OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Charity registration number 1003839

Company registration number 02627034 (England and Wales)

THE SULGRAVE MANOR TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE SULGRAVE MANOR TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs S Congdon
Mr A Preston
Mrs C Hazard Goedhart
Mrs P Montoneri
Dr H David
Miss C Jestin
Ms S Edwards (Appointed 1 November 2022)
Mr S Hague (Appointed 1 November 2022)
Ms C Souter (Appointed 1 November 2022)
Ms S Wilson (Appointed 17 May 2022)
Charity number 1003839
Company number 02627034
Registered office Sulgrave Manor
Manor Road
Sulgrave
Banbury
Oxfordshire
OX17 2SD
Independent examiner Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Bankers Barclays Bank Plc
32 Bridge Street
Banbury
Oxon
OX16 5PN

THE SULGRAVE MANOR TRUST

CONTENTS

Page
Trustees report 1 - 3
Independent examiner's report 4
Statement of financial activities 5 - 6
Balance sheet 7 - 8
Statement of cash flows 9
Notes to the financial statements 10 - 25

THE SULGRAVE MANOR TRUST

TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their report and financial statements for the year ended 31 December 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

Under the terms of the Articles of Association, the objectives of the charity are to:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

In order to benefit the public the trust offered visits, tours and talks at the Manor to educate the public about its charitable objectives. It also continued its free online learning programme through the Sulgrave Seminar Series. Additional activities and events offered informal opportunities on-site to support the formal programme.

Achievements and performance

The main activities undertaken to further the charity's purposes are detailed below.

During 2022 works were undertaken to conserve the historic fabric of Sulgrave Manor, its Estate, and accredited Museum Collections.

All activities were resumed following the closures and associated restrictions during COVID.

The Manor and Garden were open regularly and domestic visitor numbers recovered well through the year. International visits were down on pre COVID levels leading to a drop in associated revenue.

To further deliver its objectives, as listed above, the Trust carried out further projects during 2022.

Centenary events planned for 2021 were run in 2022.

Opportunities for sharing access digitally were explored and a new audio tour developed.

New programmes of activity relating to emigration, understanding differences and working together were developed ready for the 2023 season.

An Alpine House and Rock garden have been created according to original garden plans.

Joint ventures with other local charities were carried out during 2022.

Public Benefit

The trustees have had regard to the Charity Commission's guidance on public benefit in developing and delivering its activities. All core activities have enabled better understanding of the Trusts aims and enabled a better shared understanding between the peoples of the UK and USA, promoting tolerance and a celebration of shared values.

Volunteers

Volunteer work hours were steady and saw some return to regular volunteering rotas. New volunteering opportunities were offered to support conservation of the collection.

THE SULGRAVE MANOR TRUST

TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Financial review

The operational activities of the Trust continued to be affected during 2022 due to the after effects of COVID 19 with a slow return to domestic visitor levels and reduced inbound travel.

During the year disposals were made of some of the Trust’s outlying property assets. The proceeds of which are being invested to form the basis of an investment fund to generate income for the future preservation of the Manor.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has not been maintained throughout the year, and at 31 December 2022 was £13,466. The Trustees have planned for and believe that future investment income or reserves from the Non Current Asset Fund will support any reserves shortfall in the General Fund in the years ahead.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The completion of the 2022 projects and the endowment building campaign will all further the Trust’s charitable objectives to preserve Sulgrave Manor and enhance access to relevant information.

The Gardens will continue to benefit from development to include new planting in the George Washington Circle.

A new exhibition will be opened during 2023 with a theme of Emigration and Integration to attract new and wider audiences.

Going Concern

The trustees have a reasonable expectation that the charity has adequate resources for the foreseeable future. As a result the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Structure, governance and management

The Charity is a company limited by guarantee and is regulated by its Articles of Association.

The board of Trustees consist of at least three and not more than twelve Trustees.

Sulgrave Manor Trading Company Limited, the Charity's wholly owned subsidiary, carries out non-charitable trading activities for the group.

Day to day management of the trust is designated to the Chief Executive Officer who reports to the Trustees at regular meetings. All changes to senior management’s remuneration are made by the Trustees.

