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 2022
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 - 15 |
RAMSGATE (HERITAGE REGENERATION) TRUST
Page 1
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 OCTOBER 2022
Directors (Trustees) Mr P O Spain Mr M W Story Chair Mr M R Streatfield Mr M Chapman Ms L J Farag (resigned 25.3.22) Mr C E Aris (appointed 18.1.22) Mr S T Pankhurst (appointed 19.7.22) 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 The Marlowe Innovation Centre Marlowe Way Ramsgate Kent CT12 6FA
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 2022
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 2022 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
Ramsgate Tunnels have a full time General Manager, who also carries out some planning tasks for all the Trust’s projects. There are also two part-time Support Managers, who between them cover the hours when the tunnels are open, and are responsible for the safety of the public, volunteers and tunnels fabric, admission and supervision of visitors, special event planning and day-to-day maintenance.
All other activities, including guides for tunnel tours, are carried out by volunteers on an unpaid basis.
There is a Volunteer Forum, open to all volunteers, and completely independent of the tunnels management.
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, and the General Manager, who is a salaried full-time employee.
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 2022
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 conserve and regenerate any land and buildings in Ramsgate, and documents and archives, ephemera and artefacts, of historical, cultural or architectural interest, for the benefit of the public, 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 main project that is currently managed by the Trust is Ramsgate Tunnels, which has proved very successful, and is self-funding.
The Trust has always been open to any other ventures that meet its criteria (subject to sufficient funding and personnel to implement), but hitherto no other viable projects had been identified. However, during the year under review, an opportunity arose to assist the St Lawrence Clock Restoration Project with fund raising for the restoration of part of one of the town’s oldest and most important buildings. Funds raised for the appeal are restricted for this purpose.
The Project 2024 concept plan has been revised and now includes the research project as an integral part. Development of the Project continues with a renewed focus on bringing together the town’s heritage and making it accessible to the public
Achievements and performance
Like all tourism enterprises, Ramsgate Tunnels has been affected by the Covid-19 pandemic. However, we are pleased to report that visitor figures have now recovered to a satisfactory level.
The planned Overnight Experiences started in February 2022, and are proceeding very well. It has become apparent that there is particular demand for these during the winter season, which helps to offset the seasonal downturn in Explorer Tours.
FINANCIAL REVIEW
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 was one Restricted Fund held, and two Designated Funds. Further details of these funds can be found in note 11 to the accounts.
RAMSGATE (HERITAGE REGENERATION) TRUST
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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2022
RESERVES POLICY AND GOING CONCERN
It is felt that the tunnels can continue as a going concern and solvency levels are adequate. 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 2022.
PLANS FOR THE FUTURE
Negotiations with Thanet District Council for a new lease (probably of at least 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 (“Project 2024”) will require major external funding – which we are quite confident of obtaining – and will only proceed if such funding is obtained. However, this funding will require a new lease to be in place.
Signed on behalf of the Board of Directors by :
M Story - Director
Date : 23 May 2023
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 2022 which are set out on pages 6 to 15.
