R•gsteTh1 company number- 07418219 R¢gl8t•rnd ¢harfty Nmb¢r. 1170668 RAMSGATE (HERtrAGE REGENERATION) TRUST IA COIAPANY LIMITED BY GUARANTEE> TRUSTEES. ANNUAL REPORT ANO UNAUDITED RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 *AADRJT3K* 25109r2021 COMPANIES HOUSE RAMSGATE IHERITAGE REGENERATION) TRUST CONTENTS Legd and administrative infornati Tru$tee$' Anrnol Report Indeperjjent Exwninefs Rewt statement of activiknes Balance sheet Notes to the aCc￿J￿5 8-14 RAMSGATE IHERITAGE REGENERATION) TRUST Page 1 LEGAL AND ADMINISTRATIVE INFOIUAATION FOR THE YEAR ENDED 31 OCTOBER 2020 DIr￿t01$ ITrustees> MrAJGAvwy Mr J l A Mccarthy MrPO Spain MrMWStory Mr M R Streaffield Mrm Chapm Ms L J Farag Char (from 21.1.20 to 29.6.21) (reS￿ned 10.1.20) ChaK (frryn 29.6.21) {appKinted Z3.6.21) Company Se¢rtary Strategic Seuelaries Ltd (resigied Z3.6.21) Company number 07418219 Charfty number 1170668 Reglstervd offlrA Ramsgate Tunnds Marina Esplanade Ramsgale Kent CT118FH Independent examlner Mr S J Wren FCCA A¢countsncy Matters {Kent) Limited 31 Queen Street Ramswe Kent CT11 9DZ Banker5 Lloyds Bank Pic 7 Carter Street Uttoxeler Slaffordsfire ST14 8HD RAMSGATE (HERITAGE REGENERATION) TRUST Page 2 TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 Th8 Director5 of the c(Knpar)y (who are ITustses fty the Fwrpc6es of ¢t1￿Y wi present their annu81 port and f1w￿la1 statements ot ts t*arity for yw ended 31 October 2020 which are also prepared to meet th& rewiremwrts for a thectors. repjt and ￿oUnts for Comparies Act purposes. The finanoal stalements c¢¥n￿Y wrfh Ihe Charrfi8s Acl 2011. the c(Kftpa)￿$ Act 20LE relating to small compan¢es, and Accounting arKI ReF#yb'ThJ by Chariti"e$.' Statement of RecOmme￿Ied Pracb"ce appli¢abEe to Chariiies preparing their acLounts in accordance vAlh Ihe Financaa ReP￿ing SI￿rd awicabte in the UK aThl Re￿￿lIC (rf SrelaT¥J (FRS 102) (effeciive 1 Jarxwy 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The company was incorporated as a c?￿p￿ry fimited by guarante? M 25 Ortober 2010 and is goveme¢Y by its Memorar#Jum and Artths of ASs￿la11r￿. Thg gained Charitab￿ slatus on 9 D¢tsmbor 2016. Recrultmerrt and appolntrnent of twswdtrectorn Efforts are made ,when apwnthj Trustees. k> xhith* a Ikqanc• of skAl$ and talents to CA)ver all the key management ¥ea5 of Do¥eb¥rfTw¢ Fina￿8. T¢dwo1 Oper8ticKts . Any new direcacvsrtrustees are acaiN*ty in￿lY￿ m Ihe rxrtd of the Trus( as Bowd MeetirvJs. nonnally held monthly. we well atteTh*J to the entPNJsiasm slvy*n by ehwy¢Th. Oryanisational structu Al the start of the year. there were tr*0 part.time txty Manager5, bthe¢n t1￿ ¢overed the hours when the tunrtls was ¢)pen. ￿$F￿S•t4e for the safety of the pth, vclunteers arKI ttmnels f*ric. admis&on and supeNision ol wsit(xs. ￿ day404lay mawrtenance. In Seplember a third t)Lrty Manager was apwnted lon a fixed tem basis) to enai* of the (ther (kty M￿gerS to spend more time ¢Jeveloping plans for the lulure of bjnnels. The three Managers