The rim Stead Trust A Scottish Charitable Incorporated Organisation Annual Report and Financial Statements for the year ended 30 November 2025 Scottish Charity No. SC046372
The rim Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Q*ntents Page Legal and Administrotive Information Chair's Report Report of the Trustee5 7-10 Statement of Trustees, Responsibilitie5 li Report of the Independent Examiner 12 Statement of Financial ActiV5ties 13 Balance Sheet 14 Notes to the Financial Statements 14-22 Page I
The Tim Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Legal & Adrninistrati¥e Infornution The Tim Stead Trust {"the Trust") is a Scottish Charitable Incorporated Organisation. Scottish Charrty No: SC046372 Trustees The Trustees who served during the year and up to the date of signature of the financial statements were- Dr Lev Atla5 Jessica Bailey Roland Bean Nichola Fletcher Sandra Hellowell Mark Hoskyns-Abrahall Rachel Hunter Rory Macleod David Peace Donald McPhillimv Sam Stead Benjarnin findall Claudia Zeiske Ed Smith Resigned 8 May 2025 Appointed 13 November 2025 Resigned 8 May 2025 Resigned 8 May 2025 Appointed 6 March 2025 Appointed 6 March 2025 Appointed 21 May 2026 Office bearers The following were the Trusys Office Bearers at the date of approval of the financial statements. Donald McPhillimy David Peace Mark Hoskyns-Abrahall Chair Secretary Treasurer Trust Director (who is not a Trustee) Tavienne Bridgwater Independent Examiner Heather Steven50n Bankers Registered Offi Virgin Money 83 George Street Edinburgh EH2 3ES The 5teading Blainslie Galashiels TDI 2PR Page 2
The Tim Stead Trnst Annual Report and Financial Statements Year ended 30 November 2025 Chairfs Report 2025 ha5 been another active year for the Tim Stead Trust as we continue our work to safeguard the Steading and promote the life and legacy of Tim Stead. We have aT> increasing number of visitors, volunteers and researchers. Alongside conservation priorities, the Trust has continued to expand its programme of public engagement and strengthen its organisation31 structure_ The Trust remains guided by its vision-. People are inspired by the life and leEacy of Tim Stead. Our work continues to focus on 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 interpret rim Stead's fumiture, sculpture. phi1050phy and poetry To provide an environment that encourages woodworking skills and enables other artists to flourish To organise workshops that encourage environmental awareness. creatNe thinking and the artistic use of wood in all its form5 Steadinq ondArchive Safeguarding the Steading and Workshop complex MaInS the Trusys most important priority and continue5 to inform all areas of activity. The buildings and their contents fequlre careful environmental management due to fluctuations in humidity which can en£ourage woodworm. Enwronmental monitoring remains an important part of the Trust's conservation approach. The Tiny Tag monitoring system installed within The Steading enables the Trust to record temperature and humidity levels acr055 the building. This is valuable information which infom)s fi5ture conservation planning. The Trust continues to work closely with The Wood Neuk. This relationship is invaluable in maintaining the building, restoring furniture and supporting the wider ethos of woodworking prattice which sits at the heart ofTim's work. During the year the Trust acquired an important addition to the collection- a booktase created in 2005 and made by the Workshop of fjm Stead. The piece displays a set of Tim Stead's original wooden books and represent5 an early iteration of the idea that later developed into the distinrtive wooden book library created for patrons and supporters. The bookcase now forms part of the collettion at the Steading and offers fL¢rther insight inio the evolution of rim's thinking and artistic language. The Trust welcomes suitable donations of Tim Stead original furniture and artworks. Buildlng Development During the year the Trust delivered a significant building project at The Steoding through the completion of the Thyme Roof Project, marking the twenty fifth anniversary of rim Stead's passTrng. This £155.CKKJ projett restored the former oiling room while a150 reinstatillg the disfinctive Thyme Roof that rim originally created during the 1980s. The project provided an opportunity not orsly to conseNe an important architect(Jral feature of The Steading but also to expand the Trust's archive *acilities. It a150 improved the environmental conditions for the long-term care of the collection and allows researchers and visitors to examine the collection In detail. Page 3
