**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:
- 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.
- 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.
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:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities SORP and taxation legislation in addition to charity legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance; and
- enquiring of management as to actual and potential litigation and claims.
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