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← Ramsgate (Heritage Regeneration) Trust

2024-10-31-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 2024

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 2024

Directors (Trustees)

Mr M W Story Chair Mr P O Spain (Resigned 12.8.24) Mr M R Streatfield Mr M Chapman (Resigned 21.6.24) Mr C E Aris Mr S T Pankhurst Mr A C Smith Mrs D A Aris (Appointed 4.9.24) Mr R W Warren (Appointed 8.10.24) Mrs T E Wheatley-Ward (Appointed 21.1.25)

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 2024

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 2024 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

The Trust is set up for the control of projects considered to be of benefit to the town of Ramsgate. The largest project that is currently managed by the Trust is Ramsgate Tunnels, which has proved very successful, and is self-funding. For other Trust projects, see the section below, entitled “Activities and Public Benefit”

Ramsgate Tunnels have a full-time General Manager, who also carries out some planning tasks for the Trust’s other 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 2024

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

In addition to Ramsgate Tunnels, the Trust is open to 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. These documents are hosted within the Tunnels premises, in a humidity controlled area, but the board recognizes that a railway tunnel may not be the best location for these materials, and the possibility of an alternative site, perhaps in collaboration with other groups, is being explored.

The Trust has also been 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. During the year under review, this project became independent with its own constitution and reporting arrangements. However, the project has some trustees in common with RHRT, so funds passed to that project are disclosed in the accounts as related party transactions While the funds raised for the appeal were in RHRT hands, they were restricted for this purpose.

The tunnels also contain a small museum, with a focus on bringing together the town’s heritage and making it accessible to the public.

A study has been carried out into the impact of tunnels tours on different parts of the community, and plans are now being made to improve our impact on younger visitors, and visitors with different learning styles. During the period under review it was also decided to appoint an additional manager to concentrate on outreach and events planning: the appointment was made starting in January 2025.

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 was due to expire on 16th April 2024. However, we were able to continue occupying the premises while a new lease was negotiated. This new lease started on January 1st 2025. We had accrued funds of £25,000 to cover any rent which might have been demanded under the old lease, but in the event no such demand was made.

FINANCIAL REVIEW

The Trustees are satisfied with the current trading position, and the liquidity, stability, and the level of annual surplus. We have substantial financial reserves, sufficient, we believe, to face up to increased supplier costs, and also the new manager post mentioned above.

At the end of this period there were no restricted funds 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 2024

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.

PLANS FOR THE FUTURE

We were planning 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, which we called “Project 2024” This would have required major external funding. However, we are now reviewing those plans in the light of slightly altered priorities.

Signed on behalf of the Board of Directors by :

M Story - Director

Date : 3 June 2025

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 2024 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 : 23 June 2025

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 6

STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 OCTOBER 2024

Notes
Unrestricted Restricted
funds
funds
£
£
INCOME
Income from charitable activities
2
221,152
-
Grants and donations
3
4,073
1,308
Income from trading activities - Cafe
25,767
-
Investment income - interest receivable
4,452
-
TOTAL INCOME
255,444
1,308
EXPENDITURE
Costs of raising funds
4
30,712
-
Expenditure on charitable activities
4
172,487
7,213
TOTAL EXPENDITURE
203,199
7,213
NET INCOME/(EXPENDITURE)
52,245
(5,905)
Transfers between funds
11
-
-
NET MOVEMENT IN FUNDS
52,245
(5,905)
Balance as at 1 November 2023
162,687
5,905
BALANCE AT 31 OCTOBER 2024
214,932
-		 Total
Total
funds
funds
2024
2023
£
£
221,152
195,688
5,381
9,430
25,767
30,271
4,452
781
256,752
236,170
30,712
25,674
179,700
201,607
210,412
227,281
46,340
8,889
-
-
46,340
8,889
168,592
159,703
214,932
168,592

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 7

BALANCE SHEET AS AT 31 OCTOBER 2024

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		 7,123
8,925
190,550
206,598
(7,475)		 2024
£
15,809
7,627
6,035
158,406
172,068
(30,573)
199,123
214,932
-
65,809
149,123
214,932		 2023
£
27,097
141,495
168,592
5,905
77,097
85,590
168,592

For the financial year ended 31 October 2024 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 June 2025.

M Story - Director D Aris - Director

Company Registration Number - 07418219

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 8

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

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

Since the balance sheet date, a new lease for Ramsgate Tunnels has been signed. There are now no 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

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 9

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

1 ACCOUNTING POLICIES (contd)

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)
187,137
Special events
17,222
Sale of books and souvenirs
16,793
221,152
ANTS AND DONATIONS
Unrestricted
funds
£
Thanet District Council grants
-
Ramsgate Town Council
-
Donations
4,073
4,073		 Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
-
1,308
1,308		 2024
Total
funds
£
187,137
17,222
16,793
221,152
2024
Total
funds
£
-
-
5,381
5,381		 2023
Total
funds
£
169,437
10,053
16,198
195,688
2023
Total
funds
£
-
-
9,430
9,430

