Registered number: 02627034
Charity number: 1003839
THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
CONTENTS
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Reference and Administrative Details of the Charity, its Trustees and Advisers
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Independent Examiner's Report
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Statement of Financial Activities
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Notes to the Financial Statements
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Mrs A B Folkes (appointed 1 November 2023)
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Company registered number
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Charity registered number
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Sulgrave Manor
Manor Road
Banbury
Oxfordshire
OX17 2SD
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Streets Chartered Accountants
47 South Bar Street
Banbury
Oxfordshire
OX16 9AB
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Barclays Bank Plc
32 Bridge Street
Banbury
Oxfordshire
OX16 5PN
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2023 to 31 December 2023. 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 charitable 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 (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity 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
Under the terms of the Articles of Association, the objectives of the charity are to:
−Preserve Sulgrave Manor, Sulgrave, Northamptonshire (the ancestral home of the family of George Washington, the first president of the United States of America) for the public benefit: and
−Provide and support education in the subject areas relevant to Sulgrave Manor and its historic role in the history of Anglo-American relations, and to the history, literature and institutions of the United States of America.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
Conservation and development of facilities at Sulgrave Manor to enhance the visitor experience.
Re-instatement of a Primary school formal learning programme.
Extended online Seminar Series.
c. Main activities undertaken to further the Charity's purposes for the public benefit
In order to benefit the public, the trust offered visits, tours, and talks at the Manor to educate the public about its charitable objectives. It also continued its free online learning program through the Sulgrave Seminar Series. Additional activities and events offered informal opportunities on-site to support the formal program.
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
Achievements and performance
a. Main achievements of the Charity
The main activities undertaken to further the charity's purposes are detailed below.
During 2023 works were undertaken to conserve the historic fabric of Sulgrave Manor, its Estate, and accredited Museum Collections.
The Manor and Garden were open regularly and domestic visitor numbers recovered well through the year though did not reach pre COVID levels. International visits were still down on pre COVID levels leading to a drop in associated revenue but recovery was evident in these figures.
To further deliver its objectives, as listed above, the Trust carried out further projects during 2023.
A new exhibition ‘A Moving Story’ was opened within the Manor and received excellent feedback for its handling of sensitive subjects and engagement opportunities.
The George Washington Circle was re-developed to include 4 new planted borders thanks to donor funding.
The Rock garden was further developed to increase the plant collections.
Developing links with local charities and organisations to grow and diversify audiences.
Public Benefit
The trustees have had regard to the Charity Commission's guidance on public benefit in developing and delivering its activities. All core activities have enabled better understanding of the Trusts aims and enabled a better shared understanding between the peoples of the UK and USA, promoting tolerance and a celebration of shared values.
Volunteers
Volunteer work hours improved and saw an increase in hours on regular volunteering rotas. New volunteering opportunities were offered to support the formal schools programme.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
The level of general fund reserves was increased in 2022 and by the sale of investment properties, some of which has been added to the charity's investment portfolio and some designated for specific projects. At 31 December 2023 the balance held on the general fund was £878,762 (2022 £1,240,235). The Trustees have planned for, and believe that future income or reserves from the investment fund (a non-current asset fund) will support any shortfall in the general fund in the years ahead.
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
Financial review (continued)
c. Principal risks and uncertainties
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
d. Financial risk management objectives and policies
The operational activities of the Trust continued to be affected during 2023 due to the residual effect of COVID 19 with a gradual return to domestic visitor levels but continued reduced inbound travel.
During the year disposals were made of some of the Trust’s outlying property assets. The proceeds of which were added to an investment fund to generating income for the future preservation of the Manor.
Structure, governance and management
a. Constitution
The Sulgrave Manor Trust is registered as a charitable company limited by guarantee and is regulated by its Articles of Association.
Sulgrave Manor Trading Company Limited, the Charity's wholly owned subsidiary, carries out non-charitable trading activities for the group.
b. Methods of appointment or election of Trustees
The board of Trustees consist of at least three and not more than twelve Trustees.
The board of trustees meet three times a year and are actively involved in both short-term and long-term planning for the charity. The charity continues to seek trustees with suitable expertise to enable it to achieve its objectives.
