accountlng n the preparatlon of the account51s opproprlate. Based on the work we have performed, we have not identSfled any materlal uncertalntles relatln8 to events or condltions that, indlvldually or collectively, may cast slgnlficant doubt on the group and parent charity's ablllty to continue as a golng Concern for a perfod of at least 12 months from when the a¢¢ounts are authorlsed for Issue. Our responsibllitles and the re5ponslb115ties of the trustees with respect to golng concern are described in the relevant sections ol thls report. Other Informatlon The other informatlon comprises the inforrnation included in the annual rèport. other than the account5 and our auditor'5 report thereon. The trustee is responsible for the other information. Our opinion on the accounts does not cover the other Inforrnatlon and we do not express any form of assurance conclusion the￿Ort. In connection with our audit of the account5. our respon5ibillty 15 to read the other Information and, in doing so. consider whether the other information15 materially Inconslstent with thÈ accounts or our knowled8e obtained in the audit or otherwlse appear5 to be malerially misstated. If we identify 5u¢h materlal Inconsistencies or apparent material misstatements, we are required to Lletermine whether there is materlal misstatement in the accounts or a material misstatement of the other information. If, b85ed on the work we have performed, we conclude that there is a material misstatement of this other infoimation,wè arè required to report that fact. Page 6 Lower Central Gardens Bournemouth AudFt Report Unquallfied We have nothing to report in ihi5 re83rd. Matters on which we are required to report by •xceptlon We have nothing to report in respect of the following matters in relatlon to which the Charlties (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given In the accounts is inconsistent in any material respect with the trustee's report.. or sltfficient accountin8 records have not been kept,. or the accounts are not in agreement with the accountin8 records,. or we have not received all thè information and explanations wè require for our audlt. Re5ponsibllltles of trustee As explained more fully in the trustee's responsibilities statement found the trustee's report, the trustee Is responsibltr for the preparation of accounts which give a true and fair view, and for such internal control a5 the trustee5 determlne Is necessary to enable the preparation of account5 that are free from materlal mi55tatement, whether due to fraud or error. In preparing the accounts. the trustee is responsible for asse55ing the charity's abllity to contlnue as a 8oln8 concern, disclosin8, as applicable, matters related to golng concern and u51ng the 80in8 concern basis 01 accounting unless the trustee Intends to liquidate the charity or to cease operations. or have no realistic Iternative but to do 50. Audltor's responslbllltle5 forthe audlt of the accounts We have been appolnted under the Charities Act 2011, s. 145 and report in accordance wlth the reBulatlons made under the Act and relevant re8ulations made or havlng effect thereunder. Our oblettive5 are to obta5n reasonable assurance about whether the accounts a5 a whole are free from materlal mls5tatement, whether due to fraud or efror, and to Issue an aud5tor's report that Includes our oplnion. Reasonable a55uraTrce Is a hlgh level of assurance, but is not a 8uarantee that an audit conducted In accordance with ISAS IUKI wlll always detect a materlal mlsstatement when It exlsts. Mi55tatements can arlse from fraud or error and are considered materlal If, indlvldually or in the aggregatè, they could reasonably be expected to Influence the economic decisions of users taken on the basls of these accounts. The extent to whlch our procedures are capable of detertin8 irregularlties, includlng fraud is detailed below- Page 7 Lower Central Gardens Bournemouth Audit Report Unquzllfied As part of designing our audit, we determined materiality and assessed the risk5 of material misstatement In the flnanclal statements, including how fraud may occur by enquiring of management of its own onsideration of fraud. In particular, we looked at where management made subjective judgements, for ex3mple in respect of sl8nificant