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2023-04-05-accounts

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

CONTENTS

Page
Report to the Trustees 1 - 4
Independent Examiners report 5
Statement of financial activities 6
Balance sheet 7
Notes to the accounts 8 - 9

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

REPORT OF THE TRUSTEES

AS AT 5 APRIL 2023

The Trust was created by The Most Honourable Antonella Marchioness of Lothian (‘Lady Lothian’) by a Trust Deed dated 6 June 1985. The recitals to the Deed record the grant of a 25-year lease of the gardens and grounds adjacent to Melbourne Hall together with certain service cottages to the Charity, and the payment by Lady Lothian of a sum of £10 to the Trustees to provide the initial endowment.

The Lease of the Gardens from the Trustees of the Melbourne Trust came to an end on 6 June 2010. The Trustees of the Garden Charity have been permitted to remain in occupation of the Gardens on the same terms by the Trustees of the Melbourne Trust. The terms of a new Lease are being negotiated so that the Trustees of the Garden Charity have the right to continue to occupy the Gardens.

The Trust is registered as a charity under Charity Commission reference number 516718. The principal registered address is:

Melbourne Hall Melbourne Derbyshire

The Trustees at the date of this report, all of whom held office throughout the period, are:

Michal Giedroyc Lord Ralph Kerr Lady Ralph Kerr

A Committee, consisting of not less than three and not more than seven persons, is responsible for the day-today management of the Charity and for giving directions to the Trustees as to the disposal of its capital and income. The Committee has power to appoint new Trustees, provided there shall never be more than four or less than two Trustees.

The Trustees' agents are:

Bankers: National Westminster Bank plc 836 Osmaston Road Allenton Derby Derbyshire DE24 9ZT Solicitors: Withers LLP 20 Old Bailey London EC43 7AN Accountants: PKF Smith Cooper Limited 7 Compton Street Ashbourne Derbyshire DE6 1BX

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

REPORT OF THE TRUSTEES

AS AT 5 APRIL 2023

Stockbrokers:

Ruffer LLP 80 Victoria Street London SW1E 5JL

Independent Examinter Catherine Desmond LLB CTA PKF Smith Cooper Limited 7 Compton Street Ashbourne Derbyshire DE6 1BX

Objectives and Organisation:

The object of the Charity in relation to the leased land is as follows:

Subject to the expenses of administering and establishing the Charity, the Trustees are directed to hold the Trust Fund and its income in accordance with the directions of the Committee for the primary purpose of ‘the laying out, planting, improvement, maintenance, preservation and upkeep’ of the lands at Melbourne leased to the Charity as a garden.

To the extent that the Trust Fund and its income are not required for such primary purpose, the Trustees are directed to hold the same for such other charitable purposes as the Protector shall direct, or failing any such direction as the Committee shall direct.

The income of the Trust is derived mainly from its investments and contributions from Melbourne Gardens Charity Income Trust.

The Committee is obliged to meet at least twice in every calendar year.

There have been no changes during the period to the objectives of the Trust or to the way in which it is administered.

In setting the objectives of the charity, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

Investment powers:

Under clause 6(2) of the Trust Deed the Trustees have unrestricted powers of investment, provided they are acting in accordance with the directions of the committee.

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

REPORT OF THE TRUSTEES

AS AT 5 APRIL 2023

Review of the year:

Accounts for the year ended 05 April 2023 are attached to this report. The Trustees confirm that the accounts comply with the current statutory requirements and with the Trust's governing document.

During the year the Trustees received gross income of £49,064. Direct charitable expenditure and management and administration expenses totalled £39,821, resulting in a surplus for the year of £9,243.

Investments held at 05 April 2023 were all acquired in accordance with the power available to the Trustees.

The Trustees have examined the statement of financial activities and reviewed relevant costs with a view to ensuring Trust income exceeds expenditure in future years. Where expenditure made from the Trust bank account has been considered in excess of amounts related the Trust income, the expenditure has been disallowed and held in the balance sheet as a creditor, to be reimbursed by The Melbourne Trust.

Trustees' policies:

Reserves: The trustees do not consider that there is a need for a reserves policy as they make donations to charitable purposes as and when the funds are available. Investments: The objective is to achieve an overall return of twice that obtainable on cash deposits, with the income element not less than the return obtainable on cash deposits. Risk Management: The trustees monitor the performance of the investment managers. They also meet annually to approve the budget for future income and expenditure.

