RAMM DEVELOPMENT TRUST TRUSTEES, REPORT AND ACCOUNTS FOR THE PEIUOD ENDED 31 MARCH 2022 Page I
RAMM DEVELOPMENT TRUST ADnual Report for the Period to 31 March 2022 Trnstees Report for the period ended 31 March 2022 Structure and Governance Tlie RAMM Development Trust is a CIO regisiered on 14 January 2019 with charity no. 1181542. The charity trustees during the period were.. R Bearne - Chajrman J Browne D Phillips L Kobson {resigned I'l August 2022) Cllr A Leadbetter S Austen J Yung (appointed 25 july 2022) Cllr L Wrighi (appointed 18 Noveinber 20221 The Twstees would like to express theiT appreciation of t£sley Rob50n's contribution and enthusiastic support over many yeijrs. During the Ye the Trustees met on four occasions in July, September and Decen]ber 2021 and January 2022. Camill<l Hampsliire and Claire Bailey from the Royal Albert MeTnorial Museum attended meetings, and from December 2021 meetings were also xltended by an observer from the Friend5 of RAMM under a recipiocal arrangement. Under the constitution the Tnlst must have between 4 and 8 appointed Trnslees and may have up to 2 nominated Trustees. Appointed Trustees are recruited having regard to the skills, knowledge and experience needed for the effective adminisiration of the CIO. Trustees are &ppointed for & term of 4 yes. Exeter City Councd ('Ihe Nominating Body") Y appoint up lo two charily truslees. Objectives and activities The object of the Trust is to advance the education of the public by the promotion, support. assistancc and improverncnt of the Royal Albert Memorial Museum including ils galleries, displays, collections. amenities and facilities, edu¢ational and research activities and community outreach and engagement prograinmes. The Trn5lees are appointed to meet this objective by raising and expending funds. In planning the charity's activities. the Iruslees have kept in mind the Charity Coi]]tnission's guidance on public benefit at their trustee meetings. The Trust has four main sources of funding.. Donations from the visltors to the Museum, OT those responding to specific fijnd raisfng appedls Legacies tsranls from other charitable bodies towards c&pital projects or engagement activitie,s Fund raising activities, illcluding the sponsoiship of concerts and exhibitions held in the Museun] from valucd business partners in the local community Page 2
The Trust has continued to support RAMM Ihrough another chdllenging year as the museurn conlinues lo recover tsorn the impact% of COVID-19. Further challenges around the cost of living crisis (increased inflation utilities, decTeased dispos(ible income of visitors) and pressures on public tunding are beginning to be felt. The Trust, through applications to other trusts and foundations and fundraising has supported the Inuseum in a number of ways, including: Providing match funds tor converting museum lighting from halogen to energy efficient LEDS. Match funding allowed the museum to seeure significant investment from Viridor Environmental Credits. Providing match funding for Museum at Large, an ambitious and adventurous public arr project which brought logether a number of artiscs and community and city partners. Match funding brought in other investment including from ACE Cultural Recovery Fund as the project was devised with the strategic vision ofreconr)ecting people with RAMM and the high street. Purchasing a new piojector for the muscum enabling it to offer better coryx)rate hire options and share information with RAMM audiences. Founding for conservation of18 c. poriraits of local health pioneers which will be used as the focus to develop an exhibition which explores Exeter's medical past whilst reflectin% on the pandemic. Funding for a new ramp which provides greater access to RAMM'S outside garden space, increasing the number of people who could take part in outside summer activities. Funds for a number of well-being projects, including RAMMsounds and Frame of Mind. 2021122 also saw the completion of a piece of Governdnce Development work which involved IiAMM, Ihe RAMM Development Trust and the Friends of RAMM, con]ing together t() ensure all (hree organisations were working together for 8 unified cause. This involved developing new policies and procedures including RAMM'S firsi Case for Support 2nd Gifts in wills scheine. Financial review During Ihc year donation incon]c totalled £34,503 including £15.690 towards specifIc projects and Ihc Trustees are gratefiil to a number of Trusts for their support in this respect. Projects grants of J2.976 were made. The net surplus before investment losses was £2,868 for the year. The Trustees were naturally disappointed that having inves(ed £250,000 as part of the agreed Future Fund, market volalility early in 2022 resul(ed in a loss on inveslmeni of £13,307 for Ihe period to 31 March. It is noted however that the investments are made for the long term and there are no plan8 10 withdraw plans from the nd itt the short term. Reserves at tbe 31 March 2022 totalled £374.496. Future plans and activities In 2022123 RAMM will seek to secure further ACE NPO investment and maintain stable ECC funding. To build fvture resilience RAMM will continue to divcrsify support Ihrough developing new and maintaining current relationships with other grani giving bodies and individual bupporters Iihrou?h low, middle and JOr giving, plus encouraging gifts in wills). The RAMM Development Trust will continue to provide a crucial role in the museum's future sustainabililv as the charitable arm of RAMM. Where Dossible funds will continue to be used at Page 3
