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 2025
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the Company, Its Trustees and advlsers Trustees. report Independent auditors. report on the flnanclal statements ststement of financial activitlOS 6-10 Balance sheet 12 ststement of cash flows Notes to the financial statements 14-26
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2025 Trustees Lord Kakkar Philip Perry Diana Rawstron Richard C18rk Company registered number 10874451 Charity registered number 1178403 Registered office Ramsbury Manor Ramsbury Marlborough Wiltshire SN8 2RG Company secretary Diana Rawstron Independent auditors Sumer Audilco Limited 14th Floor 33 Cavendish Square London W1GOPW Page 1
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2025 The Trustees present their annual report together with the audited financial statements of the Company for the 6 April 2024 to 5 April 2025. 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 charitsble 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 ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. 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 Estsle to The Capricorn Foundation, an unincorporated charitable Irusl. 11 was Mr Hyams, wish that the Ramsbury Manor Estste 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 Capricom 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.. lo preserve and conserve for the public benefit Ramsbury Manor, its archileclural heritage, gardens, surrounding grounds and park land and contents being of artistic, historical, architectural, or constructional merit,. and lo advance the arts or education in particular by preserving and making available Ramsbury Manor and Ils 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 formerfy in the employ of the late Mr Hyams with effect from April 2019. Page 2
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 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. Work has continued on the internal refurbishment of the Manor House with the completion of the decant of the contents to secure storage and an application for listed building consent for the opening up works to determine what has to be done. The second phase of the restoration of the walled garden was completed and a visit arranged for the Ramsbury Horticultural Society to view the progress lo date. Produce from the garden is given lo a local charity for the homeless. Work also started on the banks and revelments of the lake. A review was made lo assess the energy requirements of the estate over the next 40 years including increased power requirements and additional cabling for the Manor House and garden lo awommodate this. Technical design work on the New Estate Yard was started. The much-appreciated education programme for local primary schools was repeated. All the schools involved in the 202312024 education days were invited back in National Tree Week in November to participate in planting a new woodland area to be know as The King's Wood. As access to the House is not possible al the moment the Trustees have agreed various loans from their collection for exhibition. A Salvalor Rosa Self Portrait as Pas¢ariello and the William Holman Hunt painting of Rienzi vowing lo obtain Justice for the Death of his Brother were on loan lo the National Gallery. A Girf Making Nose Gays by Tomas Hiepes was on loan lo the Auckland Project. The Trustees have had regard to the guidan issued by the Charity Commission on public benefit and are satisfied they have complied with the duty in Charities Act 2011 section 17151. Financial review . Going concem After making appropriate enquirie5, the Trustee5 have a reasonable expectslion that the Company has adequate resources to continue In operational existence for the foreseeable future. For this reason, they continue lo adopt the going COnM basis in preparing the financial slatemenls. There are no material uncertainties regarding going concern. b. Reserves policy The Trustees, policy is to hold sufficient undesignated reserves, primarily In the fomi of cash at bank, lo meet day lo day expenditure requirements, topped up periodically by donations from The Capricom Foundation. c. Principal risks and uncertainties The principal risks and uncertainties for the charity are those of fire, flooding and theft. To help miligale against these risks there is 24-hour security on the Estste, the Foundation owns a fire engine and specialist fire training has been given lo security officers. Page 3
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 d. Principal funding The Ramsbury Manor Foundation is wholly funded by The Capricom Foundation Trustees who rard this project as their priority. An agreement is in place for The Capricom Foundation lo 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 totsl unrestricted funds al 5 April 2025 were £223,208k12024.. £222,244kl comprising designated funds of £219,665k12024 £219,448kl and general funds of £3,543k12024.. £2,796kl. 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 ils 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 lo which the Company is exposed, in particular those related lo the operations and finan$ of the Company, and are satisfied that systems and procedures are in pla 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. 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. Page 4