The rim Stead Trnst Annual Report and Flnancial Statements Year ended 30 November 2025 Chairfs Report (continued) Working with building contraclors and Benjamin Tindall Architeels as Conservation Architect, the Trust undertook a substantial programme of works. The existing roof was removed and replaced with new structural timbers and a specialist green roof system designed to 51JPPOrt the thyme planting. Drainage improvements were undertaken to prevent flooding in the archive room and adjoining byres. The interior of the space was lined and prepared to £reate a new archive room. The project has a150 included a number of bespoke elements connected to Tim Stead's legacy. The Wood Netjk was commissioned to produce Site specific furniture and fittings for the archive space using timber from Tim Stead's archived wood stores. Additional commi55iOn5 have included new windowsills and an exterior ladder designed for the building_ The thyme itself was grown from seed by Trurtees and Volunteers and planted as part of the final sta8e of the project. Alongside the construction works, the Trust has undertaken the 518nifitant task of relocatirlg the entire Tim Stead archive and collection to the Scottish Borders. This has enabled the Trust to begin the process of reviewin8. rewrapping and rehousing the collection within improved storage conditions at The SteadinE. Although delays to the construction schedule meant that the project could not be formally launched on the exact anniversary of rim Stead's passin& the Trust has instead marked the occasion through a wider year of celebration recognising Tim's legacy and the continuing work of the Trust. The Thyme Roof Project represents an important milestone for the organisation. It has allowed the Trust to address urgent building repairs while also developing improved archive facilities. We have learned valuable lessons that will inform future phases of development at the Steading. These experiences will help shape the Trust's longer-term plans as it continues to stabilise the building, improve conSeation conditions and work toward5 Museum Accreditation. Publi( Enqugement Public engagement continues to play a central role in the Trust's work. Through tOUfS. workshops and event5 the Trust enables a wide range of people to encounter TEM Stead's work, ideas and ph61osophy within the setting of The Steading and its surrounding rural landscape. Alongside guided visits. the Trust has expanded its programme of practical workshops. These have inclltded Tim Stead furniture workshops which introduce participants to the design principles and woodworking approaches that chararterised rim's practice. The Trust has also delivered conservation workshops open to the Eeneral public. one televised, offering participants the opportunity to learn about and take part in the care of some of rim Stead's most vulnerable sculptures. These sessions help deepen understanding of conservation work while allowing people to contribute directly to the care of the collection. Volunteer gardening day5 have also taken place throughout the year. bringing together 5UPPOrter5 and IOGII volunteers to help care for the Steading grounds, working alongside Aileen, our part-time gardener. These activities strengthen the relationship between the Trust and the local community while maintaining the wider environment that forms such an important part of visiting The Steading. Page 4
The Tim Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Chairfs Report (continued) The Trust continues to deliver a combination of privatei group and public tours. During the year the Trust expanded its Accessing the Archive series of tours which provide visitors with a closer look at archive materials and the research potential of the collection. A new programme of Workshop tours has been introduced, giving visitors the opportunity to see spaces conrkected to Tim Stead's making practice and to learn more about tae processe5 behind the work. Organisobonolstructure The Trust continues to benefit from the commitment of its Director, Tiustees. Advisors and silPPOrter5 who together guide the organisation and Fts development. We were delighted to welcome one new Trustee since last year's AGM, Jessica Bailey. We ore looking forward to working with her and know that she will make a great contribution to our work. The Action Group strutture introduced previousty has continued to strengthen the governance of the Trust. These groups focus on the key aims of the Trust and at present are The Steading and Archive, Public Engagement. Finance and Fundraising. Governance and Museum Accreditation. By working between Board meetings, they allow