Registered company number - 07418219 Registered charity number - 1170668
RAMSGATE (HERITAGE REGENERATION) TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
RAMSGATE (HERITAGE REGENERATION) TRUST
CONTENTS
| Pages | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' Annual Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8 - 14 |
RAMSGATE (HERITAGE REGENERATION) TRUST
Page 1
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 OCTOBER 2021
Directors (Trustees) Mr P O Spain Mr M W Story Chair (from 29.6.21) Mr M R Streatfield Mr M Chapman Ms L J Farag (appointed 23.6.21) Mr C E Aris (appointed 18.1.22) Mr A J G Avery (resigned 4.10.21) Company Secretary Strategic Secretaries Ltd (resigned 23.6.21) Company number 07418219 Charity number 1170668 Registered office Ramsgate Tunnels Marina Esplanade Ramsgate Kent CT11 8FH
Independent examiner
Mr S J Wren FCCA Accountancy Matters (Kent) Limited 31 Queen Street Ramsgate Kent CT11 9DZ
Bankers
Lloyds Bank Plc 7 Carter Street Uttoxeter Staffordshire ST14 8HD
RAMSGATE (HERITAGE REGENERATION) TRUST
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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021
The Directors of the company (who are trustees for the purposes of charity law) present their annual report and financial statements of the charity for the year ended 31 October 2021 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006 relating to small companies, and 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The company was incorporated as a company limited by guarantee on 25 October 2010 and is governed by its Memorandum and Articles of Association. The company gained charitable status on 9 December 2016.
Recruitment and appointment of trustee/directors
Efforts are made ,when appointing new Trustees, to achieve a balance of skills and talents to cover all the key management areas of Development, Finance, Technical and Operations .
Any new directors/trustees are actively involved in the control of the Trust, as Board Meetings, normally held monthly, are well attended due to the enthusiasm shown by everyone.
Organisational structure
At the start of the year, there were three part-time Duty Managers, who between them covered the hours when the tunnels were open, responsible for the safety of the public, volunteers and tunnels fabric, admission and supervision of visitors, and day-to-day maintenance, while also doing some work planning for future development of the tunnels project. A part-time cleaner is also employed, supervised by the Managers.
During the year under review, it was decided to create a new full-time post of General Manager to have overall responsibility for the Tunnels project, and two part-time posts, whose holders each report to the General Manager. These posts were filled, as far as possible, by existing staff. The General Manager took up the position on 1st October 2021, and the new structure is working well.
All other activities, including guides for tunnel tours, are carried out by volunteers on an unpaid basis.
A steering group, including representative volunteers, is directed by Duty Managers, and makes detailed short-term plans for tunnels developments and events.
All three Managers can refer directly to Trustees for guidance and support where this is necessary. They have written job descriptions covering the main responsibilities.
The key management personnel of the charity are the Trustees, who are unpaid, the General Manager, who is a salaried full-time employee, and the two other Managers, who are salaried part-time employees.
Risk management
Compliance with all health and safety and safeguarding regulations and recommendations is paramount to the Trust. An independent review is undertaken each year by a specialist professional.
Escape procedures and First Aid training are updated regularly. We also have a Defibrillator available.
Responsibility for the safety of everyone in the tunnels, including visitors, is recognised by all Trustees, Duty Managers, and volunteer guides. Before each tour, a clear explanation is always given to the visitors, and no-one is allowed past the first part of the large Victorian railway tunnel without hard hats and torches.
RAMSGATE (HERITAGE REGENERATION) TRUST
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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021
Checks are also made by the guides before setting off on tours that all persons, particularly young persons, are adequately dressed and are wearing suitable footwear for the uneven surfaces.
Radios and back-up torches are carried by all guides.
The physical integrity of the tunnels is checked daily by Duty Managers, and also by an annual inspection by professional tunnelling engineers.
OBJECTIVES AND ACTIVITIES
Aims and objectives
To advance the heritage of the public by the conservation and regeneration for the benefit of the people of Ramsgate and the nation at large of any land and buildings in Ramsgate of historical cultural or architectural interest by developing the same, either on its own or in conjunction with others, as community assets and encouraging community enterprise.