THE RAMSBURY MANOR FOUNDATION IA company IlThlted by uuaranteg) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5APRIL 2025 statement Of Tru¥tog$' responslbllltles The TTUSteB8 (who 8re also Ihe directors of the Company for the purposes of company18w) are sponSible for pTepang the Trustees. report and the financial 51alemenls In accordance wSlh applicable law and United Kingdotn Accounling Slandards (United Kingdorn Generally Aceepted Account5ng Praclicel. Company law requires the Trustees Io Prepare financial slalernenls foT each financial . Under cornpany law. the Trustees must not approve the financial slalem8nl8 unless th8y a18 satisfied that they give a true and lair WIEW of the slate ol affaiTS of the Cornpany and of its incoming resources and application of re5Durces. including its income and expendlture. for that period. In preparing these financial staternents, the Trustees are qUired to.. select Sulble accounting policies and then apply them conslstenlly., observg. Ihp. mglhndx xnd prlnr.iplps tif thA P.hariliEs SORP IFRS 1021.. make judgments and aountIng estlmates Ihal are reasonable and prudent., stale whether 8pplicable UK Accounting Standards IFRS 1021 have been followed, subject to any rnaterial epartures disclosed and explained in the financial slalements; prepare the finanual slalemenls on the going eoncem b3515 unless It is inappropriate lo presume thal the Companywill conllnue in buslness. The Trustees are responsible for keeping adequate aGcDuntlnu re¢ords that are suffici8nt to show and explaln the Companws tian52ctlons and dis¢lose with reasonable accuracy at any tlme the financi81 position of the Company and enable them lo ensuie that the financial statements comply wllh the Companle5 Acl 2006. They are a150 re8pon¥ible for Safeguarding the assets of the Comp8ny and hence for taking Teasonable 8lep8 for the pievenlion and detection of fraud and other Irregularltle5. Di$¢108ure of Informatlon to audltors Each ol Ihe persor$8 who are Truslee5 al the lime when this Trustees, rEPOrt Is approved has confirmed Ihal.. 50 far as that Trustee Is aware, th8re is no relevant audit information of whlch the charilws auditors are unawar8, and that Trustee has taken all the steps that ought to have been 18ken 88 8 Trustee in order to be aware of any relevant audit information and to e5tabllsh thal the charills auditors are aware of that infomiation. Audltors The auditors, Surner Auditco Limlled, have inisicated thelr wllllnoness to continue in offlc8. The deslgnated Trustees wlll propose a motion reappolnting the èudltors at a meeting of the Tru51ees. Approved by order of tho mtt1nber3 of the board of Truateea and signcd on thclr bchalf by: Lord Kakkar Trustee Date.. .2olS. Page 5
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE RAMSBURY MANOR FOUNDATION Oplnlon We have audited the financial statements of The Ramsbury Manor Foundation Ithe 'charitable company'l for the year ended 5 April 2025 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 Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 5 April 2025 and of ils incoming resources and application of resources, including its income and expenditure for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII 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 lo 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 lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, 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 lo continue as a going concern for a period of al least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going conrn are described in the relevant sections of this report. Page 6
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE RAMSBURY MANOR FOUNDATION ICONTINUED} Other Informatlon The other infomialion 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 contsined within the Annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo 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 misststemenl 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. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial ststements. the Trustees, report has been prepared in accordan with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtsined 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". 8dequ8te accounting records have not been kept, or retums adequate for our audit have not been ceived from branches not visited by us", or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled lo 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 IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE RAMSBURY MANOR FOUNDATION ICONTINUED} Responslbllltles 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 lawl 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 neSSary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial ststemenls, the Trustees are responsible for assessing the charitable company's ability lo 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 lo do so. Audltors. responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial ststemenls 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 IUKI will always detect a material misststemenl 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 lo influence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oudined above, lo delect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. In order to identify and assess the risks of material misslatemenls, including fraud and non-complian with laws and regulations that could be expected lo have a material impact on the financial statements, we have considered.. the results of our enquiries of management and those charged with governan of their assessment of the risks of fraud and Irregularities., the nature of the company. including its management structure and control systems (including the opportunity for management lo ovetride such conlrolsl", management's incentives and opportunities for fraudulent manipulation of the financial stalemenls," and the environment in which il operates. We 81so considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and present8tion of the financial statements such as the Companies Act 2006 and the Charities Act 2011. Based on this understanding we identified the following matters as being of significance to the entity". laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, and Charity Law., management bias in selecting accounting policies and determining estimates., the liming of the recognition of income., the split of income and expenditure between funds,. and the valuation of heritage and tangible fixed assets. Page 8
