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← Ramsgate (Heritage Regeneration) Trust

2023-10-31-accounts

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 2023

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 2023

Directors (Trustees)

Mr P O Spain Mr M W Story Chair Mr M R Streatfield Mr M Chapman Mr C E Aris Mr S T Pankhurst Mr A C Smith (appointed 18.10.23)

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

Page 2

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2023

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 2023 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. There is also a part-time Support Assistant, and a part-time Cleaner.

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. Hard hats and torches are offered to all visitors.

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 3

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2023

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). The Trust has a project to manage archived documents connected with the town of Ramsgate, and also a museum, with a focus on bringing together the town’s heritage and making it accessible to the public.

The Trust is also assisting 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.

During the year under review, we also explored a possible collaboration with others aimed at public access to the Clock House in Ramsgate Harbour, but we have withdrawn from this plan after a bid for capital funding for the project was unsuccessful.

Achievements and performance

Since the end of the lockdowns occasioned in 2020 and 2021 by the Covid-19 pandemic, Ramsgate Tunnels visitor numbers have shown a steady increase year on year.

The lease of Ramsgate Tunnels expired on 16 April 2024. However, the lease is protected under the Landlord and Tenant Act, and thus we can continue to occupy the premises until and unless the landlord (Thanet District Council) serves notice to terminate the contract. We are confident that they will not do this, because we have been negotiating for a new lease, and have been assured that we will be granted one when certain difficulties on the Landlord’s side have been resolved.

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 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

Page 4

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2023

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 2023.

PLANS FOR THE FUTURE

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 confident of obtaining – and will only proceed if such funding is obtained.

Signed on behalf of the Board of Directors by :

M Story - Director

Date : 3 July 2024

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 2023 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:

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 : 5 July 2024

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 6

STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 OCTOBER 2023

Notes
Unrestricted Restricted
funds
funds
£
£
INCOME
Income from charitable activities
2
195,688
-
Grants and donations
3
3,579
5,851
Income from trading activities - Cafe
30,271
-
Investment income - interest receivable
781
-
TOTAL INCOME
230,319
5,851
EXPENDITURE
Costs of raising funds
4
25,287
387.00
Expenditure on charitable activities
4
201,607
-
TOTAL EXPENDITURE
226,894
387.00
NET INCOME/(EXPENDITURE)
3,425
5,464
Transfers between funds
11
-
-
NET MOVEMENT IN FUNDS
3,425
5,464
Balance as at 1 November 2022
159,262
441
BALANCE AT 31 OCTOBER 2023
162,687
5,905		 Total
Total
funds
funds
2023
2022
£
£
195,688
168,748
9,430
6,578
30,271
34,036
781
22
236,170
209,384
25,674
31,964
201,607
172,826
227,281
204,790
8,889
4,594
-
-
8,889
4,594
159,703
155,109
168,592
159,703

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 7

BALANCE SHEET AS AT 31 OCTOBER 2023

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		 7,627
6,035
158,406
172,068
(30,573)		 2023
£
27,097
7,089
5,722
143,232
156,043
(24,714)
141,495
168,592
5,905
77,097
85,590
168,592		 2022
£
28,374
131,329
159,703
441
78,374
80,888
159,703

For the financial year ended 31 October 2023 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 3 July 2024.

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 2023

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

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 2023

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)
169,437
Special events
10,053
Sale of books and souvenirs
16,198
195,688		 Restricted
funds
£
-
-
-		 2023
2022
Total
Total
funds
funds
£
£
169,437
149,159
10,053
6,444
16,198
13,145
195,688
168,748

3 GRANTS AND DONATIONS

Unrestricted
funds
£
Thanet District Council grants
-
Ramsgate Town Council
-
Donations
3,579
3,579		 Restricted
funds
£
-
-
5,851
5,851		 2023
2022
Total
Total
funds
funds
£
£
-
2,667
-
3,000
9,430
911
9,430
6,578