THE SULGRAVE MANOR TRUST

TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs S Congdon Mr A Preston N Bowles (Resigned 31 December 2022) Mrs C Hazard Goedhart Mrs P Montoneri Dr H David Miss C Jestin Ms S Edwards (Appointed 1 November 2022) Mr S Hague (Appointed 1 November 2022) Ms C Souter (Appointed 1 November 2022) Ms S Wilson (Appointed 17 May 2022) Mr W Twiddy (Resigned 17 May 2022) Mr N Way OBE (Resigned 17 May 2022)

None of the trustees has any beneficial interest in the charity. All of the trustees are members of the charity and guarantee to contribute £1 in the event of a winding up.

The board of trustees meet three times a year and are actively involved in both short-term and long-term planning for the charity. The charity continues to seek trustees with suitable expertise to enable it to achieve its objectives.

Vacancies are advertised for area specific role profiles as necessary and candidates invited to submit CVs and an expression of interest prior to shortlisting and an interview process. Candidates are selected on the basis of their particular skills and knowledge and experience of the Charitable sector.

The Trustees report was approved by the Board of Trustees.

.............................. Mr A Preston

09/03/23 Date: .............................................

THE SULGRAVE MANOR TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE SULGRAVE MANOR TRUST

I report to the trustees on my examination of the accounts of The Sulgrave Manor Trust for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

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 that in any material respect:

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 financial statements to be reached.

Charlotte Toemaes BSc FCA

Ellacotts LLP

Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA England

13/03/23 Dated: .........................

THE SULGRAVE MANOR TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Current financial year

Unrestricted Unrestricted
Restricted
funds
funds
funds
general Non current
asset fund
2022
2022
2022
Notes
£
£
£
Income and endowments from:
Donations and legacies
2
272,304
-
43,053
Other trading activities
3
15,034
-
-
Investments
4
17,710
-
-
Other income
5
14
-
-
Total income
305,062
-
43,053
Expenditure on:
Raising funds
6
15,315
-
418
Charitable activities
7
275,144
57,182
48,208
Total expenditure
290,459
57,182
48,626
Net gains on investments and
investment properties
12
-
1,019,850
-
Net incoming/(outgoing) resources before
transfers
14,603
962,668
(5,573)
Gross transfers between funds
75
-
(75)
Net movement in funds
14,678
962,668
(5,648)
Fund balances at 1 January 2022
14,754
2,034,859
52,665
Fund balances at 31 December 2022
29,432
2,997,527
47,017		 Total
2022
£
315,357
15,034
17,710
14
348,115
15,733
380,534
396,267
1,019,850
971,698
-
971,698
2,102,278
3,073,976		 Total
2021
£
316,297
9,158
14,481
-
339,936
14,245
447,418
461,663
442,000
320,273
-
320,273
1,782,005
2,102,278

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE SULGRAVE MANOR TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Prior financial year

Unrestricted Unrestricted
Restricted
funds
funds
funds
general Non current
asset fund
2021
2021
2021
Notes
£
£
£
Income and endowments from:
Donations and legacies
2
152,582
-
163,715
Other trading activities
3
9,158
-
-
Investments
4
14,481
-
-
Total income
176,221
-
163,715
Expenditure on:
Raising funds
6
14,245
-
-
Charitable activities
7
221,424
4,254
221,740
Total expenditure
235,669
4,254
221,740
Net gains/(losses) on investments
12
-
442,000
-
Net incoming/(outgoing) resources before transfers
(59,448)
437,746
(58,025)
Net movement in funds
(59,448)
437,746
(58,025)
Fund balances at 1 January 2021
74,202
1,597,113
110,690
Fund balances at 31 December 2021
14,754
2,034,859
52,665		 Total
2021
£
316,297
9,158
14,481
339,936
14,245
447,418
461,663
442,000
320,273
320,273
1,782,005
2,102,278