Activities and Public Benefit
The Trust is set up for the control of projects considered to be of benefit to the town of Ramsgate. The only project that is currently managed by the Trust is Ramsgate Tunnels, which has proved very successful, and is self-funding.
The Trust is open to any other ventures that meet its criteria (subject to sufficient funding and personnel to implement), but up to now no other viable projects have been identified.
Achievements and performance
As in the previous year, Ramsgate Tunnels have been severely affected by the Covid-19 pandemic. During the lockdown period of 165 days, from 5th November 2020 to 18th April 2021 inclusive, the Tunnels had to be closed to all visitors, staff and volunteers (apart from essential safety checks), so the Trust’s income ceased entirely
It was possible for some Managers to do some work from home (mainly planning and volunteer welfare), but for the rest of the lockdown period they continued to be employed, but had no work to do. Part of their salaries was provided from government funding, but the Trust chose to supplement this from our reserves, so that they received their full normal salaries.
The Tunnels were already “Covid-secure”, from work done in 2020, and adapted tours were put in place when lockdown ended. The result was a successful summer season, with most tours fully booked throughout.
The planned Overnight Experiences had to be further deferred because of the pandemic, but at the time of writing this report, they have already started operating (in February 2022) .
FINANCIAL REVIEW
In spite of the challenges referred to above, the Trustees are satisfied with the current trading position, and the liquidity, stability, and the level of annual surplus.
At the end of this period there were no Restricted Funds held, but there are three Designated Funds. Further details of these funds can be found in note 11 to the accounts.
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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021
RESERVES POLICY AND GOING CONCERN
It is felt that the tunnels can continue as a going concern and solvency levels are adequate despite the challenges of Covid-19. Controls are exercised at various levels to ensure that strict financial prudence is applied.
In accordance with the lease, from April 2019 rent should have been payable to Thanet District Council if demanded. At the time of writing this report, no demand has been made, but an amount has been accrued for the period April 2019 to October 2021.
PLANS FOR THE FUTURE
Negotiations with Thanet District Council for a new lease (probably of 20 year duration) are continuing. Planning has begun for a major project to build a new facility in the Tunnels to significantly improve our offering to the public, and our contribution to the local community and economy. It is anticipated that this project will require major external funding – which we are quite confident of obtaining – and will only proceed if such funding is obtained. However, seeking this funding will not be possible until the new lease is in place.
Signed on behalf of the Board of Directors by :
M Story - Director
Date : 11 June 2022
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF
Page 5
RAMSGATE (HERITAGE REGENERATION) TRUST
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 October 2021 which are set out on pages 6 to 14.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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1 accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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2 the accounts do not accord with those records; or
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3 the accounts do not comply with the accounting requirements of section 386 of the 2006 Act other than any requirements that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
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4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S J Wren FCCA Accountancy Matters (Kent) Limited Chartered Certified Accountants 31 Queen Street Ramsgate Kent CT11 9DZ
Date : 13 June 2022
RAMSGATE (HERITAGE REGENERATION) TRUST
Page 6
STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 OCTOBER 2021
| Notes Unrestricted Restricted funds funds £ £ INCOME Income from charitable activities 2 123,676 - Grants and donations 3 32,737 - Income from trading activities - Cafe 17,321 - Investment income - interest receivable 6 - VAT refund 16 31,489 TOTAL INCOME 205,229 - EXPENDITURE Costs of raising funds 4 10,504 - Expenditure on charitable activities 4 157,268 - TOTAL EXPENDITURE 167,772 - NET INCOME/(EXPENDITURE) 37,457 - Transfers between funds 11 - - NET MOVEMENT IN FUNDS 37,457 - Balance as at 1 November 2020 117,652 - BALANCE AT 31 OCTOBER 2021 155,109 - |
Total Total funds funds 2021 2020 £ £ 123,676 77,369 32,737 18,580 17,321 - 6 30 31,489 - 205,229 95,979 10,504 8,740 157,268 100,328 167,772 109,068 37,457 (13,089) - - 37,457 (13,089) 117,652 130,741 155,109 117,652 |
|---|---|
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BALANCE SHEET AS AT 31 OCTOBER 2021
| Notes FIXED ASSETS Tangible assets 7 CURRENT ASSETS Stock Debtors 8 Cash at bank and in hand CURRENT LIABILITIES Creditors: amounts falling due within one year 9 NET ASSETS 10 Represented by: FUNDS OF THE CHARITY Restricted funds 11 Unrestricted funds : Designated funds 11 General funds 11 TOTAL CHARITY FUNDS |
5,455 3,147 136,267 144,869 (24,920) |
2021 £ 35,160 3,608 6,143 85,995 95,746 (13,960) 119,949 155,109 - 75,160 79,949 155,109 |
2020 £ 35,866 81,786 |
|---|---|---|---|
| 117,652 | |||
| - 75,866 41,786 |
|||
| 117,652 |
For the financial year ended 31 October 2021 the company was entitled to exemption from audit under s.477 Companies Act 2006 and no members have deposited a notice under s.476 requiring an audit.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with s.386 of the Act for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 295 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies ..
