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2025-12-31-accounts

Registered number: 02627034 Charity number: 1003839

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Trustees' Responsibilities Statement 6
Independent Auditor's Report on the Financial Statements 7 - 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 14 - 32

(A Company Limited by Guarantee)

THE SULGRAVE MANOR TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025

Trustees Dr H T David
Ms S R Edwards
Mrs A B Folkes
Mr S G Hague
Mrs C Hazard Goedhart (resigned 3 June 2025)
Miss C A Jestin
Mrs P L S Montoneri
Mr A C J Preston, Treasurer
Ms C L Souter, Chairman
Ms S Wilson
Company registered
number
02627034
Charity registered
number
1003839
Registered office
Sulgrave Manor
Manor Road
Banbury
Oxfordshire
OX17 2SD
Chief executive officer
Ms A Ray
Independent auditor
Streets Audit LLP
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
Bankers
Barclays Bank Plc
32 Bridge Street
Banbury
Oxfordshire
OX16 5PN

Page 1

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2025 to 31 December 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

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

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

Conservation and development of facilities at Sulgrave Manor to enhance the visitor experience.

Updated exhibition displays.

Developed Garden areas.

Works to introduce energy efficient M&E and renewable energy on site were started during 2025.

Continued Primary school formal learning programme.

.

Developed partnership programme for America250UK.

Continued online Seminar Series.

c. Main activities undertaken to further the Charity's purposes for the public benefit

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 program through the Sulgrave Seminar Series. Additional activities and events offered informal opportunities on-site to support the formal program.

Page 2

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Achievements and performance

a. Main achievements of the Charity

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

During 2025 works were undertaken to conserve the historic fabric of Sulgrave Manor, its Estate, and accredited Museum Collections.

The Manor and Garden were open regularly and both domestic and international visitor numbers increased.

To further deliver its objectives, as listed above, the Trust carried out further projects during 2025.

Loans to external exhibitions.

Herb garden redevelopment and replanting in historic orchard.

National America250UK partnership continued with Sulgrave Manor Trust as lead partner.

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 improved and saw an increase in hours on regular volunteering rotas. New volunteering opportunities were offered to support conservation of the collections.

Financial review

During the year funds were raised to support a capital project to promote sustainability in supporting buildings.

The Trust continued work to create a separate Endowment Trust for donations.

Page 3

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

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 months' expenditure. The Trustees consider 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.

The level of general fund reserves was reduced in 2025 by the transfer of funds into investments. At 31 December 2025 the balance held in the general fund was £105,745 (2024: £214,587). The Trustees have planned for and believe that future investment income or reserves from the Investment Fund (which increased in value from £2,148,641 to £2,706,994) will support any reserves shortfall in the General Fund in the years ahead.

c. Principal risks and uncertainties

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.

Structure, governance and management

a. Constitution

The Sulgrave Manor Trust is registered as a charitable company limited by guarantee and is regulated by its Articles of Association.

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

b. Methods of appointment or election of Trustees

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

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.

Page 4

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

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.

d. Related party relationships

None of the Trustees has any beneficial interest in the charity.

e. Trustees' indemnities

All of the Trustees are members of the charity and guarantee to contribute £1 in the event of a winding up.

Plans for future periods

Endowment building campaign will continue further the Trust’s charitable objectives to preserve Sulgrave Manor and enhance access to relevant information.

Partnership working to encourage engagement with the Trust, its objectives and its exhibitions.

The Gardens will continue to benefit from development extending garden areas to enhance the visitor experience and increase engagement opportunities.

