REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
The Mill Garden Trust |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
The Mill Garden Trust |
The Mill Garden Trust |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 | to | 9 |
The Mill Garden Trust (Registered number: 07416866) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). |
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required. |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objects of the charity, as set out in the governing document are: |
To preserve for the benefit of the towns people of Warwick and the country at large all of the heritage conservation plants and wildlife in the Mill Garden, Mill Street, Warwick. |
In furtherance of these objects the gardens are open to the general public. Funds generated from those visits are used for the maintenance and upkeep of the gardens, and to make donations to other registered charities. |
ACHIEVEMENT AND PERFORMANCE |
In 2022 and 2023 the Gardens were fully open to the public for the whole of the year, having been wholly or partially closed as a result of COVID-19 restrictions during the two previous periods. During the period covered by these financial statements the charity received donations totalling £26,500 (2022: £23,789). |
Donations totalling £11,030 (2022: £8,925) have been made to other registered charities.. |
FINANCIAL REVIEW |
Financial review |
There has been an increase in donations received during the period. However, there has been an increased amount of expenditure incurred as the Trustees have increased their reliance on engaging external gardeners to ensure the maintenance of the grounds and its infrastructure. |
Reserves policy |
The available.reserves of the Charity have been reduced as a result of the increased level of expenditure and consider that sufficient reserves should be maintained to meet anticipated costs in the following three months |
FUTURE PLANS |
The Trustees continue to monitor the future of the Charity, particularly in relation to any potential restrictions on the ability of the Trustees being able to open the Gardens. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is constituted under its Memorandum and Articles of Association dated 22 October 2010 and is a registered charity and company limited by guarantee registered in England and Wales. |
Its charitable objects are set out under Objectives and Activities. |
Recruitment and appointment of new trustees |
The trustees are appointed in accordance with the articles of association by ordinary resolution of the members or by the directors. A director appointed by a resolution of the directors must retire at the next annual general meeting but may stand for re-appointment. |
A minimum of three trustees is required and one third of the trustees retire by rotation at each annual general meeting but may stand for re-appointment. |
The trustees serving during the period are shown below. |
All the trustees serve in a voluntary capacity and do not receive remuneration. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
The Mill Garden Trust (Registered number: 07416866) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Kevin Walsh BSc MA ACA |
Langham Walsh |
c/o Langham Walsh |
BVIC, Central Boulevard, |
Blythe Valley Business Park |
Solihull |
West Midlands |
B90 8AJ |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Mill Garden Trust |
Independent examiner's report to the trustees of The Mill Garden Trust ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Kevin Walsh BSc MA ACA |
Langham Walsh |
c/o Langham Walsh |
BVIC, Central Boulevard, |
Blythe Valley Business Park |
Solihull |
West Midlands |
B90 8AJ |
21 June 2024 |
The Mill Garden Trust |
Statement of Financial Activities |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds | 4 | 14,445 |
Charitable activities |
Unrestricted funds | 11,030 | 8,925 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 14,890 |
The Mill Garden Trust (Registered number: 07416866) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 8 |
Unrestricted funds | 14,890 |
TOTAL FUNDS | 14,890 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Mill Garden Trust |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | GENERAL INFORMATION |
The Mill Garden Trust is a charitable company limited by guarantee, registered in England and Wales, and operates from its registered office as shown on page 2. Its principal activities are the showing of the Garden to the public with any surplus monies arising being donated to charities. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS102) published on 16 July 2015 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. |
The Mill Garden Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. |
Company status |
The company is a company limited by guarantee. The members of the company are the Trustees named on page 2. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable 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 on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Cash at bank and in hand |
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
Liabilities and provisions |
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. |
The Mill Garden Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash at bank and in hand |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrument are initially recognised at transaction value and subsequently measured at their settlement value. |
3. | INVESTMENT INCOME |
31.12.23 | 31.12.22 |
£ | £ |
Deposit account interest |
4. | RAISING FUNDS |
Raising donations and legacies |
31.12.23 | 31.12.22 |
£ | £ |
Fundraising costs | 4,071 | 978 |
Support costs |
23,615 | 14,445 |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Key management personnel are the company's trustees. |
Trustees' expenses |
Trustees' expenses amounting to £796 (2022: £145) have been reimbursed during the period. |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Raising funds | 14,445 |
Charitable activities |
Unrestricted funds | 8,925 |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
The Mill Garden Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted |
fund |
£ |
TOTAL FUNDS CARRIED FORWARD | 14,890 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Accrued expenses |
8. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.23 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 14,890 | (8,101 | ) | 6,789 |
TOTAL FUNDS | (8,101 | ) | 6,789 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 26,544 | (34,645 | ) | (8,101 | ) |
TOTAL FUNDS | ( |
) | (8,101 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 14,470 | 420 | 14,890 |
TOTAL FUNDS | 14,470 | 420 | 14,890 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 23,790 | (23,370 | ) | 420 |
TOTAL FUNDS | 23,790 | (23,370 | ) | 420 |
The Mill Garden Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 14,470 | (7,681 | ) | 6,789 |
TOTAL FUNDS | 14,470 | (7,681 | ) | 6,789 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 50,334 | (58,015 | ) | (7,681 | ) |
TOTAL FUNDS | 50,334 | (58,015 | ) | (7,681 | ) |
9. | RELATED PARTY DISCLOSURES |