Vacancies are advertised for area specific role profiles as necessary and candidates invited to submit CVs and an expression of interest prior to shortlisting and an interview process. Candidates are selected on the basis of their particular skills and knowledge and experience of the charitable sector.
c. Organisational structure and decision-making policies
Day to day management of the trust is designated to the Chief Executive Officer who reports to the Trustees at regular meetings. All changes to senior management’s remuneration are made by the Trustees.
d. Related party relationships
None of the trustees has any beneficial interest in the charity. However, some trustees are also members of the two fundraising groups, Friends of Sulgrave Manor and National Society of the Colonial Dames of America.
e. Trustees' indemnities
All of the trustees are members of the charity and guarantee to contribute £1 in the event of a winding up.
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
Plans for future periods
The completion of the 2023 projects and the ongoing endowment building campaign will all further the Trust’s charitable objectives to preserve Sulgrave Manor and enhance access to relevant information.
The Gardens will continue to benefit from development to include a large new planting scheme in the Paddock area to showcase North American plants which were available in George Washington’s lifetime. The 1785 Border reflects George Washington’s interests in horticulture and agriculture.
Partnership working to encourage engagement with the Trust and its exhibitions.
Sustainability plays a large part in future works with use of renewable energy sources under investigation for the Trust’s core buildings.
Extending garden areas to enhance the visitor experience and increase engagement opportunities.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Independent Examiner's Report to the Trustees of The Sulgrave Manor Trust ('the Charity')
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I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.
Responsibilities and Basis of Report
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As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
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Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in Englance and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 31 July 2024
Nathan Bignell ACA
Streets Chartered Accountants
Gilmarde House, 47 South Bar Street, Banbury OX16 9AB
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023
Net income/(expenditure) before net gains on investments
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Total funds brought forward
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Total funds carried forward
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The Statement of Financial Activities includes all gains and losses recognised in the year.
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The notes on pages 10 to 29 form part of these financial statements.
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
REGISTERED NUMBER: 02627034
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
REGISTERED NUMBER: 02627034
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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The notes on pages 10 to 29 form part of these financial statements.
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Sulgrave Manor Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Sulgrave Manor, Manor Road, Sulgrave, Banbury, Oxfordshire, OX17 2SD.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Sulgrave Manor Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention with the exception of investments and investment property which are included at market value.
The financial statements contain information about The Sulgrave Manor Trust as an individual charity and do not contain consolidated financial information as the parent of a group. The charity has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity 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 to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis.
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 settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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Tangible fixed assets and depreciation
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Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible 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 basis:
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Office and other equipment
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Sulgrave Manor was originally acquired by public subscription in 1914 to be held in trust for the people of America and Britain. In these circumstances, the Trustees consider that it would be inappropriate to attribute value to the Manor.
Over time, the Manor has acquired historic archives and possessions, some not relevant to the activities of the Manor, The Trustees consider the overall nature and usage of the collections which may, from time to time, lead to disposals. No value has been attriubuted to these items.
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Investment properties are shown at their most recent valuation. Any aggregate surplus or deficit arising from changes in the market value are held in the fixed asset fund.
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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 date of acquisition or opening of the deposit or similar account.
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Charity 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 at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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Finance leases and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
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Income from donations and legacies
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National Society of the Colonial Dames of America
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Friends of Sulgrave Manor
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3.Income from donations and legacies (continued)
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Income from other trading activities
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Income from non charitable trading activities
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Income from listed investments
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Expenditure on raising funds
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Fundraising trading expenses
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Analysis of expenditure on charitable activities
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Preservation of Sulgrave Manor
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Analysis of expenditure by activities
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Activities undertaken directly
2023
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Preservation of Sulgrave Manor
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Analysis of expenditure by activities (continued)
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Property repairs and maintenance
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Legal and professional fees
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Analysis of support costs
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Staff travel and development
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Loss/(gain) on foreign exchange
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Independent examiner's remuneration
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Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts
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Fees payable to the Charity's independent examiner in respect of:
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All other services not included above
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Contribution to defined contribution pension schemes
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The average number of persons employed by the Charity during the year was as follows:
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No employee received remuneration amounting to more than £60,000 in either year.
The total employee remuneration and benefits of the key management personnel of the Charity were £33,847 (2022 £35,969).