These accounts were approved and signed for issue by the trustees on 11 June 2022.
M Story - Director P O Spain - Director
Company Registration Number - 07418219
RAMSGATE (HERITAGE REGENERATION) TRUST
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
1 ACCOUNTING POLICIES
The financial statements have been prepared in accordance with 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 the Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Ramsgate (Heritage Regeneration) 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 note.
The principal accounting policies adopted are as follows:
a) Preparation of the accounts on a going concern basis
There are no material uncertainties about the Charity's ability to continue to operate for the period of 12 months from the date these accounts were approved.
b) Income
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy and its receipt is probable.
The following specific policies are adopted and applied to particular categories of income :
Explorer ticket fees and the sale of goods and services are accounted for on a receivable basis.
Voluntary income by way of grants and donations is included in the statement of financial activities when receivable.
c) Expenditure
All expenditure is accounted for on an accruals basis and excludes VAT where applicable. As from 1 May 2020 the charity was unable to reclaim all of its input tax as from this date the Tunnels Admission Fees have been treated as exempt from VAT under the Cultural exemption, and therefore the irrecoverable amount is shown separately in the SOFA. Where expenditure relate to more than one functional cost category they have been split on an estimate of time spent. Resources expended are shown as :
Charitable expenditure - comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes both those costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, including governance costs (costs associated with meeting the constitutional and statutory requirements of the charity and includes the Independent Examiners fee).
d) Tangible fixed assets
Tangible fixed assets costing more than £250 are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows :
Leasehold improvements Over the lease term Equipment 33% straight line Fixtures and fittings 20% straight line
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
1 ACCOUNTING POLICIES (contd)
e) Fund accounting
Unrestricted funds are donations and other income receivable without further specified purpose and are available as general funds.
Designated funds are unrestricted funds earmarked by the trustees for a particular purpose.
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criteria is charged to the fund.
f) Pensions
The charity operates a defined contribution pension scheme. Contributions payable are charged as an expenses in the statement of financial activities.
g) Operating leases
Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.
h) Significant judgements and estimates
Other than the depreciation policies, and the amount of rent due under the property lease, no significant judgements have had to be made by the Trustees in preparing these financial statements.
