The rim Stead Trust A Scottish Charitable Incorporated Organisation Annual Report and Financial Statements for the year ended 30 November 2024 Scottish Charity No. SC046372
The TIM Stead Trust Annual Report and Flnanclal Ststements Year ended 30 November 2024 Contents Page Legal and Administrative Information Chair's Report Report of the Trustees Statement of Trustees, Responsibilities io Report of the Independent Examiner li Statement of Financial Activities Balance Sheet 13 Notes to the Financial Statements 14-23 Page I
The Mm Stead Trust Annual Report and Flnancial Statements Year ended 30 November 2024 Le8al & Admlnistratlve Informatlon The Tim Stead Trust I'the Trust"} is a Scottish Charitable Incorporated Organisation. Scottish Charlty No: SC046372 Trustees The Trustees who served during the year and up to the date of signature of the financial statements were: Off ice bearers The following were the Trust's Office Bearers at the date of approval of the financial statements: Trust Director (who is not a Trustee) ndependent Examiner Bankers Re8iStered 0•(e Viigin Money 83 George Street Edinburgh EH2 3ES Ihe Steading Blainslie Galashiels TDI 2PR Page 2
The rim Stead Trust Annual Report and FFnandal Statements Year ended 30 November 2024 Chairfs Report 2024 was an attive year on all fronts for the Trust as it focused on its primary aim of looking after The Steading and Tim Stead's legacy whilst enabling many people to engage with his work and philosophy. The team 15 growing and there is a new clarity about the role of each person within it. The Trust has made good progress towards its Vision which is: 'People are inspired by the life and legacy of Tim Stead." We have four principal aims.. To make The Steading and its contents, including the archive works of Tim Stead, accessible to the public and researchers To provide educational activities that will interpret Tim Stead's furniture, sculpture, philosophy and poetry To provide an environment that will encourage woodworking skills and enable other artists to flourish To organise workshops that encourage environmental awareness and artistic use of wood in all its guises Steadinq and Archive Safeguarding The Steading continues to be the key area of focus, informing all other decisions and activity as it requires urgent and ongoing attention. The house suffers from damp and high humidity at times and these conditions tend to encourage woodworm. There are issues to do with heating and the electrical wiring which need to be overcome. The Trust began its first development project in this financial year. to create an archive room in an outbuilding and to recreate the Thyme Roof installation above it. This work 15 being supported by the Stairway Trust and the William Grant Foundation. During this period, the Wood Neuk made restored the two sunroom doors, which had deteriorated, kindly funded by Icthius Trust. A finy Tag environmental monitoring system has been installed, enabling the TrLASt to accurately record temperature and humidity in each room. This will allow us to control the environment and conserve the furniture and collection housed within The Steading. For over 11 years, the Tim Stead Archive and Collettion outwith The Steading, has been housed at Artlink, near Glasgow. During the summer the Trust decided to move the entire collection back to the Scottish Borders where it is easier to manage. Since the year end, we received donations of Tim Stead original sculptures and furniture from the Barfil Trust and another Donor, as well as an Axe Head sculpture discovered locally in a charity shop in Galashiels. Public Engagement Our public prograrnme is the principal means by which we engage with the public and specialist groups. This work developed over the course of the year to include our first series of six workshops under the Multiply Project Banner with funding from Scottish Borders Council {SBC). Each workshop combined numeracy skills with inspiration from Tim Stead's work with Page 3
