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 conSe￿ation
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[￿￿tI￿5
5?.448
57J48
9,682
15S,CrfMI
12,613
177.295
Chaiitable
acii¥ltle5
22028
9.569
9.569
yestr￿nts-
interest
203
L.D96
81079
I2￿7*
2-..947
RaI￿ng￿J￿dS
330
330
Charitsb
actNitie5
47.rf
IrAy8
156.014
49.654
41.452
12.613
103.719
To
47.466
IS6￿4
43,9S4
IN,ts49
su￿V5
I(defi￿tI for
thè
.613
11085481
173.9351
128,0371
113.548
85.511
Fuods
brouBht
forward
58,097
988￿83
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
S￿56
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
8ts￿l6
49,603
120.328
169.931
LIa￿lIties
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
Tots11￿d9".
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
la￿60
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
Re￿IT5 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