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE RAMSBURY MANOR FOUNDATION ICONTINUED} 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.. enquiries of management and those charged with governance as lo whether the entity complies with such laws and regulations, and discussion with the same regarding any known or suspected inStsn$ of non- compliance., enquiries with the same concerning any actual or potenti81 litigation or claims", inspection of levant legal correspondence", assessment of matters reported to management and the result of the subsequent investigation,. obtaining an understanding of the relevant controls., obtaining an understanding of the policies over the recognition of income and testing their implementation during the year., reviewing lemis of grants received in the year., review of donations made for compliance with the trust deed., review of bank statements and funds movement lo ensure income and expenditure is being allocated correctly", challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation lo the impairment of heritage assets and tangible fixed assets,. reviewing the financial slalemenls for Complian with the relevant disclosure requirements,. performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements In account balances which may be indicative of fraud., reviewing the minutes of trustees meetings,. and identifying and testing joutnal entries, in particular, any journ81 entries posted with unusual account combinations or crediting revenue or cash. 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 entills onlrols, and the nature, timing and exlenl of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to delect 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 accordan with ISAS IUKI. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, report. Page 9
THE RAMSBURY MANOR FOUNDATION IA Company Ilrnited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE RAM5BURY MANOR FOUNDATION ICONTINUEDI U5* of our report This report is made solely to the charitable cornpany's members, as a btsdy, In accordance with Chapter 3 of Part 16 of the Cornpanles Act 2006. Our audll work has been undertaken 50 thBt we might $18te to the charitable cornpanls members those mallers we are required to state to thern In an Auditors. report and tor no other purpose. To the fullest exient peTmitled by law, we do not 8ccepl Dr assume responsibility 10 anyone other than the charitable co pany and ils members. as a body, for our audlt Wofk, lor thls wport, or for the opinions wp have lomied. Davld Purnfrey for and on behal SumEr Audltco Llmited Statutory Auditors 14th Floor 33 Cavendish Squ3r8 London W1G OPW 2¥ . 0[4/¢ykAr l(Jl-I A Isenlor statutory audl Date.. Page 10
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED S APRIL 2025 Unrestricted funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Note Income from: Donations and legacies Investments Other income 5,196 129 30 5,196 129 30 4,686 114 24 Total income 5,355 5,355 4,824 Expenditure on: Charitsble activities 4,391 4,391 3,845 Total expenditure 4,391 4,391 3,845 Net movement In funds 964 964 979 Reconclllatlon of funds: Tot81 funds brought forward Nel movement in funds 222,244 964 222,244 964 221,265 979 Total funds carrled forward 223,208 223,208 222,244 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 14 to 26 form part of these financial statements. Page11
THE RAMSBURY MANOR FOUNDATION IA company Ilmlted by guarantee) REGISTERED NUMBER- IOB74451 BALANCE SHEET ASATS APRIL 2025 2025 £ODO 2024 £000 Nots Fixed assèts Tangible fixed gsset5 Herltage a5S81 10 2,733 216.838 217,076 219,759 219.571 Current assets Debtor3 Cash at bank ond In hand 12 100 2,999 3,716 3,716 3,16S Current liabilities Creditors.. Bmounts falllng due within one year 13 {2671 14921 Net cuvr8nt assets 3,449 2,673 Total nèt assets 223,208 222,244 Charity funds Unrestricted funds 15 223.208 222,244 Total fund 223,208 222,244 The TruateE¥ a¢knowlcdgc their respongibilQies for eomplying with thè reqiiirp.mAnts nf the Act wllh rèspect lo accounting records and preparailon of finan(ial slatemenl5. The financial stalernents have been wepared In accordance wlth the provtslons applicab to enltles sytyect to Ihe small companies regime. The flnancial slalements were approved and aulhorised lor issue by the Trustees and sigllBd on thelr behalf by.. Lord Kakkar Trustee Datè.. .x',. tsts. Th8 notes on pago5 14 to 26 form part of these financial statements. Page 12
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED S APRIL 2025 2025 £000 2024 £000 Note Cash flows from operating activities Nel cash received in operating activities 17 826 1,149 Cash flovts from investing activities Investment income Capital refurbishment of heritage assets 129 12381 114 11,6231 Net cash used in investing activities 11091 11,5091 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 717 13601 3,359 2,999 Cash and cash equivalents at the end of the year 18 3,716 2,999 The notes on pages 14 to 26 form part of these financial statements Page 13