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
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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 The Marlowe Innovation Centre Marlowe Way Ramsgate Kent CT12 6FA
Date : 26 May 2023
RAMSGATE (HERITAGE REGENERATION) TRUST
Page 6
STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 OCTOBER 2022
| Notes Unrestricted Restricted funds funds £ £ INCOME Income from charitable activities 2 168,748 - Grants and donations 3 6,137 441 Income from trading activities - Cafe 34,036 - Investment income - interest receivable 22 - VAT refund 16 - - TOTAL INCOME 208,943 441 EXPENDITURE Costs of raising funds 4 31,964 - Expenditure on charitable activities 4 172,826 - TOTAL EXPENDITURE 204,790 - NET INCOME/(EXPENDITURE) 4,153 441 Transfers between funds 11 - - NET MOVEMENT IN FUNDS 4,153 441 Balance as at 1 November 2021 155,109 - BALANCE AT 31 OCTOBER 2022 159,262 441 |
Total Total funds funds 2022 2021 £ £ 168,748 123,676 6,578 32,737 34,036 17,321 22 6 - 31,489 209,384 205,229 31,964 10,504 172,826 157,268 204,790 167,772 4,594 37,457 - - 4,594 37,457 155,109 117,652 159,703 155,109 |
|---|---|
RAMSGATE (HERITAGE REGENERATION) TRUST
Page 7
BALANCE SHEET AS AT 31 OCTOBER 2022
| 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 |
7,089 5,722 143,232 156,043 (24,714) |
2022 £ 28,374 5,455 3,147 136,267 144,869 (24,920) 131,329 159,703 441 78,374 80,888 159,703 |
2021 £ 35,160 119,949 |
|---|---|---|---|
| 155,109 | |||
| - 75,160 79,949 |
|||
| 155,109 |
For the financial year ended 31 October 2022 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 23 May 2023
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 2022
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
- A new lease for Ramsgate Tunnels is being negotiated. The trustees are confident that these negotiations will be complete before the end date of the current lease (15 April 2024). If for any reason this date is not achieved, then the trustees are confident that the there will be no immediate notice to quit, and that the operation will still be able to continue under the terms of the existing lease. There are no other material uncertainties about the Charity’s ability to continue for a 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 2022
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) 149,159 Special events 6,444 Sale of books and souvenirs 13,145 168,748 ANTS AND DONATIONS Unrestricted funds £ Coronavirus Job Retention Scheme grants - Thanet District Council grants 2,667 Ramsgate Town Council 3,000 Donations 470 6,137 |
Restricted funds £ - - - Restricted funds £ - - - 441 441 |
2022 Total funds £ 149,159 6,444 13,145 168,748 2022 Total funds £ - 2,667 3,000 911 6,578 |
2021 Total funds £ 111,924 150 11,602 |
|---|---|---|---|
| 123,676 | |||
| 2021 Total funds £ 13,657 19,051 - 29 |
|||
| 32,737 |
3 GRANTS AND DONATIONS
RAMSGATE (HERITAGE REGENERATION) TRUST
Page 10
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
| 4 TOTAL EXPENDITURE Unrestricted funds £ Costs of raising funds : Advertising and promotion 3,168 Event costs 9,978 Café purchases (adjusted for stock) 18,818 31,964 Costs directly allocated to activities Purchases for resale (adjusted for stock) 6,603 Displays 1,473 Archiving 488 Storage 1,920 Wages and salaries 77,388 Staff and volunteer expenses 6,252 Rent 6,000 Rates and water 445 Light and heat 5,141 Repairs and maintenance 14,209 Cleaning and waste 1,249 Health and safety 1,690 Insurance 2,460 Depreciation and amortisation 14,083 Loss on disposal of fixed assets - Support costs Telephone 1,498 Other office costs 2,273 Sundries 924 Bank charges and credit card charges 6,376 Legal and professional fees 493 Bookkeeping 5,054 Café overheads 3,529 Depreciation of Café equipment 4,138 Irrecoverable VAT 8,257 Governance costs Companies House fee 13 Independent Examiner's fee 870 172,826 204,790 |
Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
2022 2021 Total Total funds funds £ £ 3,168 2,553 9,978 635 18,818 7,316 31,964 10,504 6,603 4,291 1,473 6,215 488 5 1,920 - 77,388 66,079 6,252 3,817 6,000 6,000 445 95 5,141 3,586 14,209 15,967 1,249 884 1,690 830 2,460 2,308 14,083 14,300 - 668 1,498 712 2,273 1,741 924 920 6,376 4,151 493 6,398 5,054 4,340 3,529 3,404 4,138 3,392 8,257 6,322 13 13 870 830 172,826 157,268 204,790 167,772 |
|---|---|---|
| Of the total expenditure in 2021 of £167,772, £167,772 was unrestricted and £Nil was restricted. | Of the total expenditure in 2021 of £167,772, £167,772 was unrestricted and £Nil was restricted. | ||
|---|---|---|---|
| 5 | NET INCOME | 2022 | 2021 |
| £ | £ | ||
| This is stated after charging: | |||
| Depreciation and amortisation | 18,221 | 17,692 | |
| Loss on disposal of fixed asset | - | 668 | |
| Independent Examiner's remuneration : | |||
| Independent Examination | 870 | 830 | |
| Tax assistance | 205 | 425 | |
| Subsidiary accounts | - | 100 |
RAMSGATE (HERITAGE REGENERATION) TRUST
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
| 6 INFORMATION REGARDING EMPLOYEES Wages and salaries Social security costs Employer pension contributions Employment Allowance |
2022 2021 £ £ 74,561 64,312 6,261 4,406 1,907 1,767 (5,341) (4,406) 77,388 66,079 |
|---|---|
The average monthly head count was 4 staff (2021 - 4 staff).