3 GRANTS AND DONATIONS

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 10

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

4
TOTAL EXPENDITURE
Unrestricted
funds
£
Costs of raising funds :
Advertising and promotion
6,174
Event costs
9,758
Café purchases (adjusted for stock)
14,780
30,712
Costs directly allocated to activities
Purchases for resale (adjusted for stock)
10,260
St Lawrence Church Clock
935
Donations
150
Displays
2,372
Archiving
4,488
Storage
-
Wages and salaries
103,075
Staff and volunteer expenses
4,573
Rent
(25,000)
Rates and water
403
Light and heat
6,914
Repairs and maintenance
12,844
Cleaning and waste
1,565
Health and safety
3,476
Insurance
2,916
Depreciation and amortisation
15,305
Support costs
Telephone
1,728
Other office costs
3,556
Sundries
656
Bank charges and credit card charges
5,637
Legal and professional fees
115
Bookkeeping
4,148
Café overheads
2,457
Depreciation of Café equipment
1,269
Loss on disposal of fixed assets
74
Irrecoverable VAT
7,603
Governance costs
Companies House fee
68
Independent Examiner's fee
900
172,487
203,199		 Restricted
funds
£
-
-
-
-
-
7,213
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,213
7,213		 2024
2023
Total
Total
funds
funds
£
£
6,174
2,984
9,758
5,646
14,780
17,044
30,712
25,674
10,260
8,055
8,148
-
150
-
2,372
2,333
4,488
2,680
-
549
103,075
86,795
4,573
4,243
(25,000)
6,000
403
371
6,914
5,948
12,844
21,264
1,565
1,744
3,476
1,363
2,916
3,125
15,305
19,338
1,728
1,980
3,556
3,243
656
555
5,637
6,623
115
864
4,148
4,898
2,457
2,829
1,269
4,456
74
-
7,603
11,425
68
26
900
900
179,700
201,607
210,412
227,281
Of the total expenditure in 2023 of £227,281, £226,894 was unrestricted and £387 was restricted. Of the total expenditure in 2023 of £227,281, £226,894 was unrestricted and £387 was restricted.
5 NET INCOME 2024 2023
£ £
This is stated after charging:
Depreciation and amortisation 16,269 23,794
Loss on disposal of fixed asset - -
Independent Examiner's remuneration :
Independent Examination 900 900
Tax assistance 115 110

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

6
INFORMATION REGARDING EMPLOYEES
Wages and salaries
Social security costs
Employer pension contributions
Employment Allowance		 2024
2023
£
£
98,581
83,336
7,438
6,452
2,499
1,894
(5,443)
(4,887)
103,075
86,795

The average monthly head count was 5 staff (2024 - 4 staff).

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

Advice and information
Management and administration		 2024
2023
Number
Number
4
3
-
-
4
3

No employee had emoluments in excess of £60,000 (2023 - Nil).

No trustees received remuneration or were reimbursed expenses from the charity during the year (2023 - Nil).

The total employee benefits (including employers national insurance) of the key management personnel of the charity were £36,594 (2023 - £34,413)

7
FIXED ASSETS
Leasehold
improvements
£
Cost
As at 1 November 2023
127,925
Additions
-
Disposals
-
As at 31 October 2024
127,925
Depreciation
As at 1 November 2023
118,110
Disposals
-
Charge for the year
7,664
As at 31 October 2024
125,774
Net book value
As at 31 October 2024
2,151
As at 31 October 2023
9,815		 Fixtures &
Fittings
£
£
50,912
25,301
1,219
4,140
(1,332)
(450)
50,799
28,991
42,234
16,697
(1,258)
(450)
5,334
3,575
46,310
19,822
4,489
9,169
8,678
8,604
Equipment		 Total
£
204,138
5,359
(1,782)
207,715
177,041
(1,708)
16,573
191,906
15,809
27,097

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 12

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

8
DEBTORS
Trade debtors
Other debtors
Prepayments
Accrued income
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
-
15,809
Current assets
156,598
50,000
Current liabilities
(7,475)
-
Net assets as at 31 October 2024
149,123
65,809
ANALYSIS OF NET ASSETS BETWEEN FUND - PREVIOUS YEAR
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		 2024
£
50
3,033
3,057
2,785
8,925
2024
£
2,811
2,600
-
2,064
7,475
Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
5,905
-
5,905		 2023
£
-
3,788
2,247
-
6,035
2023
£
1,276
3,095
-
26,202
30,573
Total
£
15,809
206,598
(7,475)
214,932
Total
£
27,097
172,068
(30,573)
168,592

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 13

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

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 2023
£
5,905
5,905
27,097
50,000
77,097
85,590
168,592		 Incoming
resources
£
1,308
1,308
-
-
-
255,444
256,752		 Outgoing
resources
£
(7,213)
(7,213)
-
-
-
(203,199)
(210,412)		 Transfers
As at
31 10 2024
£
£
-
-
-
-
(11,288)
15,809
-
50,000
(11,288)
65,809
11,288
149,123
-
214,932

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. During the year a separate Group was constituted to support the Project and the funds raised for the project have been transferred to the Group titled "The St Lawrence Clock Restoration Appeal".

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. Since the end of the financial year Project 2024 has been reviewed, and it now seems likely that we will seek to achieve its purposes in a different way.

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 14

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

11 MOVEMENT IN FUNDS - PREVIOUS YEAR - Cont'd

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.

12 FINANCIAL COMMITMENTS

At 31 October 2024 the charity had future minimum lease payments (estimated) under non-cancellable operating leases as follows:

2024 2023
£ £
within one year - 6,000
within two to five years - 3,000
after five years - -

The land comprising Ramsgate Tunnels had been leased for a period of 10 years as from April 2014. In the first 5 years the rent was a peppercorn rent. The annual rent due in each of the next 5 years was to be calculated as the higher of £3,000pa or 5% of gross turnover, however no rents were ever requested by the landlord and since the year end this lease was formally surrendered to Thanet District Council and a new 30 year lease was signed with effect from 1 January 2025 at an initial rent of £5,000pa.

RAMSGATE (HERITAGE REGENERATION) TRUST

Page 15

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

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.

During the year, £7,621 of the St Lawrence Church Clock restricted funds was transferred to a separate group titled "The St Lawrence Clock Restoration Appeal" a group in which Debbie Aris and Colin Aris (who are RHRT Directors) are Committee Members.

There were no other transactions with related parties during the year under review that need to be disclosed.