Further research and planning for display relating to collection objects.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditor

The auditor, Streets Audit LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr A C J Preston Treasurer Date: 3 June 2026

Page 5

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 3 June 2026 and signed on its behalf by:

Mr A C J Preston Treasurer

Page 6

(A Company Limited by Guarantee)

THE SULGRAVE MANOR TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SULGRAVE MANOR TRUST

Opinion

We have audited the financial statements of The Sulgrave Manor Trust (the 'charity') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 7

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SULGRAVE MANOR TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 8

(A Company Limited by Guarantee)

THE SULGRAVE MANOR TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SULGRAVE MANOR TRUST (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 9

(A Company Limited by Guarantee)

THE SULGRAVE MANOR TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SULGRAVE MANOR TRUST (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Page 10

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SULGRAVE MANOR TRUST (CONTINUED)

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Linda Lord (Senior Statutory Auditor) for and on behalf of

Streets Audit LLP

Tower House Lucy Tower Street Lincoln Lincolnshire LN1 1XW

N.B. The date of signing should be entered in 'ACCOUNTS COMPLETION' section

Date: 10/06/2026

Page 11

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Income from:
Donations and legacies
3
Other trading activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net income/(expenditure) before net
gains on investments
Net gains on investments
Net income
Transfers between funds
18
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2025
£
189,042
-
-
189,042
-
49,875
49,875
139,167
-
139,167
(146,481)
(7,314)
100,604
(7,314)
93,290		 Unrestricted
funds
2025
£
172,807
9,934
88,263
271,004
9,406
282,619
292,025
(21,021)
584,434
563,413
146,481
709,894
3,038,594
709,894
3,748,488		 Total
funds
2025
£
361,849
9,934
88,263
460,046
9,406
332,494
341,900
118,146
584,434
702,580
-
702,580
3,139,198
702,580
3,841,778		 Total
funds
2024
£
296,189
12,572
75,012
383,773
14,646
395,678
410,324
(26,551)
39,192
12,641
-
12,641
3,126,557
12,641
3,139,198

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 32 form part of these financial statements.

Page 12

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 02627034

BALANCE SHEET AS AT 31 DECEMBER 2025

Note
Fixed assets
Tangible assets
12
Investments
14
Investment property
13
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
17
Net current assets
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 13,627
20,916
207,317
241,860
(20,922)		 2025
£
3,845
2,706,995
910,000
3,620,840
220,938
3,841,778
93,290
3,748,488
3,841,778		 10,360
14,416
339,236
364,012
(26,917)		 2024
£
73,242
2,148,641
580,220
2,802,103
337,095
3,139,198
100,604
3,038,594
3,139,198

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr A C J Preston Treasurer Date: 3 June 2026

The notes on pages 14 to 32 form part of these financial statements.

Page 13

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. General 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.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Sulgrave Manor Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

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.

2.2 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.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 14

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting policies (continued)

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property - 2% per annum straight line
Plant and machinery - 20% per annum straight line
Fixtures and fittings - 20% per annum straight line
Office and other equipment - 20% per annum straight line

Page 15

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting policies (continued)

2.9 Heritage assets

Sulgrave Manor was originally acquired by public subscription in 1914 to be held in trust for the people of America and Britain. In these circumstances, the Trustees consider that 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.

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Investment properties are shown at their most recent valuation. Any aggregate surplus or deficit arising from changes in the market value are held in the fixed asset fund.

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

2.15 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 16

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting policies (continued)

2.16 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

3. Income from donations and legacies

Donations
National Society of the Colonial
Dames of America
Friends of Sulgrave Manor
Donation from subsidiary
Other UK donations
Grants
Entrance fees
Total 2024		 Endowment
funds
2025
£
58,482
72,974
-
200
131,656
-
-
-
-		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
-
-
188,657
-
-
-
-
-
188,657
-
385
-
-
41,151
189,042
172,807
101,323
194,866		 Total
funds
2025
£
58,482
261,631
-
200
320,313
385
41,151
361,849
296,189		 Total
funds
2024
£
64,348
147,085
17,935
12,203
241,571
-
54,618
296,189

Page 17

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

4. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2025
£
Shop income
6,009
Catering income
3,652
Gardens
273
9,934		 Total
funds
2025
£
6,009
3,652
273
9,934		 Total
funds
2024
£
4,470
7,983
119
12,572

