REPORT OF THE CHAIRMAN OF THE TRUSTEES OF THE RAMSEY FOUNDATION For the year ending 31[st] March 2024
The Foundation’s accounts show a surplus of £19,566 for the year, compared with a deficit of £303. With full occupancy throughout the year, rental income from the stable flats has increased and there has also been a significant increase in bank interest received. Expenditure on repairs and refurbishments was significantly lower than last year.
The deficit relating to the squash courts increased primarily because of an increase in the insurance premium and a new insurance condition requiring weekly inspections. was similar to the previous year and arose primarily from the cost of insurance. The courts are still moth-balled.
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. A further meeting to discuss future options for the site was held in May 2023 with representatives of the Foundation, CCC, the pre-school and the local Council. CCC agreed to undertake a full options appraisal for the future of the site in the context of wider plans for the provision of Primary Education in the area. Another meeting was scheduled for October 2023, but this was cancelled as the review had not taken place and CCC reported that it was unlikely to be given priority because there were still several years before the current lease expired.
For the time being, 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. Rents remained the same as the previous year. The matter of unauthorised use of School Farm Drove by a neighbouring business remains unresolved. Solicitors acting for the business have sent a letter claiming an easement by prescription and a statutory declaration by the former owner of the land. The Ramsey Foundation has disputed the claim and discussions continue.
In August 2023, agents for Cadent reported that a new survey indicated that no further remedial works to protect a gas pipeline at School Farm Drove were necessary. Cadent made a payment of £1,050 to the Foundation to compensate for time spent on the issue over several years.
The bungalow situated in the school grounds continues to be let to private tenants.
Registered charity number 270604
In addition to donations totalling £4.270 to Abbey College for school prizes and the hardship fund, donations totalling £14,779 were made for continuing the provision of the Duke of Edinburgh scheme, supplying books & iPads, giving students access to support from the mental health organisation, MindFit, the learning platform, Seneca, and funding for the wellbeing and aspiration programme Who Am I
The Charity ended the year with a cash balance of £121,648.
In February 2024 we were informed that representatives of the school had been approached by Fairhaven trustees with a new proposal for early surrender of the lease on the Abbey Building and associated land. In exchange for a one -off cash payment to the Fairhaven trust, the school and Foundation would be offered a release from any future dilapidations claim and new short-term leases for school buildings on the leased land which would still be needed for education for the time being. Discussions were still ongoing at the year end.
The Multi Use Games Area built on land leased from the Foundation continues to serve as a valuable resource both for the school and the local community.
The Foundation is still awaiting the grant of an alternative right of way from Abbey College to give access to the School Field. 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.
Mr Brian Warne resigned as a Trustee in September 2023. There were no other changes to the Trustees.
Dated 27[th] January 2025
Signed………………………………………
Alan John Dods Chairman
THE RAMSEY FOUNDATION
ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
WHITINGS LLP
Chartered Accountants & Business Advisers 108 High Street Ramsey Cambridgeshire PE26 1BS
THE RAMSEY FOUNDATION
| CONTENTS | ||
|---|---|---|
| Page | ||
| Report of the Trustees | 1 | |
| Independent Examiner's report | 4 | |
| Statement of Financial Activities | 5 | |
| Balance sheet | 6 | |
| Notes to the accounts | 7 - 8 | |
| Income & Expenditure Account | 9 |
THE RAMSEY FOUNDATION
INFORMATION
PROPRIETOR The Ramsey Foundation Charity number: 270604
PRINCIPAL OFFICE
Abbey College Abbey Road Ramsey Cambridgeshire PE26 1DG
ACCOUNTANTS Whitings LLP Chartered Accountants & Business Advisers 108 High Street Ramsey Cambridgeshire PE26 1BS
BANKERS CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
TRUSTEES MR A J DODS (Chairman) MRS M A JACKSON MR E J EDWARDS MR J STEVENS MRS J A BAKER MR J A R CHRISP MR B WARNE (Resigned 13 September 2023)
Page 1
THE RAMSEY FOUNDATION
The Trustees submit their report and accounts for the year to 31 March 2024.
PRINCIPAL ACTIVITIES
The Trust is the administrative vehicle whose objectives are as follows:
The beneficial object of the charity is to provide support to the Abbey College and the education of its students, present and past, and under the age of 25 years by:
1, the award of grants to students;
- 2, the provision of grants and other resources to Abbey College
RESULTS FOR THE YEAR
The surplus for the year amounted to £19,566 after a deficit in 2023 of £303.
There were no transactions in respect of Restricted Funds.