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
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During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Freehold investment property
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Surplus/(deficit) on revaluation
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The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2021 by William Twiddy MRICS, who was a Trustee of the Trust. The valuation was made on an open market value basis. The Trustees are of the opinion that the current market value of the remaining property at 31 December 2022 is £1,130,228.
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Charity:
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Registered office or principal place of business
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Sulgrave Manor Trading Company Limited
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Sulgrave Manor, Sulgrave, Banbury, Oxfordshire, OX17 2SD
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Lettings and management of commercial events
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The financial results of the subsidiary for the year were:
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Sulgrave Manor Trading Company Limited
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Finished goods and goods for resale
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Statement of funds - current year
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Balance at 1 January 2023
£
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Balance at 31 December 2023
£
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Statement of funds (continued)
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Balance at 1 January 2023
£
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Balance at 31 December 2023
£
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Statement of funds (continued)
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Statement of funds - prior year
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Balance at
1 January 2022
£
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Balance at
31 December 2022
£
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Statement of funds (continued)
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Balance at
1 January 2022
£
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Balance at
31 December 2022
£
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Statement of funds (continued)
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Unrestricted funds: Designated
Lenfest fund
This is a designated fund for operational use. During 2023, funds from the Social Enterprise Academy were received and used for the associated diversification project.
Estate Development Fund
During 2023 the trustees designated proceeds from the sale of investment property to continue the investigation of the use and development of the Trust’s Estate previously funded by restricted donations.
Unrestricted funds: General
Fixed asset fund
This fund represents the value of assets purchased and held for the charity's own use.
Investment property fund
This fund represents the value of assets inherited or purchased in order to generate additional income for the charity.
Investment fund
This und respresents the value of the charity's fixed asset investments which are held to generate investment income for the charity.
General fund
The general fund represents the value of all other assets held for use in furtherance of the charity's objectives.
Restricted funds:
Leadership Fund
This fund was founded with monies donated by The Friends of Sulgrave Manor to support the salary of the CEO for three years. Additional funds are sent at regular intervals to cover agreed time periods, with donations received in advance being held in the designated fund.
Restoration Fund
This fund was formed in relation to manor works consisting of external and internal works to the Manor. The fund was supported by a number of Trusts and foundations and was fully utilised in 2022.
Estate Development Fund
This fund was formed with monies donated by The Friends of Sulgrave Manor to enable the investigation of the use and development of the Trust’s Estate.
Learning Fund
This fund was initially funded via a Sandford SAIL award and is now used to develop informal learning resources. The fund closed in 2023.
Sharing Sulgrave Stories
This fund was formed with monies from a number of Trusts, foundations and individuals to develop a dedicated George Washington Exhibition and to better share its narratives and collections across the site. The National Lottery Heritage Fund part of the project is now completed and additional works continue thanks to new funders.
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Statement of funds (continued)
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Summary of funds - current year
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Balance at 1 January 2023
£
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Balance at 31 December 2023
£
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Summary of funds (continued)
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Summary of funds - prior year
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Balance at
1 January 2022
£
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Balance at
31 December 2022
£
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Analysis of net assets between funds
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Analysis of net assets between funds - current year
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Creditors due within one year
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THE SULGRAVE MANOR TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.Analysis of net assets between funds (continued)
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Analysis of net assets between funds - prior year
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Creditors due within one year
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Related party transactions
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During the year the charity had related party transactions with the Friends of Sulgrave Manor and the National Society of the Colonial Dames of America. Both groups are run independently from the charity but some members of the two fundraising organisations also serve as trustees of the Sulgrave Manor Trust.
∙Friends of Sulgrave Manor donated £213,633 (2022 £148,349) to the charity during the year
∙The National Society of the Colonial Dames of America donated £54,406 (2022 £84,805) to the charity during the year
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Post balance sheet events
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A potential administrative error regarding the Trust's VAT registration status has been identified since the balance sheet date. The current VAT registration applies solely to The Sulgrave Manor Trust and does not extend to its subsidiary, Sulgrave Manor Trading Company Limited. Previous advisors did not indicate the necessity for group VAT registration, and this issue has only now been raised. The Trust is committed to full compliance with HMRC regulations and will seek professional advice to rectify this administrative error. It is anticipated that rectifying this issue will not have a material impact on the financial statements.
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