5. Investment income

Unrestricted
funds
2025
£
Rental income
2,535
Income from listed investments
85,561
Interest received
167
88,263		 Total
funds
2025
£
2,535
85,561
167
88,263		 Total
funds
2024
£
894
73,873
245
75,012

Page 18

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

6. Expenditure on raising funds

Fundraising trading expenses

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Advertising 9,406 9,406 14,646

7. Analysis of expenditure on charitable activities

Summary by fund type

Preservation of Sulgrave Manor
Total 2024		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
49,875
282,619
90,826
304,852		 Total
2025
£
332,494
395,678		 Total
2024
£
395,678

8. Analysis of expenditure by activities

Preservation of Sulgrave Manor
Total 2024		 Activities
undertaken
directly
2025
£
32,005
58,155		 Support
costs
2025
£
300,489
337,523		 Total
funds
2025
£
332,494
395,678		 Total
funds
2024
£
395,678

Page 19

(A Company Limited by Guarantee)

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Property repairs and maintenance
Legal and professional fees
Exhibitions
Project costs		 Total
funds
2025
£
10,750
17,204
-
4,051
32,005		 Total
funds
2024
£
14,761
30,578
(160)
12,976
58,155

Analysis of support costs

Staff costs
Depreciation
Rates and water
Insurance
Light and heat
Telephone
Printing and stationery
Sundry expenses
Staff travel and development
Computer costs
Cleaning
Irrecoverable VAT
Bank charges
Loss/(gain) on foreign exchange
Accountancy costs		 Total
funds
2025
£
184,160
4,837
1,652
8,738
23,764
537
194
6,928
5,799
3,776
8,713
16,096
465
10,074
24,756
300,489		 Total
funds
2024
£
190,874
4,532
13,521
24,773
30,540
596
525
7,202
6,044
10,152
7,886
19,703
543
697
19,935
337,523

Page 20

(A Company Limited by Guarantee)

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

9. Auditor's remuneration

2025 2024
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 3,000 2,400
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above 21,756 17,535

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
174,175
6,813
3,172
184,160		 2024
£
191,567
(3,457)
2,764
190,874

The average number of persons employed by the Charity during the year was as follows:

2025 2024
No. No.
Staff 10 12

No employee received remuneration amounting to more than £60,000 in either year.

The total employee remuneration and benefits of the key management personnel of the Charity were £35,222 (2024: £40,400).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 December 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 21

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

12. Tangible fixed assets

Cost or valuation
At 1 January 2025
Additions
Disposals
Transfers between classes
At 31 December 2025
Depreciation
At 1 January 2025
Charge for the year
On disposals
Transfers between classes
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Freehold
property
£
70,501
-
(1,154)
(69,347)
-
1,616
1,387
(1,154)
(1,849)
-
-
68,885		 Plant and
machinery
£
116,876
658
-
-
117,534
115,491
943
-
-
116,434
1,100
1,385		 Fixtures and
fittings
£
49,717
2,280
(68)
-
51,929
48,408
1,195
(68)
-
49,535
2,394
1,309		 Office
equipment
£
75,740
-
-
-
75,740
74,077
1,312
-
-
75,389
351
1,663		 Total
£
312,834
2,938
(1,222)
(69,347)
245,203
239,592
4,837
(1,222)
(1,849)
241,358
3,845
73,242

Page 22

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

13. Investment property

Valuation
At 1 January 2025
Additions
Surplus/(deficit) on revaluation
Transfers between classes
At 31 December 2025		 Freehold
investment
property
£
580,220
144,201
118,081
67,498
910,000

The charity holds an investment property which is measured at fair value in accordance with Section 16 of FRS 102 and the Charities SORP (FRS 102). The investment property was revalued at the year end to £910,000 by Fisher German an independent, professionally qualified valuer on an open market value basis. The valuer is a member of a recognised professional body.