The average number of employees based on full time equivalents analysed by function was:
| Advice and information Management and administration |
2022 2021 Number Number 3 3 - - 3 3 |
|---|---|
No employee had emoluments in excess of £60,000 (2021 - Nil).
No trustees received remuneration or were reimbursed expenses from the charity during the year (2021 - Nil).
The total employee benefits (including employers national insurance) of the key management personnel of the charity were £32,044 (2021 - £60,645)
| 7 FIXED ASSETS Leasehold improvements £ Cost As at 1 November 2021 123,459 Additions - Disposals 0.00 As at 31 October 2022 123,459 Depreciation As at 1 November 2021 103,255 Disposals 0.00 Charge for the year 7,175 As at 31 October 2022 110,430 Net book value As at 31 October 2022 13,029 As at 31 October 2021 20,204 |
Fixtures & Fittings £ £ 39,601 12,828 3,295 8,140 0.00 0.00 42,896 20,968 26,704 10,769 0.00 0.00 7,982 3,064 34,686 13,833 8,210 7,135 12,897 2,059 Equipment |
Total £ 175,888 11,435 0.00 |
|---|---|---|
| 187,323 | ||
| 140,728 0.00 18,221 |
||
| 158,949 | ||
| 28,374 | ||
| 35,160 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
| 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 - 28,374 Current assets 105,602 50,000 Current liabilities (24,714) - Net assets as at 31 October 2022 80,888 78,374 ANALYSIS OF NET ASSETS BETWEEN FUND - PREVIOUS YEAR General Designated funds funds £ £ Tangible fixed assets - 35,866 Current assets 104,869 40,000 Current liabilities (24,920) - Net assets as at 31 October 2021 79,949 75,866 |
2022 £ 1,277 2,925 1,520 5,722 2022 £ 1,210 3,307 - 20,197 24,714 Restricted funds £ - 441 - 441 Restricted funds £ - - - - |
2021 £ 508 2,639 - |
|---|---|---|
| 3,147 | ||
| 2021 £ 2,905 6,397 - 15,618 |
||
| 24,920 | ||
| Total £ 28,374 156,043 (24,714) |
||
| 159,703 | ||
| Total £ 35,866 144,869 (24,920) |
||
| 155,815 |
RAMSGATE (HERITAGE REGENERATION) TRUST
Page 13
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
| 11 MOVEMENT IN FUNDS Restricted funds St Lawrence Church Clock Total restricted funds Designated funds Fixed assets fund Project 2024 Research Total designated funds Unrestricted general funds Total funds |
As at 1 11 2021 £ - - - 35,160 25,000 15,000 75,160 79,949 155,109 |
Incoming resources £ - 441 441 - - - - 208,943 209,384 |
Outgoing resources £ - - - - - - - (204,790) (204,790) |
Transfers As at 31 10 2022 £ £ - - - 441 - 441 (6,786) 28,374 25,000 50,000 (15,000) - 3,214 78,374 (3,214) 80,888 - 159,703 |
|---|---|---|---|---|
Restricted funds
St Lawrence Church Clock
In keeping with our Charitable Aims and Objectives, RHRT is assisting the St Lawrence Clock Restoration Project with fund raising for the restoration of one of the town’s oldest and most important buildings. Funds raised for the appeal are restricted for the purpose.
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
During the year, as plans for the enhanced visitor experience (known as Project 2024) were developed, it became clear that the programme of research into Ramsgate History would form an integral part of that project. Accordingly, the two previous designated funds (Project 2024 and Research funds) have been combined into one (known as Project 2024) and an additional £10,000 has also been allocated to this fund.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
11 MOVEMENT IN FUNDS - PREVIOUS YEAR - Cont'd
| 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.
12 FINANCIAL COMMITMENTS
At 31 October 2022 the charity had future minimum lease payments (estimated) under non-cancellable operating leases as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| within one year | 6,000 | 6,000 |
| within two to five years | 3,000 | 9,000 |
| 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.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
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 previous 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.