2024-04-05-accounts

Charity number: 1135174

THE CAPRICORN FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

THE CAPRICORN FOUNDATION

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 5
Independent auditors' report on the financial statements	6 - 10
Statement of financial activities	11
Balance sheet	12
Statement of cash flows	13
Notes to the financial statements	14 - 27

THE CAPRICORN FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024

Trustees Lord Kakkar Philip Perry Diana Rawstron Richard Clark

Charity registered number 1135174 Principal office Ramsbury Manor Ramsbury Malborough Wiltshire SN8 2RG Independent auditors Sumer Auditco Limited 14th Floor 33 Cavendish Square London W1G 0PW

Page 1

THE CAPRICORN FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the 6 April 2023 to 5 April 2024.

Objectives and activities

a. Policies and objectives

The Capricorn Foundation was set up by the late Mr Harry Hyams in 2010 as a charitable trust with general charitable purposes as a vehicle for his private charitable giving. Mr Hyams died on 19 December 2015 and left the residue of his estate to the charity. The residue included Mr Hyams' Ramsbury Manor Estate and his collections of art, ceramics, furniture, silver, clocks and other objects d'art and cars housed there.

It was Mr Hyams wish that the Ramsbury Manor Estate and the collections should be conserved and made available for public enjoyment and education. In the Trustees' opinion, The Capricorn Foundation as an unincorporated charity, is not a suitable vehicle for running an operational heritage charity with public access. They therefore set up an incorporated charity named The Ramsbury Manor Foundation (charity registration number 10874451) for this purpose. Originally, the executors of the H J Hyams estate transferred the Ramsbury Manor Estate to The Capricorn Foundation and the Trustees then transferred the Ramsbury Manor Estate to The Ramsbury Manor Foundation. An agreement was put in place under which The Capricorn Foundation agreed to fund the annual running costs and capital expenditure of The Ramsbury Manor Foundation.

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)'.

Achievements and performance

a. Review of activities

The Trustees have entered into long term loan arrangements with the National Gallery for the painting Dutch Boats in a Gale (‘The Bridgewater Sea Piece’) by J M W Turner and with Tate for the painting ‘Flowing to the River’ by J E Millais.

The Trustees have a grant making policy. Their priority is to fund the running costs and capital projects of The Ramsbury Manor Foundation. Insofar as there is any surplus income, they wish to fund local charities in Ramsbury and within a twenty-mile radius of Ramsbury Manor and other charitable purposes which reflect the interests of the late Mr Hyams. In pursuance of this policy, they entered into an agreement with The National Gallery to sponsor the H J Hyams Exhibition Programme to support the Room 1 exhibitions for three years. This Programme has been a resounding success and the Trustees therefore renewed their commitment until 2025/2026. Under this commitment, there are future charitable donations of £500k due to The National Gallery over a 2 year period.

During the year under review, the Programme supported the exhibitions of The Ugly Duchess (by Quentin Massys), Paula Rego:Crivelli’s Garden, and Pesellino:A Renaissance Master Revealed. In addition, the Trustees entered into an agreement with the National Gallery to make a donation of £1m to the NG200 appeal celebrating the Gallery’s Bicentenary.

The Trustees have had regard to the guidance issued by the Charity Commission on public benefit and are satisfied they have complied with the duty in the Charities Act 2011 section 17(5).

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THE CAPRICORN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

Achievements and performance (continued)

b. Investment policy and performance

The Trustees, with appropriate advice, conducted a process to select investment managers for the cash distribution. They appointed four firms, Ruffer LLP, Rowan Dartington & Co Limited, Newton Investment Management Limited and Fowler Drew Limited, and agreed their respective investment policies.

The Trustees' investment policy is to hold a medium risk portfolio with the aim to achieve capital growth in all four investment portfolios and an income return from Rowan Dartington and Newton to meet the running costs of the Ramsbury Manor.

The Trustees review performance annually with their investment managers.

They are satisfied with the performance in 2023-24 which has produced income to fund The Ramsbury Manor Foundation.

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.

b. Reserves policy

The Trustees have designated the original capital receipts given to the charity as a Capital Investment Fund to generate income which will be distributed to The Ramsbury Manor Foundation and other charities.

c. Principal risks and uncertainties

The principal risk of the charity is poor performance of the investment portfolios, giving rise to a loss of investment income. In order to mitigate this risk, the Trustees review the performance of the investment portfolios at every meeting.

