Reglstered number. 02627034 Charity number. 1003839 THE SULGRAVE MANOR TRUST (A Company Llmlted by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE SULGRAVE MANOR TRUST (A Company Llmlted by Guarantse) CONTENTS Refer•nGe and Adminlstrativo Detsils of th• Charfty. Its Tte•8 and Advl86rn Ind•p8ndwt Examlnorf8 Report Statement of Flnanclal Actlvltles Balanco Shoot Not•• to th• Flnanclal St•t•m•nt8 10-28
THE SULGRAVE PAANOR TRUST (A Cornny Llmlted by Guarnntee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES ANO ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustee¥ Mr¥ S Congdon (resigned 14 June 2024) Dr H T David Ms S R Edwards Mrs A B Folkes Mr S G Hague Mrn C Hazard Goedhart Miss C A Jestin P Montoneri MrA C J Preston Ms C L Souter Ms S Wilson Company reglstsred numbor 02627034 Charfty r•glster•d number 1003839 Sulgrav• Man(x Manor Road Banbury Oxfordshire OX17 2SD Chlef •x•cutlve offlcor Ms A Ray Accountants Gilmarde House 47 South Bar Str••t Banbury Oxfordshire OX16 9AB Bank•rn Barclays Bk PIC 32 Bridge Street Banbury Oxfordshire OX16 5PN Page 1
THE SULGRAVE MANOR TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual rewt I0r wilh the financial Statements of the Charity for Ihe 1 January 2024 to 31 December 2024. The Annual Report seNes the purposes of both a Trustees. report and a directors. report under cornpany I. The Trustees confirm that the Annual Report and financial statements of the charitabl8 company comply with the current stslulory requirements. the requirements of the charitable companys governing document and the provlsions of the Stsl•ment of Recommended Pradice (SORP) applicable to charities preparing their accounts in accordance w#h the FinwKial Reporting StsrKlaTd applicAble In the UK and Republic of Irdand (FRS102) (effective 1 January 2019). Since the Charity qualffies as small under Section 382 of the C¢Mnpanies Act 2006, the Strategic Report r8qulred of medium and large companies under the Companies Act 2006 (Strategic Rewt and Direclor8' Rept) Regulations 2013 has been cnitted. . Pol1cl and objocuv Und•r the teffl of th• Artlcl08 OfA880cft, th• obj11¥88 of th• crity are to: Preserve Sulgrave Manor. Sulgr8v•, Northampton8hire (the ancestral home of th• family of G• Washington. the fir8t presiderrt of the United Ste8 of America) for the public benefiL Provide arKI support education in the subject areas relevant to Sulgrave Manor and its hi8toric rol• in the history of Angl¢American relations, and to the history. literature and institutions of the UnDW States of In 8etting objectiv68 and planning for activrties, th• Trust•e8 have given dué consideration to gener81 guidan published by the Charity Commission relating to public benefft, including the guklance 'Public benefiL' Nnning charfty (P82)'. Actmlkn undortak•n to achlm obJxtlvo• Conservati( and development of facililm at Sulgrave Manor to hance the visitor experience and enhance sustainthilty. Energy efficienry Asse55ment Caled out and Twrt wriiten to 5UPWrt plans for fuluTe use ¢ renable energy on site. Exded Primary school fomal leaming programm?. Continued cmline Seminar Series c. Main acUvltle8 undertak•n to furthor the Charltys purpcws for tho publlc ben•fft In order to benefft the public. the trust offered visits. tours, and talks at the Manor to educate the public about ils charilable objective& 11 also continued its free Onne leaming wogram through the Sulgrave Seminar Sles. Addilional activities end events offered infomial opporturulies (Trsrte to support the fomial program.