accounting estimates that involved makin8 a55umptlons and considering future events that are inherently uncertain. We also consSdere¢J potential financial or other pressures, opportunity and motivatlons for fraud. As part of this discusslon we Identlhed the internal contro15 establlshed to mitigate rlsk5 related to fraud or noncompllance with law5 and regulations and how mana8ement monitor these processes. Appropriate procedurés Included the review and testing of manual journals and key estimate5 znd judgements made bv management. We 8ained an understandin8 of the le8al and regulatory framework applicable to the charity and the sector which it operates, drawing on our sector experience, and con5Idered the rlsk of acts by the Charity that were contrary to these laws and regulations. includlng fraud. We focused on laws and regulation5 that could glve rlse to a material m155tatement In the flnanclal statements, includin& but not Ilmited to, the Charities Act 2011 and UK tax le8islation. We rnade enqulrles of mana8ement wlth rÈgards to compllance wlth the above laws and re8ulations and corroborated any nece553ry evidenee to relevant information, lor example, minutes of the tru5tees' meetings and correspondence belween the Charlty and its solicitors. Our tests included a8reein8 the finan¢lal staternents d15closure5 to underlylng supportln8 documentatlon and enquirie$ wSth management, identifyin8 and testing Journal entries, Sn partitular any Journal entrie5 Posted with unusual accournt comblnations, revlewlng of deferred Income and accrued provSslons. We did not identlfy a•)y key audlt matters relatSn8 to Irregularltles, Includlng fraud. As In all of our audits, we also addressed the rlsk of management overrlde of internal controls IncludSng testinÈ journals and evaluation whether there wa5 evidence of bias by the trustees that represented 3 risk of material mi55tatement due to fraud. Our audit procedures were desl8ned to respond to rlsks of rnaterlal m15Statement In the flnanclal statemenls. recoBnisin8 that the risk of not detectln8 a materlal mlsstaternent due to fraud Is hS8her than the rlsk of not detectlng one re5ultln8 from error, as fraud may Involve deliberate concealmenl by, for example, forgeryi misrepresentatlons or throuBh collusion. There are Inherent limltations In the audlt procedures performed and thè further removed non-cornpliance with laws and regulatlons is from thè events and transaction5 reflected in the financial statements, the less likely we are to become aware of it. A further description of our responslbilities for the audit of the accounts is located on the Flnanclal Reportlng CouncS1's website at www.frt.org.uVaudStorsresponsibllitie5. Thi5 descriptlon forms part of our auditor's réport. Vse ofthls report This report 15 made solely to the charity's trustees, as a body, in accordancè Part 4 of the Charities IAccounts and Report51 Re¥ulatlons 2LY)8. Our audit work has been undertaken so that we mi8ht State to the charity's trustees those matters we are required to state to them in an auditOf5' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audlt work. for this report, or for the opSnions we have formed. Page 8 **Lower Central Gardens Bournemouth Audit Report Unqualified** Hixsons, Accountants and Statutory Auditors 24 Cecil Avenue Bournemouth BH8 9EJ 27 January 2025 Hixsons is eligible for appointment as auditor in terms of the Companies Act 2006, s.1212. Page 9 Lower Central Gardens ooumemouth Statement of Flnanclal Activttles for the year ended 31 M•r¢h 2024 Unrestrirtéd fvnds 2024 R•strlcted Endowmert funds fvnds Total funds Total funds 2024 2024 2024 2023 Notss Incom• and endowments from: Donatlons and legacies Charitable artivities Other tradin8 activities 226,196 479,559 176,311 163,269 389,465 479.559 176,311 541,355 602,863 207,424 Total 882,066 163,269 1,045,335 1,351,642 ExpendlturÈ on: Raising fund5 Charitable activities 160,093 731,532 160.093 894,801 697,038 191,444 1,153,600 634.084 163.269 19,267 Other io 677.771 Total 891.625 182.536 677,771 1.751,932 1,979.128 Net 8alns on Investments Net expendlture Transfers beiweèn funds li 19.5591 119,2671 1677,7711 1706,5971 1627.4861 Nel expendttur• before other i•lnslllossesl 19.5591 119,2671 1677.7711 1706,5971 1627,4861 Oth•r