ma(ch funding to increase value to the muqeum. The Trustees will continue to provide support through their skills. networking and governance of the Trust. Pldns to relaunch a new Patron scheme will be developed. Investment policy Dui'ing the year the Trust has established a designated Future Fund and appointed Brewin Dolphin as investmeni manager. £250,0(K) has been transferred to the investment portfolio and the Trust has adopted an investment strategy, the key elements of which are as l. The Objectiv otthe RAMM Development Trst in investing its funds The investments are held as a long-term r6serve, building up the RAMM Future Fund which look$ to improvc RAMM'S long-term future.%usiainability in-line wilh the RAMM Developmcnt Trust's charitable objects dnd RAMM'S fijture Business Plans. The RAMM Development Tn]st's invastment objective is to maintain and, if possible, ennance the real value of the rescrve% representcd by its invebtments while producillg an income. The RAMM Developn]eni Trust requires an income in order to fulfil it.8 charitable purp(xgeq. In orda. to meet the objectives and risk profile of The RAMM Developtnent Trust, the TAustees have selected an Investment Objective of 'wanting to grow capital over ihe invesiment period to generate long-lerm capiial growth and generate a iotal return ahead of UK infiation from the ornbination ot the gcncrition of. income and capital growth., subject to Rk Lategory 6 as iaia out in Brewin Dolphin's Guid¢ to Investmcnt Risk and Classification documeni. 2. Asset allocation strategy Thc RAMM Dcvelopmellt Tn]st'S stralcgic investme[ policy involves a broadly thversified spread of assets in line with Brewin Dolphin's Ribk Category 6. including UK and overseas equities, Government and non-government bonds and pooled fund5 to ¢over moi¢ Specialist areas of investment. Specific asset allocation is a funcrion that has been delegated by the Tn]5tecs to the investment manager. The iT)vestment Tjthnager will take into con5idcraiion the Trustees, ethical 8tance. and the RAMM DevelopmeDt Trusl's need for liquidity and the risk 51raiegv as identified above. 3. Restrirti0 and ethieal illvestmeot policy The following restrictions ipply to the porifolio.. tobacco, pornogr*phy, gambling. Trustee5 would like to see a tilt towards Envlronfftcnt. Social and Corporate Governance (ESG) iAvestmcnt8 within thc portfolio. As Trustees, we have considered the futurc 5UStainability of our invcsiment portfolio and belkeve it is importini that we inv&8t responsibly 10 achieve our charity's goals. As stewards of our investments, our investmeni manager.% Brewin Dolphin take accouni of d wide raiige of environmenial. social and govunallce factors when assessing and gelecting investments for our porttolio. Brcwin Dolphin engage with companies directly and as members of leading industry bodies on mportant issue% that could impact th¢ Value of our holdings. As signatories, thev adhere to the UN Principlc5 of Responsible investment. Page 4
- Review The Trustees will review thi5 policy on a rolling three years basis, or before if they see fii. The date of thc next review shall be Jan 20? Approved by the TSteeS and signed on their behalf by.. Richard Bearne Cnairn)2- Page 5
Independent Examiner's Report to the Trnstees of the RAMM Development Trust I report on the accounts of the Trust for thc year endcd 31 March 2022, which are set out on pages 6 to 10. Respective responsibilities of trustees and exan)iner As the charitv's trustees you responsible for the preparation of accounts in accordance with the requll'ements of the Chdrities Acl 2011 (the 2UI l Act). I report in respect ot my exammation carrked out under section 145 of the 2011 Act and in carrying out mv examination I have followed all the applicable Directions given by the ChaTily Con]mission under section 145 (5) (b) of the Act. Independent examiner's statement I have cornpleted my exainination. I confirm Ihat no mailers have come to my attention in connection with the examination giving me cause 10 lIeVe that in any material respect: accounting records were not kept in accordance with section 130 of the 2011 A¢t-. or 2. the accounts do not accord wilh ihose record5'. Of 3. the accounts do noi comply with the applicable requirements concerning the form dnd coiitent of the accounts set out in the Charities {AccountS dnd Reports) Regulations 2008 other th<in any requirement that the accounts give a 'lrue and fair vicw. which is not a matter considered as part of an Independent Examination. I have no Concerns and have come across no other TDatlers in connection with the examination to which attention should Ee drawn in tbis report in order to enable a proper understanding of the accounts to be reached. Benjamin de Cruz (BA FCAI Hiiines Watts Accountants ffxeter) Limited 3 Soiithernhay West Exeter EXI IJG 26January 2022 Page 6