The TIM Stead Trust Annual Report and Flnancial Statements Year ended 30 November 2024 Chairfs Report (continued) natural materials. Each participant Pfoduced physical objects that could be taken home as artworks and a reminder of the numeiacy sessions. During the spring, we trialled two community hub sessions where local groups used The Steading a5 a host site for the day. We undertook our first series of Children's E3ster workshops with activities during the Easter Holidays again funded by SBC. With over 30 participants, we delivered Guided Walks through Wooplaw woods, Tim Stead puzzle plav sessions and Blainslie foraging session5 for natural materials to use in art works and bird nest building. We also started our first Wooplaw Ramble tours for over 16,5 cDnnectir)g the history and legacy of Wooplaw to The Steading and starting to build our collaboration with Wooplaw. During the summer of 2024, working alongside local artists & prattitioners we delivered a series of workshops including., Spoon Carving; Botanical Dye Making. Sustainable Botanical Printing; Pyrographic Printing. Wood Carving. Elm W311 Panel Collage. Ceramic Coil Vessel Buildin& Willow Weaving; Willow Harvesting. Design your own Chair. Throughout the year there were guided tours of The Steading for a broad range of people. including individual bookings and private group tours such as U3A, The Chippendale International School of Furniture, Men's Shed Group and the Borders Brain Injury Support group. We delivered for the fourth year in a row our Open Doors tours which sold out. We partnered with the Wood Neuk for the first time for tours which included The Steading, workshop, gallery & byres. We had Erore than 700 visitors in tot81 at The Steading. ompleted her excelleni full len8th film Tim Stead: Magician with Wood. She has been winning prizes at festivals all over the world and showing it at a wide range of venues in Scotland and beyond, including 50rne in the Borders. nd some of the trustees have been taking part in question-and-answer sessions at some of the showings. Running the TIM Stead Trust Our Director continues to implement all our activities and to acquif e new skills. She is mentored bv jur Treasurer. The Office Bearers have remained in post over this financ,'al year as have the other Trustees apart from ho stepped down in January 2024 as noted in last year'5 report. Later in the year we welcome who lives locally and has governan and project management skills to offer. Four Attion Groups have been established- Steading & Archive. Public Engagement, Finance & Fundraising 2nd Governance. These subgroups meet in between Board meetings and do some of the heavy lifting previously carried out by the Board. They are better able to support our Dlrecror, who CDnrlnues 10 do a great job. As a result, Board meetings are moving to 4 per year, rather than 6. The new Action Group structure is bedding down, bringing the Trustees closer to the action in areas of the Trust's work where they have particular interest and expertise. Page 4
The TIM Stead Tiust Annual Report and Financial Statements Year ended 30 November 2024 Chairfs Report (continued) Early 2025 The Thyme Roof Extension is nearing (ompletion after a number of delays. The planting of the tiny thyme plants, nurtured mainly by is due to tske place in early April. This links nitrly with the Trusys wish to work with and support the local community in maklng Blalnslle a Brighter place ro live and visit. The frtting out of the archive room is bein f the Wood Neuk. The Trust values its workin8 relationship with nd his collea8ues very hi8hly. as oneof Tim Stead's first apprentices and was trained by him. A new lease ha5 been signed between the TIM Stead Trust and Wood Neuk. This will allow Ihe Trustto use the smaller of the byres for additional archive stoiage space. The Trust has a number of Advisors, very valuable people who are able to contribute to the work of the Trust. They have a direct line to the Board. In addition, we have an o ortu nity to dewelop a cadre of volunteers with the flexibility to help out as required. taking a lead on developing and supporting this group of Tim Stead enthusiasts. At last year's AGM, nnounced that she will be step down from the Board at the next AGM on the 8 May 2025, koth as Secretary and Trustee. as one of the founding Trustee5 and kne a5 she live5 in the vlllage of Blalnslle. Her contribution to the Trust over theyear5 ha5 been immense. We would not be where we are today without her energy and drive. Her intimate knowledge ofThe Steading and Tim have been crf(ical to our development. We will rniss her enormously and the task of replacing her will be an extremely difficult one. Since she has agreed to become one of our Advisors, we look forward to continuing to see her on a regular basis and we know she will remain as one of our key supporters. Since the year end, 2S told us that his current work commitments mean he is not able to give us the time needed tD be a Trustee. As well as being principal viola in Scottish Opera. is a150 a virtuoso Klezmer performer and has delighted audiences at fundiai5i ng events for us over the years, Lev Is another of our founding Trustees who al.so kne sked him to become a trustee because his enthusiasm as a musician bringg another dimension to our visual arts programmes. We are very glad tha keep contact with us as our music AdNisor. Also, since the year end, we have been delighted to welcome to the Board and We are looking fc)rward to working with them and to the contributions they will make. rim Stead died 25 years ago in April 2000 at the very young age of 48. He is fondly remembered by his friends and colleagues. The Trust will continue to evolve and there is a role for everyone who would like to be involved in keeping Tim's legacy alive. Pa8e 5