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 10

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

4
TOTAL EXPENDITURE
Unrestricted
funds
£
Costs of raising funds :
Advertising and promotion
2,984
Event costs
5,259
Café purchases (adjusted for stock)
17,044
25,287
Costs directly allocated to activities
Purchases for resale (adjusted for stock)
8,055
Displays
2,333
Archiving
2,680
Storage
549
Wages and salaries
86,795
Staff and volunteer expenses
4,243
Rent
6,000
Rates and water
371
Light and heat
5,948
Repairs and maintenance
21,264
Cleaning and waste
1,744
Health and safety
1,363
Insurance
3,125
Depreciation and amortisation
19,338
Loss on disposal of fixed assets
-
Support costs
Telephone
1,980
Other office costs
3,243
Sundries
555
Bank charges and credit card charges
6,623
Legal and professional fees
864
Bookkeeping
4,898
Café overheads
2,829
Depreciation of Café equipment
4,456
Irrecoverable VAT
11,425
Governance costs
Companies House fee
26
Independent Examiner's fee
900
201,607
226,894		 Restricted
funds
£
-
387
-
387
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
387		 2023
2022
Total
Total
funds
funds
£
£
2,984
3,168
5,646
9,978
17,044
18,818
25,674
31,964
8,055
6,603
2,333
1,473
2,680
488
549
1,920
86,795
77,388
4,243
6,252
6,000
6,000
371
445
5,948
5,141
21,264
14,209
1,744
1,249
1,363
1,690
3,125
2,460
19,338
14,083
-
-
1,980
1,498
3,243
2,273
555
924
6,623
6,376
864
493
4,898
5,054
2,829
3,529
4,456
4,138
11,425
8,257
26
13
900
870
201,607
172,826
227,281
204,790
Of the total expenditure in 2022 of £204,790, £204,790 was unrestricted and £Nil was restricted. Of the total expenditure in 2022 of £204,790, £204,790 was unrestricted and £Nil was restricted.
5 NET INCOME 2023 2022
£ £
This is stated after charging:
Depreciation and amortisation 23,794 18,221
Loss on disposal of fixed asset - -
Independent Examiner's remuneration :
Independent Examination 900 870
Tax assistance 110 205

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

6
INFORMATION REGARDING EMPLOYEES
Wages and salaries
Social security costs
Employer pension contributions
Employment Allowance		 2023
2022
£
£
83,336
74,561
6,452
6,261
1,894
1,907
(4,887)
(5,341)
86,795
77,388

The average monthly head count was 4 staff (2022 - 4 staff).

The average number of employees based on full time equivalents analysed by function was:

Advice and information
Management and administration		 2023
2022
Number
Number
3
3
-
-
3
3

No employee had emoluments in excess of £60,000 (2022 - Nil).

No trustees received remuneration or were reimbursed expenses from the charity during the year (2022 - Nil).

The total employee benefits (including employers national insurance) of the key management personnel of the charity were £34,413 (2022 - £32,044)

7
FIXED ASSETS
Leasehold
improvements
£
Cost
As at 1 November 2022
123,459
Additions
7,168
Disposals
(2,702)
As at 31 October 2023
127,925
Depreciation
As at 1 November 2022
110,430
Disposals
(2,702)
Charge for the year
10,382
As at 31 October 2023
118,110
Net book value
As at 31 October 2023
9,815
As at 31 October 2022
13,029		 Fixtures &
Fittings
£
£
42,896
20,968
11,016
4,333
(3,000)
-
50,912
25,301
34,686
13,833
(3,000)
-
10,548
2,864
42,234
16,697
8,678
8,604
8,210
7,135
Equipment		 Total
£
187,323
22,517
(5,702)
204,138
158,949
(5,702)
23,794
177,041
27,097
28,374

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 12

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

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
-
27,097
Current assets
116,163
50,000
Current liabilities
(30,573)
-
Net assets as at 31 October 2023
85,590
77,097
ANALYSIS OF NET ASSETS BETWEEN FUND - PREVIOUS YEAR
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		 2023
£
-
3,788
2,247
6,035
2023
£
1,276
3,095
-
26,202
30,573
Restricted
funds
£
-
5,905
-
5,905
Restricted
funds
£
-
441
-
441.00		 2022
£
1,277
2,925
1,520
5,722
2022
£
1,210
3,307
-
20,197
24,714
Total
£
27,097
172,068
(30,573)
168,592
Total
£
28,374
156,043
(24,714)
159,703

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 13

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

11 MOVEMENT IN FUNDS
Restricted funds
St Lawrence Church Clock
Total restricted funds
Designated funds
Fixed assets fund
Project 2024
Total designated funds
Unrestricted general funds
Total funds		 As at
1 11 2022
£
441
441
28,374
50,000
78,374
80,888
159,703		 Incoming
resources
£
5,851
5,851
-
-
-
230,319
236,170		 Outgoing
resources
£
(387)
(387)
-
-
-
(226,894)
(227,281)		 Transfers
As at
31 10 2023
£
£
-
5,905
-
5,905
(1,277)
27,097
-
50,000
(1,277)
77,097
1,277
85,590
-
168,592

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

Plans for the enhanced visitor experience (known as Project 2024) are being developed, Although this project will require major external funding, we anticipate using this designated fund for initial planning, and for any contribution which a potential donor might require us to make from our own resources.

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 14

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

11 MOVEMENT IN FUNDS - PREVIOUS YEAR - Cont'd

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
-
-
-
-
205,229
205,670		 Outgoing
resources
£
-
-
-
-
-
0
(164,166)
(164,166)		 Transfers
As at
31 10 2022
£
£
-
441
-
441
(6,786)
28,374
25,000
50,000
(15,000)
-
3,214
78,374
(2,900)
118,112
-
196,927

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.

12 FINANCIAL COMMITMENTS

At 31 October 2023 the charity had future minimum lease payments (estimated) under non-cancellable operating leases as follows:

2023 2022
£ £
within one year 6,000 6,000
within two to five years 3,000 3,000
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.

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 15

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

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.