wcik tcgether as a nonthierarchical team. A part￿me cl8aner is also emF4oJed. superviwj by the Duty Managers. All other 8cti¥itie$. rK4utang gu(1es for bjnnel tr￿[s. CWTied (Mrt by an unpaid ba51$. A steering grwp. induthng rewesentati%* ￿lUrteerS. is dire(*ed by t￿ Managws. aryj makes detailed short-term pLgns for tur￿81$ develcynenls e*nts Duty Managers can refer dweclty to Trustees for guidance SUFWt v•twe tt¥$ is ￿0$sary. Thoy have written job des¢xptions ￿￿ring the maw) respmsibilities. The key management FYrsorrnl of ts (tsity are Ihe Tntstoos, are wyatd. arn1 the three part. time CW Managers, Y4h) we &*ried. Risk management Compliance wilh all heath aThJ safety safegu¥rfirKJ reguW#yts arm1 recommendalKins is paramount to the Trust. An re¥￿ is ￿tstaken yew by a specialist profess•)nal. E$¢8pe prO￿lre$ Firnt AK1 trai￿ we rW•ty. We also fA¥e a Defi￿lI18t￿ available. Responsibility for Ihe s8fdy of everyone in the lunrnls. inctsyJ￿ ￿￿tOrs. is rewnisgj by all Trustees. Duty Managers. and ¥d(mteer wides. Before eath tow. a Clear explanation 1$ aNvays given to the visitors. and no-one is allowed past the first part of th8 *e ￿￿Ortan raihvay tumel without hard hats and torches. Checks are also m* by the guM1es beftvB setlirvJ off ￿ twrs ttot au pus(￿. pBrtthl8dy Y￿ng per$C￿8, tre •Je(￿dY dressed aTrJ are we¥irKJ suilable ffM)twwfor the une￿n surfaces. RAMSGATE (HERITAGE REGENERATION) TRUST Page 3 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 Radios b￿aUp torches we raried ty al guMJ8s. The thsical integrity ot Ihe is t*w*ed daty by tw Managers. *KI *so by an annual inspedion by professional tunneuing W￿￿￿erS. OBJECTIVES AND ACTMTIES Alms and objectlves To advance the t￿ltage crf the wblic by the conseN*N)n and regerwakn for the bwofit of the people of Ramsgate and the naIlL￿ at kqrge (A land ￿ L¥Jilding5 ￿ R￿Sgate ol historical ￿ltural or architectural interesl by developxThJ ts same, erther on its or in CO￿￿Cl￿ with others, as community assels and engjwry comm￿ty ertwpise. Actlvltles and Publk Bene The Trust t5 set up for Ihe control of prryects Consi￿ to be of to tho tMI of Ramsgats. The only project that is currenly ma￿ged by the Trust is Ramsgate TLmels, whith has rKoved very successful, and is sdf.fvrK*ng The Trust is Open to olher verrtur95 Ihat rneet this uiteria ( sut4.ect to 9Jffi(xent fLmding and Pers￿￿1 to im*m¢nt I but $0 lar no vAt4e ha￿ idgntifiad. Achlevements and performan¢e Like so much else. R8msgate TUr￿￿S have been severefy affetted by the Cowd-19 pandemic. During the lockd(hvn period of 104 days, from 21 March 203) to 2 July inchtsNe, Ihe Tunnels had lo be closed to all ￿51t¢￿, $iaff and volunteers (apart Irom essertsl saf*y checks). so all the Trusys income ceased ent￿ly. 11 wa$ possible for Duty IAanagers to do a fjmited amount of w(Kk from horne (mainly planning and volunteer weware). but for the resl of th8 time they conb'nued to b6 employed. but were pul on the goVemMent-ree￿nrn&nded furt(￿h sch&))e. A