**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** Page 2 **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** Page 3 **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. **RAMSGATE (HERITAGE REGENERATION) TRUST** Page 4 **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: - 1 accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or - 2 the accounts do not accord with those records; or - 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 - 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| |---|---| **RAMSGATE (HERITAGE REGENERATION) TRUST** Page 7 **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** Page 8 **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 **RAMSGATE (HERITAGE REGENERATION) TRUST** Page 9 **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** **RAMSGATE (HERITAGE REGENERATION) TRUST** Page 10 **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** Page 11 **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| **RAMSGATE (HERITAGE REGENERATION) TRUST** Page 12 ## **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| **RAMSGATE (HERITAGE REGENERATION) TRUST** Page 13 ## **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| |---|---|---|---|---| **RAMSGATE (HERITAGE REGENERATION) TRUST** Page 14 **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.