THE SULGRAVE MANOR TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
13
Investment properties
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
20
Unrestricted funds - Non current asset
fund
21
Unrestricted funds-general
Designated funds
22
General unrestricted funds		 2022
£
£
9,973
1,265,000
495,785
1,770,758
5,542
15,653
1,372,752
1,393,947
(90,729)
1,303,218
3,073,976
47,017
2,997,527
15,966
13,466
29,432
3,073,976		 2021
£
£
14,122
2,032,000
2
2,046,124
3,033
31,404
156,893
191,330
(135,176)
56,154
2,102,278
52,665
2,034,859
10,416
4,338
14,754
2,102,278		 2021
£
£
14,122
2,032,000
2
2,046,124
3,033
31,404
156,893
191,330
(135,176)
56,154
2,102,278
52,665
2,034,859
10,416
4,338
14,754
2,102,278
2,046,124
56,154
2,102,278
52,665
2,034,859
14,754
2,102,278

THE SULGRAVE MANOR TRUST

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.

Trustees’ responsibilities:

28/02/2023 The financial statements were approved by the Trustees on ......................... .............................. Mr A Preston Trustee

Company registration number 02627034

THE SULGRAVE MANOR TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash absorbed by operations
26
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of investment
property
Purchase of other investments
Investment income received
Net cash generated from investing
activities
Financing activities
Payment of obligations under finance leases
Net cash (used in)/generated from
financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
£
(90,276)
-
1,790,000
(500,000)
17,710
1,307,710
(1,575)
(1,575)
1,215,859
156,893
1,372,752		 2021
£
£
(68,233)
(11,265)
-
-
14,481
3,216
3,413
3,413
(61,604)
218,497
156,893

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

The Sulgrave Manor Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Sulgrave Manor, Manor Road, Sulgrave, Banbury, Oxfordshire, OX17 2SD.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charities SORP (FRS 102), the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention with the exception of investments and investment property which are included at market value.

The financial statements contain information about The Sulgrave Manor Trust as an individual charity and do not contain consolidated financial information as the parent of a group. The charity has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Non current asset funds are made up of fixed asset and investment funds available for use at the discretion of the trustees in furtherance of their charitable objectives.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity 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 or deeds of covenant is recognised at the time of the donation.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be requires 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 the resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment at rates of 20% and 5% on cost Fixtures and fittings 20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value will be held in the fixed asset fund.

1.8 Heritage assets

Sulgrave Manor was originally acquired by public subscription in 1914 to be held in trust for the peoples of America and Britain. In these circumstances the Trustees consider it would be inappropriate to attribute value to the Manor.

Over time the Manor has acquired historic archives and possessions, some not relevant to the activities of the Manor. The Trustees consider the overall nature and usage of the collections which may, from time to time, lead to disposals. No value has been attributed to these items.

1.9 Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in net income/(expenditure) for the year.

1.10 Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.11 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.12 Employee benefits

Employees receive no other benefits than those in 1.13 below.

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15 Irrecoverable VAT

The Trust is registered for VAT, irrecoverable VAT is accounted for as a separate expense.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
general
2022
2022
£
£
Donations and gifts
241,071
43,053
Grants
4,067
-
Entrance fees
27,166
-
272,304
43,053
Donations and gifts
National Society of the
Colonial Dames of
America
84,805
-
Friends of Sulgrave
Manor
105,296
43,053
Donation from subsidiary
36,314
-
Other UK Donations
3,195
-
Other
11,461
-
241,071
43,053		 Total
Unrestricted
Restricted
funds
funds
general
2022
2021
2021
£
£
£
284,124
107,866
88,572
4,067
25,471
75,143
27,166
19,245
-
315,357
152,582
163,715
84,805
15,772
-
148,349
55,693
88,572
36,314
35,083
-
3,195
1,177
-
11,461
141
-
284,124
107,866
88,572		 Total
2021
£
196,438
100,614
19,245
316,297
15,772
144,265
35,083
1,177
141
196,438

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Other trading activities

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Insurance claims - 2,446
Shop income 4,825 578
Catering income 9,915 6,134
Gardens 274 -
Costume hire 20 -
Other trading activities 15,034 9,158