Trustees to provide focused SL6PPOrt to the Directoi and ensure that the Trtjst's work continues to move forward effectively. The Trust continues to develop its network of Volunteers and supporters whose enthusiasm and practical contribution support many aspects of OLtr work. We continue to work constructively with our collaborators, such as the Wooplaw Wardens and the Blainslie Village Hall. Since the Yeor End Since the end of the finaflcial year on 30 November 2025, the Trust has continued to make progress wÈth its development Wofk and organisational planning. The Thyme Roof plants have now taken root, bringing thi5 Iinportant feature of the Steading back into view and marking a significant milestone in the Trust's first capital project. The Trust has also continued to strengthen its relationships with odvisors. craftspeople and partner organisations who contribute valuable knowledge and expertise to the Trust's work. The new website, which makes full use of the aesthetic qualities of the Steading, is currently being launched. It will be an excellent portal to all of the Trust's activities and back story. We were also delighted to welcome Ed Smith to the Board as a Trustee recently. Ed comes from a Banking background, as well as being a long time lover of Tim's work. He will be focsjsed particularly on supporting our Fundraising efforts. LI>IngAhead Looking forward, the Trust's primary focus will femain the long-term care and 5tabilisation of the Steading and the protettion of the rim Stead collection. which at present is vu5nerable. Further work will be required in the coming year5 to addres5 environmental conditions WFthin the building and to develop appropriate spaces for archive care, research and visitor acces5. Alongside this, the Trust will continue to expand its programme of tours. workshop5 and learning opportunities that connect people with rim Stead'5 ideas about makin& craft ond the natural environment. Page 5
The rim Stead Trust Annual Report and Financial Ststements Year ended 30 November 2025 Chairfs Report Icontinuedl There 15 also an opportunity to develop The Steading as a place of creative exchange rooted in woodworking traditions, environmental awareness and the cultural heritage of craft. Through careful stewardship and collaboration with artists, makers and the local community, the Trust will ensvre that Tim Stead's legacy remains a living and evolving presence. Donald Mcphillimy Chair 21 May 2026 Page 6
The firn Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Report of the Trustees The Trustees are pleased to present their annual Trustees, report together with the financial statements of the Trust forthe year ended 30 November 2025. Objertives & Artftvities 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 & Craft5rnan, 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. Financial Review The results for the year and financial position of the Trust are as shown in the accounts. starting on page 13. The financial statements have been prepared on an accruals basis. The results for the year show total income of £82,079 {£189,560 in the prior year}. Note 2 to the financial statements sets out all the Bodies who have provided funding to the Trust duringthe year, to whom we are extremely grateful. The major funding received in the year was £42.C(10 which is unrestricted, wrth a Similar amount pledged for later in 2026. We are extremely thankful to The StairwayTrust for its very generous and continued support in providingthese funds. Tours and workshop income in the year was £2,753 compared to £3,569 in the previous year. This reduction reflects the fact that we were unable to open the Steading until later in the year due to the disruption caused on site by the Thyme Roof Project. Donations-in-kind irs the year represented the estimated value of the Independent Examination of £720 which was performed pro-bono. for which we are extremely grateful. We were also donated some original Tim Stead furniture with a value of £2,750. As we already held similar items in the Archive, the decision was taken to sell these items, and this is included in sales. Also included in Sales are a number of chairs and tables which came from a restaurant in Edinburgh which closed down. These were a mixture of original rim Stead items, and a few made by the Workshop of Tim Stead, made at the Steading after Tim'5 death in 2IX)O. We were able to acquire these from the Liquidators for £4,000. After some restoration and clean up, including help from volunteers. these were sold, and generated income for the Trust of about £i0,c. Page 7