The committee meets regularly and is responsible for monitoring actual income and expenditure against agreed budgets.

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

REPORT OF THE TRUSTEES

AS AT 5 APRIL 2023

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to chartiies in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charities Constitution require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are reponsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity's Constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the Trustees

Lord Ralph Kerr - Trustee

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

INDEPENDENT EXAMINER'S REPORT

TO THE OF MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

I report to the Trustees on my examination of the financial statements of Melbourne Gardens Charity Capital Trust (The Garden Trust) (the Charity) for the year ended 5 April 2023 .

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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

I have no concerns and have come across no others matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

PKF Smith Cooper Limited

7 Compton Street Ashbourne Derbyshire DE6 1BX United Kingdom

Dated: .........................

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Income
Garden entrance fees and catalogue sales
Donations
Direct chartiable expenditure
Purchases
Wages and salaries
Electric, rates and water
Repairs to plant and machinery
Motor expenses
Gross surplus
Management and administration expenses
Professional fees
Accountancy
Bank charges
Postage, stationery and advertising
Sundry expenses
Operating surplus/(deficit)
Other income
Listed investment interest and dividends
Realised gains/(losses) on investment assets
Unrealised gains/(losses) on investment assets
Net movement in funds
Total funds brought forward
Total funds carried forward		 £
3,142
3,495
2,997
25,136
2,125
24.80%
-
749
132
1,879
166
6,174
8,864
(2,706)
43.97%		 2023
£
38,173
10,891
49,064
(36,895)
12,169
(2,926)
9,243
12,332
21,575
97,975
119,550		 £
7,069
1,500
2,704
12,744
2,831
23.01%
999
550
313
18,372
-
3,661
93,471
(81,679)
9.29%		 2022
£
25,462
9,408
34,870
(26,848)
8,022
(20,234)
(12,212)
15,453
3,241
94,734
97,975

The notes form part of these financial statements.

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

BALANCE SHEET

AS AT 5 APRIL 2023

Note
Fixed assets
Investments
2
Current assets
Other debtors
Cash at bank and in hand
Creditors: amounts falling due within
one year
Other creditors
Trade creditors
Net current liabilities
Total assets less current liabilities
Unrestricted funds		 2023
£
£
355,402
61,386
6,518
67,904
278,906
24,850
303,756
(235,852)
119,550
119,550		 2022
£
£
343,071
62,246
11,577
73,823
294,069
24,850
318,919
(245,096)
97,975
97,975

In accordance with the engagement letter dated 6 June 2022, I approve the financial statements set out on pages 6 to 9. I acknowledge my responsibility for the financial statements, including the appropriateness of the accounting basis as set out in note 1 to the financial statements, and for providing PKF Smith Cooper Limited with all information and explanations necessary for their compilation.

The financial statements were signed on ..........................

...................... Lord Ralph Kerr

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

The principal accounting policies applied are as follows.

1.1 Accounting convention

The financial information is compiled on an agreed accounting basis that enables profits to be calculated such as to meet the requirements of Section 25 of the Income Tax (Trading and Other Income) Act 2005, and provides sufficient and relevant information to enable the completion of a tax return.

1.2 Compliance with accounting standards

The financial information is not intended to achieve full compliance with the provisions of UK Generally Accepted Accounting Principles.

MELBOURNE GARDENS CHARITY CAPITAL TRUST (THE GARDEN TRUST)

SCHEDULE OF INVESTMENTS

FOR THE YEAR ENDED 5 APRIL 2023

Investments Held At Investments Held At Investments Held At Investments Held At Investments Held At Investments Held At
6 April 2022 Movement In Period 5 April 2023
2 Fixed asset Holding Book Market Date Holding
Cost/(Procee		 Gain/(Loss) MV Holding Book Market
investments Value Valuation ds) on Disposal Adjustment Value Valuation
Charitiy Asset Trust C
Inc - - - 31/01/23 226,277 335,116 (827) 236,349 350,055 349,228
01/02/23 9,576 14,200
08/02/23 496 739
LF Ruffer Pacific &
Emerging Markets 1,696 - 147 15/08/22 (1,696) (141) 141 (147) - - -
TM Ruffer Portfolio C
Acc 3,315 335,018 342,924 24/08/22 1 141 (1,733) - - -
31/01/23 (3,175) (335,116) 8,331
01/02/23 (141) (14,939) 392
Dividends not
distributed 6,174
335,018 343,071 231,338 - 8,864 (2,707) 350,055 355,402