kgrge prO[Mxb(￿ of their salaiies was pwd8d from govemment funding txrt the Trust clK)se to SLypkniwrt trM$ fr(xn (xff reserves. so that they received th￿r full nO￿nal salarbes. Much additional effort and expenditure was requred lo make the Tunnels'C(>vi&se¢wre". and lo adapt the tours accordinyy. The res￿1 was a INghty succe55fv1 summer season. with most tows fully b￿ked throughoLrt. The planned Ovwnw Ey¥eri&Kes ¢￿Id not wr￿eed at all ofth8 pandem¢c, txA the preparatiorts already male will make th8se possible thknen restrictK>ns are fuly Irfted. In a furlher •J¥a￿. TurK* are Op￿ fLY tows se¥en days pw week. FINANCIAL REVIEW In sprte of the thallenges referred to Ihg T￿￿te8S are sthsf*d with the cfftnt trading position. and the IiquKlity. stability. awj IWKI of anr￿￿lS￿FAus lik*when reslrictK￿s eTrJ. Al the end of llis peri(Ml there were no Restrictsd Furvjs heks. but the Trustees have cxeated three Designated Funds. FLther deta￿5 of Itw fvn(ts wj be r￿e 11 to the accounts. RAMSGATE (HERITAGE REGENERATION) TRUST Page 4 TRUSTEEV ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 RESERVES POUCY AND GOING CONCERN It is f< that the tunnels can corthue as a g(Mng concem and soyvw thls are adeq￿e despilg Ihg challenges of CovTd.19. Control$ are exercised at Y￿lOuS kvels to a)swe that strict fnanual pNdenee $ applied. In aC￿rdance wth the Iw. from Arrfil 2019 rwrt sh￿Id been payaile to Tharet ￿'strICt Counal rf demanded. At the time of wTiliiYJ th's reF(rt Tr) dem￿ has tjeen m*Je. bul an amount has been ac¢Ned for the Awil 2019 ￿ O¢toLw 2020. PLANS FOR THE FUTURE Negoliatim have started wrth Thanet Th"slrict Councit for a rThi lease. probabty of 20 yw duration. The extra Duty Manager referred to ab)v& has made il p05sibkn to Start ptsnning for a major project to build new faolity in the T￿ne1$ to imFxthe offenw lo the pubk. and contrtrjution lo th8 local community aThJ ecorv)my. It is anlici)alwJ that this proiera *ill rewire major external lunth"ng- which we are qufte corrfKlenl of obtamry- and woceed if s￿h funding is thtained. Siw on behaifof tr* Board of Directors by: M Story. Cirectc 1£ £eP It)21 INDEPENDENT EXAMINERS REPORT TO ThE TRUSTEES OF Page 5 RAMSGATE (HERITAGE REGENERATK)N) TRUST I report to the tharity trustees on my e￿Inats￿ of the acccKBts d the r3ynpaw for the year ended 31 October 2020 whth are set out ￿ pages 6 to 14. Responslbllltles and basls of report As the chantys trustees of Ihe Company (and also its threctors for tho purposes of compary lawl you are responsible for the preparation of Ihe ac￿Unts in ac£ord￿ wth Ihe requirements of the Companies A¢* 21Xb flhe 2￿6 Acf). Having sattsf*d mysew Ihai the acccKrts of the Cunptrry are nol rewyed to be audited under Part 16 of the 20CE Act and are digI￿e fty indepeTvJent e￿inatiOn, I rgF*Ni in respect of my oxamiftats.on of your charitys ar￿￿tS as earried tsji under sec11c￿ 145 of Ihe charib.es Act 2011 Dhe 2011 Act'}. In carrying out my examinatton I r￿e lo1￿1￿d