The TIM Stead Trust Annual Report and Flnanclal Statements Year ended 30 November 2024 Report of the Trustees The Trustees are pleased to present their annual Trustees, report together with the financial statements of the Trust for the year ended 30 November 2024. Objectives & Activities The principal objectives of the Trust are to preserve and maintain, for the public benefit. the name and the works of Tim Stead MBE, Artist & Craftsman, and to raise awareness of his environmental philosophy. The Trust was established in 2015 and raised enough funding to purchase Tim Stead's former home, The Steading, Blainslie, and the Tim Stead Archive, to safeguard their future for the nation as an influential and internationally significant example of Scottish craftsmanship and environmental philosophy, all for the benefit of local. national and international communities. Finonciol Review The results for the year and financial position of the Trust are as shown in the accounts, starting on page 12. The financial statements have been prepared on an accruals basis. For the last two years thev were prepared on a receipts and payments basis. The Trustees have made this change as they believe that, as the Trust grows, this results in financial information that is more helpful to the Board and other readers. It is also done in anticipation that in future periods income levels mav meet the threshold where this will be required, as it was in the year to 30 November 2021. Appropriate adjustments have been made to the comparative information to show the prior year on a consistent basis. These adjustments are explained in Note 10 to these financial statements. The results for the year show total income of £189,5601£61,012 in the prior yeaf l. This includes restricted income of £12,613 received to cover specific workshops, tours and other attivities in The Steading. Note 2 to the financial statements sets out all the Bodies who have provided grant funding to the Trust during the year, to whom we are extremely grateful. The major funding received in the year was £155,000 for what we have referred to as our Thyme Roof Project. We are extremely thankful to The Stairway Trust and the William Grant Foundation for their generous support in providing these funds. While these funds are not restricted. the Board, given their significance, has placed them in a designated fund to be able to better show their use. This funding not only covers the cost of repairing the Thyme Roof, but also the repatriation of the Archive Collection. purchasing our environmental monitoring system. as well as much of our Public Engagement Programme which runs through to June 2025. Page 6
TheTlm Stead Trust Annual Report and Flnanclal Statements Year ended 30 November 2024 Report of the Trustees {contlnuedl Flnanciol Review (continuedj Tours and workshop income in the year was £3,569 compared to £904 in the previous year. Donations-in-kind in the year represented the estimated value of the Independent Examination of £720 which wa5 performed pro-bono, for which we are extremely grateful. In the prior year donations-in-kind also inclLJded the Independent Examir)ation as well a5 £18,400 lat Trustees valuation) of donated Tim Stead furniture which was added to our Collettion. Our outgoings for the year totalled £104,0491£94,999 the prior yearl. This included the full utilisation of our restricted income totalling £12,613 and £41,452 for the Thyme Roof Projett. The costs incurred for the Thyme Roof Projett consisted mainly of an allocation of the salary of our director, as well as the first tranche of costs from contractors and our architett towards the repair of the Thyme Roof. As a result, we recorded a surplus in the year of £85,511 la deficit of £33,988 in the prior yearl. This was made up of a deficit of £28,037 on the General Fund, and a surplus of £113,548 on the Thyme Roof Projert Fund, which will