2 CHARITABLE ACTIVITIES
| Unrestricted funds £ Admission fees (incl. Gift Aid) 112,074 Sale of books and souvenirs 11,602 123,676 ANTS AND DONATIONS Unrestricted funds £ Coronavirus Job Retention Scheme grants 13,657 Thanet District Council grants 19,051 Donations 29 32,737 |
Restricted funds £ - - - Restricted funds £ - - - - |
2021 Total funds £ 112,074 11,602 123,676 2021 Total funds £ 13,657 19,051 29 32,737 |
2020 Total funds £ 70,841 6,528 |
|---|---|---|---|
| 77,369 | |||
| 2020 Total funds £ 8,530 10,000 50 |
|||
| 18,580 |
3 GRANTS AND DONATIONS
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
4 TOTAL EXPENDITURE
| Unrestricted funds £ Costs of raising funds : Advertising and promotion 2,553 Event costs 635 Café purchases (adjusted for stock) 7,316 10,504 Costs directly allocated to activities Purchases for resale (adjusted for stock) 4,291 Displays 6,215 Archiving 5 Wages and salaries 66,079 Staff and volunteer expenses 3,817 Rent 6,000 Rates and water 95 Light and heat 3,586 Repairs and maintenance 15,967 Cleaning and waste 884 Health and safety 830 Insurance 2,308 Depreciation and amortisation 14,300 Loss on disposal of fixed assets 668 Support costs Telephone 712 Other office costs 1,741 Sundries 920 Bank charges and credit card charges 4,151 Legal and professional fees 6,398 Bookkeeping 4,340 Café overheads 3,404 Depreciation of Café equipment 3,392 Irrecoverable VAT 6,322 Governance costs Companies House fee 13 Independent Examiner's fee 830 157,268 167,772 |
Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - |
2021 2020 Total Total funds funds £ £ 2,553 5,330 635 3,410 7,316 - 10,504 8,740 4,291 3,184 6,215 800 5 - 66,079 42,865 3,817 3,988 6,000 4,000 95 47 3,586 3,740 15,967 7,607 884 1,416 830 2,197 2,308 2,256 14,300 15,518 668 - 712 1,024 1,741 739 920 738 4,151 3,343 6,398 605 4,340 3,345 3,404 - 3,392 - 6,322 2,126 13 - 830 790 157,268 100,328 167,772 109,068 |
|---|---|---|
Of the total expenditure in 2020 of £109,068, £109,068 was unrestricted and £Nil was restricted.
| 5 | NET INCOME | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| This is stated after charging: | |||
| Depreciation and amortisation | 17,692 | 15,518 | |
| Loss on disposal of fixed asset | 668 | - | |
| Independent Examiner's remuneration : | |||
| Independent Examination | 830 | 790 | |
| Tax assistance | 425 | - | |
| Subsidiary accounts | 100 | - |
RAMSGATE (HERITAGE REGENERATION) TRUST
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
| 6 INFORMATION REGARDING EMPLOYEES Wages and salaries Social security costs Employer pension contributions Employment Allowance |
2021 2020 £ £ 64,312 41,708 4,406 2,946 1,767 1,157 (4,406) (2,946) 66,079 42,865 |
|---|---|
The average monthly head count was 4 staff (2020 - 3 staff).
The average number of employees based on full time equivalents analysed by function was:
| Advice and information Management and administration |
2021 2020 Number Number 3 2 - - 3 2 |
|---|---|
No employee had emoluments in excess of £60,000 (2020 - Nil).
No trustees received remuneration or were reimbursed expenses from the charity during the year (2020 - Nil).
The total employee benefits (including employers national insurance) of the key management personnel of the charity were £60,645 (2020 - £40,391)
| 7 FIXED ASSETS Leasehold improvements £ Cost As at 1 November 2020 124,921 Additions - Disposals (1,462) As at 31 October 2021 123,459 Depreciation As at 1 November 2020 96,651 Disposals (794) Charge for the year 7,398 As at 31 October 2021 103,255 Net book value As at 31 October 2021 20,204 As at 31 October 2020 28,270 |
Fixtures & Fittings £ £ 24,978 13,183 17,654 - (3,031) (355) 39,601 12,828 20,877 9,688 (3,031) (355) 8,858 1,436 26,704 10,769 12,897 2,059 4,101 3,495 Equipment |
Total £ 163,082 17,654 (4,848) |
|---|---|---|
| 175,888 | ||
| 127,216 (4,180) 17,692 |
||
| 140,728 | ||
| 35,160 | ||
| 35,866 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
| 8 DEBTORS Trade debtors Other debtors Prepayments 9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors Accruals 10 ANALYSIS OF NET ASSETS BETWEEN FUND General Designated funds funds £ £ Tangible fixed assets - 35,160 Current assets 104,869 40,000 Current liabilities (24,920) - Net assets as at 31 October 2021 79,949 75,160 ANALYSIS OF NET ASSETS BETWEEN FUND - PREVIOUS YEAR General Designated funds funds £ £ Tangible fixed assets - 35,866 Current assets 55,746 40,000 Current liabilities (13,960) - Net assets as at 31 October 2020 41,786 75,866 |