RAMM DEVELOPMENT TRUST ststement of Financial AdivitRes for the period to 31 March 2022 Unrestricted Restrieted filnds 2022 funds 2022 Total 2022 Total 2021 Income from: Voluntary income.. Dondtion Legacies Fund raising activities: Fund-raising events 18.813 15.690 34,503 27,118 1,455 4,IK)O 4,000 Interest received Investment income 180 1.306 180 1.306 170 Total 24,298 15,690 39,988 28.743 Expenditure on: Raising fi]nds and realising legacies Cinvernance costs 638 2.200 638 2.2( 11,473 1.500 Charitable activitiee Project grants 21,731 1.245 32,976 17.88D Investnrnt fees 1.435 1.435 Total 26,004 11,245 37,249 30,859 Nel giiinsI(losses) on invescments (13.307) (13.3071 Net movement in funds for the year (15,013} 4,445 (105614) (2,110 J Total funds brought foTward 384.529 535 385.064 387.18{1 Total funds carried forward 369,516 4,980 374,496 385,0fv1 Page 7
I<AMM DEVELOPMENT TRUST Statement of Financial Activities for the period to 31 March 2021 Unrestrieted Restricted funds 2021 funds 2021 Total 2021 Total 2020 Income from: Trwisfer from unincorwrated trust Voluntarv income.. DonatioThs Lkgacies Fund raising activities.. Fund-raising events 400,074 12,118 1,455 l5,000 27.118 1,455 9,521 207.811 4,755 Interest received 170 170 41 Total 13,743 15,000 28,743 422.201 Expenditure on: Raising funds and realisiT)O leoacie Governance costs 11,473 3.151,, 11.473 1,500 1,500 1,920 Charilable activities Project grant5 2,886 15.(K)O 17,886 29,951 Total 15,859 15,000 30,859 35,021 Yet movement in funds for the year (1116) (2,116) 387.180 Total funds brought forward 386.645 535 387.180 Total funds carried forward 384,529 535 38S,064 387,180 Page S
RAMM DEVELOPMENT TRUST Balance sheet as at 31 March 2022 Notes 2022 2021 Current assets Investments 236.564 Balance at bank.. Current accounts Deposit accounts 11.080 128,853 161.70;. 224.661 C&8h float Debtors 21K) 200 376.696 386.564 Current Ilabilities Cctuals and deferred income 12,200) (1,500) Net assets 174,496 385.064 Funds Restricted 4,980 535 Unrestricted - designated 300.000 69.516 369.516 300.ooe 84.529 384.529 free reserves Total unrestricted funds Total funds 374,496 385,064 Sharon Austen. Treasurer Approved by the Tte¢S on 26 January 2022 signed: R Bearne, Trnstee signea: J Browne, 'frustee Page 9
RAMM Development Trust Notss to the accounts for the year to 31 March 2022 A¢eounting policies General These accounts have been prepared under the historical cost convention and on an accruals basis. The financial statements of the charity. whicli is a public benefit entity under FRS 102. have been preped in accordance with the Charities SORP (FRS 102) 'Accounting and Reponing by Charities: Statement of Recommended Practice applicable to charities preparing their accoun18 in aCCordce with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 20191,. and Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Incon]e reco nition Donalion income is recognised ITh the period in which it is received. Legacies are recognised in the period in which their receipt becomes probable and can be measured with reasonable certainty. enditure Expenditure is included on an accruals basis and is inclusive of irrecoverable V AT. Investments Investments are measured at market value as at the balance sheet date. Expenditure Included within governance costs is the fee for Independent Examination of £1.660 and accounts production fees of £540. Investments Listed investments Brought Forward Additions 250.(K>O Revalualions (13,436) Carried forwards 236.56Lt Investments are held within the general fund. The revaluation di%elosed ID the notes of these finan¢ial statements does not agree lo the realiled gain on fixed asset investments shown on the face of the SOFA because of the nature of the iten]s that form the overall change in value. Page 10
A reconciliation of these figure5 is as follows: Per SOFA 113,307) Manageinenl fees Income frorn invcstmeT)ts (1,435) 1.306 Actual change in value.. (13,436) Funds Byought Fonvard Net Transfers Carrled gainsl{losse$l in l {out) loNiard Incomo Expendilure Restricted funds Ramm Sounds Bruce Wake award Mindlull museum Portrait wnseNation Other 5.000 2.000 4.690 4.IlW (4,555) (2,000) (4,690) 445 535 535 535 4.980 Total restricted tunds Designated funds RAMM Future Fund General funds General free reseNes Total unrestricted funds Total funds 15,690 (11,245) 300,000 {13,307) 13.307 300,000 84,529 24,298 {26.004) (13,3071 69.516 384,529 24,298 (26,004) {E3,307) 369.516 385,064 39,988 (37,249) (13,307} 374,496 The Trn.8lees have designa(ed £300,000 ot free reserves to the RAMM Future Fund to support the long lerin sustainability of the Museum. £250,000 have been placed under management to support this fund. The bdlance rernriins as ch on deposit. Analysis of net assets betiveen funds Current assets Current liabilities Tolal Restricted funds Other Unrestricted funds Designated ree reserves 4,980 4,980 300,IXK) 71.716 376,696 300,QOO 69,516 374,4Y6 (2,200} (2,21MI) Total Related partv transactioL< There were no related party Irans4iCtions during the year. No expenses were paid to any Trustee. Vage il