ylns ¥nd lo￿ Other Galns 121,1331 140,4001 844,771 823,638 1,497.234 Nel mov•ment In funds 19,5591 167,CQO 117,041 869,748 R•conclll4tlon of funds: Total funds brought forward 9,559 2,729,600 I9,212,0￿ 21,951,159 21,081,411 Tot•1 furbdg c•rried forward 2,689.200 19,379,000 22,068,200 21,951,159 Page 10 Lower Central Gardèns Bournemouth Balance Sheet at 31 March 20Z4 Charlty No. 299739 2024 2023 Flxed assets Tangible assets 13 22,068.21JO 22,(168,200 21,941,600 21.941,600 Current assets Stocks Debtors Cash at bank and in hand 14 9,559 15 36,9 17,919 27,478 117,9191 9,559 36.900 136.9001 Credltors: Arnount falllng due wlthln one year Net current ass•ts 16 Total ass•ts1•55 current Il•bllltl¢s 22,068,2(h 21.951,159 21,951,159 Net a55ets excludlng penslon asset or Ilablllty Total n•t J55ets 22,068.2QJ 22,068,2(XJ 21.951,159 The funds of the charlty Restrlcted fund5 Endowment funds Restricted Ineome fund5 17 19,379,( 2.689.200 22,068,200 19,212,CilO 2,729,600 21.941,600 un￿strICted lunds General funds 17 9,559 9,559 Reserves 17 Tol•l lunds 22,068,200 21,951,159 Approved by the trustees on 27 Jaftuary 2025 And slÉned on their behalf bv.. BCP Council Trustee 27 January 2025 Page 11 Lower Central Garden$ 8oumemouth Statement ol Cash flows lor the year ended 31 March 2024 Z024 2023 Cash flow5 from op•ratSn8 activitres Net income per Statement of Financial Acti¥ttl*s 117.041 869.748 Adlustments for: Depreclation of property, plant and equipment Other 8ain5llosses Decrease/llncreasel in stocks Increase in trade and other receivables Increase In trade and other payables 697.038 1823.638 9,559 136,9001 18,981 634,084 11,497,234) 16,5981 4,025 Net ¢ash lus•d Snllprovlded by operatlni actFv5tles 117,9191 4,025 Net cash from Investlni actlvltl•s Net ¢ash from Ilnanclni actlvltles Net {d•cr••s•Mlncre•se In cash and cash •qulvalents 117,9191 4,025 sh and osh •qufvalenl$ at th• be81nn1￿ of ihe year 17,919 13,894 Cash and cash wulvalents at ihe end of th• year 17.919 Componqnt5 of cash and cash equlv•l•nts Cash and bank balances 17,919 17,919 Page 12 Lower Central Gardens Bournemouth Notes to the Attounts for the year ended 31 March 2024 l A¢countlng poli¢les 8asi5 of preparation The financlal statements have been prepared In accoidance wlth Statement of Recommended Practice.. Accounting and Reporting by Charities preparin8 their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reportin8 Standard applicable in the United Kin8dom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Lower Central Gardens Bournemouth's corporate trustee includes the tharity in its ¢onsolidated flnanclal statements. The consolidated financial statements are prepared under the Internatlonal Flnancial Aeportin8 Standards and are available to the public at.. htt www.bc ouncil. ov.u Ab ut-th uncil ets-and-fin nce Annual.a ounts. In these financial statements the Lower Central Gardens Bournemotsth is considered to be a quallfyin8 entity (for the purpose of this FRSI and has applied exemptions available under FRS 102 in respect of the requirement to present a cashflow statement. Having glven regard to Publlc Benefit Eniitv 8uidance the corporate trustee considers the Lower Central Garden5 Bournemouth to be a Public Benefit Entity. Golng Concern Hlstorically the Council, in Its role a5 local authorlty and corporate trustee, has provlded donated service5 each year sufflclent for the charity to achleve bieaktven and meet any liabillties a5 they fall due. This Is currently the pollcy that Is expectèd to continue and so the atcounts have been prepared on a golng concern basis. The trustee consider5 that there are no ma¢erial uncertaintie5 about the Charity's ability to continue as a going concern. As of 1st April 2019 the Council became part of a new authorlty Bournemouth. Chrlstchurch & Poole Council IBCPI and the pollcy of donation has passed to the new authorlty. This Is enshrlned in the followin8 two UK Statutory Instruments.. 