THE SULGRAVE MANOR TRUST (A Company Umited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achiovem•nts and performanc• a. Maln achlevements of tho Charfty The main a105 undertaken to further the charitys purpo888 are detsiled below. Dufflg 2024 WOTks were undertaken to conserve the histh fth of Sulgrave Manor. its E8tate, arKI &credited Museum Colledions. The Or and Garden were open regularty and both dOMeIC and intemational visitor numberB increased. To fvrther deknver its ¢Jbiedwe8, a8 li8tad above. ts TNst cwried wt fiuther Prts dwing 2024. Preparntion loans to •xternal exhibition8 planned for 2025. Retum of loan ern8 to Georg• Washingkn Birthpla 1785 garden border devgknped and planted thanks to donty fvnding. Nalional America250UK partnernhip develop&J wilh Sulgrave Mantx Trust as lead partner. The trustees have had regard to ttw Charity C(xnmission'8 guidance on publi¢ benefit in developing and delivering ils activitses. All C actNities have enabled better understanding of Ihe Trusts aims and enabl8d better shed undeTgtanding belween the peopkn of the UK and USA. promoting tolerance and a celebration of shared value8. Volunleer work hours improved and saw an inue88e in hours on regular volunl••rlng rotes. volunteering apportunth.es wern offered to support conservation ofthe collection& During the year the last of the outtying investment propwbe8 In Sulgrave was dispo$8d of arKI the nel wc¢eed$ The Trust began work to Cr a separe Endrynt TTUSt for frjture donation8. Flnanclal rovlew Golng concern After making appropriale enquiries. the Trustees have a reasonable expeclation that the Charity has adequate resources to continue in operational existence for the ft)reseeabie future. For this reason, they (x)ntinue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoplion of the going conixm basis can b8 found in the accourting poh Reserves policy It is the policy of the charity that Unrestric funds whKh have not been designated for a specific use should be maintained at a level equivalent to between thrne and Six months. expenditure. The trustees consider that reserves at this level will ensure that, in the event of a signfficwrt drop in fvnding. Ihey wll be able to continue the charitys cuffent activit while consideration is given to ways in which additional funds may be raised. Page 3
THE SULGRAVE MANOR TRUST (A cOmnY Umlted by Guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The level of general lurKI reseNes wa8 reduced in 224 by the transfer of lunds into inveslfflent& At 31 December 2024 the balance held in the general fund was £214.587 (2023 £878,962). The Twslees have planned for and tRlieve that futu investffnt income or reseNes from the Non£urrent Asset Fund will support any reserves shorlfall in the General Fund in the ar$ ahead. Prfnclpal rfsks and uncertalnd88 The trustees have a8se8sed the major risk8 to which the charity is exposed, and are sth8fi8d that systems are in place to miligate exposure to the major risks. Th8 Sulgrave Manor TN8t is registered as a charite ¢oryany IKniled by guarantse 18 regulated by Its Sulgrave Manor Trading Company Lkniled. th• ChariV8 wholty tr•med subsldiary. carrfu out nondaritabl8 trading actNitie8 for the group. The board of Tru8tees consist of at Iwt three and not more than Tru8t• The board of Irustees meet three times a year and are adNety Involved in both short4ern and long4erm planning for the chwity. The chaiity ¢<tInUes to Seek Irustees suilable ewise to enable k to achieve ts (*)jethes. Vacancies are advertised for area specmc rd8 profiles as necessary and candidate8 Invftad to submll Cvs and an expressi of interest prlor to shoruisllng and an interyiew proces6. C8ndidates are selected on the basis of their particulw 8kils and knTh99 and eyperience of the chaiilable Sector. Oryanlsallonal structurn and declBlon4n•klng poHcl•• D8y lo day management of the trust is designated to the Chief EXUtive Offiw reports to the Trustees at regar meetings. All changes to senior managemenfs Ternuneran are made by the Trustee& d. Ralat•d party relatlon8hlp6 Ne of the trustees has any beneficial interest in the chwity. •. TnMte88' Indwnntii All of the trustees ate members of the charity and guaRntee to contrlbute £1 In the event of a wlndirvJ up.