The Trustees have assessed this and other risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to any major risks.

d. Financial review

The total unrestricted funds held at 5 April 2024 were £239,844k (2023: £235,666k) which comprises of general funds of £21,193k (2023: £23,129k) and designated funds of £218,651k (2023: £212,537k).

Structure, governance and management

a. Constitution

The Capricorn Foundation is a registered charity, number 1135174, and is constituted under a Trust deed.

Page 3

THE CAPRICORN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Related party relationships

The Trustees are also Trustees of The Ramsbury Manor Foundation.

Statement of Trustees' responsibilities

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

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THE CAPRICORN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

Auditors

Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco Limited who have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

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

................................................ Lord Kakkar

Date:

Page 5

THE CAPRICORN FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CAPRICORN FOUNDATION

Opinion

We have audited the financial statements of The Capricorn Foundation (the 'charity') for the year ended 5 April 2024 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources 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 Charities Act 2011.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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.

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THE CAPRICORN FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CAPRICORN FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

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THE CAPRICORN FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CAPRICORN FOUNDATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

• the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;

• the nature of the charity including its management structure and control systems (including the opportunity for management to override such controls);

• management’s incentives and opportunities for fraudulent manipulation of the financial statements and;

• the environment in which it operates.

We also considered the preperation and presentation of the financial statements in accordance with the Charities Act 2011.

Based on this understanding we identified the following matters as being of significance to the entity:

• laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and Charity Law;

• management bias in selecting accounting policies and determining estimates;

• the timing of the recognition of investment income;

• the split of income and expenditure between funds;

• the valuation of heritage and tangible fixed assets;

• valuation of fixed asset investments and reliance on the controls of the third party investment managers.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.

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THE CAPRICORN FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CAPRICORN FOUNDATION (CONTINUED)

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

• enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations and discussion with the same regarding any known or suspected instance of noncompliance;

• enquiries with the same concerning any actual or potential litigation or claims;

• inspection of relevant legal correspondence;

• assessment of matters reported to management and the result of the subsequent investigation;

• obtaining an understanding of the relevant controls;

• obtaining an understanding of the policies over the recognition of income and testing their implementation during the year;

• review of donations made for compliance with the trust deed;

• review of bank statements and funds movement to ensure income and expenditure is being allocated correctly;

• challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to the impairment of investments and heritage assets;

• reviewing the financial statements for compliance with the relevant disclosure requirements;

• performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;

• reviewing the minutes of trustees meetings; and

• identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Auditors' report.

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THE CAPRICORN FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CAPRICORN FOUNDATION (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Sumer Auditco Limited

Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW

Date:

Sumer Auditco Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE CAPRICORN FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

Note Income from: Charitable activities 2 Investments 3 Other income 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds before other recognised gains/(losses) Other recognised losses: Foreign exchange gains/(losses) Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2024 £000 - 4,827 52 4,879 520 5,162 5,682 (803) 4,857 4,054 124 4,178 235,666 4,178 239,844	Total funds 2024 £000 - 4,827 52 4,879 520 5,162 5,682 (803) 4,857 4,054 124 4,178 235,666 4,178 239,844	Total funds 2023 £000 160 4,175 39 4,374 877 8,288 9,165 (4,791) (4,114) (8,905) (21) (8,926) 244,592 (8,926) 235,666

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

The notes on pages 14 to 27 form part of these financial statements.

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THE CAPRICORN FOUNDATION

BALANCE SHEET AS AT 5 APRIL 2024

			2024	2024		2023
	Note		£000			£000
Fixed assets
Tangible assets	10		3,253			3,253
Heritage assets	11		47,438			47,438
Investments	12		172,148			158,882
			222,839			209,573
Current assets
Debtors	13	3,439			3,446
Cash at bank and in hand		13,840			22,913
		17,279			26,359
Creditors: amounts falling due within one
year	14	(274)			(266)
Net current assets			17,005			26,093
Total net assets			239,844			235,666
Charity funds
Unrestricted funds	16		239,844			235,666
Total funds			239,844			235,666

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

................................................ Lord Kakkar

Date:

The notes on pages 14 to 27 form part of these financial statements.

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THE CAPRICORN FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Investment income Proceeds from sale of investments Purchase of investments Gains/(loss) on currency transactions Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2024 £000 (5,615) 4,827 57,446 (65,855) 124 (3,458) (9,073) 22,913 13,840	2023 £000 (5,234) 4,175 56,618 (68,518) (21) (7,746) (12,980) 35,893 22,913

The notes on pages 14 to 27 form part of these financial statements

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1. Accounting policies

1.1 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 Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Capricorn Foundation 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.

1.2 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.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.3 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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.