The rim Stead Trust Annual Report and financial Statements Year ended 30 November 2025 Report of the Trustee51continued) Financial Review (continued) Our outgoings for the year totalled £156.0141£104,049 in the prior yearl. This included the full utilisation of our designated funding for the Thyme Roof Project of £107,813. The total funding for the project of £155,CKK) was received in the prior year. The costs incurred for the Thyme Roof Project included an allocation of the salary of our director during the project of £25,289 (£12,899 in the prior yearl. Further detail can be seen in note 4 of the financial statements. As a re5uIt, we recorded a deficit in the year of £73,9351£85,511 surplus in the prior yearl. This was made up of a surplus of £34.613 in the general fund, and a deficit of £108,548 in the designated funds. There were no restricted activities in the year. and no restricted funds held at the year end. At the year-end we held cash of £79,788. Total funds at the year-end amounted to £973,145. Of this £876,685 related to the Heritage Asset5 Fund which the Board has set up to hold The Steading and the Collertion of Tim Stead work held by the Trust. These items are held for the long term and are not realisable in the normal course of business. This leaves £91.460 in the Gerseral Fund, compared to £58,097 at 30 November 2024. Reserves Policy & Going Concern The Board has agreed a reserves policy which is to hold cash in the General Fund to cover at least SIK months running cost5. This policy was 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 result, 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 liabilitie5 as they fall due for a period of at least 12 month5 and that, as a result. the Trust continues to be a going concern. Page 8
The Tim Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Report of the Trustees {continued Structure. Governance and Manogement The Trust is incorporated as a Scottish Charttable Incorporated Organisation {"SCIO"}. The Trust is governed by the terms of its Constitution. The Trust's Trustees are also its members. The Trustees carry out the management of the Trust. The Board of Trustees may appoint any person to be a charity Trustee at anytime by way of a resolution by the majorityvote at a board meeting. Recruitment is carried out as opportunitie5 arise, having due regard to the requisite experience and skills set of the overall board. The maximum number of Trustees is 12 and the rninimum is 4. Induction and training of newTrustees is on an informal basis, with guidance 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 normal administration and other matters of the Trust and are convened as required for critical matters as they arise. The business of all meetings is minuted. Day to day management of the business is delegated to the Trusys Director, Tavienne Bridgwater, who reports to the Board at each meeting. In accordance with the Trust's Constitution. all Trustees retired at the AGM held on 8 May 2025. Lev Atlas, Roland Bean and Sandy Hellowell all resigned on that date. All other Trustees were reappointed, along with office bearers, at a Board Meeting on the same date. New Trustees appointed in the year are covered in the Chair'5 report. Related Partie5 and relationship5 With other organisations None of the Trustee5, nor any person connected to a Trustee. receives remuneration from their work forthe Trust. The Trustees resolved in November 2021, after open competition, to appoint Benjamin Tindall Architects IBTA}, of which Ben Tindall is the principal proprietor, to provide architectural services to the Trust. Professional fees paid to BTA in the year ended 30 November 2025 were £4.312 (£11,589 forthe year to 30 November 20241. as quoted and pre- approved by the Board. Thi5 was mainly in relation to the Thyme Roof Project. In addttion. during the year the Trust generated income of £91KJ from the sale of two Tim Stead chairs to David Peace, who is a Trustee. Page 9
The Tim Stead Trust Annual Report and Financial Statements Year ended 30 No¥ember 2025 Report of the Trustees (continued) Risk Management The Trustees believe they are aware of the major risks to which the Trust Is exposed and maintains a risk register. The Board receives regular reports relating to the Trust's business. including its major risks, and is working to ensure that adequate procedures are in place to mitigate those risks to acceptable levels. A word of thonks The Trustees would like to record their appreciation to everyone who has supported the Trust during the year- including Funder5. Volunteer5. and our neighbours in Blainslie. We are also extremely grateful to our Director, Tavienne Brid8water, who h35 been the driving force behind our achievements over the past year. Thank you to all of you. This report was approved by the Trustees and signed on their behalf by: David Peace Secretary & Trustee 21 May 2026 Page 10
