Registered number: 10874451 Charity number: 1178403
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent auditors' report on the financial statements | 6 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 25 |
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
Trustees Lord Kakkar Philip Perry Diana Rawstron Richard Clark Company registered number 10874451 Charity registered number 1178403 Registered office Ramsbury Manor Ramsbury Marlborough Wiltshire SN8 2RG Company secretary Diana Rawstron Independent auditors Sumer Auditco Limited 14th Floor 33 Cavendish Square London W1G 0PW
Page 1
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the audited financial statements of the Company for the 6 April 2023 to 5 April 2024. The Annual report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Ramsbury Manor Estate was formerly in the ownership of the late Mr Harry Hyams. He died on 19 December 2015 and left the residue of his Estate to The Capricorn Foundation, an unincorporated charitable trust. It was Mr Hyams' wish that the Ramsbury Manor Estate and his collections of art, ceramics, furniture, silver, clocks and other objets d'art housed there should be conserved and made available for public enjoyment and education. As an unincorporated charity is not a suitable vehicle for running an operational heritage charity with public access, The Capricorn Foundation Trustees set up The Ramsbury Manor Foundation, a charitable company limited by guarantee, for this purpose.
The objects of The Ramsbury Manor Foundation are:
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to preserve and conserve for the public benefit Ramsbury Manor, its architectural heritage, gardens, surrounding grounds and park land and contents being of artistic, historical, architectural, or constructional merit; and
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to advance the arts or education in particular by preserving and making available Ramsbury Manor and its contents to the public for their academic study, educational purposes and appreciation.
The Ramsbury Manor estate was transferred to the Foundation on 13 November 2018 and arrangements were made to enter into contracts of employment with estate workers formerly in the employ of the late Mr Hyams with effect from April 2019.
Page 2
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Achievements and performance
a. Review of activities
Having been occupied as a private residence, there are no facilities for public access and conservation work was needed on the Manor House and estate.
The Trustees therefore engaged a team of specialist advisers to start work on the plans to carry out necessary conservation work on the Manor House and adjacent Courtyard Buildings and obtain the necessary permissions.
The Courtyard Buildings have been refurbished to provide accommodation for the Charity and the Estate administration and other activity spaces. The Trustees have now embarked on the internal conservation of the Manor House. This has involved making arrangements to decant the contents to secure storage to enable the House to be re-wired, re-plumbed, for moth and textile treatment to be carried out and the 18th century Chinese wallpaper to be conserved. The cataloguing of the collections was completed and the information transferred to the Vernon database. Work has continued on a substantial restoration of the walled garden. In addition, exploratory investigations were started to ascertain the scope of works required to repair the hard and soft revetments of the lake.
The Trustees obtained planning permission and listed building consent for an Education and Conservation Centre with a lecture theatre and exhibition space for the collection of classic cars and boats.
The first year of the Foundation’s educational programme for local primary schools started in March 2023. This comprised a day on the Estate with an outdoor environmental session, an art class using copies of Ramsbury Manor paintings of nature, a short session on public speaking and a poetry session. The programme was warmly welcomed by the schools and was repeated 2023/2024.
As access to the House is not possible at the moment the Trustees have agreed various loans from their collection for exhibition. A Salvator Rosa Self Portrait as Pascariello and the William Holman Hunt painting of Rienzi vowing to obtain Justice for the Death of his Brother were on loan to the National Gallery. A Girl Making Nose Gays by Tomas Hiepes was on loan to the Auckland Project.
The trustees have had regard to the guidance issued by the Charity Commission on public benefit and are satisfied they have complied with the duty in Charities Act 2011 section 17(5).
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. There are no material uncertainties regarding going concern.
b. Reserves policy
The Trustees' policy is to hold sufficient undesignated reserves, primarily in the form of cash at bank, to meet day to day expenditure requirements, topped up periodically by donations from The Capricorn Foundation.
Page 3
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
c. Principal risks and uncertainties
The principal risks and uncertainties for the charity are those of fire, flooding and theft. To help mitigate against these risks there is 24-hour security on the Estate, the Foundation owns a fire engine and specialist fire training has been given to security officers.
d. Principal funding
The Ramsbury Manor Foundation is wholly funded by The Capricorn Foundation Trustees who regard this project as their priority. An agreement is in place for The Capricorn Foundation to fund the agreed running costs of the estate and also agreed capital projects.
e. Financial review
The funds received from The Capricorn Foundation are designated for the agreed recurrent and capital expenditure of The Ramsbury Manor Estate.