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1. Accounting policies (continued)

1.4 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 bank.

1.5 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities.

1.6 Tangible fixed assets

The charity has adopted the revaluation model to revalue items of property, plant and equipment whose fair value can be measured reliably. The revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

The fair value of land and buildings is usually determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. The fair value of items of plant and machinery is usually their market value determined by appraisal.

Gains and losses on revaluation are recognised in the Statement of financial activities, with a separate revaluation reserve being shown in the Statement of funds note.

1.7 Heritage assets

The heritage assets were acquired by way of donation and the initial valuation, as prepared by appropriate professionals, has been treated as deemed cost. The works of art are loaned to art galleries for public enjoyment, or preserved in storage. The charity maintains a record of its heritage assets and where they are located.

Heritage assets held by the charity are works of art with indefinite useful lives, and are therefore not depreciated. An impairment review is carried out at the reporting date.

1.8 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.

1.9 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.

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1. Accounting policies (continued)

1.10 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.

1.11 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.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.12 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.

1.13 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.

Investment income, gains and losses are allocated to the appropriate fund.

2. Income from charitable activities

	Unrestricted	Total	Total
	funds	funds	funds
	2024	2024	2023
	£000	£000	£000
Legacy	-	-	160

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

3. Investment income

Unrestricted funds 2024 £000 Listed investment income - dividends and interest 4,312 Bank and other interest 515 4,827	Total funds 2024 £000 4,312 515 4,827	Total funds 2023 £000 3,896 279 4,175

4. Other incoming resources

Income tax recoverable Rent receivable	Unrestricted funds 2024 £000 7 45 52	Total funds 2024 £000 7 45 52	Total funds 2023 £000 1 38 39

5. Raising funds

	Unrestricted	Total	Total
	funds	funds	funds
	2024	2024	2023
	£000	£000	£000
Investment management fees	520	520	877

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

6. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted funds 2024 £000 Support of The Ramsbury Manor Foundation 4,884 Other Donations 278 5,162	Total 2024 £000 4,884 278 5,162	Total 2023 £000 4,007 4,281 8,288

7. Summary by activity

Support of The Ramsbury Manor Foundation Other Donations	Activities undertaken directly 2024 £000 4,686 278 4,964	Support costs 2024 £000 198 - 198	Total funds 2024 £000 4,884 278 5,162	Total funds 2023 £000 4,007 4,281 8,288

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

7. Summary by activity (continued)

Analysis of support costs

Support of The Ramsbury Manor Foundation 2024 £000 Insurance costs 14 Consultancy fees 38 Sundry expences 3 Storage costs 41 Governance costs 102 198 8. Auditors' remuneration Fees payable to the Charity's auditor for the audit of the Charity's annual accounts including irrecoverable VAT	Total funds 2024 £000 14 38 3 41 102 198 2024 £000 27	Total funds 2023 £000 15 38 2 40 135 230
		2023 £000 27

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL).

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

10. Tangible fixed assets

Cost or valuation At 6 April 2023 At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023	Freehold investment property £000 3,253
	3,253
	3,253
	3,253

Two of the historical properties were revalued by Savills as at 5 April 2019 and the Trustees are of the opinion that there has been no significant movement on these values since that date. One of the investment properties was valued by Knight Frank on 5 April 2022, and the Trustees are of the opinion that there has been no significant movement on this value since that date.

The Charity has adopted a policy of revaluation for tangible fixed assets. Had these assets been measured at historic cost, the carrying values would have been as follows:

	2024	2023
	£000	£000
Freehold property	3,104	3,104

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

11. Heritage assets

Assets recognised at cost

Carrying value at 6 April 2023 Carrying value at 5 April 2023	Works of art 2024 £000 47,000 47,000	Manor furniture, contents and garden items 2024 £000 438 438	Total 2024 £000 47,438 47,438

The heritage assets were acquired by way of legacy and the initial valuation was treated as deemed cost, as permitted by section 18.18 of the Charities SORP (FRS 102).

A review of all these assets has been undertaken to ensure that they maintain their value. It is the opinion of the Trustees that there has been no significant impairments to the value of these assets during the year.