THE SULGRAVE PAANOR TRUST (A Company Umlted by Guaraiitee) TRUSTEES. REPORT (COltnNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for fuiurn perfods Endowment building campaign wil continue further the Trusfs chwitable iKtiveS to preserve Sulgrave Manor and enhance acce8S to relevant lnfomiali¢. Partnernhip to encourage engagement wilh the Tw8( its obiedive3 and its exhibthons. The Garden8 will continue to ben8fft from devdownent to indude Improvnents to the Upper Herb Garden. Extending garden areas to enhance the vislor eyience and Incre engagement ¢wrtuniti8s. Sustalnabilty plays a large part in future wth plans drawn up to instal renthvth energy 8ource8 for tho Trusfs c(Ye buildings. Fundraising 18 undemay for this wwt. Exhibition for 2026 to mark An1¢a250 anniver58ry. Stat•fflent of Th08. r••pon•lbllttl The Trustees (tho are also the dlrectm of the Charfty for the purposes of company Ivw) aro respon8l>le for praparing the Trustee8' Report arKI the financial slatements in accdanCe with applicable Iw arKI Uniled Kingdom Accounts'ng StsndaNls (Unrted KIngd Genwally Accepted AccntIl9 Praclice). Company law requires the Trustses to prepare financial statements for each financlal . Under conyany law, the Trustees must nol approve Ihe financial 8tatemenls unless Ihey are satisfied that they give a true and fatr view of the stste of affair3 of the Charity and of ts incomlng resources and application of resources, including 118 income and expenditure, for that peri1. In prepari the8e financial statements. the Trustee8 are required to: 8elect Suitable accounting policies and then appty them consistenty. ob8eNo the melhoth ar principles of the Chariiies SORP (FRS 102); make judgments and accounting estNnate8 that are re880nable and prudent: state whelher applicaNe UK Accounting Standards (FRS 102) have bgen folked, subject to any material departures disclosed and explained in the financial statements: prepare the finwcial statanents on the going concem basis unleBS it is InProPriate to pre8ume that the Charity will cInue in Iwsines& The Trustees are respon8Jle for keeping adequate accounting records that are sufficient to and explain the Charitys transactions and dischJ8e with rscable accuracy at any time the financial F#)sitiM of the Charity and enable them to ensure that the financial 3tatements c<wnpty 1th the Crffipanies Act 20(6. They are also responsilAe for safeguarding the assels of the Charity arml hence for taking reasIable steps for the yevenlion and detection of fraud and other irregularits. Approved by order of the memkn of the board of Trustees and svjned on their behalf ty. r A C J Preston Trustee Dat&" 3 June 2025 Page 5
THE SULGRAVE PAANOR TRUST (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Inde1t Examlnerfs port to th6 Trustees of Th• Sulgrave Manor Trnst (Ihe Charlty.) I report to the charity Trustees on my examination of ts accounts of the Charity for the year ended 31 Decerth 2024. R•spon6iblllUas and Ba•ls of Report As the Trustees of the Charity (and its director8 for the purposes of c4ynp8ny law) you are re8ponsibl6 for the preparation of the accounts in accordance with the requirements of the cpanieS Act 2006 Ilhe 20rhs Acr). Having satisfied myself that the accounts of the Charity we not required to be audited under Port 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Charivs accounts ned ¢xrt under section 145 of the Charits8 Act 2011 Cihe 2011 Act.). In canying out my examlnatw)n I have foll(Y1 the DireKlion8 glv•n by the Charity Cwimission under section 145{5)(b) of the 2011 ACL Indopond•nt Examlnets 3tat•m•nt Since the Charivs gro88 inc(¥ne exceeded £250,£ your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirrn that l am qualified to undert8ke the exam1rtIon because l am a member of the Institute of Chartered Accountants in Englance and W8Ae8 (ICAEW), which is one of the listed bcxlies. I have completed my examlnation. I confimi that no matlern have come to my attention in connectM>n with the 6matiOn giving me causa to believe: accounting records were not kept in respect of the Charity 88 required by section 386 of the 2(Th A<" or the accounts do not accord wilh those records; or the accounts do not compty wth the accounting requirements of section 396 of the 2008 Act other than any requirement that the accounts give a Ifue and fairf view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance the methods and principles of the Statement of Recommended Practice for accounting and reportffy by chaiities [applicable to charities preparing their account8 in accordance wilh the Financial Repn9 Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have corne acro88 no other matters in connectlon wtth the examination to which 8ttenti(m 61Kld be drawn in thi8 rewt in orfer to enable a proper understanding of the accounts to lje react1. This report is mad8 801ely to the Chaiitrfs Truste88, 88 a body, in accordance with Part 4 of thè Chaiilies (Aixounts and Reports) Regulations 2008. My work has been undertaken 80 that I might state to the Chafitys Trustees those matteTS l am required to state to them in an IrKlependent Examinerfs Report and for no other pu05e. To the fullest extent pemiitted by law. I do not accept or assume responsibilty to anyone other than tha Chafity and the Charitys Trustees as a body, for my worft or for this reporL Sign. Nathan Bignell Stre* Chartered Accountants Giknarde House, 47 South Bar Stree( Bwbury OX16 9AB Dated: 01 Ze2r ACA Page 6