The Tim Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Statement Of Trustees. Responsibilities The Trust Trustees are responsible for preparing a Trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each year, which give a true and fair view ofthe state of affairs ofthe Trust and of the income and expenditure of the Trust for that period. In preparing the financial statements. the Trustees are required to: select Suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP-, make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities {Accounts and Reports) Regulations, and the provisions of the Trust's constitution. They are also resPOn5ible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This statement was approved bythe Trustees and signed on their behalf by: Mark Hoskyns-Ab hall. F Treasurer & Trustee 21 May 2026 Page 11
The rim Stead Trust Annual Report and fin3naal Statements Year ended 30 November 2025 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 2025 which are set out on pages 13 to 23. Respertive responsibilities of trustees and examiner The chariws trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment {Scotlandl Act 2005 and the Charities Accounts Iscotland) Regulations 2006 {a5 amended). The charity trustees consider that the audit requirement of Regulation 10(11 lal to Icl of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 4411) {cl 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 charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view gtven by the accounts. Independent examinerfs statement In the course of my examination, no matter h35 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 44{1) (al of the 2005 Att and Regulation 4 of the 2006 Accounts Regulations o to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or 2. to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name: Heather Stevenson, CA Relevant Professional qualification: Chartered Accountant Signed: Date: 21 May 2026 Page 12
The Tim Stead Trust Annual Report and Financial Ststements Year ended 30 November 2025 Statement of Financial Activities Includin8 Income and Expenditure Account forthe Year Ended 3Q November 2025 25 Total Tothi Fus)ds FuNts d5 Funds Grants & d[tI5 5?.448 57J48 9,682 15S,CrfMI 12,613 177.295 Chaiitable acii¥ltle5 22028 9.569 9.569 yestrnts- interest 203 L.D96 81079 I27* 2-..947 RaIngJdS 330 330 Charitsb actNitie5 47.rf IrAy8 156.014 49.654 41.452 12.613 103.719 To 47.466 IS64 43,9S4 IN,ts49 suV5 I(defitI for thè .613 11085481 173.9351 128,0371 113.548 85.511 Fuods brouBht forward 58,097 98883 lJb47.C480 86.134 875.435 961,569 Ttansfws 11.2501 fon¥ar 91,460 881,605 973.145 58,097 988,983 1.047. All incoming resources and resource5 expended are derived from continuing activTrties. The Trust had no recognised gains or losses otherthan those included in the Statement of Financial Activities above. The notes on pages 15 to 23 form part of these financial statements. Page 13
The rim Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Balance Sheet as at 30 November 2025 1025 2024 Totsl Funds Fund5 Fund5 ote rrned a55ets'. 8556 13556 9.418 erKa8e assets 876ffi 876,685 875.435 875,435 S56 881 89D241 9,41B 879.643 Debtor5 9.028 3,204 3,204 Cath ai bankarKI ift nJ94 1.594 46.399 20.a28 16v.727 87.2Z2 1594 8tsl6 49,603 120.328 169.931 LIalIties 4.318 5.91Z 924 ID.988 11.912 4Juewrtnin yeBr 904 82 48,679 109,34D 158,019 TIAal a5SÈts $$ current liabllitie5.' 91A60 881.68S 973,145 58,D97 988,983 1,047,08U F¥nds of Ihe Genefalfusxj gJA 91A60 58.rB7 58.097 881ffi85 881.685 988.983 988.983 Restricted fund5 Tots11d9". 91A60 8Bi.685 973.145 58,097 9B8.983 1,047,080 The financial statements were approved by the Trustees and authorised for issue on 21 May 2026 and s ned on their behalf by". Mark Hoskyns-Abra Treasurer & Trustee The note5 on pages 15 to 23 form part of these financial statements. Page 14
The rim Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Notes to the Financial Statements Accounting Policies Statement of compliance The Trust is a public benefit entity. The accounts (financial 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 Investment (Scotlandl Act 2005 and the Charities Accounts1Scotlandl Regulations 2006 (as 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 sterlin& which is the functional currency of the trust Monetary amounts in these finanaal statements are rounded to the nearest L Basis of preparotlon 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. 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 liabiltties as they fall due for a period of at least 12 months from the date of approval of these financial statements. Charitoblefunds 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 use5 of any restricted funds are set out in the notes to the financial statements. Page 15