Analysis of heritage asset transactions

Donations received Works of art Manor furniture, contents and garden items Heritage cars and boats Total additions Donations made Works of art Manor furniture, contents and garden items Heritage cars and boats Total disposals	2024 £000 - - - - - - - -	2023 £000 - - - - - - - -	2022 £000 - 438 - 438 - - - -	2021 £000 - - - - - - - -	2020 £000 121,264 37,832 6,882
					165,978
					(135,514) (37,832) (6,882)
					(180,228)

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

12. Fixed asset investments

Cost or valuation At 6 April 2023 Additions Disposals Revaluations At 5 April 2024 Impairment At 6 April 2023 At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 13. Debtors Due within one year Other debtors Prepayments and accrued income 14. Creditors: Amounts falling due within one year Accruals and deferred income	Listed investments £000 157,028 65,855 (57,552) 4,963 170,294 - - 170,294 157,028	Unlisted investments £000 4,455 - - - 4,455 2,601 2,601 1,854 1,854 2024 £000 3,437 2 3,439 2024 £000 274	Total £000 161,483 65,855 (57,552) 4,963 174,749 2,601 2,601 172,148 158,882 2023 £000 3,440 6 3,446 2023 £000 266

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

15. Financial instruments

Financial assets Financial assets measured at fair value through income and expenditure Financial assets that are debt instuments measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost	2024 £000 15,694 3,430 19,124 2024 £000 (274)	2023 £000 24,767 3,440 28,207 2023 £000 (266)

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand and unlisted fixed asset investments.

Financial assets that are debt instruments measured at amortised cost comprise debtors excluding income tax recoverable.

Financial liabilities measured at amortised cost comprise accruals.

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

16. Statement of funds

Statement of funds - current year

Designated funds Works of art and other heritage assets Capital investment fund General funds Total funds	Balance at 6 April 2023 £000 47,438 165,099 212,537 23,129 235,666	Income £000 - 4,827 4,827 52 4,879	Expenditure £000 - (520) (520) (5,162) (5,682)	Transfers in/out £000 - (3,174) (3,174) 3,174 -	Gains/ (Losses) £000 - 4,981 4,981 - 4,981	Balance at 5 April 2024 £000 47,438 171,213 218,651
						21,193
						239,844

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

16. Statement of funds (continued)

Statement of funds - prior year

Designated funds Works of art and other heritage assets Capital investment fund General funds Total funds	Balance at 1 April 2022 £000 47,438 156,532 203,970 40,622 244,592	Income £000 - 4,175 4,175 199 4,374	Expenditure £000 - (877) (877) (8,288) (9,165)	Transfers in/out £000 - 9,404 9,404 (9,404) -	Gains/ (Losses) £000 - (4,135) (4,135) - (4,135)	Balance at 5 April 2023 £000 47,438 165,099 212,537
						23,129
						235,666

All funds are unrestricted.

Designated Funds

Works of art - this fund represents heritage assets designated for loan to art galleries for public appreciation.

Capital investment fund - this fund represents assets held as an investment to produce the income to meet the trustees' liability to the Ramsbury Manor Foundation for recurrent expenditure and capital projects.

General Funds

The general funds are used to meet the direct costs and support of The Capricorn Foundation in meeting its aims and objectives.

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

17. Analysis of net assets between funds - Current year

Unrestricted designated funds 2024 Unrestricted general funds 2024 £000 £000 Tangible fixed assets - 3,253 Fixed asset investments 170,294 1,854 Heritage assets 47,438 - Current assets 919 16,360 Creditors due within one year - (274) 218,651 21,193	Total funds 2024 £000 3,253 172,148 47,438 17,279 (274) 239,844	Total funds 2023 £000 3,253 158,882 47,438 26,359 (266) 235,666

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: (Gains)/losses on investments Investment income Decrease in debtors Increase in creditors Net cash used in operating activities	2024 £000 4,054 (4,857) (4,827) 7 8 (5,615)	2023 £000 (8,905)
		4,114 (4,175) 3,707 25
		(5,234)

19. Analysis of cash and cash equivalents

Cash in bank Notice deposits Total cash and cash equivalents	2024 £000 1,840 12,000 13,840	2023 £000 12,913 10,000
		22,913

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THE CAPRICORN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

20. Analysis of changes in net debt

Cash at bank and in hand	At 6 April 2023 £000 22,913 22,913	Cash flows £000 (9,073) (9,073)	At 5 April 2024 £000 13,840 13,840

21. Related party transactions

At the year end, included in other debtors, is an amount of £Nil (2023: £158,000) due from the residuary Estate of H J Hyams in respect of which two of the trustees are Executors.

The Capricorn Foundation made cash donations of £4,686,000 (2023: £3,777,000) to The Ramsbury Manor Foundation, to fulfil its charitable objects.

During the year, fees of £20,465 (2023: £30,840) were payable to a firm of solicitors for professional and administration services, a firm for which a Trustee acts as a consultant.

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