Caseware UK (AP4) 2024.0.164 2024.0.164 Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31270321607290012506228301812607718894175942012081802142024-12-3111false2024-01-01No description of principal activity12 02627034 2024-01-01 2024-12-31 02627034 2023-01-01 2023-12-31 02627034 2024-12-31 02627034 2023-12-31 02627034 2024-01-01 02627034 2023-01-01 02627034 c:RegisteredOffice 2024-01-01 2024-12-31 02627034 d:Buildings 2024-01-01 2024-12-31 02627034 d:Buildings 2024-12-31 02627034 d:Buildings 2023-12-31 02627034 d:PlantMachinery 2024-01-01 2024-12-31 02627034 d:PlantMachinery 2024-12-31 02627034 d:PlantMachinery 2023-12-31 02627034 d:FurnitureFittings 2024-01-01 2024-12-31 02627034 d:FurnitureFittings 2024-12-31 02627034 d:FurnitureFittings 2023-12-31 02627034 d:OfficeEquipment 2024-01-01 2024-12-31 02627034 d:OfficeEquipment 2024-12-31 02627034 d:OfficeEquipment 2023-12-31 02627034 d:FreeholdInvestmentProperty 2024-01-01 2024-12-31 02627034 d:FreeholdInvestmentProperty 2024-12-31 02627034 d:FreeholdInvestmentProperty 2023-12-31 02627034 d:CurrentFinancialInstruments 2024-12-31 02627034 d:CurrentFinancialInstruments 2023-12-31 02627034 c:FRS102 2024-01-01 2024-12-31 02627034 c:IndependentExaminationCharity 2024-01-01 2024-12-31 02627034 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02627034 b:Trustee1 2024-01-01 2024-12-31 02627034 b:Trustee2 2024-01-01 2024-12-31 02627034 b:Trustee3 2024-01-01 2024-12-31 02627034 b:Trustee4 2024-01-01 2024-12-31 02627034 b:Trustee5 2024-01-01 2024-12-31 02627034 b:Trustee6 2024-01-01 2024-12-31 02627034 b:Trustee7 2024-01-01 2024-12-31 02627034 b:Trustee8 2024-01-01 2024-12-31 02627034 b:Trustee9 2024-01-01 2024-12-31 02627034 b:Trustee10 2024-01-01 2024-12-31 02627034 b:Trustee11 2024-01-01 2024-12-31 02627034 b:UnrestrictedFundsGeneral 2024-01-01 2024-12-31 02627034 b:RestrictedIncomeFunds 2024-01-01 2024-12-31 02627034 b:RestrictedIncomeFunds 2023-01-01 2023-12-31 02627034 b:TotalEndowmentFunds 2024-01-01 2024-12-31 02627034 b:TotalEndowmentFunds 2023-01-01 2023-12-31 02627034 b:UnrestrictedFundsGeneral 2024-12-31 02627034 b:UnrestrictedFundsGeneral 2023-12-31 02627034 b:RestrictedIncomeFunds 2024-12-31 02627034 b:RestrictedIncomeFunds 2023-12-31 02627034 b:TotalEndowmentFunds 2024-12-31 02627034 b:TotalEndowmentFunds 2023-12-31 02627034 c:ChiefExecutive 2024-01-01 2024-12-31 02627034 1 2024-01-01 2024-12-31 02627034 1 2023-01-01 2023-12-31 02627034 b:RestrictedIncomeFunds 1 2024-01-01 2024-12-31 02627034 b:TotalEndowmentFunds 1 2024-01-01 2024-12-31 02627034 3 2024-12-31 02627034 3 2023-12-31 02627034 b:TotalUnrestrictedFunds 2024-12-31 02627034 b:TotalUnrestrictedFunds 2023-12-31 02627034 b:TotalRestrictedIncomeFunds 2024-12-31 02627034 b:TotalRestrictedIncomeFunds 2023-12-31 02627034 c:FullAccounts 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

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 2024

 
THE SULGRAVE MANOR TRUST
 
(A Company Limited by Guarantee)
 

CONTENTS



Page
Reference and Administrative Details of the Charity, its Trustees and Advisers
1
Trustees' Report
2 - 5
Independent Examiner's Report
6
Statement of Financial Activities
7
Balance Sheet
8 - 9
Notes to the Financial Statements
10 - 28