2021 £ 508 2,639 - 3,147 2021 £ 2,905 6,397 - 15,618 24,920 Restricted funds £ - - - - Restricted funds £ - - - - |
2020 £ 1,516 4,627 - |
|---|---|---|
| 6,143 | ||
| 2020 £ 1,353 4,507 29 8,071 |
||
| 13,960 | ||
| Total £ 35,160 144,869 (24,920) |
||
| 155,109 | ||
| Total £ 35,866 95,746 (13,960) |
||
| 117,652 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
| 11 MOVEMENT IN FUNDS Restricted funds Total restricted funds Designated funds Fixed assets fund Project 2024 Research Total designated funds Unrestricted general funds Total funds |
As at 1 11 2020 £ - - 35,866 25,000 15,000 75,866 41,786 117,652 |
Incoming resources £ - - - - - - 205,229 205,229 |
Outgoing resources £ - - - (3,606) - (3,606) (164,166) (171,378) |
Transfers As at 31 10 2021 £ £ - - - - (706) 35,160 3,606 25,000 - 15,000 2,900 75,160 (2,900) 79,949 - 155,109 |
|---|---|---|---|---|
Designated funds
Fixed assets fund
The Trustees have created a designated fixed asset fund which represents the net book value of the charity's assets at the balance sheet date. This was considered appropriate as these funds can not be easily convertible into liquid assets.
Project 2024 (formerly Tunnels Improvements)
Funds have been set aside as there are plans to develop further features to enhance the visitor experience and this will involve engaging external advisers and purchase of extra audio/visual equipment.
Research
The Trustees have set aside funds as It is planned to develop a programme of research to uncover, promote and publicise the Town’s history. Currently work is being undertaken to digitise the archival collection of the Town Council.
MOVEMENT IN FUNDS - PREVIOUS YEAR
| Restricted funds Total restricted funds Designated funds Fixed assets fund Tunnels Improvements Research Total designated funds Unrestricted general funds Total funds |
As at 1 11 2019 £ - - 35,210 25,000 15,000 75,210 55,531 130,741 |
Incoming resources £ - - - - - - 95,979 95,979 |
Outgoing resources £ - - - - - - (109,068) (109,068) |
Transfers As at 31 10 2020 £ £ - - - - 656 35,866 - 25,000 - 15,000 656 75,866 (656) 41,786 - 117,652 |
|---|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
11 MOVEMENT IN FUNDS - PREVIOUS YEAR - Cont'd
Designated funds
Fixed assets fund
The Trustees have created a designated fixed asset fund which represents the net book value of the charity's assets at the balance sheet date. This was considered appropriate as these funds can not be easily convertible into liquid assets.
Tunnels Improvements
Funds have been set aside as there are plans to develop further features to enhance the visitor experience and this will involve engaging external advisers and purchase of extra audio/visual equipment.
Research
The Trustees have set aside funds as It is planned to develop a programme of research to uncover, promote and publicise the Town’s history. Currently work is being undertaken to digitise the archival collection of the Town Council.
12 FINANCIAL COMMITMENTS
At 31 October 2021 the charity had future minimum lease payments (estimated) under non-cancellable operating leases as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| within one year | 6,000 | 5,000 |
| within two to five years | 9,000 | 12,500 |
| after five years | - | - |
The land comprising Ramsgate Tunnels has been leased for a period of 10 years as from April 2014. In the first 5 years the rent is a peppercorn rent. The annual rent due in each of the next 5 years will be calculated as the higher of £3,000 or 5% of gross turnover.
13 MEMBERS LIABILITY
The company is a company limited by guarantee. The members' liability is limited to £1 each.
14 CORPORATION TAXATION
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
15 RELATED PARTY TRANSACTIONS
The charity holds 100 ordinary shares (100% of the total shares) in Ramsgate Tunnels Limited, a non trading company.
There were no transactions with related parties during the year under review that need to be disclosed.
16 VAT
During the year the charity successfully applied to HMRC to claim Cultural Exemption in respect of the Admission fees to the Tunnels. HMRC accepted the claim and allowed this to go back to 1 November 2016. The charity subsequently received a repayment of output VAT of £31,489 during the year.