THE SULGRAVE MANOR TRUST (A Company Umlted by Guarantso) STATEMENT OF FINANCIAL ACTMTIES IINCORPORATING INCOME AND EXPENDrruRE ACCOUNn FOR THE YEAR ENDED 31 DECEMBER 2024 Totsl funds 2024 funds 2024 funds 2024 2023 Donations and legaci88 Other trading 8Cttvibes Inve3tsnents 101,323 IM886 12.672 76.012 296.189 12.672 70,012 341,350 14.447 49.556 Totsl Income 101.323 383.773 405,353 Exp•ndlturn on: Raising funds Charil*)le aclivftie8 14.646 3H862 14646 396,678 11,394 379,951 Tot•1 •xp•ndlrn 90.826 319N98 410,324 391.345 Net Incomel(expondltur•) b•for• n•t galm on Investsnents Net gains on invoslmonts 10N97 (37.048) 39.192 126M1) 39,192 14,L 38.573 Nat fflov•mont In fund• 10M97 2.144 12,641 52.581 R•concHlath>n of funds: Tdal fvnd8 brought foThvard Net movement in funds 90,107 10h97 3.036N60 1144 3,126.657 12,841 3.073.976 52,581 Total fund• rAfTlod forward 100.804 3.038,594 3.139.198 3, 126,557 The Statent of Financial Activitses indudes all gains and1068e8 recognised in Ihe year. The not85 on pages 10 to 28 forn part of these financial statwnents. Page 7
THE SULGRAVE MANOR TRUST (A Company Llmlted by Guarantee) REGISTERED NIIMBER: 02627034 AS AT 31 DECEMBER 2024 2023 FIX as80ts Tangible assets Investments Investment propety 12 14 13 73,242 2.148.641 67.780 668,078 1. 130.228 2WI103 2.066,086 Stocks 15 16 10.360 14.416 339.238 9,829 63,489 1,061,999 Cash at bank and in hand 3HO12 1, 134317 Curr•nt Il•bllltl•• Credltors: amounts falling due wilhin (me 17 (2817 (74.846) Net curr•nt ass•l8 1,060.471 Tot•1 nat a8•ats 4139.198 a 126.557 Charfty funds Restricted fvnds Unrestricw funds 18 18 100.604 3.038.594 90. 107 3,036,450 Totsl funds 3.139,198 3,126.557 Page 8
THE SULGRAVE MANOR TRUST (A Company Limlted ty Guarantee) REGISTERED NLIAIBER: 02627034 BALANCE SHEET Icotr¥nNUED) AS AT 31 DECEMBER 2024 The Chwity was entitled to exemplion audii under section 477 of the Companies Act 2(Th. The members have not required the company lo (thin an audit the year in question in accordance with section 476 of Companies Act 20(. The Trnstees ad(nowledge their responsibifrties for crylwng wlh the requirements of the Act rn8POCt to accounting records and preparation of financial statements. The financial statements have been prepared in accordanco wth the provisions applicable to entiiie8 Subject to the small companie8 ragime. The financial stat8 were approved arbd aUthiseA for i88ua by the TTU8tee$ and signed on thew behair ty. Mr A C J Pre•ton TnJ8tee Date: 3 June 2025 The note8 pages 10 to 28 fonn part of these financial statements. Page 9
THE SULGRAVE AIANOR TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Genoral Inforniatlon The Sulgrave mr Trust is a pri company kniled by guarwrtee incoTporated in Engknd and Wales. The registered ofte is Sulgrnve Manor, Manor Road, Sulgrave, Banbury. Oxfordshirn. OX17 2SD. 11 Ba818 of prOwrnOn of flnanclal statwnents The fin¢181 slatem8nts have been prepwed in aCCordce the Charities SORP (FRS 102) - Accounting and RePOrtw ty Charilies: Slatement of Recommended Practice applicable to charilie8 preparr their accounts in accordance th the Financial Reporting Standard appkablè in the UK arKI Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK pd Repubfic of Ireland (FRS 102) and the Companles Act 2006. The Sulgr8v• Manty Trust meots the defmilion of a pthlic benefft entity urmler FRS 102. A88ets and relevant accounling policy. The financial Statements are prepared in sterling, which is Ihe functional currentrrf of the chaiity. Mwetary amounts in these fmancial 8taternents are rounded to the n8are8t £ The financial Statnents have been prepwed und•r the hi8torical cost cMvenlion wilh the exceplion of invesknents and investrnent property which are induded at market V81 The financial 818tunents contsin infom1( about The Sulgrave Mwor Trust as an individual charity d do not ntain consolidated finw¢ial infornon 88 the parent of a group. The charity has taken 2.2 1Solng concwn At the lime of appTDving the fmanci81 statwnents. the tru8tees have 8 reasonable expectthn that the charity has adequ resources lo continue in operational existence for the foreseeable firtura Thus the tru3t ccmtinue to adcpt the going concem basis of accounting in prepwing the fmancol 2.3 Fund accounllng General funds are Unrestri funds which are awal)le for use at th? dIscren of the TTUStees in furtherance of the general obied1 of the Chwity and which have not been designated for dher Designated furKls comprise unrestrided fvnds that have been set aside by the Trustees for particular Restii(led funds are funds are to be used in accordm with speult restrictM)ns imposed by donors or which have been raised by the Charity for particular pu. The costs of raisirwJ and administering such funds are charged against the specific fund. The aim and use of each rei(tid fund is set ¢xrt in the notes to the financial statements 10