The total unrestricted funds at 5 April 2024 were £222,244k (2023: £221,265k) comprising designated funds of £219,448k (2023: £217,884k) and general funds of £2,796k (2023: £3,381k).
Structure, governance and management
a. Constitution
The Ramsbury Manor Foundation is established as a company limited by Guarantee, registration number 10874451, and is registered as a charity with the Charity Commission in England and Wales. The affairs of the company are governed by its Memorandum and Articles of Association of 19 July 2017 and its registered charity number is 1178403.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Related party relationships
The Trustees are also Trustees of The Capricorn Foundation.
d. Financial risk management
The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
e. Trustees' meetings
The Trustees meet monthly, both alone and with their senior estate staff and professional advisers.
Page 4
THE RAMSBURY MANOR FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Members' liability
The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco Limited who have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Lord Kakkar
Trustee Date:
Page 5
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAMSBURY MANOR FOUNDATION
Opinion
We have audited the financial statements of The Ramsbury Manor Foundation (the 'charitable company') for the year ended 5 April 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 5 April 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 6
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAMSBURY MANOR FOUNDATION (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Page 7
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAMSBURY MANOR FOUNDATION (CONTINUED)
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
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the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
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the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);
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management’s incentives and opportunities for fraudulent manipulation of the financial statements; and
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the environment in which it operates.
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.
Page 8
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAMSBURY MANOR FOUNDATION (CONTINUED)
Based on this understanding we identified the following matters as being of significance to the entity:
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laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, and Charity Law;
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management bias in selecting accounting policies and determining estimates;
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the timing of the recognition of income;
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the split of income and expenditure between funds; and
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• the valuation of heritage and tangible fixed assets
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
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enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations, and discussion with the same regarding any known or suspected instances of noncompliance;
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enquiries with the same concerning any actual or potential litigation or claims;
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inspection of relevant legal correspondence;
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assessment of matters reported to management and the result of the subsequent investigation;
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obtaining an understanding of the relevant controls;
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obtaining an understanding of the policies over the recognition of income and testing their implementation
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during the year;
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reviewing terms of grants received in the year;
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review of donations made for compliance with the trust deed;
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review of bank statements and funds movement to ensure income and expenditure is being allocated correctly;
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challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to the impairment of heritage assets;
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reviewing the financial statements for compliance with the relevant disclosure requirements;
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performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
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reviewing the minutes of trustees meetings; and
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identifying and testing journal entries, in particular, any journal entries posted with unusual account combinations or crediting revenue or cash.
Page 9
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAMSBURY MANOR FOUNDATION (CONTINUED)
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).]
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
David Pumfrey FCA (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW
Date:
Page 10
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Donations and legacies 2 Investments 3 Other income Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £000 4,686 114 24 4,824 3,845 3,845 979 221,265 979 222,244 |
Total funds 2024 £000 4,686 114 24 4,824 3,845 3,845 979 221,265 979 222,244 |
Total funds 2023 £000 3,777 39 22 3,838 |
|---|---|---|---|
| 3,155 3,155 |
|||
| 683 | |||
| 220,582 683 221,265 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 25 form part of these financial statements.
Page 11
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee) REGISTERED NUMBER: 10874451
BALANCE SHEET AS AT 5 APRIL 2024
| Note Fixed assets Tangible fixed assets 9 Heritage assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total net assets Charity funds Unrestricted funds 14 Total funds |
166 2,999 3,165 (492) |
2024 £000 2,733 216,838 219,571 2,673 222,244 222,244 222,244 |
67 3,359 3,426 (202) |
2023 £000 2,826 215,215 |
|---|---|---|---|---|
| 218,041 3,224 |
||||
| 221,265 | ||||
| 221,265 | ||||
| 221,265 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Lord Kakkar Trustee Date:
The notes on pages 14 to 25 form part of these financial statements.
Page 12
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024
| Note Cash flows from operating activities Net cash received in operating activities 16 Cash flows from investing activities Investment income Purchase of tangible fixed assets Capital refurbishment of heritage assets Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 17 |
2024 £000 1,149 114 - (1,623) (1,509) (360) 3,359 2,999 |
2023 £000 795 39 (13) (359) (333) 462 2,897 3,359 |
|---|---|---|
The notes on pages 14 to 25 form part of these financial statements
Page 13
THE RAMSBURY MANOR FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Ramsbury Manor Foundation 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.
