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
ye￿s. 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
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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
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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 Tr￿st 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 R￿k 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.
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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 T￿SteeS and signed on their behalf by..
Richard Bearne
Cnairn)2-
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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
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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
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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
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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 T￿￿te¢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 prep￿ed in accordance with the Charities SORP (FRS 102) 'Accounting and
Reponing by Charities: Statement of Recommended Practice applicable to charities
preparing their accoun18 in aCCord￿ce 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 c￿h 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