THE SULGRAVE IAANOR TRUST IA Company Umlted by Guarnnt# NOTES TO THE FINANCIAL STATEAENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounkng policia Icontinued) 2A Inm8 All inc(Mne is recognised once the Charity has entidement to the income. it is probabl8 that th• income 11 be received and the amount of w)Me r8ceivabl8 can be measured rel&abty. Grants are induded in the Slatement of Financial ACtsleS a recelvablo bas1& 2 ExpOndIre Eyidilure is recognised once there is a legal or constfuctive obwon to transfer econ(Mnlc benefft to a third party. it is prob)le thal a transfer of economic benefits wil be required in settlent and the amount of the oblig81ion can be measured reliably. ExperKliture on charilablg activitles 18 incurred on directy undertakir¥J tho aLtMtw vthich further the All expendilure 18 81Ve of Irrecoverable VAT. 16 Intoro•t r•c•lvablo Interest on fvnds hekl on deposit is induded when receivable JKI the amount can be measured reliabty by the Charity, this 18 fKNmalty upcffi notification of the interest Pa or payable by the in81ilulion wilh whom the funds are d8POSited. 2.7 Taxathjn The Charity 18 considered to pa8s the 183ts Set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definitk>n of a charilable conyany for UK COrp10n tax purpos Accordingty. the Ch is potentialy exerry)t from taxation in respect of income or capilal gain8 received within categoTU covered by Cter 3 Part 11 of the Corporation Tax Act 2010 (x Seclion 256 of the Taxalion of Chargeable Gains Act 1992. to th• éxtant that such irKome or gains aro 2 Tanglble llxed asg•ts and d•woclatton Tangible fixed 888ets are Inltialty recognised at cosL After recognitlon. UTKler the cost model. langlble fixed assets are measured at cost less depreciion and any accumulated impaiThnenl losses. Al c08ts curred to bring a &gIble fixed asset into its intended vmrking condition should b• induded in the measurwnent of c05t. Depreciation is thwged so as to alocate the cost of tangbje fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basi& Freehold prop Plant and machinery Fixlures and fittings Office and other equipment 2% per nuM straight line 2A per annum straight line 20% per annum straight line 2(PA per annum straight line Page11
THE SULGRAVE MANOR TrUST (A Company Limlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policie• (conlinuedl 19 H•rllag• au•ts Sulgr8ve Manor was origlnalty acquired by pubk subsuiption in 1914 to be held In trust ts the people of America and 8ritain. In these circumstance6, the Trustees conslder that it woukl be inappropriate to attribute value lo the Manor. Over time. the Manor ha8 acquirnd hlstorfc archlv88 and possesslons. 80mé nol relevant to the a(ivibes of the Manor, The Tru8tees consider the overall nature and usage of the colleth.ons which may, from time to time, lead lo di8PO8ak No valu• has b••n attrlubuted to these items. 2.10 Inv••im•nl• Fixed asset investrnents are a fomi of finClaI instrument and are initially r•c¢gnised al their trans8ciion cost and subsequenty measured at falr value at the Balance Sheet date, unless the va8 (nnot be measured reliabty in which case it is measured at cost less impaimienL Investment gain8 and 1088e8, ¥thether reali8ed or unrealised, are c4)mblned and presented as 'Gain81(Losses) on investrnents, in the Statement of Financial Al¥Itse5. Invesknonts in sub8idiari93 are valued at co8t1888 provision for impainnenL Investrnent properties are shown at their most recent valuation. Any aggregate 8urplus or d8fidt arising from changes in the market Wdlue are held in tha fixed a88et fvnd. 1118tock• Stocks arn valued at tha knvar of cost and net realisabla value after making due aUthvanc• for obsolete and 8Itrw-moving stock8. Net reahsable value is the estimated selling price less all estimated costs of completion and c08ts to be Incurred in mafkthg, 8elling and dlstribution. 2.12 Dobtorn Trade and other debtors are recognlsed at the settlement amount after any trade d18count offered. Prepayments are valued at the amount pred net of any trade discounts due. 113 Ca8h at bank and In hand Cash at bank and in hand indude8 ca8h and short4emi highly liquid investments with a Short matuily of three month8 or less from the date of acquisitkn opening of the deposit or similar accow Z14 UabHttio9 and provl810 Liabilities are recogni8ed when there is an (ligatIOn at the Balance Sheet date as a resuli of a past event. it is probable that a Iransfer of economic benefft will be roqulred in settlemenl, and the amourt of the settlement can be eslimated reliabty. 115 Financial Instruments The Charity only ha financial assets and financial liaknkns of a kind that qualify as basic financial instruments. Basic financial instswm8nts are inilially recognised at transaction value and gubsequenty measured at their settlement value the exception of bank loans which are subsequenty measured at amortised cost using the effth intsrest method. Page 12