4 Investments

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Rental income 1,700 14,475
Income from listed investments 15,856 -
Interest receivable 154 6
17,710 14,481
Other income
Unrestricted Total
funds
general
2022 2021
£ £
Other income 14 -

5 Other income

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Raising funds

7 Unrestricted
Restricted
funds
funds
general
2022
2022
£
£
Fundraising and publicity
Advertising
7,945
-
Other fundraising costs
7,370
418
Fundraising and publicity
15,315
418
15,315
418
Charitable activities		 Total
Unrestricted
funds
general
2022
2021
£
£
7,945
5,521
7,788
8,724
15,733
14,245
15,733
14,245		 Total
Unrestricted
funds
general
2022
2021
£
£
7,945
5,521
7,788
8,724
15,733
14,245
15,733
14,245
14,245
14,245
Preservation
Preservation
of the
of the
historic
historic
manor manor
2022 2021
£ £
Property repairs and maintenance 33,650 19,553
Legal and professional fees 64,807 146,919
98,457 166,472
Share of support costs (see note 9) 261,973 261,596
Share of governance costs (see note 9) 20,104 19,350
380,534 447,418
Analysis by fund
Unrestricted funds - general 275,144 221,424
Unrestricted funds - Non current asset fund 57,182 4,254
Restricted funds 48,208 221,740
380,534 447,418
8 Net movement in funds 2022 2021
£ £
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets 4,149 4,254
Gain on disposal of investment property (1,023,000) -

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9 Support costs

Staff costs
Depreciation
Rates and water
Insurance
Light and heat
Telephone
Printing and stationery
Sundry expenses
Staff travel and
development
Computer costs
Irrecoverable VAT
Bank charges
Accountancy
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
172,959
-
4,149
-
18,212
-
15,083
-
18,233
-
1,198
-
247
-
2,368
-
3,651
-
4,178
-
21,080
-
615
-
-
20,104
261,973
20,104
261,973
20,104		 2022
£
172,959
4,149
18,212
15,083
18,233
1,198
247
2,368
3,651
4,178
21,080
615
20,104
282,077
282,077		 Support
costs
Governance
costs
£
£
146,803
-
4,254
-
21,317
-
19,120
-
21,736
-
957
-
61
-
2,118
-
707
-
5,975
-
38,217
-
331
-
-
19,350
261,596
19,350
261,596
19,350		 2021
£
146,803
4,254
21,317
19,120
21,736
957
61
2,118
707
5,975
38,217
331
19,350
280,946
280,946

Governance costs includes payments to the independent examiners of £2,100 (2021- £2,000) for independent examiners fees.

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
11 11

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2022
2021
£
£
156,719
138,037
13,101
6,142
3,139
2,624
172,959
146,803		 (Continued)
2022
2021
£
£
156,719
138,037
13,101
6,142
3,139
2,624
172,959
146,803
146,803

The total employee remuneration and benefits of the key management personnel of the Charity were £35,969 (2021: £54,320).

There were no employees whose annual remuneration was more than £60,000.

12 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
Non current Non current
asset fund asset fund
2022 2021
£ £
Revaluation of investments (3,150) -
Revaluation of investment properties - 442,000
Gain on sale of investment properties 1,023,000 -
1,019,850 442,000

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Tangible fixed assets

13
Tangible fixed assets
Cost
At 1 January 2022
At 31 December 2022
Depreciation and impairment
At 1 January 2022
Depreciation charged in the year
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
14
Investment property
Fair value
At 1 January 2022
Disposals
At 31 December 2022		 Plant and
equipment
Fixtures and
fittings
£
£
116,876
124,631
116,876
124,631
112,524
114,861
1,065
3,084
113,589
117,945
3,287
6,686
4,352
9,770		 Total
£
241,507
241,507
227,385
4,149
231,534
9,973
14,122
2022
£
2,032,000
(767,000)
1,265,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2021 by William Twiddy MRICS, who was a Trustee of the Trust. The valuation was made on an open market value basis. The Trustees are of the opinion that the current market value of the property at 31 December 2022 is £1,265,000.