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Accountlng pollcles 1.1 Basis of preparation of financial statements The financial slalements have been prepared in accordan with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 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 al historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1.2 Income All income is recognised once the Company has enlillemenl lo the income, il 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, il is measured al fair value, unless il is impractical lo 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 lax recoverable in relation to donations reiVed under Gift Aid or deeds of covenant is recognised at the lime of the donation. Other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the servi. 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 selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. 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 lo 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 lo a single activity are apportioned beleen those activities on a basis consislenl with the use of reSoUrs. 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 direcdy undertaking the activities which further the Companls 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 nomially upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 14
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Accountlng pollcles Icontlnuedl 1.5 Tangible fixed assets and depreciation Tangible fixed assets costing £10,000 or more are capilalised 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 al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tsngible 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 propety No depreciation is charged for the year ended 5 April 2025 onwards Renovations to freehold propety- 20 years straight line Motor vehicles 250/0 written down value Fixtures and fillings 100/0 straight line Computer equipment 4 years straight line Freehold properties are no longer depreciated, as the residual value is not expected lo fall below the original cosudonated value. However, renovation costs capilalised within freehold property are depreciated on a straight-line basis over 20 years. For further detsils on the change in depreciation policy during the year, refer to Note 2 - Change in Accounting Eslimale. 1.6 Herltage 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. Al 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 lo be the higher of its fair value less costs to sell and ils value in use. An impairment loss is recognised where the carrying amount eXedS the recoverable amount. The heritsge assets are lo be presetved and managed by staff al The Ramsbury Manor, overseen by the Trustees. The charitable company has a list of assets forming the estate and the Trustees are working lo make access available lo special interest groups and the public. 1.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Page 15
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Accountlng pollcles Icontlnuedl 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 dale of acquisition or opening of the deposit or similar account. 1.9 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates il 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 Flnanclal 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 al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.11 Fund accountlng General funds are unreslricled 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 lo the financial ststemenls. Investment income, gains and losses are allocated to the appropriate fund. Change In Accountlng Estlmate- Depreclatlon of Freehold Property During the year, the charity reviewed its depreciation policy for freehold properties. Previously, freehold properties were depreciated on a straight-line basis over 50 years. Following this review, the charity determined that the buildings themselves are no longer subject to depreciation as the residual value is not expected to fall below the original cosvdonated value. Instead, only the renovation costs associated with the properties will be depreciated over a period of 20 years on a straight-line basis. This change in estimate has been applied prospectively in accordance with applicable accounting standards. The impact of this change on the current yearfs financial statements is a reduction in depreciation expense compared lo the previous policy. Page 16
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Income from donatlons and legacles Unrestricted funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Donations 5,196 5,196 4,686 Investment income Unrestricted funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Bank interest 129 129 114 Analysis of expenditure on charitsble activities Summary by fund type Unrestricted funds 2025 £000 Total 2025 £000 Total 2024 £000 Estate expenses 4,391 4,391 3,845 Anatysis of expenditure by activities Activities undertaken directly 2025 £000 Support costs 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Estate expenses 4,141 250 4,391 3,845 Page 17
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Analysls of expendlture by actlvltles Icontlnuedl Analysls of dlrect costs Total funds 2025 £000 Total funds 2024 £000 Actlvities 2025 £000 Costs incurred in running the Ramsbury Manor Estate Wages and salaries 3,716 425 3,716 425 3,225 377 4,141 4,141 3,602 Anatysis of support costs Total funds 2025 £000 Total funds 2024 £000 Activities 2025 £000 Depreciation Governance costs 50 50 93 200 200 150 250 250 243 Auditors. remuneration 2025 £000 2024 £000 Fees payable lo the Company's auditor for the audit of the Company's annual accounts including irrecoverable VAT 36 33 Page 18