The Tim Stead Trurt Annual Report and Finanual Statements Year ended 30 November 2025 Notes to the Financial Statements (continued) Income Income is recognised when the trust 15 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 recognised 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 restritted income and any unexpended portion carried forward as a restrirted fund. Investment income represent5 interest earned on bank deposits and is recognised in the period n which it is earned. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to 3 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. Donoted Services andfacilities 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 15 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 expendtture in the period of receipt. Page 16
The Tim Stead Trust Annual Report and Financtal Staternents Year ended 30 November 2025 Notes to the Financlal Statements (continued) Tongible FixedAssets and Depreciation Tangible fixed assets are capitali5ed when it is probable that future economic benefits will flow to tho Trust and that the co.£t of the item can be meElSured reliably. Items capit31ised are stated at cost less accumulated depreciation and any impairment losses. Depreciation is provided to write off the cost of the assets at the following rates: Fixt¢Jres & fittings Computer equipment 15 years 5 years Heritage assets The Trust's heritage assets are held to support the Trust's primary objective to preserve and maintain. forthe public benefit, the name and the works of Tim Stead MBE. The property where Tim lived and worked is intrinsically linked with the Collection of his works and as such both are deemed to be heritage assets. Heritage assets are held in a separate designated fvnd. The heritage assets are accounted for a5 follows- Property The Steading of Tim 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.(KKI. The trustees do not considerthat 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 or105ses being reported in the Statement of Financial Attivities. No valuation was carried out in the year. The collection is deemed to have an indeterminate useful life and a high residual value. The Trustees do not conslder that the recognition of any depreciation is appropriate. Item5 of rim 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 valve of the collection held in the balance sheet. Items acquired by the Trust, are recognised at cost. Cash and cash equivolents Cash and cash equivalents include cash in hand. and deposits held at call with banks. Debtor5 andprepayments Debtors are recognised at the settlement amount due. Prepayments are valued at the amount paid at the year-end which relates to future periods. Creditor5 and accruats Creditors are valued at cost. Accruals are provided for where the related expenditure has been incurred but not yet paid or invoiced by the relevant supplier. Page 17
The rim Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Notes to the Financial Statements Icontinuedl ToxotiTon 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. Flnonclol instmments The Trust only h35 financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Critical accounting estimates and judgements In the application of the trust'5 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 re5uIt5 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 ievised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. Pa8e 18
The rim Stead Trust Annual Report and Financtal Statements Year ended 30 November 2025 Notes to the Financial Statements (continued) Grants & donations 2025 2024 Donations: Gift aid received Donations In klnd Fundraising activities Grants: 876 3,470 10,802 488 720 8,474 Scottish Borders Council (restricted) South of Scotland Enterprise (restricted) The Stairway Trust Idesignatedl The Stairway Trust (unrestricted - generall William Grant Foundation Idesignated} Others 5.113 7,500 125,(K)O 42,000 30,000 300 57.448 177,295 Donations in kind include the estimated value of the independent examinations performed in both years for which no fees were paid which has been estimated at £720 annually. In 2025, the Trust was also gifted items of Tim Stead furnFture valued by the Trustees at a fair value of £2,750. These items were Subsequently sold for this amount and are included in sales in note Fundraising activities include £3,C(ll£3,CrfXI in 20241 by way of donation from Ichthus Trust. Income- Charftable actlvlties 2025 20248 Tours and workshops Sales Rental income 2,753 14,075 5,600 22.428 3,569 9,569 Page 19