be fully utilised during the year to 30 November 2025. At the year-end we held cash of £166,727, of which £120,328 related to the Thyme Roof Project. leaving £49,399 held in general fund. Total funds atthe year-end amounted to £1,047,080. Of this £875.435 related to the Heritage Assets Fund which the Board has set up to hold The Steading and the Collettion ofTim Stead work held by the Trust as these amounts are held for the long term and are not realisable in the normal course of business. This leaves £58,097 in the General Fund. compared to £86.134 at 30 November 2023. Reserves Policy & Going Concern The Board has agreed a reserves policy which is to hold cash in the Genefal Fund to cover at least six months running costs. This policy wa5 met at the year-end. The Trustees have reviewed the circumstances of the Trust, cash flow forecasts, and future funding plans. The Board has also considered the cash reserves held by the Trust at the date of approval of these financial statements. As a re5uIt, at the date of approval of the financial statements, the Board has a reasonable expectation that the Trust will be able to continue to meet its liabilities as they fall due for a period of at least 12 months and that. as a result. the Trust continues to be a goin8 concern. Page 7
TheTim Stead Trust Annual Report and Financlal Statements Year ended 30 November 2024 Report of the Trustees (contlnued) Struttu, Governonce and Manogernent The Trust is incorporated as a Scottish Charitable Incorporated Organisation I'SCIO'I. The Trust Is governed by the terms of its Constitution. The Trust's Trustees are also Its members. The Trustees carry out the m3n3gement of the Trust. The Board of Trustees may appoint any person to be a charity Trustee at any time by way of a resolution by the majority vote at a board meeting. Recruitment is carried out as opportunities arise, having due regard to the requisite experience and skills set of the overall board. The maximum numberof Trustees is 12 and the minimum is 4. Induction and trainin8 of new Trustees is on an informal b3SiS, Wlth 8uidance material from OSCR available if required. This includes a "buddy" system for new Trustees with an existing Trustee. The Trustees meet regularly throughout the year to discuss the norrnal administration and other matters of the Trust and are conveneé as required for cTitical matters as they arise. The business of all meetin8s is minuted. Dayto day management of the buslness Is delegated to theTrust's Director, Taenne Bridgwater, who reports tothe Board at each meeting. In accordance with the Trusys Constitution, all Trustees retired at the AGM held on 26 April 2024, and were reeppointed, along with the off ice bearers, at a Board Meeting on the same date. Changes in Trustees during the year, and since the year end, are set out in the Chair's Report. Related Porties andrelotionships with other orgonisations None of the Trustees, nor any person connected to a Trustee, reIVeS remuneration from thelr work for the Trust. The Trustees resolved in November 2021, aftei open cornpetition, to appoint Benjamin findall Architetts (BTAI, of which is the principal proprietor, to provide architectur31 services to the Trust. Prcfession31 fees paid to BTA in the year ended 30 November 2024 were £11,5891£178 for the year to 30 November 2023}, as quoted and pre-approved by the Board. This was mainly in relation to the Thyme Roof Project. Page 8
Themm Stead Trust Annual Report and Financlal Statements Year ended 30 November 2024 Report of the Tf Ustees (conttnued) Risk Monogement The Trustees believe they are aware of the major risks to which the frust is exposed and maintains a risk register. The Board receives regular reports relatin8 to the Trust's business, including its major risk5, ond is working to ensure that adequate procedures are in place to mirigate those risks to acceptable levels. This ieport was approved by the Trustees and signed on their behalf by: Page 9