THE SULGRAVE PAANOR TRUST (A Company Limlled by Guarant•e) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 Accounllng pollclm (contlnued) 116 Finance leases and hlre purcha•• Assets oblained under hire purch888 contracts and fmance leases are witdised as tangible fad assets. Assets acquired by finance lease are depreclated over the shorter of the lease temi arKI their useful lives. As6ets acquired by hire purchase are dewerjated over their u6efiJl bv8& Finance leases are those ere sub5kntially al of the beneffts and risks of <yerShIp are assumed by the Chaiity. Oblwns under such agreements are induded in creditor3. net of the finance charge allocated to futur8 periods. The finance elnent of the renlal paymentls tharged to the Statement of Financial Aclivitses 80 to produce a constant p•rfodt r8te of dwge on th• net obligati 4Xrtstandlng In each period. 2.17 P•nslons The Charty operates a defined contribution pen81on scheme and the pen8ion charge repre8ents the amounts pay by the Charity to the fund In respect of the year. Incom• from donatlon• and l•gacle• Tol81 funds 2024 funds funds 2024 2023 Donatlon8 National P)oci Lrfthe Cokla1 Dwnes of 64.348 H348 45,762 147.085 17.935 17.936 12,203 Friends of Sulgrave Marr Donalion from wbsidiary 101.323 213.633 26.868 1,759 1,717 101.323 140.248 241.571 298.383 13. 728 29.239 Entrance fees 54.618 64618 101.323 194.866 296.189 341,350 Total 21Y23 12Z895 218,455 341,350 Page 13
THE SULGRAVE AIANOR TRUST IA Company Limltsd by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIBER 2024 Income from other tradlng activlti8• Incom• from non charttable tradlng actlvlll08 Unr•strfct•d funds 2024 Total funds 2024 2023 Shop inc4xne Catsring incom• Gardens 4,470 7,983 119 V70 7.369 6.832 246 119 12,572 12.672 14.447 Invo•tment Incom• Unre8trlct•d funds 2024 Total funds 2024 2023 Rantal Income Income from listod inv•Jtments Interest received 1. 145 45,727 73,873 245 73.873 75.012 75.012 49,556 Page 14
THE SULGRAVE MANOR TRUST (A Company Llrnited by Guarantse) NOTES TO THE ANANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expendiiure on rnlslng funds Fundralslng tradlng •xpng05 Unr8•trlctod funds 2024 Total funds 2024 fvnds 2023 Adverbsing 14,646 14,646 11,394 Anaty•ts of •xpondlturn on charlt•bl• actlvltl Summary by fund typ• fund8 2024 funds 20 Total 2024 Total 2023 Pre8eNthn of Sulgrave Manor 9),826 304,852 396.678 379.951 Tot812023 79,805 300. 146 379,951 Analy¥l• ol eyndlturn by actlvttle A¢tlvltlos undertaken direclly Support Total fund• 2024 funds 2023 Pre8eNation of Sulgrave Manor $8,155 337.523 396.6n 379.951 Totsl %Y23 77.467 302.484 379.951 Page15
THE SULGRAVE IAANOR TRUST (A cOmnY Llmited by Guarantse) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20 Anatysi• of oxpendlthre by actlvlti88 (continued) Anatysl8 of dlr•ct costs Total funds 2024 funds 2023 Propety wairs and maintenance Legal and professitM81 fee8 Exha>itlons 14761 30.678 (1601 12.976 20.266 53,078 4. 123 68.166 77.467 Total funds 2024 Total nds 2023 Stsff costs Depreciati Rates and wat•r Insurwce Light and h Telephone Printing and 8tstionery Sundry expenses 190074 4,532 13.521 24773 182,386 3,363 19. 758 17,979 30,999 740 626 7.202 641 2.623 10.162 c11ng Irrecoverabte VAT Bth( tharges Lossl(gain) on forwgn eXChge 7.797 9,424 545 1.213 17.243 19.703 19.935 337.523 302,484 Page 16
THE SULGRAVE MANOR TRUST (A Company Llmited by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Independent ex•mlnerfs romunorallon 2024 2023 Fees payable to the Chariws independent examiner for the independent 8x1natI( of the Chantys annual accounts Fees payable to the Charitls independent exwniner in respect of. 2.310 17.636 14,933 10. siaff costs 2023 191.567 (3h67) 2,764 166.054 13,171 3,161 Social seCUrY costs contrib1 to defined contsbl( pen31on schenx8 190.874 182.386 The average number of persons by the Charity during the year was as folthys: 2024 2023 No. 12 11 No eryloyee received remuneration amounting to more than £60,000 in eilher year. The total empw remuneration and beneffts of the key management personnel of the Chwity re £40,400 {2023 £33,847). 11. Trustees. remunerallon and expwmes During the year. no Tru8tees received any remuneralion or other benefits (2023- £NIL). During the year ended 31 December 2024, Tfustse expenses have been incuffed (2023- £NIL). Page 17