112018 No. 648 The 8ournemouth, Dorset and Poole (Structural han8esl Order 2018 & 212W8 No. 2176 The Local Governrnent15tructural ChangesllTransfer of Functlons, Property, Rights and Llabllitiesl Re8ulatlc*n5 2008. Cha￿e In basls of accountlni or to pr•ylous •ccounts There has been no change to the accountlng policies (valuation rules and method of accounting) since last year and no chan8es have been made to accounts for previous years. Fund ac¢ountlng Unrestricted funds These are available for USÈ at the dlscretlon of thp trustees In furthÈrance of the general object5 of the charitv. These are unrestrlrted funds earmarked by the trustees for partlcular purposes. These ale unrestricted funds which Include a revaluation reserve representlng the restatement of Investment asset5 at thelr market values. These are avallable for use subject to restrictions Imposed by the donor or through terms of an appeal. Desi8natèd funds Revaluation fund5 Restrlcted funds Page 13 Lower Central Gardens Bournemouth Notes to the Accounts Income Recognition of income In¢ome is Included in the Statement of Flnanclal Activlties ISOFAI when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where intome has related expenditure the Intome and related expenditure is expenditure reported gross In the SOFA. Oonations and leg)¢ies Voluntary income received by way of grant5, donations and g1ft5 is Included in the the SOFA when receivable and only when the Charity has un¢ondltional entitlement to the Income. Tax reclaSms on IncoTTie from tax reclalms15 included In the SOFA at the same tlme as the donations and 81ft5 8iftldonation to whlch it relates. Donated 5ervlces These are only included in income IwSth an equivalent amount In expenditure) and facilities where the benefit to the Charity Is rèasonably quantifiable, measurable and rnaterlal. Voluftteer help The value of any vvlunteer help received Is not Included In the accounts. Investment Income Thls Is Included in the actounts whern recelvable. Galns/llosse51 on Thls Includes any 8aln or Ios5 resultlng from revaluin8 Investments to market value revaluatlon of fixed at the end of the year. assets Galns/llosses1 on Invpstmeni assets Thls includes any 8aln or loss on the sale of Investments. Expendlture Reco8nltion of expendlture Expendlture15 reco8nlsed on an accruals basls. Expenditure Inrludes any VAT which cannot be fully recovered, andls reported as part ol the expenditurè to which it relates. Expendlture on These Comprise the costs as50clated with attrartbn8 voluntary Income, fundra151ng raising funds trading cost5 and investment management cost5. Expenditure on These comprlse the costs Inturred by the Charlty In the dellvery of Its artSvltles and charitable activltles servlces In the furtherance of It5 objects, Includlng the makin8 01 Bronts and 80vernance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of thè yèar but not yet paid. These in¢ludè those costs assoclated wlth meetlng the ¢onstltutional and Statutory requlrements of the Charlty, Includlng any auditlindependent examinatlon fees, osts Ilnked to the strate8lt management of the Charity, together with a share of other administratlon costs. These ore support Costs noi allocated to a particular actlvity. Grants payable Governance costs Other expendlture Taxation The charity 15 exernpt frorn tax on Its charltable attiv6tles. Page 14 Lower Cèntrdl Gardens Bournemouth Notes to the Accounts Tanglble f5xed assets and depreclation Depreciation is prtsvided at the followin8 annual rate5 in order to write off each asset ovèr It5 estimated Useful life.. Pavilion 2% Straight Ilne Gardens 4- 10% Stralght line PavS1ion a55et labovel is Pavilion and Lower Gardens bandstand. Gardens asset labovel is Lower Gardens mlrior buildings, certain improvements to main buildings. Assets are as5e55ed at each year-end lin 2024 thi5 was by the extern31 company Wilks, Head & Eve whose employees are accredlted bythe Royal Insti￿te of Chartered Surveyors IRICSI a5 to whether there Is any indication that they may be impalred. Where indicatlons exist and any possible differences are estimated to be material, the recoverable amount of the asset Is estimated and any shortfall is recogni5ed as an lrnpairment105S. Impalrrnent losses are a¢counted for In the followin8 ways.. 11 where there is a balance ol revaluatlon galns for the asset In the Restrlcted Income ftjnd the carryin8 amount of the asset is wrltten down against that balance, to the amount of the accumulated 8ains,. 