The Trustees recommend that the balance of unrestricted funds of £162,436 surplus be carried forward.
TRUSTEES
The Trustees who served the Foundation during the year are listed on page 1.
FIXED ASSETS
Expenditure during the year was £NIL.
TAXATION
In the opinion of the Trustees, the Foundation is exempt from taxation.
ACCOUNTANTS
A resolution shall be proposed at the next General Meeting to re-appoint the Independent Examiners, Whitings LLP.
Page 2
THE RAMSEY FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Charity Law requires the Trustees to prepare statements of account for each financial period which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources for that period. In preparing those financial statements, the Trustees are required to:
a) select suitable accounting policies and then apply them consistently;
b) make judgements and estimates that are reasonable and prudent;
c) to value assets and liabilities in accordance with the Statement of Recommended Practice Accounting by Charities.
The Trustees are responsible for keeping proper accounting records which are sufficient to show and explain the Charity's transactions and to disclose with reasonable accuracy at any time the financial position of the Charity, and to enable them to ensure that the statements of account comply with the requirements of the Charities Acts of 2011 and 2022.
They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees
............................................. Mr A Dods
Date: 27 January 2025
Page 3
THE RAMSEY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE RAMSEY FOUNDATION ON THE UNAUDITED FINANCIAL INFORMATION I roport on the accoun1$ of the Foundation for the year ended 31 March 2024 whlch are set out on pages S to 9 whl¢h have been prepared under tho hlstorlcal cost conv•ntlon. Rospe¢tfv• responslbllttles of trustees and Indendent •xamlner As the charitys trustees you are responslble for the pparatiOn of the accounts- you conslder that the audlt requirgmgnt of se¢lion 14412} of the Charities Act 2011 (the Act) does not apply. It Is my responsibility lo state, on the proCeduS specified in the General Directions 9iven by the Charity Commissioners under section 145{5}Ibl of the Act, whether particular mallers have come to my attention. Basis of independent examingr's $tstemont My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An axamination indudes a review of the accounting racords k8pl by the charity and a comparison of the accounts presented with those records. It also in¢ludes consider8tion of any unusual rtems or disdosures in the accounts. and seeking explanations from you as tNstees, conceming such matters. The procedures undertaken do not provide all the evidence that would bè required in an audit, and consequenlly I do not express an audit opinion on Ihe view glven by the aco)unls. Independent examiner's $tstement I have completed my examination. I wnfirm that no material matters have come lo my attenllon in ujnnection with the examinatlon giving me cause to believe that in any material respect.. 1. ac¢ounling e0rd5 were not kept in respect of the Trust as required by Section 130 of the Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not Comply wlh the applicable requirements concerning the fomi and content of accounts Set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lru8 and fair view which 15 not a matter considered as part of an indepgndenl examlnatlon. ANDREW BAND WHITINGS LLP Chartered Accountants & Business Advlsèrs 108 High Streot Ramsey Cambridgoshlre PE26 1BS Dat•: Page 4
THE RAMSEY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| INCOME & ENDOWNMENTS Investment Income TOTAL INCOME & ENDOWNMENTS LESS: EXPENDITURE Expenditure on properties Expenditure on charitable activities Administration costs TOTAL EXPENDITURE NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR |
62,013 16,294 19,049 7,104 |
2024 £ 62,013 42,447 19,566 |
53,911 25,116 22,380 6,718 |
2023 £ 53,911 54,214 |
|---|---|---|---|---|
| (303) |
Page 5
THE RAMSEY FOUNDATION
BALANCE SHEET AS AT 31 MARCH 2024
| Note ASSETS Fixed assets 4 Investments 5 CURRENT ASSETS Poors Land Charity Prepayments Other debtors Deposit account Current account CURRENT LIABILITIES Trade creditors Accountancy accrual NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES RESERVES Charibond accumulation shares Revaluation reserve William Brown prize fund UNRESTRICTED FUNDS Balance brought forward Excess of income over expenditure Excess of expenditure over income |
£ 2,221 1,797 208 116,648 5,000 125,874 (810) (850) (1,660) 9,223 1,045,331 1 142,870 19,566 162,436 - |
2024 £ 1,083,554 9,223 1,092,777 124,214 1,216,991 1,054,555 162,436 1,216,991 |
£ 2,234 2,761 - 94,942 5,136 105,073 - (820) (820) 8,815 1,045,331 1 143,173 - 143,173 (303) |
2023 £ 1,083,949 8,815 |
|---|---|---|---|---|
| 1,092,764 104,253 |
||||
| 1,197,017 | ||||
| 1,054,147 142,870 |
||||
| 1,197,017 |
Page 6
THE RAMSEY FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
1.1 Basis of preparation of accounts
The accounts have been prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant note to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS102.