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Staff costs 2025 £000 2024 £000 Gross wages and salaries Employer Nl contributions Pension costs- defined contribution schemes 387 31 346 25 425 377 The average number of employees during the year was 1412024.. 141. No employees received total employee benefits of more than £60,000 in the current year or the prior year. Trustees. remuneratlon and expenses During the year, no Trustees reiVed any remuneration or other benefils12024 - £NILI. During the year ended 5 April 2025, expenses tolalling £1,300 were reimbursed to 1 Trustee12024 £ 2,099 10 3 Trustees). Page 19
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 10. Tanglble flxed assets Freehold property £000 Motor Fixtures and vehicles fittings £000 £000 Computer equipment £000 Total £000 Cost or valuation At 6 April 2024 2,955 165 96 30 3,246 At 5 April 2025 2,955 165 96 30 3,246 Depreciation At 6 April 2024 Charge for the year 345 21 115 12 30 10 23 513 so At 5 April 2025 366 127 40 30 563 Net book value At 5 April 2025 2,589 38 56 2,883 At 5 April 2024 2,610 50 66 2,733 Page 20
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 11. Herltage assets Assets recognlsed at cost Manor furniture, contents, garden statuary & bronzes 2025 £000 Ramsbury Manor Estate 2025 £000 Heritage cars and boats Works of art 2025 2025 £000 £000 Total 2025 £000 Carrying value at 6 April 2024 Additions 36,610 238 37,832 6,882 135,514 216,838 238 36,848 37,832 6,882 135,514 217,076 The heritage assets were acquired by way of donation and the initial valLJalion was treated as deemed osl, as permitted by section 18.18 of the Charities SORP IFRS 1021. The Ramsbury Manor was last valued by an external valuer, Savills, on December 2015 and their valuation was based on inspection and reference lo market data. The other heritage assets were all valued by qualified external valuers in 2015 or 2016, with the exptIon of the heritage cars and boats which were valued inlemally in 2016 with referen to market data. A review of these assets has been undertaken to ensure that they maintain their value. 11 is the opinion of the Trustees that there have been no significant impairments lo the value of these assets during the year. Anatysis of heritage asset transactions 2025 £000 2024 £000 2023 £000 2022 £000 2021 £000 Purchases Ramsbury Manor Estate Donatlons 238 1,623 359 60 2,730 Ramsbury Manor Estate 195 Totsl addltlons 238 1,623 359 255 2,730 Page 21
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 12. Debtors 2025 £000 2024 £000 Due within one year Other debtors 166 166 13. Creditors: Amounts falling due within one year 2025 £000 2024 £000 Trade creditors Other laxalion and social security other creditors 197 161 Accruals and deferred income 57 321 267 492 14. Financial instruments 2025 £000 2024 £000 Financial assets Financial assets measured at fair value through Income and expenditure 3,716 2,999 2025 £000 2024 £000 Flnanclal Ilabllltles Financial liabilities measured at amortised cost 12671 14921 Financial assets measured at fair value through income and expenditure comprises of cash al bank and in hand. Financial liabilities measured al amortised cost comprises of trade and other creditors. Page 22
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 15. Statement of funds Statement of funds - current year Balance at 6 April 2024 £000 Transfers Balance at S inlout April 2025 £000 £000 Income Expenditure £000 £000 Deslgnated funds Ramsbury Manor Estate 219,448 1211 238 219,665 General funds General funds 2,796 5,355 14,3701 12381 3,543 Total funds 222,244 5,355 14,3911 223,208 Statement of funds - prior year Balance at 1 April 2023 £000 Transfers Balance at inlout 5 April 2024 £000 £000 Income Expenditure £000 £000 Designated funds Ramsbury Manor Estate 217,884 1591 1,623 219,448 General funds General funds 3,381 4,824 13,7861 11,6231 2,796 Totsl funds 221,265 4,824 13,8451 222,244 Page 23
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 15. Statement of funds (contlnuedl All funds are unrestricted. Deslgnated Funds The Ramsbury Manor Estste this fund represents the Ramsbury Manor, ils 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. 16. Analysis of net assets between funds Unrestricted Unrestricted designated general funds funds 2025 2025 £000 £000 Total funds 2025 £000 Total funds 2024 £000 Tangible fixed assets Heritage assets Current assets 2,589 217,076 2,683 217,076 3,716 12671 2,733 216,838 3,165 14921 3,716 12671 Creditors due within one year 219,665 3,543 223,208 222,244 Page 24
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 17. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 2025 £000 2024 £000 Nel income for the year las per Stslemenl of Financial Acliviliesl 979 Adjustments for: Depreciation charges Investment income Decreaselllncreasel in debtors IDecreaselllncrease in creditors 50 93 11291 166 12251 11141 11001 291 Net cash provided by operating activities 826 1,149 18. Analysis of cash and cash equivalents 2025 £000 1,016 2,700 2024 £000 299 2,700 Cash in bank Notice deFX)Sits Total cash and cash equivalents 3,716 2,999 19. Analysls of changes In net debt At 6 April 2024 Cash flows £000 At 5 April 2025 £000 £000 2,999 Cash al bank and in hand 717 3,716 2,999 717 3,716 Page 25
THE RAMSBURY MANOR FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 20. Related party transactlons During the year, cash donations of £5,196,000 12024.. £4,686,000) were reiVed from The Capricorn Foundation. During the year, fees of £19,11412024.' £26,174) were payable lo a firm of solicitors for professional and administration services, a fimi for which a Trustee acts as a consultsnt. Page 26