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, Ta￿enne 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, re￿IVeS 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 AC￿pted 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
IR*stat*dl
G•n**l 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,$26
77.IlQ
77,110
120,321
169,931
8Q125
80.125
Ll*Jllllle5
dL* Withln one year
gZ4
IQ9B8
11,912
4,270
4,270
Netcurrent assets..
41.619
109.340
158,C119
75.855
75.855
TcrtJl assets less
cUrr•rrtll4bilith•*'.
58,097
988,981
I,D4Y,08Q
84134
875.435
961,569
Fwd5olth•
¢fvrity'.
General fund
58,097
8&134
86.134
Designated fund5
988.981
8.983
875.435
È7S.43S
Re5trirted fur￿$
T￿allyn￿$..
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
Desi￿41•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