The Tim Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Notes to the Financial Statements (continued) Expenditure- Charitable activities 2024 General Funds Desi£nated Funds Jle5trirted Tot•1 Geffieral Designated Fur*5 RÈstrthd Futhds Totsl Staff tosts Inote 5 la60 25.289 39.149 21,749 12.899 2,114 36,762 Governance costs 720 7ZO 720 720 SttsraBÈ costs 5.360 393 5,753 5,778 6,699 12,477 Insufance 4.091 4.091 1,219 1.219 756 iii 867 ReIT5 ard maintenance 74.097 83,2n 4,733 20.322 32.555 Deyeciaiion Profess?onal fees 735 1,597 862 720 720 Cost of items sold 6.750 6,750 Other 8A135 13,165 10,245 1,532 14,665 47.465 108.549 156,014 49,654 41,452 12,613 103.719 Staff costs The average number of employees during the year was l12024.- 11. The aggregate payroll costs were as follows: 2024 2023 Salary Pension costs 37,863 1,286 35,873 889 39,149 36,762 No employee had employee benefits in excess of £60,00012024: nil} No remuneration or expenses were paid to the Trustees of the Trust in the year. Page 20
The Tirn Stead Trust Annuol Report and Financial Statements Year ended 30 November 2025 Notes to the Financial Statements (contlnued) Fixed Assets Heritage assets Fixtures & frttings Computer equipment Total At l December 2024 Additions Disposals At 30 November 2025 875,435 1,250 11,248 1.527 4,768 891,451 2,777 876.685 12,775 4,768 894,228 Depreciation At l December 2024 Charge for the year Disposals At 30 November 2025 2.250 783 140 814 2,390 1,596 3,033 954 3,987 Net Book Value At 30 November 2025 876,685 9.742 3,814 890.241 At 30 November 2024 875.435 8.998 4,628 889,061 Heritage assets are represented by the initial cost of acquiring The Steadin& of £450,(NKI, and the value of the archive and collection of Tim Stead work held by the Trust of £426,685, which includes assets acquired in 2025 for £1,250. Debtors 2025 2024 Debtors 8,793 235 Prepayments 3.204 9,028 3,204 Page 21
The Tim Stead Trust Annual Report and Financial Statements Year ended 30 November 2025 Notes to the Financial Statements {continued) Creditors: amounts falling due within one year 2025 2024 Creditor5 Taxation & social security Pensions payable Accruals & other creditor5 1,347 752 11,057 677 219 178 3.593 5,912 11,912 Charity funds Balance at Payments to acquire fixed assets Balante at 30 N<>vember 2025 Income Expenditure December 2024 Transfers Unrestricted funds General fund De5ignatedfvnds Heritage assets fund Thyme roof project fund 58,097 82,079 147,4661 11,2501 91,460 875,435 1.250 876,685 109.340 1107.8131 11,5271 Designated fixed as5et5 4,208 17351 1,527 Total unrestrirted funds 1,047,080 82,079 (156.014) 973.145 Restricted funds Total restricted funds Total charlty funds I.IM7.080 82.079 (154.014) 973.145 Page 22
The rim Stead Trust Annual Report and Financi31 Strtements Year ended 30 November 2025 Notes to the Flnancial Statements (continued) Explonation offvnds Unrestricted funds: The Generol Fund- represents all income and expenditure relating to the primary focus of activities of the charity, other than those for which funding is designated by the Trustees or restricted by Funders. The Heritoge Assets Fund- 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. During the year the Trust acquired an item of Tim Stead Furniture for the archive Isee note 61, and a transfer was made from the general fund to the Heritage Assets Fund to reflect this policy. The Thyme roof projectfund- this fund was set up by the Trustees to clearly show the artivities related to the major project in the year which was separately funded and monttored. See the Trustees report for details of this project. Deslgnotedfixed ossetsfund- 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. io Related party transactions The Trustees resolved in November 2021, after open competition, to appoint Benjamin Tindall Architects IBTAI, of which Ben Tindall is the principal proprietor, to provide architectural services to the Trust. Professional fees paid to BTA in the year ended 30 November 2025 were £6.312 {£11,589 for the year to 30 November 20241, as quoted and pre-approved by the Board. This was mainly in relation to the Thyme Roof Project. In addition, during the year the Trust generated income of £900 from the sale of two rim Stead chairs to Davsd Peace. who is a Trustee. All transactions with related parties were at arm's length. Page 23