Ihe ￿'r￿￿Orts given by the Charity Commission und•r sec11￿ 145(5) {b) of th8 2011 A Independent examln*s •tatem I confimi that l am qualfied lo undertake th8 eX￿Inali(￿ b￿501 am a rneml)er of the Asso¢iattti of Chartered Certified A¢couniants. which is 0￿ Cllhe listed I have COM￿et80 my eXwn¥￿tIon. I confinn that rK) mater5 hm to my attention in ¢onne¢tion wth the examination givvYJ me catse to tdie%e: acco￿ling records were not kept in respect of th8 CrynP￿y as reqLY¢d by so¢liM 3e6 of tho 2CTh ACL or the xcounts do not compty with the acwrtrKJ reffjrrirements of secti(M 386 of thè 20C6 Act other than any re(yirements that Ihe acoJLwts give a'l￿ fair whth is not a the a¢xounts have r￿1 been wep*ed in ar£￿d￿ wth ts met1K￿$ an¢J pri￿lpleS of the Statement ol RecommeThJed PraclKe for acco￿li1g ￿ repth'ThJ by charities apphcable lo charities th￿r in with the Fmnoal Reports"rKJ Standard applicatle in the UK arMI Ihe RewlAic of IrelwKI (FRS 1￿2). I have no concerns and have come ￿)$5 no other mallef5 in with the examination to which attfjnti￿ shc￿￿ bo dr¥*m Ilys rorlyt in to ￿8t￿O a prow understanth.ng of the aCC￿jnts to be reached. S J Wren FCCA AC￿￿nIancY Matter51Kent) Llmlted Chartered Certlfied Accountants 31 Qu¢¢n Kent CT119DZ Dale. LilIlLI RAPISGATE (HERITAGE REGENERATION) TRUST Page 6 STATEMENT OF FINANCIAL ACTlVtflES (IncoTporatlng an Income and Expendrlure Account FOR THE YEAR ENDED 31 OCTOBER 2020 Total funds 2020 Totsl funds 2019 nds funds INCOME Income from tharilable xti¥ibes Grants and donations Income from olher tradry a¢tiwtses Investment income- interest recwdbl8 7T.369 18.580 128,W7 18. 2.412 24 TOTAL INCOME 95.979 95,979 131,343 EXPENDITURE Costs of raisir*J funds Expendrture on cthritth acli¥iti"es 8.740 100.328 8.740 100.328 9.944 85,159 TOTAL EXPENDITURE 109.C68 109.L 95,103 NET INCOUEI{EXPENDITURE) (13.(B91 (13.089} 36,240 Tr￿$1￿$ bètween fiJr#Js 11 NET MOVEMENT IN FUNDS (13.(89} 113.0891 36.240 Bala￿ as at 1 No¥thnb¥2019 130.741 130.741 94,501 BALANCE AT 31 OCTOBER 2020 117.652 117.652 130.741 IIAMSGATE (HERITAGE REGENERATION) TRUST Page 7 8ALANCE SHEET AS AT 31 OCTOBER 2020 Not¢$ 2020 2019 FIXED ASSETS Tan￿ble assets 35.210 CURRENT ASSETS Stock Debtors Cash al bardt arKI in hwd 2.976 2.824 6.143 95.746 110.078 CURRENT UABILITIES Crediiors: amounts fallry due within { 13. 14.54 81,786 95,$31 NET ASSETS 10 117.652 130.741 ReF￿nted by: FUNDS OF THE CHARITY R8strid¢d lunds Unrestrlcted funds: DeSigr￿ed fund$ General funds 11 11 75, 41.786 75.210 55,531 TOTAL CHARITY FUNDS 117.652 130.741 For the financAa ye¥ er￿d 31 Octot*r 2020 Ihe compwry was entilled to exernpti￿ frrffi aKlit under $.477 Companies Act arKI no membws have doFQg'ted a rth)tre ￿•jer s.476 requinrKJ an audrt. The (threctors a￿Kn￿￿tIe0)e thw'r reSp(￿s1b￿rt￿ for ensurirvj Ihat th& keeps accoLnting records which comth wilh S.