The valuation resulted in an uplift of £118,081, which has been recognised in the Statement of Financial Activities within “Net gains on Investments” for the year.

During the year assets of £67,498 were transferred from Freehold property to Investment property.

Page 23

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

14. Fixed asset investments

Cost or valuation
At 1 January 2025
Additions
Revaluations
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Investments
in
subsidiary
companies
£
2
-
-
2
2
2		 Other listed
investments
£
2,148,640
92,000
466,353
2,706,993
2,706,993
2,148,640		 Total
£
2,148,642
92,000
466,353
2,706,995
2,706,995
2,148,642

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity
number place of business
Sulgrave Manor Trading 03768382 Sulgrave Manor, Sulgrave, Lettings and
Company Limited Banbury, Oxfordshire, OX17 2SD management of
commercial events
Class of Holding
shares
Ordinary £1 100%
shares

The financial results of the subsidiary for the year were:

Name Net assets £ Sulgrave Manor Trading Company Limited 2

Page 24

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

15. Stocks

Finished goods and goods for resale
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
13,627
2025
£
-
10,675
10,241
20,916		 2024
£
10,360
2024
£
849
-
13,567
14,416

16. Debtors

17. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 January 2025
Resources deferred during the year
Amounts released from previous periods		 2025
£
9,895
2
3,356
470
7,199
20,922
2025
£
319
826
(319)
826		 2024
£
17,360
2
488
1,595
7,472
26,917
2024
£
-
319
-
319

Deferred income represents amounts received in advance of the charity fulfilling its related obligations. At the year end, this comprises income received for rent–grazing, school visits and group admissions relating to future periods.

Page 25

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

18. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Lenfest fund
General funds
Fixed asset fund
Investment
property fund
Investment fund
General fund
Total
Unrestricted
funds
Restricted
funds
Leadership fund
Sharing
Sulgrave stories
Fundraising fund
Garden fund
Courtyard fund		 Balance at 1
January
2025
£
21,904
73,242
580,220
2,148,641
214,587
3,016,690
3,038,594
Balance at 1
January
2025
£
-
6,095
78,270
774
15,465
100,604		 Income
£
-
-
-
-
271,004
271,004
271,004
Income
£
43,620
-
-
385
145,037
189,042		 Expenditure
£
-
(4,837)
-
-
(287,188)
(292,025)
(292,025)
Expenditure
£
(38,310)
(1,335)
(8,148)
(574)
(1,508)
(49,875)		 Transfers
in/out
£
-
(64,560)
211,699
92,000
(92,658)
146,481
146,481
Transfers
in/out
£
-
(2,280)
-
-
(144,201)
(146,481)		 Gains/
(Losses)
£
-
-
118,081
466,353
-
584,434
584,434
Gains/
(Losses)
£
-
-
-
-
-
-		 Balance at
31
December
2025
£
21,904
3,845
910,000
2,706,994
105,745
3,726,584
3,748,488
Balance at
31
December
2025
£
5,310
2,480
70,122
585
14,793
93,290

Page 26

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

18. Statement of funds (continued)

Total of funds 3,139,198 460,046 (341,900) 584,434 3,841,778

Page 27

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Lenfest fund
Estate
development
fund
General funds
Fixed asset fund
Investment
property fund
Investment fund
General fund
Total
Unrestricted
funds
Restricted
funds
Leadership fund
Sharing
Sulgrave stories		 Balance at
1 January
2024
£
21,904
69,498
91,402
67,780
1,130,228
868,078
878,962
2,945,048
3,036,450
Balance at
1 January
2024
£
21,313
6,294		 Income
£
-
-
-
-
-
-
282,450
282,450
282,450
Income
£
38,895
-		 Expenditure
£
-
(42,507)
(42,507)
(3,310)
-
-
(273,681)
(276,991)
(319,498)
Expenditure
£
(60,208)
(199)		 Transfers
in/out
£
-
(26,991)
(26,991)
8,772
(550,008)
1,248,000
(679,773)
26,991
-
Transfers
in/out
£
-
-		 Gains/
(Losses)
£
-
-
-
-
-
32,563
6,629
39,192
39,192
Gains/
(Losses)
£
-
-		 Balance at
31
December
2024
£
21,904
-
21,904
73,242
580,220
2,148,641
214,587
3,016,690
3,038,594
Balance at
31
December
2024
£
-
6,095