The Tim Stead Trust Annual Report and Financial Statements Year ended 30 November 2024 Statement Of Trustses. Responslbllities The Trust Tru5tee5 are responsible for preparing a Trustees, annual report and financial statements in accordance with applicaole law and United Kingdom Accounting Standards Iunited Kingdom Generally ACpted Accounting Prattice}. The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each year, which give a true and fair view of the state of affairs of the Trust and of the incorne and expenditure of the Trust for that period. In preparing the finanoal statements, the Trustees are required to.. select suitable accounting policies and then apply them consistentlyp observe the methods and principles in the Charities 50RP. makejudgements and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to anv material departures disclosed and explained in the financial statements. 2nd prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in busine55. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the frust and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities IAccounts and Reports) Regulations, and the provisior)s of the Trust's constitution. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This statementwas approved by the Trustees and signed on their behalf by: Page 10
The TIM Stea(1 Trust Annual Report and Financial Statements Yeaf ended 30 November 2024 Independent Examinerfs Report to the Trustees of the rim Stead Trust I report on the accounts of the charity for the year ended 30 November 2024 which are set out on pages 12 to 23. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment Iscotlandl Act 2005 and the Charities Account5 {Scotlandl Regulations 2006 las amended). The charity trustees consider that the audit requirement of Regulation 10111 lal to Icl of the 2006 Accounts Regulations does not apply. It is my resporssibility to examine the accounts as required under section 44{11 Ic} of the Act and to state whether particular matters have come to my attention. Basis of independent examinerfs statement My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charitv and a comparison of the accounts presented with those records. It also includes consideration Df any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide 311 the evidence that would be required in an audit, and consequently I do not expre55 an audit opinion on the view given bythe accounts. Independent examlnerfs statement In the course of my examination. no fnatter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements.. o to keep accounting records in accordance with Section 4411} lal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations o to prepare accounts which accc)rd with the 3ccounting records and comply with Regulation 8 of the 20C6 Accounts Regulations have not been met, Dr 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accountsto be reached. Page 11
The TIM Stead Trust Annual Report and Ftnanclal Statements Year ended 30 November 2024 Statement of Financial Activities Including Income and Expenditure Account forthe Year Ended 30 November 2024 2024 2ty23 IRstatdl G•nl De5i8nWted Re5trirted Fundj Fund5 Fund5 G•)r¥l Fund5 T¢)tsi Total Note5 Fwnd5 Fund5 Inrorne from.. Grjnts & 9.682 155.0 12.6LI 177.295 29.981 19,804 49,735 Chaiitable activitie5 9,569 9,569 Investments - Ihter•st 2,696 2.696 4,372 4.372 Total Incom• 21,947 155.OLX) 12.613 189,560 41,207 19.804 61,OLI Expendliurt Raisin4funds 3a0 330 672 6n Charitabl• activities 49.654 41,452 IZ.$13 104.719 74,523 19,804 94,327 Y)t*l expendituwe 49,984 41,452 12.613 104.049 75.195 19.804 94,999 5uwplu5 Ild•flcftlf4y tho ytar Fund5 brouRht furward 128.0171 113,548 85.511 133,9881 133,9881 86,la4 875.43S 961,569 138.521 857,035 995,557 Tv•nslt 118,4001 18,4th1 Funds carA•d torward 58m7 988.983 IM47,080 86.134 875,435 961,569 All incoming resources and resources expended are derived from continuing activities. The Trust had no recognised gains or losses other than those included in the Statement of Financial Activities above. The notes on pages 14 to 23 form part of these financial statements. Page 12
The TIM Stead Trust Annual Report and Financial Ststements Year ended 30 November 2024 Balance Sheet as at 30 November 2024 2024 2023 IRE5tatedl ¢n•val lInated $trIcted fund5 Fund5 Fund5 Gon•val D•si8nat•d R•rtrid¢d Fut Funds Totsl Total Noi• FI)d si•ts: Tangible assets 5.418 4ZOI 13,6Z6 IQ279 10.279 Herita¥p 3s5et5 875.435 875A35 875.435 875,435 9NL8 879,045 189,001 10.279 875,435 885,714 OJfent assets: Debtors Cash at bank and..n hand 3,204 3.015 3.015 4tè,39g 120,$26 77.IlQ 77,110 120,321 169,931 8Q125 80.125 LlJllllle5 dL Withln one year gZ4 IQ9B8 11,912 4,270 4,270 Netcurrent assets.. 41.619 109.340 158,C119 75.855 75.855 TcrtJl assets less cUrr•rrtll4bilith•'. 58,097 988,981 I,D4Y,08Q 84134 875.435 961,569 Fwd5olth• ¢fvrity'. General fund 58,097 8&134 86.134 Designated fund5 988.981 8.983 875.435 È7S.43S Re5trirted fur$ Tallyn$.. 58.tV7 985.981 I,D47,1180 84134 875,435 %1,569 The financial statements were approved by the Trustees and authori5ed for issue on 8 May2025 The notes on pages 14 to 23 form parl of these linancial statements. Page 13