THE SULGRAVE MANOR TRUST IA Company Umited by Guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11 Tanglble Ilx•d awts Fv••hold Plant and Flxturns and property machln•ry flttlng* equlpmont Total Cost or valuadon At 1 January 2024 Addilions 61.333 9.168 116.f16 48.891 826 75.740 302.840 At 31 Dacnber 2(124 701 49.717 76.740 312134 D•prnclatlon At 1 January 2024 Chargo for the year 114.634 47A44 72.722 1.366 4,532 At 31 Decwnber 2024 1.616 74.OTI 239.692 N8t book valu• At 31 Decwnber 2024 73342 At 31 December 2023 61.073 2,242 1,447 3.018 67, 780 13. InvMkn•nt prop•rty Freehold Invostment property Valuatlon At 1 January 2024 Disposals 1.130.228 (SSO.008) At 3108cember 2024 The fair value of the investrnent property has been TiVed at on th8 basi8 of a valuation carried out at 31 DeceM1r 2021 by William Twiddy MRICS. who was a Trustee of the Trust The valuation was made on an open market value basis. The Truslees are of the owion that Ihe current market value of remaining property at 31 December 2024 is £580,220. Page 18
THE SULGRAVE PAANOR TRUST (A Company Limlted by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Flxed asS•t Investhients Inve•tmonts In subsldlary Oth•r Ilsted Compan1 Inve•kn•nts Total Co•t or valuatlon At 1 January 2024 Additions Revaluations 868,076 868.m 1.248.000 1,248.000 32.563 32 At 31 December 2024 2.148.639 2,148.641 Not book v•lu• At 31 December 2024 2.148,639 2.148.041 At 31 December 2023 868,076 868,078 Prfndpal 8ub•ldlarl Th• followlng wa8 a subsldlary undertaklng of the Chaiily. Nwn• Company R•gl•t•red offlce or prfnclpal Prlnclpal actlvlty numb•r place of busln•s5 Sulgrave Manor Trading Company Limited 03768382 Sulgrave Manor. Sulgrave. Lettings and Banbury, Oxfordshire, OX17 2SD management of commercial events Class of sharns Holdln9 Ordinary £1 shares 100% The financial results of the subsidiary for the Name Incomo Expenditure Ilet as50ts Sulgraye Manor Trading Cmipany Limited 26.034 Page 19
THE SULGRAVE PAANOR TRUST (A Company Limlted by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1& Stocks 2024 2023 Finished goods and goods for resale 10.360 16. Dgbtors 2024 2023 r0 wlthln on& yur Trade d•btor8 Other debtor8 PrepayTnentg and accrued income 1,460 7.488 54,541 13.567 14N16 63.489 17. Credltorn: Amount• falllng du• vrtthln on• ymr 2023 Trad• crnditorn Amounts ¢y*ed to group undertakings Other taxallon and social security Obligations under fin8nce lease and hire purchase conlraGts Other creditorn AccrualB and deferred in¢e 17,360 911 4334 3,689 263 3,592 2&057 1.596 7N72 26.917 74.846 Page 20
THE SULGRAVE IAANOR TRUST (A Company Limlted by Guarantse) NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ststement offund• Statwnent of funds - currnnt y•ar Balance at 31 Galn•l December (LOMM) Balance at 1 January 2024 Tran•f•rs Inlout Incom Expondlture Unro•trlct•d DeBlgnatad fund• Lenfe8t fund 21.904 21.904 develq>ment fund 89N98 (42W7) 126.9911 91 N02 142.007 126,991) 21.904 Genaral fund• Fixed asset fund Inve8trnent rty fund Investment fund General fvnd 87,780 (3.310) 1,130.228 868,078 878.962 1560,008) 1,248.000 1273.681) 1679,T13) 32,663 6.629 2,148.641 214.587 282N50 2,946,048 282ASO (276.991) 26,991 39,192 3.016.690 T¢)tal Unro•trlcted funds 3,036N50 282.450 1319N98 39.192 3.03894 Page 21
THE SULGRAVE IAANOR TRUST (A Company Umited by Guarantsol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 l& Statement of ndS {continuod) Balance at 31 Gain81 D•cwnber (Los80•) Balanco at 1 January 2024 Transfers Inlout Incom• Exwdllur• fund• Leadership fund Sharing Sulgrave tstories Fundraising fund Garden fund C(wrtyard fvnd 21.313 (60.2081 29,574 62828 113,732) (4690) 111.9971 78370 774 IW6 27.462 90.107 101.323 190.826) 100m4 Total of fvnd• 3.126.867 383.m (410,324) 39.192 3.139,198 Page 22
THE SVLGRAVE hlANOR TRUST (A Company Umitad by Guarnntee NOTES TO THE FINANC STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1& Statement of funds (continued) Stat•mant of funds - prfor year Balance at 31 B818nce at l January 2023 Gwnw (L(was) 2023 Unrestrlct•d fvnd• D8slgnat•d fun Lenfe8t fund 14966 12,917 (6.979) 21,904 development fund (31.512) 101,010 69,498 1&966 12,917 (38,491) 101,010 91,402 G•nernl funds Fixed a8S6t fund Investment prop8ty fund Investment fvnd General fvnd 9,973 (3,526) 61,333 67, 780 1.265,000 494 785 1.240,235 (84,572) 365,C (188.243) (442, 771) (59,OGtI) 1,130,428 7.293 868,078 878. 762 269,541 3,010.993 269,541 (191,769) (toi,oioJ (42, 707) 2.944048 Unrestrtct•d fund• 3,02&959 282.458 (230.260) (42. 707) 3,036,450 Page 23
THE SULGRAVE PAANOR TRUST (A Company Limlted by Guarnntee) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statoment of fvnds (contlnued) Balan al 31 Gainw December (Losses) 2023 Balance at l January 2023 TTrnsfe Rostrlctod fvnd• Leader3hlp fund Learning fund Sharing Sulgrave stOfi88 Emergenry fund Fundraising fund Garden fund Courtyard fund 66,706 (443931 (102) 21,313 102 13,720 5,551 21,884 5, 760 (7,426) (14. 136) (3,668) (4.944) (4. 136) 11.358 4,648 31,598 29,574 5,464 27,462 47,017 12Z895 frn,805) 90.107 Total of fund• 1073.976 405,353 (310.065) (42, 707) 3. 126,557 Pag• 24