2022 2021
£ £
Freehold 1,265,000 2,032,000
Long leasehold - -
Short leasehold - -

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

15 Fixed asset investments

Listed
investments
Other
investments
£
Cost or valuation
At 1 January 2022
-
2
Additions
500,000
-
Valuation changes
(3,150)
-
Other adjustments
(1,067)
-
At 31 December 2022
495,783
2
Carrying amount
At 31 December 2022
495,783
2
At 31 December 2021
-
2		 Total
£
2
500,000
(3,150)
(1,067)
495,785
495,785
2

The Trustees have no intention of drawing down the listed investment above in the next 12 months, therefore it is held as a fixed asset on the balance sheet.

Other investments comprise:
Notes
Investments in subsidiaries
25
16
Stocks
Finished goods and goods for resale
17
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
2
2022
£
5,542
2022
£
3,251
-
12,402
15,653		 2021
£
2
2021
£
3,033
2021
£
11,595
460
19,349
31,404

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

18 Finance lease commitments

Future minimum lease payments due under finance leases:

Future minimum lease payments due under finance leases:
Within one year
Within two and five years		 2022
£
1,575
263
1,838		 2021
£
1,575
1,838
3,413

The above lease is a Hire Purchase arrangement in which ownership of the asset will be transferred to The Sulgrave Manor Trust on 01 February 2024.

19 Creditors: amounts falling due within one year

Notes
Obligations under finance leases
18
Other taxation and social security
Trade creditors
Amounts owed to subsidiary undertakings
Other creditors
Accruals and deferred income		 2022
£
1,838
3,683
16,339
7,800
2,169
58,900
90,729		 2021
£
3,413
4,844
25,471
38,779
179
62,490
135,176

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

20 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January
2021
r
£
Leadership Fund
10,100
Restoration Fund
(8,331)
Estate Development Fund
28,845
Learning Fund
1,729
Sharing Sulgrave Stories
34,063
Emergency Fund
22,400
Fundraising Fund
21,884
Brewhouse Fund
-
Garden Fund
-
110,690		 Movement in funds
Incoming
esources
Resources
expended
£
£
38,321
(38,321)
-
(360)
-
(36,460)
-
-
55,282
(72,970)
-
(3,517)
-
-
70,112
(70,112)
-
-
163,715
(221,740)		 Transfers
Balance at
1 January
2022
r
£
£
-
10,100
(1,617)
(10,308)
-
(7,615)
-
1,729
-
16,375
-
18,883
-
21,884
1,617
1,617
-
-
-
52,665		 Movement in funds
Incoming
esources
Resources
expended
£
£
26,711
(36,811)
7,153
-
-
7,615
-
(1,627)
-
(2,655)
-
(11,719)
3,429
(3,429)
-
-
5,760
-
43,053
(48,626)		 Transfers
Balance at
31
December
2022
£
£
-
-
3,155
-
-
-
-
102
-
13,720
(1,613)
5,551
-
21,884
(1,617)
-
-
5,760
(75)
47,017		 Transfers
Balance at
31
December
2022
£
£
-
-
3,155
-
-
-
-
102
-
13,720
(1,613)
5,551
-
21,884
(1,617)
-
-
5,760
(75)
47,017
47,017

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

20 Restricted funds

(Continued)

Leadership Fund

This fund was founded with monies donated by The Friends of Sulgrave Manor to support the salary of the CEO for three years.

Restoration Fund

This fund was formed in relation to manor works consisting of external and internal works to the Manor. The fund was supported by a number of Trusts and foundations.

Estate Development Fund

This fund was formed with monies donated by The Friends of Sulgrave Manor to enable the investigation of the use and development of the Trust’s Estate.

Learning Fund

This fund was initially funded via a Sandford SAIL award and is now used to develop informal learning resources .

Sharing Sulgrave Stories

This fund was formed with monies from a number of Trusts, foundations and individuals to develop a dedicated George Washington Exhibition and to better share its narratives and collections across the site. The National Lottery Heritage Fund part of the project is now completed and additional works continue thanks to new funders.

