## **REPORT OF THE CHAIRMAN OF THE TRUSTEES OF THE RAMSEY FOUNDATION For the year ending 31[st] March 2022**
The Foundation’s accounts show a surplus of approximately £25,600 for the year, an increase of about £6,000 from the previous year. The largest area of expenditure other than charitable donations was, as usual, repair and refurbishments of the flats, although this figure was significantly lower than in previous years. Remedial work for subsidence-related damage to the flats was completed during the year and the cost was covered by insurance. The external wall which was damaged by a lorry in December 2021 has been repaired and the costs either covered by insurance or recovered from the company responsible for the damage. Rental income from the stable flats was slightly higher than the previous year.
The deficit from operating the squash courts was similar to the previous year and arose from primarily from the cost of insurance. The courts are still moth-balled. The long-term plan remains to find a profitable alternative use for the building.
Ramsey Pre-School continues to use the Old Library building, which is leased to Cambridgeshire County Council. This arrangement is working well in terms of preserving the asset, but no income to the Charity arises. The sub-lease which expired in September 2019 was replaced by a Tenancy art Will in February 2020. Cambridgeshire County Council is unwilling to make further investment in the building until an extension of the lease or some other arrangement has been agreed. The Trustees are keen to find an arrangement which will benefit the Foundation, but which will also enable the PreSchool to remain viable.
The Ramsey Spinning Infants School, part of which occupies land belonging to the Foundation under a 1952 lease to Huntingdon County Council (now Cambridgeshire County Council) continues to be operated by the Elliot Foundation under a sub-lease from the Council. There is no income to the Charity.
The Charity continues to manage the smallholdings to provide income for the benefit of the Trust. The rents were not increased in 2021/22. It has come to the attention of the Trustees that a local business, based on land adjoining the access road to the smallholdings, has been making unauthorized use of the access road. Discussions to resolve the matter were ongoing at the end of the year.
The bungalow situated in the school grounds continues to be let to private tenants.
In addition to the usual annual contribution to Abbey College for school prizes, donations were made for equipment for the Performing Arts department, a literacy scheme and for MindFit services, which
Registered charity number 270604
support student mental health.
The Charity ended the year with a cash reserve of £98,666.
Significant progress has been made during the year towards an agreement to surrender the lease of the Abbey Building and surrounding land, so that the burden of maintenance can be removed from the school and the building and site can be redeveloped. Heads of Terms have been agreed, but any early surrender is dependent on the grant of satisfactory planning permission to redevelop the site, which could take several years. The building is not currently in use by Abbey College for educational purposes.
The Multi Use Games Area built on land leased from the Foundation was officially opened in October 2021 and is now serving as a valuable resource both for the school and the local community.
During the preparation of the lease for the above, it was brought to the attention of Trustees that the original right of way granted by a 1935 Conveyance, which gave access to the School Field from Hollow Lane, had been obstructed by various developments, including a school building. The Trustees have asked Abbey College to grant an alternative right of way along Abbey Road, and the school has instructed solicitors.
Mr Brian Warne was appointed as a Trustee in December 2021. There were no other changes to the Trustees.
Dated 19[th] January 2023
Signed………………………………………
Alan John Dods Chairman
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|PROPRIETOR|The Ramsey Foundation|
|---|---|
||Charity number: 270604|
|PRINCIPAL OFFICE|Abbey College|
||Abbey Road|
||Huntingdon|
||Cambs|
||PE261DG|
|ACCOUNTANTS|Whitings LLP|
||Chartered Accountants & Business Advisers|
||108 High Street|
||Ramsey|
||Cambridgeshire|
||PE261BS|
|BANKERS|CAF Bank|
||25 Kings Hill Avenue
Kings Hill|
||West Mailing|
||Kent|
||ME19 4JQ|
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|||2022
£||2021£|
|---|---|---|---|---|
|INCOME & ENDOWNMENTS|||||
|Investment Income|54,400||51,917||
|TOTAL INCOME & ENDOWNMENTS||54,400||51,917|
|LESS: EXPENDITURE|||||
|Expenditure on properties|9,657||12,785||
|Expenditure on charitable activities|13,809||13,400||
|Administration costs|5,367||6,084||
|TOTAL EXPENDITURE||28,833||32,269|
|NET INCOMING/(OUTGOING) RESOURCES
FOR THE YEAR||25,567||19,648|
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||Note|£|2022
£|£|2021£|
|---|---|---|---|---|---|
|ASSETS||||||
|Fixed assets|4||1,084,344||1,084,739|
|Investments|5||9,277||9,523|
||||1,093,621||1,094,262|
|CURRENT ASSETS||||||
|Poors Land Charity||2,675||1,844||
|Prepayments||2,013||1,669||
|Other debtors||1,577||660||
|Deposit account||93,666||69,752||
|Current account||5,000||5,000||
|||104,931||78,925||
|CURRENT LIABILITIES||||||
|Accountancy accrual||(770)||[726}||
|NET CURRENT ASSETS|||104,161||78,199|
|TOTAL ASSETS LESS CURRENT|LIABILITIES||1,197,782||1.172,461|
|RESERVES||||||
|Charibond accumulation shares||9,277||9,523||
|Revaluation reserve||1,045,331||1,045,331||
|William Brown prize fund||1||1||
||||1,054,609||1,054,855|
|UNRESTRICTED FUNDS||||||
|Balance brought forward||117,606||97,958||
|Excess of income over expenditure||25,567||19,648||
||||143,173||117,606|
||||1,197,782||1,172,461|
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|4.