1.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 14
THE RAMSBURY MANOR FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting policies (continued)
1.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £10,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
- Freehold property 50 years straight line Motor vehicles - 25% written down value - Fixtures and fittings 10% straight line - Computer equipment 4 years straight line
1.6 Heritage assets
The heritage assets were acquired by way of donation and the initial valuation, as prepared by appropriate professionals has been treated as deemed cost.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The heritage assets are to be preserved and managed by staff at The Ramsbury Manor, overseen by the Trustees. The charitable company has a list of assets forming the estate and the Trustees are working to make access available to special interest groups and the public.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 15
THE RAMSBURY MANOR FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting policies (continued)
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.10 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £000 | £000 | £000 | |
| Donations | 4,686 | 4,686 | 3,777 |
3. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £000 | £000 | £000 | |
| Bank interest | 114 | 114 | 39 |
Page 16
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
4. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted | |||
|---|---|---|---|
| funds | Total | Total | |
| 2024 | 2024 | 2023 | |
| £000 | £000 | £000 | |
| Estate expenses | 3,845 | 3,845 | 3,155 |
5. Analysis of expenditure by activities
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total | Total | |
| directly | costs | funds | funds | |
| 2024 | 2024 | 2024 | 2023 | |
| £000 | £000 | £000 | £000 | |
| Estate expenses | 3,602 | 243 | 3,845 | 3,155 |
Analysis of direct costs
| Costs incurred in running the Ramsbury Manor Estate Wages and salaries |
Activities 2024 £000 3,225 377 3,602 |
Total funds 2024 £000 3,225 377 3,602 |
Total funds 2023 £000 2,575 360 2,935 |
|---|---|---|---|
Page 17
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Activities 2024 £000 Depreciation 93 Governance costs 150 243 Auditors' remuneration Fees payable to the Company's auditor for the audit of the Company's annual accounts including irrecoverable VAT Staff costs Gross wages and salaries Employer NI contributions Pension costs - defined contribution schemes |
Total funds 2024 £000 93 150 243 2024 £000 33 2024 £000 346 25 6 377 |
Total funds 2023 £000 97 123 220 |
|---|---|---|
| 2023 £000 33 |
||
| 2023 £000 330 25 5 360 |
6. Auditors' remuneration
7. Staff costs
The average number of employees during the year was 14 (2023: 13).
No employees received total employee benefits of more than £60,000 in the current year or the prior year.
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 5 April 2024, expenses totalling £2,099 were reimbursed or paid directly to 3 Trustees (2023 - £1,925 to 1 Trustee).
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THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
9. Tangible fixed assets
| Cost or valuation At 6 April 2023 At 5 April 2024 Depreciation At 6 April 2023 Charge for the year At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 |
Freehold property £000 2,955 2,955 286 59 345 2,610 2,669 |
Motor vehicles £000 165 165 99 16 115 50 66 |
Fixtures and fittings £000 96 96 20 10 30 66 76 |
Computer equipment £000 30 30 15 8 23 7 15 |
Total £000 3,246 3,246 |
|---|---|---|---|---|---|
| 420 93 513 |
|||||
| 2,733 | |||||
| 2,826 |
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THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
10. Heritage assets
Assets recognised at cost
| Carrying value at 6 April 2023 Additions |
Ramsbury Manor Estate 2024 £000 34,987 1,623 36,610 |
Manor furniture, contents, garden statuary & bronzes 2024 £000 37,832 - 37,832 |
Heritage cars and boats 2024 £000 6,882 - 6,882 |
Works of art 2024 £000 135,514 - 135,514 |
Total 2024 £000 215,215 1,623 216,838 |
|---|---|---|---|---|---|
The heritage assets were acquired by way of donation and the initial valuation was treated as deemed cost, as permitted by section 18.18 of the Charities SORP (FRS 102).
The Ramsbury Manor was last valued by an external valuer, Savills, on December 2015 and their valuation was based on inspection and reference to market data. The other heritage assets were all valued by qualified external valuers in 2015 or 2016, with the exception of the heritage cars and boats which were valued internally in 2016 with reference to market data.
A review of these assets has been undertaken to ensure that they maintain their value. It is the opinion of the Trustees that there have been no significant impairments to the value of these assets during the year.