21 where there 15 no balance In the RestrSctèd Income fund or an Inguffitlent balance the carrying amount of the asset Is written down agaln5t the expenditure in the Statement of Flnantial Activitles15oFAI. Where an Impairment loss Ss subsequently reversed the reversal Is credlted to the SOFA up to the amount of the origlnal1055, adjusted for depreclatlon that would have been charged If the1055 had not been recognlsèd. The assets of the Charlty are treated as comprSsln8 the freehold irhterest Ibased on the Councll as trusteè'5 rl8ht to mana8el In the land between Bournemouth Square and the seafront laid out as formal public pleasure gardens. The area is approxlmately six hectares. Furthermore it comprises the Charity's ownership ot the Pavi1Son. Assets included Sn the Balance Sheet are re-valued annually. The assets of the Charity are,. 11 Pavilion- at the end of 2009-10 the land swap took place 8lvlng the Charlty lull ownershlp Of the bullding. The value of the asset In the 8alanee Sheet Is based on the full amount of the depieciated replatement cost and 1$ subject to a full depreclation charge. The Pavilion Is leased to 8CP Council who under the agreement have sub.leased It to BH Llve. 80th leases are for £n51 conslderation. 21 Lower Central Gardens- a full share of thè Èxi5tlnB use valuation based on the concession5. The land now occupled by concesslons15 carried at nll value. The trustee recogni5es that there is an Intrinsic value to the rest of the gardens but as there is no likelihood of a full or major disposal and because of the costs and difficulty In obtainin8 a valuatlon ihis Is carrled at £nll. Freèhold investment property Investment propertle5 are measured inltially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All 8alns or losse5 are taken to the Statement of Flnanci31 Activities as they arlse. 5tock5 Stock is included at the lower of cost or net reallsable value. Oonated items of stock are recognised at falr value which Is thè amount the charity would have bÈen willin8 to pay for the iterns on the Dpen market. Trade and other debtors Trade and other debtors are recognlsed at the settlement amount due after any trade discount offered. Prepayments are v31ued at the amount prepaid net of any trade discount5 due. Pa8e 15 Lower Qntral Gardens Bournemouth Notes to the Accounts Cash and cash equlvalents The charity does not have its own bank accounL all recelpts are paid into and 311 payments paid from the 8CP Council's main bank accounts. Trade and other credltors Short term eredltors are measured at the tr3n5action price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a thiid party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 and provisions are normally recogTli5ed at theSr settlement amount after allowlng for any trade discounts due. Recelpt of donated ￿0d5, facllStlès and servlc•s All donated goods, facilitie5 and services received are re¢ognlsed wSthin incoming resources and expenditure at an estimate of the value to the charitv. 2 Statement of Flnan¢lo1 Artl¥lt5es- prlor year Unrestrlrted lunds 2023 Restrlcted Endowment funds funds Tot•1 fund5 2023 20Z3 2023 Income ond endowments from.. Donations and legacies Charitable actlvlties Other tradlng actlvitie5 Totsl 336.064 602.863 207,424 205,291 541,355 602,863 207,424 1,146,351 205,291 1,351,642 Expendlture on: Ralsln6 fund5 CharStable actlvitle5 191,444 948,309 19l,444 1,153,6LN) 634,084 205,291 8,152 Other 625,932 Totsl 1,139,753 213,443 625,932 1,979,128 Net income 6,598 18,1521 1625,9321 1627,4861 Net income belorn oth•r iain5lllossesl Othergalns and105se5: other Galns 6,598 18,1521 1625,9321 1627,4861 169,302 1,327,932 1,497,234 869,748 Net movement In fub)ds 6,598 161,150 702,OC Recon¢lllatI￿ of funds: Total fund5 brought forward Total funds carrfed fprward 2,961 2,568,450 18,510.OC¥J 21,081,411 19,212,000 21,9SI.159 9,559 2,729,600 Pa8e 16 Lower Central Gardèns Bournemouth Notes to the Accounts 3 Income from donatlons and legacies Unrestrlcted Restrirted Total Totsl 2024 2023 Donated services received from BCP Councll Donated servlce5 received from BCP Council 226.196 226,196 336,064 163.269 163,269 205,291 226,196 163,269 389,465 541,355 4 Income from char5table a¢tlvltles Unr•strlctÈd Total Total 2023 2024 Commercial operatlons, activities and events (see Note 51 479,559 479.559 602,863 479,559 479,SS9 602,863 5 Income from oth•r tradlni a