THE SULGRAIE MANOR TRUST (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 statemeirt of fund• Icontlnued) Unrestrfcted nds: Lenfest fvnd This 18 a designaled fund for operational use, but ther8 has not been any use of this fund in 2024. E•tate D•volopm•nt Fund In 2023 the trustees designated proceeds from th• sale of investrnent property to continue th• ve8tigalion of the use and development of the Trust's Estate, previously funded by restricted donations. Further work was carried out in the current year and the balance was transferred back into general funds when the worf( was compld In 2024. nre8tri funds: en Flx•d a•••t fvnd This fund reprentS th• value of wets purchx•d and held for th• charftys own use. Invo•tsn•nt PTOP•rty fvnd Thi8 fund represents the value of a68ets inherited purthased in order to generate additlonal income for the chwtty. Invo•thi•nt lund Thi8 und respresents the value of the charfV8 fixed as8et investments whkh are held to generate investment income for the Gharity. Genarnl fund The g•nernl fund r•presenlB the value of 811 cthor assets ld lor u8• In furthernnco of th• chaiitys Leadornhlp Fund This fund was founded Mon1 donated by Th• Friends of Sulgrave Manor to support Ihe salary of the CEO for thrne years. AdditSonal fund8 we 8ent at regular interval8 to cover agreed time pwiod8. Lwnlng Fund This fvnd was Initially funded via a Sandfcrfd SAIL awwd and is now u8ed to develop infomial leaming resources. The fund clo8od in 2023. Sharfng Sulgrnve Storfo• Thls fvnd was fomed with monies from a number of Trusts. foundations and individuals to develop a dedicated George Washington Exhibition and to better Share fts narTattves and collections acr3 the sile. The National Lottery Heritage Fund part of the project 15 n¢Jw completed and additional work8 conli thanks to new fundets. Fundralslng Fund This fvnd was fomed wtth monies from The Friends of Sulgrave Manor to allow the trust lo employ Business Development Officer to carry out an endthnent building (xnpaign. Garden Fund This fund was fonnJ with donations and associ expenditur• for wific garden development PreCts. Page 25
THE SULGRAVE IAANOR TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement of funds (contlnued) Courtyard Hall Fund Thls fund was fornied in 2023 with monie5 from The Friends of Sulgtave Manor following a condft*)n 8uNey and subsequent idenlification of a number of urgent repair works to be carried. 19. Summary of fvnd8 Summary of funds - currnnt year Balanc• at 31 GaIn DoGemb•r (Lossu) B•lanc• at I January 2024 Transfern Inlout In¢om• Expendlturo Designated fvnds General fvnd8 Restricted fund8 91A02 2,945,048 282A50 90,107 101.323 (44507) (276,9911 190.8261 (26,9911 26.991 21.904 3.016.690 100.604 39.192 3.126AS7 383.7n (410,324) 39.192 3.139.198 8umm•ry of fund• - prfor year Balance al 31 Gain December (Losses) 2023 8alance at l J8nuary 2023 Trnnsfe Designated funds General funds Restri¢Xed funds 14966 3,010,993 47,017 12,917 269,541 122,895 (3¢491) 101.010 (191.769) (lOq.010) (79,805) 91,402 (42. 707) 2,945.048 90, 107 3.073,976 405,353 (310.065) (42, 707) 3, 126,557 Pap 26
THE SULGRAVE MANOR TRUST (A Company Llmlted by Guarantse) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of n•t as•ets betM•n funds Analysis of net assets boiween funds- current pertod Totsl nds nds 20 funds 2024 Tangible fixed assets Fixed asset inve8lmenl8 Investmenl pro Current assets Creditors due within one year 73,242 2.148.641 580.220 263.408 (26.917) 73,242 2,148.641 100,604 364.012 (26,917) 100.604 3,038,594 3.139,198 Analysls of not a•8ats betw•on fund•- prfor p•rlod funds 2023 unds 2023 2023 Tangible fNed assets Fixed asset investment8 Investrnent propety Current assets Creditors due wilhin one 67, 780 868,078 1, 130.228 1.044210 (74,846) 67, 780 868,078 1. 130,228 1, 135,317 (74,846) 90, 107 Total 90.107 3,ON450 1126,557 t)uring the year the charity had rdated party transactions with the Friends of Sulgrave Manor and the National Society of the Colonial Dames of America. Both groups are run independentty from the charty Ixrt wne members of the iwo fundraising organisations also serve as trustees of the Sulgrave Manor TrusL FrierHls of Sulgrave Manor donated £147,085 (2023 £213,633) to Ihe charity during the year The Nalional Soc*ty of the Colonial Dames of America donated £64,348 (2023 £54.406) to the charity during the year Page 27
THE SULGRAVE MANOR TRUST (A Company Llmlted by Guarairtw) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ÉNDED 31 DECEIIBER 2024 As noted in 2023, 8 potenlial administrative error regarding Ihe Trust's VAT registration status was identified during 2024. The VAT registration applied solely to The Sulgrave Manor Trust rather than incorporating the subsidiary company, Sulgrave Manor Trading Company Limited in a VAT group. Professional advice was sought and HM Revenue and Custtyns have confinn8d their agreemant to the VAT gr{P being in ex18ce through¢xJ( hence the matter has been re8dved al no cost to th• charity. Page 28