The rim Stead Trust Annual Report and Flnanclal Statements Year ended 30 November 2024 Notes to the Financial Staternents A¢¢ounting Policies Stotement of compliance The Trust is a public benefit entity. The accounts Ifinancial statements) have been prepared in accordance with the Trust's Constitution and with 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 IFRS102IIEffective l January 20191. the Charities and Trustee Investment1Scotlandl Act 2005 and the Charities Accounts (Scotland) Regulations 2006 las amended). The Trust has taken advantage of the small entity provisions within FRS102 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. Bosis ofpreporotion The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. Change in occounting policy The financial statements have been prepared on an accruals basis. This represents a change in basis compared to the prior year when a receipts and payments basis was adopted. This change has been made as, in the opinion of the Trustees, it better represents the performance and financial position of the Trust for the period and at the balance sheet date. The change has also been made now as the Trustees anticipate that, in future periods, the income of the Trust may exceed the threshold of £250,000 which would require them to prepare the financial statements on an accruals basis. The accruals basis will be adopted for all future periods. The comparative numbers disclosed in these accounts have been adjusted to reflect this change. Details of these adjustments are discussed further in note 10. Going Concern The Trustees have considered the financial position of the Trust and have concluded that it will continue to be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. Page 14
The Tim Stead Trust Annual Report and Ftnandal Statements Year ended 30 November 2024 Notes to the Financial Statements Icontinued) Charitablefvnds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of any restricted funds are set out in the notes to the financial statements. Income Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recogni5ed once the trust has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised when received and when supported by a valid declaration from the donor. Ticket sales relating to tours. workshops, or other events. are recognised when the event takes place. Income from grants and donations is recognised on receipt. Where a grant or donation is received for a specific purpose, it is included in restricted income and any unexpended portion carried forward as a restricted fund. Investment income represents interest earned on bank deposits and is recognised in the period in which it is earned. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probably 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 inclusive of VAT where appropriate as the Trust is not registered for VAT. Donated Services ondfvcilities Donated professional services and donated facilities are recognised as income when the Trust has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Trust of the item is probable and that economic benefit can be measured reliably. In accordance with Charities SORP general time of volunteers is not recognised. On receipt, donated professional services and donated facilities are recognised based on the value of the gift to the Trust which is the amount the Trust would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market: a corresponding amount is then recognised as expenditure in the period of receipt. Page 15
TheTim Stead Trust Annual Report and Flnanclal Statements Year ended 30 November 2024 Notes to the Financial Statements (Continued) Tangible fixedAssets ond Depreclatlon Tangible fixed assets are capitalised when it is probable that future economic benefits will flow to the Trust and that the cost of the item can be measured reliably. Items capitalised are stated at cost less accumulated depreciation and any impairment losses. Depreciation is provided to write off the cost of the assets at the followin8 rates.. Fixtures & fittings Computer equipment 15 years 5 years Heritage assets The Trusys heritage assets are held to support the Trusys primary objettive to preserve and maintain, for the public benefit. the name and the works of Tim Stead MBE. The property where Tim lived and worked is intrinsically linked with the Collertion of his works and as such both are deemed to be heritage assets. Heritage assets are held in a separate designated fund. The heritage assets are accounted for as follows: Property The Steading of rim Stead