Emergency Fund

This fund was formed thanks to grant funding from a number of sources, including National Lottery Heritage Fund and government funding, to enable site opening despite COVID restrictions and to assist with developing methods of engaging with audiences remotely and digitally. The National Lottery Heritage Fund grant has been expended and ongoing works into enhanced digital accessibility are funded thanks to additional supporters.

Fundraising Fund

This fund was formed with monies from The Friends of Sulgrave Manor to allow the trust to employ a Business Development Officer to carry out an endowment building campaign.

Brewhouse Fund

This fund was formed with monies from the Historic House Foundation as part of the government’s Culture Recovery fund. The Grade I listed Brewhouse was re-roofed during this project.

Garden Fund

This fund was formed with donations and associated expenditure for specific garden development projects.

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

21 Unrestricted funds - Non current asset fund

These are unrestricted funds which are material to the charity's activities made up as follows:


Fixed Asset Fund
Investment Fund		 Balance at
1 January
2021
£
1,597,113
-
1,597,113		 Resources
expended
£
(4,254)
-
(4,254)		 Transfers

£
442,000
-
442,000		 Balance at
1 January
2022
£
2,034,859
-
2,034,859		 Resources
expended
Revaluations,
gains and
losses
£
£
(56,115)
1,023,000
(1,067)
(3,150)
(57,182)
1,019,850		 Transfers
£
(500,000)
500,000
-		 Balance at
31
December
2022
£
2,501,744
495,783
2,997,527

Fixed Asset Fund

This fund represents the value of the land and buildings and other capital assets inherited or purchased by the Trust.

Investment Fund

These funds are designated income and donations invested to build the Investment Fund.

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

22 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement Movement in funds Movement in funds
in funds
Balance at Incoming Balance at Incoming Resources Transfers Balance at
1 January resources 1 January resources expended 31
2021 2022 December
2022
£ £ £ £ £ £ £
Lenfest Fund 10,416 - 10,416 7,769 (2,294) 75 15,966
10,416 - 10,416 7,769 (2,294) 75 15,966

Lenfest Fund

This fund was donated by the late Mr Lenfest and is used to support operational activities.

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

23 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted Non Current
Asset Funds
Restricted
2022
2022
2022
£
£
£
Fund balances at 31 December 2022 are
represented by:
Tangible assets
-
9,973
-
Investment properties
-
1,265,000
-
Investments
2
495,783
-
Current assets/(liabilities)
29,430
1,226,771
47,017
29,432
2,997,527
47,017		 Total
Unrestricted Non Current
Asset Funds
2022
2021
2021
£
£
£
9,973
-
14,122
1,265,000
2,032,000
495,785
-
2
1,303,218
9,937
(6,448)
3,073,976
9,937
2,039,676		 Restricted
2021
£
-
-
-
52,665
52,665		 Total
2021
£
14,122
2,032,000
2
56,154
2,102,278

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

24 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

The Charity received £36,314 (2021: £35,083) from it's wholly owned subsidiary company, The Sulgrave Manor Trading Company Ltd.

25 Subsidiaries

These financial statements are separate charity financial statements for The Sulgrave Manor Trust.

Details of the charity's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered		 Nature of business Class of % Held
office shares held Direct Indirect
Sulgrave Manor Trading
Sulgrave Manor,
Management of Courtyard		 Ordinary 100.00
Company Ltd
Sulgrave,		 and Hall of Sulgrave Manor
Banbury,
Oxfordshire,
OX17 2SD
Cash generated from operations 2022 2021
£ £
Surplus for the year 971,698 320,273
Adjustments for:
Investment income recognised in statement of financial activities (17,710) (14,481)
Gain on disposal of investment property (1,023,000) -
Fair value gains on investment properties - (442,000)
Fair value losses on investments 3,150 -
Other investment adjustments 1,067 -
Depreciation and impairment of tangible fixed assets 4,149 4,254
Movements in working capital:
(Increase)/decrease in stocks (2,509) 2,540
Decrease in debtors 15,751 25,102
(Decrease)/increase in creditors (42,872) 36,079
Cash absorbed by operations (90,276) (68,233)

26 Cash generated from operations