￿ of Ih8 Acl for prepariThJ accowts gr¥* a true and fair ¥¢éw of the stale of affairs of the company as at ts end rf the fw)anc?al ￿ w#J ot its wofil or loss for the financial ye¥ in aeeordance with Ihe requirements of secticns 394 295 aThJ t*Jhth otheThvi5e comply with the requirements of the Companies Acl 21Th relati￿ to acc(uts. so f￿8$ appl'¢atlo to lh• Company. The financial Statements have been prg)ared Tri a(￿rd￿ with the specral FKOWSK)ns of part 15 of the Companies Arl 20[￿ to small companies .. Theso ￿Unts were apwoved aTrJ sign&a ts IS￿ by trustees on Story- Direc Span- Director Company Regl*rallon Number- 07418219 RAMSGATE IHERITAGE REGENERATION) TRUST Page 8 NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 OCT08ER 2020 1 ACCOUNTING POUCIES The financial staiemwtt$ have wepared in a(xordm wilh AccountirrfJ and R8porting by Charities: Statement of Recommer¥Jed Praclice ap[￿ca￿e to ch￿tieS wepwing Iheir acmrts in accord￿ with the Finanoal Repcxting St￿d￿d apF4Kable in the UK ￿ the Republic ol IreL￿d (FRS 1021 leffeclive 1 January 20191- Icharib'es SORP IFRS 102)). the FinncA81 RerMxtYig StaTraard aWKable in the UK and Republic of Ireland IFRS 102} ￿ the Companies Acl 2CTh. Ramsgale {Heritage Regernr*ton) Trust meets the deffiniti￿ of a benefft enlity under FRS 102. Assets and liabilities are inib.ally recognised at llstorical cost or trartsaclion value unless olherwise staled in the relevanl acti)￿ting pdicy note. The prirrAp81 acuKrthg policaes ath)pted ￿ as folryws: a) Preparatlon of the accounts on a goA)g Co￿effl basls There are no material wKertairties aboul the Charl￿S aNty to cthirth to operate for the period of b) Income All income is induded in the sL1tem￿l of finarK?al adi¥ities when the eh•ity is entitled to the income and the amount can be wantified wlh reasonabte and its receipt is wobable. ExFlorw tthelfee$ and the sale thy goots ser4ices we accounted for M a receiv8ble basis. Vohjrrtwy irKome by way of wants t￿)n￿lon$ is inckxl8d in the statemeni of firk?￿al a¢tiiities when receirdl)t¢. c) Expendlture All ex￿r￿re is acccrfxrtgj for I￿ bass aThJ 8xdud8s VAT where applutAe. As from 1 May 2020 tho tharity was unable to redaTh ￿ of its inwt lax as fri¥n this date the Explorer Tid(els have been tr&qted as exempt from VAT under ts Cthral exomption. and therefore the irrecoverable amount is shown separaldy in the SOFA. blffiere eyper¥Siure rd*e to m(Ye Ihan fvnctional cost Category they ha%* been estimate oftine spert Resow¢e$ e>¥thNYed we shcAvn as.. Charitable eX￿￿Trure . cunprises tfthe c(￿ts irtwred by ￿ (tsity in thè delivery of rts acti¥iknes and seNices for f)enefKaaries. It I￿ude5 both thoso costs that ￿ te ak¥&qted directty lo such aclivili8s and th¢)se costs rf an in(*rect rAtwe ne(*SS￿ io suptKXt them. induthng govemance osts Iwsts associated meeting the 0)nstI￿ and slalulory requirements ofthe charity and in¢ludes the Indep&Th￿ Exanirn5 feel. d) Tangibl¢ fixed assets Tangible fixed assets costs.