was purchased by the trust and has Since been classified as a Grade A listed building. The Steading was initially measured at cost of £450.0. The trustees do not consider that any impairment adjustment was required at the year end. Tim Stead Collection & Archive The collection of Tim Stead's works is reported in the Balance Sheet at fair market value at the date of acquisition. Individual items will be periodically revalued by an external valuer. with any gains or losses being reported in the Statement of Financial Activities. No valuation was carried out in the year. The collection is deemed to have an indetef minate useful life and a high residual value. The Trustee5 do not consider that the recognition of any depreciation is appropriate. Items of Tim Stead work that are donated to the Trust, are initially valued by the Trustees and recognised as a donation in kind. The item is added to the value of the collection held in the balance sheet. Items acquired by the Trust, are recognised at cost. Cosh and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. Debtors and prepayments Debtors are recognised at the settlement amount due. Prepayments are valued at the amount paid at the year-end which relates to future periods. Credltors and accruals Creditor5 are valued at cost. Accrua15 are provided for where the related expenditure has been incurred but not yet paid or invoiced by the relevant supplier. Page 16
The rim Stead Trust Annual Report and Flnandal Statements Year ended 30 November 2024 Notes to the Flnanclal Statements Icontlnued Taxation No provision is required for corporation tax, as it has been accepted that the trading is integral to the main charitable purpose of the Trust. Financiol instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instrurnents. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Criti¢ol accounting estimotes andjudgements In the application of the trusys accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affetts only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Page 17
Thefim Stead Trust Annual Report and Flnanclal Statements Year ended 30 November 2024 Notes to the Financial Statements (continued) Grants & donations 2024 2023 Donattons: Gift aid Donations in kind Fundraising activities Grants: Barfil Trust Scottish Borders Council (restricted) South of Scotland Enterprise Irestrittedl The Stairway Trust Idesignatedl William Grant Foundation Idesignatedl 495 19,120 9,316 720 8,474 1,000 19,804 5,113 7,500 125,000 30,000 177,295 49,735 Donations in kind include the estimated value of the independent examinations performed in both years for which no fees were paid. In 2023. the Trust was also gifted items of Tim Stead furniture valued by the Trustees at a fair value of £18.400. These items are held in the Heritage Assets Fund in the balance sheet. Fundraising attivities include £3,0001£6,800 in 20231 donations from Ichthus Trust. Income - Charitable activities 2024 2023 Tours and workshops Rental income 3,569 6,000 9.569 904 6,000 6,940 Page 18
The rim Stead Trust Annual Report and Flnanclal Statements Year ended 30 November 2024 Notes to the Financial Statements (continued) Expenditure- Charitable activities 2024 2023 G•Th•ral Funds Desi41•d Funds Ro5trlrted Fut)ds Total General Dos4gnat•d Funds Fun& R•strtetsd Funds Tof St3ff cost5 (Dote 51 Govemance c051s Z4749 2,114 36,762 7ZO 36,949 36,949 720 720 Storage costs Insurance IZ,477 7,704 7,704 4,091 4,091 3,875 3,875 Utilities Repairs and rnaintenance Depreciation Professional fee5 756 iii 867 1,288 1.288 4,735 20.322 32,555 7.493 7,493 862 778 778 720 720 Projects Other 19,804 19,804 15,716 10.245 1,532 14,665 15.716 49.654 41,4S2 12,613 103,719 74.523 19,804 94,327 Project costs in 2023 represent the Memory Bank f ilm5 which were produced during that year and were separately funded and therefore held in a restricted fund. That fund was fully utili5ed during that year. Staff costs The average number of employees during the year was I lone employee was recruited during the year to 30 November 20231. The aggregate payroll costs were as follows: 2024 2023 Salary Pension costs 35,873 34,685 2.264 36,762 36,949 No employee had employee benefits in excess of £60,00012023- nil) No remuneration or expenses were paid to the Trustees of the Trust in the year. Page 19