Page 28

THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

18. Statement of funds (continued)

Statement of funds - prior year (continued)

Fundraising fund
Garden fund
Courtyard fund
Total of funds		 Balance at
1 January
2024
£
29,574
5,464
27,462
90,107
3,126,557		 Income
£
62,428
-
-
101,323
383,773		 Expenditure
£
(13,732)
(4,690)
(11,997)
(90,826)
(410,324)		 Transfers
in/out
£
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
39,192		 Balance at
31
December
2024
£
78,270
774
15,465
100,604
3,139,198

Page 29

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

18. Statement of funds (continued)

Unrestricted funds: Designated

Lenfest fund

This is a designated fund for operational use, but there has not been any use of this fund in 2025.

Estate Development Fund

In 2023 the Trustees designated proceeds from the sale of investment property to continue the investigation 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 work was completed in 2024.

Unrestricted funds: General

Fixed asset fund

This fund represents the value of assets purchased and held for the charity's own use.

I nvestment property fund

This fund represents the value of assets inherited or purchased in order to generate additional income for the charity.

Investment fund

This fund represents the value of the charity's fixed asset investments which are held to generate investment income for the charity.

General fund

The general fund represents the value of all other assets held for use in furtherance of the charity's objectives.

Restricted funds:

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. Additional funds are sent at regular intervals to cover agreed time periods.

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.

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.

Garden Fund

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

Courtyard Hall Fund

This fund was formed in 2023 with monies from The Friends of Sulgrave Manor following a condition survey and subsequent identification of a number of urgent repair works to be carried.

Page 30

THE SULGRAVE MANOR TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

19. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
January
2025
£
21,904
3,016,690
100,604
3,139,198		 Income
£
-
271,004
189,042
460,046
Income
£
-
282,450
101,323
383,773		 Expenditure
£
-
(292,025)
(49,875)
(341,900)
Expenditure
£
(42,507)
(276,991)
(90,826)
(410,324)		 Transfers
in/out
£
-
146,481
(146,481)
-
Transfers
in/out
£
(26,991)
26,991
-
-		 Gains/
(Losses)
£
-
584,434
-
584,434
Gains/
(Losses)
£
-
39,192
-
39,192		 Balance at
31
December
2025
£
21,904
3,726,584
93,290
3,841,778
Balance at
31
December
2024
£
21,904
3,016,690
100,604
3,139,198
Summary of funds - prior year
Designated
funds
General funds
Restricted funds		 Balance at
1 January
2024
£
91,402
2,945,048
90,107
3,126,557

Page 31

(A Company Limited by Guarantee)

THE SULGRAVE MANOR TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
-
3,845
-
2,706,995
-
910,000
93,290
148,570
-
(20,922)
93,290
3,748,488		 Total
funds
2025
£
3,845
2,706,995
910,000
241,860
(20,922)
3,841,778

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
£
-
-
-
100,604
-
100,604		 Unrestricted
funds
2024
£
73,242
2,148,641
580,220
263,408
(26,917)
3,038,594		 Total
funds
2024
£
73,242
2,148,641
580,220
364,012
(26,917)
3,139,198

21. Related party transactions

During the year the charity had related party transactions with the Friends of Sulgrave Manor and the National Society of the Colonial Dames of America. Both groups are run independently from the charity but some members of the two fundraising organisations also serve as Trustees of the Sulgrave Manor Trust.

Page 32