1.2 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Old Grammar School | - | 0.0% |
|---|---|---|
| Squash Courts | - | 0.0% |
| Stable Flats | - | 0.0% |
| Lodge | - | 3.7% |
| Small Holding | - | 0.0% |
| Playing Field | - | 0.0% |
2. STABLE FLATS INCOME & AGENTS FEES
The income from the stable flats is stated gross, before the deduction of agents fees. The cost of the agents fees has been included in admin & management fees.
3. PRIZES & DONATIONS
The 2024 figure for Prizes & donations is for: contributions to the hardship fund, funding the school prizes, continuing the provision of the Duke of Edinburgh scheme, supplying books & iPads, giving students access to support from the mental health organisation, MindFit, the learning platform, Seneca, and funding for the mental health and wellbeing programme, Who Am I.
Page 7
THE RAMSEY FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
4. ASSETS
| Cost/Valuation At 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Old Grammar School £ 150,000 - - - 150,000 150,000 |
Squash Courts & Playing Field £ 300,000 - - - 300,000 300,000 |
Stable Flats £ 375,000 - - - 375,000 375,000 |
Lodge £ 10,664 6,715 395 7,110 3,554 3,949 |
75.542 acres of farmland £ 255,000 - - - 255,000 255,000 |
Total £ 1,090,664 |
|---|---|---|---|---|---|---|
| 6,715 395 |
||||||
| 7,110 | ||||||
| 1,083,554 | ||||||
| 1,083,949 |
5. INVESTMENTS
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Charibond accumulation shares at valuation | 9,223 | 8,815 |
Page 8
THE RAMSEY FOUNDATION
INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| TURNOVER Smallholdings Stable flats Lodge Sundry income Poors Land Charity Bank interest GROSS SURPLUS LESS: EXPENSES LAND & BUILDINGS Repairs & refurbishments Squash court insurance, maintenance, light & heat Insurance Utilities Depreciation ADMINISTRATION Accountancy fees Administration & management costs Sundries Prizes & donations Surveyors Fees & Cost of Plans NET SURPLUS/(DEFICIT) FOR THE YEAR |
£ 7,037 38,720 10,710 1,050 2,221 2,275 7,291 4,783 3,533 292 395 16,294 840 6,046 24 19,049 194 26,153 |
2024 £ 62,013 42,447 19,566 |
£ 7,037 33,605 10,040 300 2,234 695 17,789 3,234 3,071 627 395 25,116 800 5,255 123 22,380 540 29,098 |
2023 £ 53,911 54,214 |
|---|---|---|---|---|
| (303) |
Page 9
THE RAMSEY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE RAMSEY FOUNDATION ON THE UNAUDITED FINANCIAL INFORMATION I roport on the accoun1$ of the Foundation for the year ended 31 March 2024 whlch are set out on pages S to 9 whl¢h have been prepared under tho hlstorlcal cost conv•ntlon. Rospe¢tfv• responslbllttles of trustees and Indendent •xamlner As the charitys trustees you are responslble for the pparatiOn of the accounts- you conslder that the audlt requirgmgnt of se¢lion 14412} of the Charities Act 2011 (the Act) does not apply. It Is my responsibility lo state, on the proCeduS specified in the General Directions 9iven by the Charity Commissioners under section 145{5}Ibl of the Act, whether particular mallers have come to my attention. Basis of independent examingr's $tstemont My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An axamination indudes a review of the accounting racords k8pl by the charity and a comparison of the accounts presented with those records. It also in¢ludes consider8tion of any unusual rtems or disdosures in the accounts. and seeking explanations from you as tNstees, conceming such matters. The procedures undertaken do not provide all the evidence that would bè required in an audit, and consequenlly I do not express an audit opinion on Ihe view glven by the aco)unls. Independent examiner's $tstement I have completed my examination. I wnfirm that no material matters have come lo my attenllon in ujnnection with the examinatlon giving me cause to believe that in any material respect.. 1. ac¢ounling e0rd5 were not kept in respect of the Trust as required by Section 130 of the Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not Comply wlh the applicable requirements concerning the fomi and content of accounts Set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lru8 and fair view which 15 not a matter considered as part of an indepgndenl examlnatlon. ANDREW BAND WHITINGS LLP Chartered Accountants & Business Advlsèrs 108 High Streot Ramsey Cambridgoshlre PE26 1BS Dat•: Page 4