The TIM Stead Trust Annual Report and Financlal Ststements Year ended 30 November 2024 Notes to the Financial Statements Icontinued) Fixed Assets Heritage assets Fixtures & fittings Computer equipment Total Cost At l December 2023 Additions Disposals At 30 November 2024 875.435 11.248 560 4,208 887,243 4,208 875,435 11,248 4,768 891,451 Depreciation At l December 2023 Charge for the year Disposals At 30 November 2024 1.500 750 28 112 1.528 862 2,250 140 2,390 Net Book Value At 30 November 2024 875,435 8,998 9,748 4,628 531 889,061 885,714 At 30 November 2023 875,435 Heritage assets are represented by the initial cost of acquiring The Steading, of £450,000, and the value of the archive and collettion of Tim Stead work held by the Trust of £425,435. which includes assets gifted in 2023 which the trustees measured at a fair value of £18,400. Computer equipment of £4,208 is held in the designated fixed assets fund. Debtors 2024 2023 Debtors Prepayments 3,204 3,015 3.204 3,015 Page 20
The rim Stead Trust Annual Report and Ftnanclal Statements Year ended 30 November 2024 Notes to the Financial Statements Icontinued) Creditors: amounts falllng due within one year 2024 2023 Creditors Taxation & social security Pensions payable Accruals & other creditors 11,057 677 4,102 178 168 11,912 4,270 Charity funds Balance at Payments to acquire fixed assets Balance at 30 November 2024 December 2023 Income Expenditure Transfers Unrestrlrted funds General fund Designatedfvnds Heritage assets fund 86,134 21,947 149,9841 58,097 875,435 875,435 Thyrne roof project fund - cash 155,000 141,4521 14,2081 109,340 Designated fixed assets 4,208 4,208 Total unrestricted funds 961,569 176,947 191,436) 1,047,080 Restrirted funds Repairs & maintenance Multiply Grant Easter Workshops Total restricted funds 7,500 17,5CKJI 1,920 3,193 11,9201 13,1931 12,613 112,613) Total charlty funds 961,569 189,560 (104,0491 1,047,080 Page 21
The TIM Stead Trust Annual Report and Flnanclal Statements Year ended 30 November 2024 Notes to the Flnanclal Statements (continued) Explonation offvnds Unrestricted funds: The Generol Fund- represents all income and expenditure relating to the primary focus of attivities of the charity, Other than those for which funding is designated by the Trustees or restricted by Funders. The Heritage assetsfund- this fund hold5 the heritage assets of the Trust, being The Steading and the Collection of Tim Stead work. This fund is held separately to better represent the position of the Trust. These assets are held for the long term and are not realisable in the ordinary course of business. The Thyme roof projectfund-this fund was set up by the Trustees to clearly show the activities related to the major project in the year which was separately funded and monitored. See the Trustees report for details of this projett. Designatedfixed assetsfund- Where funding which has been treated as designated is used to acquire fixed assets, these are held in this fund and depreciated over their appropriate period. Restricted funds: The Multiply and Easter Workshop Funds- both funds were set up to hold two separate grants received in the year to carry Out specific workshop activities in The Steading. These activities were Started and completed during the year. Repoirs and Maintenonce Fund- any funding received which is restritted in its use for specific items of repairs and maintenance on The Steading is held in this fund. Page 22
The Tim Stead Trust Annual Report and Flnanclal Staternents Year ended 30 November 2024 Notes to the Financial Statements (continued) io Change in accounting policy As set out in Note l. the accounts have been prepared on an accruals basis compared to a ieceipts and payments basi5 Used in prior years. This has resulted in the following adjustments.. Income & Empenditure for the year to 30 November 2023 2023 Deficit for the year to 30 November 2023 as previously reported Depreciation charge for the year Movements in opening and closing atcruals & prepayments As adjusted (33,078) 1778) 1132) {33,988) Total Fund5 as at 30 November 2023 2023 Total fund5 as at 30 November 2023 35 previously reported Cumulative depreciation charges Movements in opening and closing accruals & prepayments adjusted 964,352 (1,5281 (1,255) 961.569 li Related party transactions The Trustee5 resolved in November 2021. after open competition, to appoint Benjamin Tindall Architects {BTAI, of which s the principal proprietor, to provlde architectural services to the Trust. Profession31 fees paid to BTA in the year ended 30 November 2024 were £11,5891£178 for the year to 30 November 20231, as quoted and pre-approved by the Board. This was m2inly in relation to the Thyftie Roof Project. Thè Trustees considér that all the transattions during the year have been undertaken on an arm's length basis. Page 23