￿j more than £2￿) are st*ed at cosl less d¢preuatw)n. Depreoation is provided at rates ￿lCulated to WTile off Ihe cost less esiinated regdu81 value of each asset over ils expected usefvl lrfe as foll￿¥5 . Leaseh)Id imwovemerts EquikNnent 33% straght Ir 20% strai￿1 knr RAMSGATE IHERITAGE REGENERATION) TRUST Page 9 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 OCTOBER 2020 1 ACCOUNTING POUCIES (cortdl el Fund accounllng are avai1&4e as ger*ral fwKI$. D￿gnat￿j ftmts are ￿VeStricted fuvJ5 eaThnarked by ts tn&ees for a wts'oJl¥ puw. Restricted furKls are to be for speofi¢ as18id dc*n by ts (kjnor. Expenditure whith moets tti$ caiten"a is tharged to the fiMKI. fj Penslons The ch*ty opwates a defined contribution pens*￿ sCI￿ne. C(MtrAxth"ons payab￿ are th￿ed as an eypenses n Ihe statement of ffiancial adibibe5. g) Operaling leases Rentals PaYa￿e under opwarwtg1&*8s ¥e • to lh& statemerrt ￿fin￿cial axivtbes on a straight line basis over the of the the. h) SlwKIcantJudgeme￿ Other than the deprerAabon pjlicies. arKI the of rnnt its urnjer pmperty lease, no signfficantjudgements Iwe W to be made by Ihe Truslees in weparirrfj these financial slatements. 2 CHARITABLE ACTMTIES 2020 Total fvnds 2019 Total funds nds Explorer tickets {incE. Gfft Aid) Sale of books scMJveTrrs 70.841 70.841 6,528 119.324 9,$83 128,907 3 GRANTS AND DONATIONS 2020 Total funds 2019 Total funds funds funds CJRS Grants Small Business Granl FurKI Dmabons 8.530 10.0 io.cD) 18. 18.580 RAMSGATE (HERITAGE REGENERATION) TRUST Page 10 NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 OCTOBER 2020 4 TOTAL EXPENDITURE 2020 Tolll funds 2019 Total funds funds funds Costs of rasir#J fvnds '. Adverligng aThJ promolion Event costs 5,330 3,410 8.740 5.597 4.347 3.410 8.740 Costs directly alkJS4t￿ to activitres Purchases for resale (adjusted for stoc*) Displays Wages aTrJ salwies Slaff arvj vcdunteer exponses Rent Rates wvj water Light and tEal Repars and mair*enwKe Heatth arKI safety Insuf8[￿e Depreciation and amortisatron Lo$$ on disposal of fixed assets 3.184 3.184 4.165 42. 42,865 3,988 4.000 47 3.740 9.023 2,197 2,256 1S.S18 30.700 47 3.740 9.023 2.197 2.2 15.518 512 8.385 1.199 14.447 Supwt ￿$ts Telephone Other office costs Sundries Bank charges and uedit ¢ard thar Legal and professional lees Bookeeping Irr¢￿verable VAT 1.￿24 1.024 739 738 3,343 516 5,030 $94 3.412 2.126 2.126 GOVWna￿ ¢o$ts Compan￿$ House fee Independent Examinerfs fee 13 770 85.159 11X).328 100.328 1(8.(E8 109. 95,103 Of ts total exp8n¢hJre ¥12019 of ￿.103 £95.103 was urnestrhxed aThJ £Nd was reslncted. 6 NET INCOME 2020 2019 This is stated after charging: Depreciation and amortisation Loss on disposal of ffixed asset 15.518 14.447 770 RAMSGATE (HE14rrAGE REGENERATION) TRUST Page 11 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 20x1 6 INFORMATION REGARDING EMPLOYEES 2020 2019 Wage$ and salaries Swal security costs Employer pension corthitiutior Ern￿oy￿ent Mk)wan 41,708 29.917 1.752 1.157 1,752 42.865 30.7 The average morthly heatt courrt Was 3 slaff {2019. 