**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:
- Preserve Sulgrave Manor, Sulgrave, Northamptonshire (the ancestral home of the family of George Washington, the first president of the United States of America) for the public benefit: and
- Provide and support education in the subject areas relevant to Sulgrave Manor and its historic role in the history of Anglo-American relations, and to the history, literature and institutions of the United States of America.
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.
- 1 -
## **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.
- 2 -
## **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: .............................................
- 3 -
## **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:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements 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 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: .........................
- 4 -
## **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.
- 5 -
## **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|
- 6 -
## **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|
- 7 -
## **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:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
- The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
- These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
`28/02/2023` The financial statements were approved by the Trustees on ......................... .............................. Mr A Preston **Trustee**
## **Company registration number 02627034**
- 8 -
## **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|
|---|---|---|
- 9 -
## **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.
- 10 -
## **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.
- 11 -
## **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|
- 12 -
## **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**
- 13 -
## **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)|-|
- 14 -
## **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|
- 15 -
## **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|
- 16 -
## **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|-|-|
- 17 -
## **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|
- 18 -
## **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|
- 19 -
## **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|
- 20 -
## **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.
- 21 -
## **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.
- 22 -
## **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.
- 23 -
## **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|
- 24 -
## **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**
- 25 -