ASSETS|||||||
|---|---|---|---|---|---|---|
||Old|Squash
Courts &|||75.542||
||Grammar
School£|Playing
Field£|Stable
Flats
£|Lodge£|acres of
farmland£|Total
£|
|Cost/Valuation|||||||
|At 1 April 2021 and
31 March 2022|150,000|300,000|375,000|10,664|255,000 1,090,664||
|Depreciation|||||||
|At 1 April 2021
Charge for the year||||5,925
395||5,925
395|
|At 31 March 2022||||6,320||6,320|
|Net book value|||||||
|At 31 March 2022|150,000 300,000||375,000|4,344|255,000 1,084,344||
|At 31 March 2021|^50,000 300,000||375,000|4,739|255,000|1,084,739|
|5. INVESTMENTS|||||||
||||||2022£|2021£|
|Charibond accumulation shares at valuation|||||9,277|9,523|
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||£|2022
£|£|2021£|
|---|---|---|---|---|
|TURNOVER|||||
|Smallholdings|6,390||6,390||
|Stable flats|35,540||33,668||
|Lodge|9,780||9,990||
|Poors Land Charity|2,675||1,845||
|Bank interest|15||24||
|GROSS SURPLUS||54,400||51,917|
|LESS:EXPENSES|||||
|LAND & BUILDINGS|||||
|Repairs & refurbishments|3,652||7,504||
|Squash court insurance, maintenance, light|||||
|& heat|2,894||2,528||
|Insurance|2,716||2,358||
|Depreciation|395||395||
||9,657||12,785||
|ADMINISTRATION|||||
|Accountancy fees|764||726||
|Administration & management costs|4,460||5,300||
|Sundries|119||52||
|Prizes & donations|13,809||13,400||
|Surveyors Fees & Cost of Plans|24||6||
||19,176||19,484||
|||28,833||32,269|
|NET SURPLUS FOR THE YEAR||25,567||19,648|
THE RAMSEY FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE RAMSEY FOUNDATION ON THE UNAUDITED
FINANCIAL INFORMATION
I rsport on the a¢¢ounts of thè Foundatlon for the year endad 31 March 2022 whl¢h arè sot out on
pages 5 to 9 whlch have been pr¢parod under the historlcal cost ¢onvantlon.
Respectfve responslbllltles of trusteos and Ind•pendent oxaminer
A5 thè charity's trustees you are re$pon$lbl¢ for the preparation of the accounts., you consider that the
audit r•quirement of section 144121 of the Charlties Act 2011 (the Act) doe$ not apply. It is my
responsibility to state, on the procedure$ spe¢lfied In the General Dire¢tion$ given by the Charlty
Commissionars under soctlon 145151{bl of the Act. whether partlcular matters have come to my
attèntion.
Basis of Indepèndent oxaminer's statement
My examiDatlon wès earrl•d out in accordance with the Géneral Dlrectlons glvèn by tho Charlty
Commissioners. An examlnatlon Includes a review of the a¢¢ountlng records kept by the charity and a
comparlson of the accounts presented with thos8 yecords. It also Includes conslderatlon of any
unusual Itèms or disclosures In the accounts, and sgeklng explanations from you as tru$lèg$,
concerning such matters. The procedures undertaken do not provide all the eviden¢e that would be
required In an audit, and consequently I do not expre55 an audit opinion on the view given by the
accounts.
Independènt examiner's statement
I have completed my examlnatlon. I confirm that no mat¥rlal matters have come to my attention in
¢¢nnection wKth the examination glvlng me cause to believe that In any material respect:
1. accountlng re¢ords were not kept in respe¢t of th¢ Trust as required by se¢tlon 130 of th• Act: or
2. the accounts do not aeeord with those records- or
3. the accounts do not comply wlth the appllcable requlrem¢nts concernlng the forrn and ¢ontent of
accounts set out in the Charlties IA¢¢ounts and Reportsl Regulatlon$ 2008 other than any requirement
that the accounts glve a 'true and falr view whlch 1$ not a matter con$id*r¢d as part of an independent
examlnatlon.
Our work has been undertaken in accordance with the guldance of ICAEW as detalled at l¢aow.¢oml
ompilation.
Lll
ANDREW BAND
WHITINGS LLP
Chartered Accountants & Busines5 Advisers
108 High Street
Ramsey
Cambrldgeshlro
PE26 1BS
Oato:
11,ayL
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