2 si*T). Th8 average number of emplojws based ￿ ful time ¥*lysed ty VAS. 2020 Number 2019 Number Adyice and infomiat¢on Managtynent a(hninisiraiic No employee had emOlun￿ts in exLYSS of £60.CXX) (2019- KII). No trustees received rem￿￿etiOn or were reimLKwsed ey41gnses frryn 117.652 Designated funds Fixed assets furnl The Trustees have txeated a deS￿nated fixed asset fund repyesents ts nel bcok valuè of c*taritys assets at the balance shegt date. This was consideFed y4vo￿te as these fu￿5 can not be easily convertible into liqiAd assets. Tunnets Impmvements Fu￿$ been set asmle as Ihere we plans to deveknp fwther features to enhance the visitor experier￿ and this will ffivolve ervJagr¥J external aJ¥iws arKJ of extra audthisual equipment ReSe9￿h The Trusle95 have set aSKle as 11 is lo de4pky a wogramme of r8se¥th to un¢over. promote and wilictse the Town's tistffji. Cwr* wryk r& undert*en to dw)tise the archival collection of Ihe CwKil. MOVEMENT IN FUNDS- PREVIOUS YEAR As at Incomlng Outgoing Trnn•f•r8 1112018 rnwirces ￿sOU￿e& Asat 3110 2019 Restricted funds Totd restiided fiJrNts Fixed assets fund Tur¥)els ImprON￿erts Research 35.210 25.(￿0 15.wo 35210 25.000 15.000 Tota d￿gnated furKIs 75,210 75.210 Unre$trLted 9￿￿al fix 94.501 95,103 5,210 94.S)1 131,343 (95.103> 130,741 RAMSGATE (HERITAGE REGENERATION) TRUST Page 14 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 11 MOVEMENT IN FUNDS. PREVIOUS YEAR- Confd Designated fvnds FtieLI assets furAI The Trustes have ueated a designated fixed asset fL￿d wlmch reKYesents the net bcK4( value of th8 charity's assets at the balance sheet date. Ths was considered apwopriate a5 these funds can Tr)t te easily Convert￿18 into tiqLAd assets. Tunnels Impm¥ements Funds have been sel aside as Ihere are Flans to de¥ekw fwther fealures to enhaKe Ihe wsitc •xperi¢rte arKI wdl Hi¥d¥e ￿lThJ exiemal a(kn"sers wchase of extra •JJi0lv￿Ual equipment. The Twstees have set aside fijnds as It rAaTmJ to develop a prowamme of rosearth lo un￿Ver, promote and publicise the Tc*n's fM"skny. Cwrenty wtrk is be*vJ (Th1erta(en to thgbse the archival ction of the Town ￿ncIl. 12 FINANCIAL COMMITMENTS At 31 October 2020 the tharity fthKe mirnTr￿1 lease pa￿￿ts lestinated) und8r nOn￿ncelIable operating leases as fdhms: 2020 2019 thin one year within to five years s,000 17.5C 12.500 The18n¢J comprisiThJ Ramsgate Turnels has been leased for a pww)d of 10 year5 as kn April 2014. In the first S pars thè rent is a pepperccffn rent Tt* ann1￿ thJ8 in exh of the r*xt 5 years will be calujlaled as the Iwherof £3.(K￿ (rf 13 MEMBERS UABILITY Th$ ￿MpanY ts a c4*npa)y limited ty gurntee. The members. liabAty i8 &miied to £1 e**. 14 CORPORAnoN TAXATION Th8 tharity 1$ exempl from tax ￿ n￿orne aKI goin$ falry *ithin Secti￿ 505 of Ihe Taxes Act 1988 or Secti￿ 252 of the Taxat￿ crf Chargeable G•"ns Acl 1W2 trj the extent that these are appl￿d to ils charitatde (*y'ects. 15 RELATED PARTY TRANSACTIONS The charily holds 1(Xl ordirwi Sha￿ (1CKPkn of ttle b)tal sh¥es) in R• Tunnels Lwnited, a r trading cc*npany.