Analysis of heritage asset transactions
| Purchases Ramsbury Manor Estate Donations Ramsbury Manor Estate Works of art Manor furniture, contents and garden items Heritage cars and boats Total additions |
2024 £000 1,623 - - - - 1,623 |
2023 £000 359 - - - - 359 |
2022 £000 60 195 - - - 255 |
2021 £000 2,730 - - - - 2,730 |
2020 £000 3,643 - 135,514 37,832 6,882 |
|---|---|---|---|---|---|
| 183,871 |
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THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
11. Debtors
| Due within one year Other debtors Prepayments and accrued income |
2024 £000 166 - 166 |
2023 £000 - 67 |
|---|---|---|
| 67 |
12. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2024 £000 161 8 2 321 492 |
2023 £000 106 8 5 83 |
|---|---|---|
| 202 |
13. Financial instruments
| Financial assets Financial assets measured at fair value through income and expenditure Financial liabilities Financial liabilities measured at amortised cost |
2024 £000 2,999 2024 £000 (492) |
2023 £000 3,359 |
|---|---|---|
| 2023 £000 (202) |
Financial assets measured at fair value through income and expenditure comprises of cash at bank and in hand.
Financial liabilities measured at amortised cost comprises of trade and other creditors.
Page 21
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
14. Statement of funds
Statement of funds - current year
| Balance at 6 | Transfers | Balance at 5 | Balance at 5 | |||
|---|---|---|---|---|---|---|
| April 2023 | Income | Expenditure | in/out | April 2024 | ||
| £000 | £000 | £000 | £000 | £000 | ||
| Designated funds | ||||||
| Ramsbury Manor Estate | 217,884 | - | (59) | 1,623 | 219,448 | |
| General funds | ||||||
| General funds | 3,381 | 4,824 | (3,786) | (1,623) | 2,796 | |
| Total funds | 221,265 | 4,824 | (3,845) | - | 222,244 | |
| Statement of funds - prior | year | |||||
| Balance at | Transfers | Balance at | ||||
| 1 April 2022 | Income | Expenditure | in/out | 5 April 2023 | ||
| £000 | £000 | £000 | £000 | £000 | ||
| Designated funds | ||||||
| Ramsbury Manor Estate | 217,584 | - | (59) | 359 | 217,884 | |
| General funds | ||||||
| General funds | 2,998 | 3,838 | (3,096) | (359) | 3,381 | |
| Total funds | 220,582 | 3,838 | (3,155) | - | 221,265 |
Page 22
THE RAMSBURY MANOR FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
14. Statement of funds (continued)
All funds are unrestricted.
Designated Funds
The Ramsbury Manor Estate - this fund represents the Ramsbury Manor, its contents and the surrounding gardens and cottages which makes up the total Ramsbury Manor Estate, which is designated to be maintained and preserved for public appreciation.
General Funds
The general funds are used to meet both the direct and support costs of maintaining, developing and preserving The Ramsbury Manor Estate for public enjoyment
15. Analysis of net assets between funds
| Unrestricted designated funds 2024 Unrestricted general funds 2024 £000 £000 Tangible fixed assets 2,610 123 Heritage assets 216,838 - Current assets - 3,165 Creditors due within one year - (492) 219,448 2,796 |
Total funds 2024 £000 2,733 216,838 3,165 (492) 222,244 |
Total funds 2023 £000 2,826 215,215 3,426 (202) 221,265 |
|---|---|---|
Page 23
THE RAMSBURY MANOR FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
16. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Investment income Increase in debtors Increase in creditors Net cash provided by operating activities 17. Analysis of cash and cash equivalents Cash in bank Notice deposits Total cash and cash equivalents 18. Analysis of changes in net debt At 6 April 2023 £000 Cash at bank and in hand 3,359 3,359 |
2024 £000 979 93 (114) (100) 291 1,149 2024 £000 299 2,700 2,999 Cash flows £000 (360) (360) |
2023 £000 683 97 (39) - 54 795 2023 £000 659 2,700 3,359 At 5 April 2024 £000 2,999 2,999 |
|---|---|---|
Page 24
THE RAMSBURY MANOR FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
19. Related party transactions
During the year, cash donations of £4,686,000 (2023: £3,777,000) were received from The Capricorn Foundation.
During the year, fees of £26,174 (2023: £42,270) were payable to a firm of solicitors for professional and administration services, a firm for which a Trustee acts as a consultant.
Page 25