 
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 2024


Trustees
Mrs S Congdon (resigned 14 June 2024)
Dr H T David
Ms S R Edwards
Mrs A B Folkes
Mr S G Hague
Mrs C Hazard Goedhart
Miss C A Jestin
Mrs P Montoneri
Mr A C J Preston
Ms C L Souter
Ms S Wilson

Company registered number
02627034

Charity registered number
1003839

Registered office
Sulgrave Manor
Manor Road
Banbury
Oxfordshire
OX17 2SD

Chief executive officer
Ms A Ray

Accountants
Streets Chartered Accountants
Gilmarde House
47 South Bar Street
Banbury
Oxfordshire
OX16 9AB

Bankers
Barclays Bank Plc
32 Bridge Street
Banbury
Oxfordshire
OX16 5PN

Page 1

 
THE SULGRAVE MANOR TRUST
 
(A Company Limited by Guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the financial statements of the Charity for the  1 January 2024 to 31 December 2024The 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.

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 and enhance sustainability. 
Energy efficiency Assessment carried out and Feasibility report written to support plans for future use of renewable energy on site.
Extended Primary school formal learning programme.
Continued 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.
 
Page 2

 
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 2024 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 both domestic and international visitor numbers increased.
To further deliver its objectives, as listed above, the Trust carried out further projects during 2024.
Preparation for loans to external exhibitions planned for 2025.
Return of loan items to George Washington Birthplace.
New 1785 garden border developed and planted thanks to donor funding.
National America250UK partnership developed with Sulgrave Manor Trust as lead partner.
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 conservation of the collections.
Financial review 
During the year the last of the outlying investment properties in Sulgrave was disposed of and the net proceeds added to the fixed asset investments.
The Trust began work to create a separate Endowment Trust for future donations.
 

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 months' expenditure. The trustees consider 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 reduced in 2024 by the transfer of funds into investments. At 31 December 2024 the balance held in the general fund was £214,587 (2023 £878,962). The Trustees have planned for and believe that future investment income or reserves from the Non-Current Asset Fund will support any reserves shortfall in the General Fund in the years ahead.
 
Page 3

 
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.
 

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. 
 

e. Trustees' indemnities
 

All of the trustees are members of the charity and guarantee to contribute £1 in the event of a winding up.
 
 
Page 4

 
THE SULGRAVE MANOR TRUST
 
(A Company Limited by Guarantee)
 
Plans for future periods
 

Endowment building campaign will continue further the Trust’s charitable objectives to preserve Sulgrave Manor and enhance access to relevant information.
Partnership working to encourage engagement with the Trust, its objectives and its exhibitions.
The Gardens will continue to benefit from development to include improvements to the Upper Herb Garden.
Extending garden areas to enhance the visitor experience and increase engagement opportunities.
Sustainability plays a large part in future works with plans drawn up to install renewable energy sources for the Trust’s core buildings. Fundraising is underway for this project.
New Exhibition for 2026 to mark America250 anniversary.
 

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 . 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:



Mr A C J Preston
Trustee
Date: 3 June 2025
Page 5

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Independent Examiner's Report to the Trustees of The Sulgrave Manor Trust ('the Charity')
 
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024.

Responsibilities and Basis of Report

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

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:

1.
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

2.
the accounts do not accord with those records; or

3.
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

4.
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)].


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 2008My 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: 3 June 2025

Nathan Bignell     ACA

Streets Chartered Accountants
Gilmarde House, 47 South Bar Street, Banbury OX16 9AB
Page 6

 
THE SULGRAVE MANOR TRUST
 
(A Company Limited by Guarantee)

 
 
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2024


Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
Note
        £
        £
        £
        £

Income from:







Donations and legacies

3

101,323

194,866

296,189

341,350
 
Other trading activities

4

-

12,572

12,572

14,447
 
Investments

5

-

75,012

75,012

49,556
 
Total income
101,323
282,450
383,773
405,353
Expenditure on:







Raising funds

6

-

14,646

14,646

11,394
 
Charitable activities

7

90,826

304,852

395,678

379,951
 
Total expenditure
90,826
319,498
410,324
391,345

Net income/(expenditure) before net gains on investments

  

10,497

(37,048)

(26,551)

14,008
 
Net gains on investments

  

-

39,192

39,192

38,573
 
Net movement in funds
  
10,497
2,144
12,641
52,581

Reconciliation of funds:

  





Total funds brought forward

  

90,107

3,036,450

3,126,557

3,073,976
 
Net movement in funds

  

10,497

2,144

12,641

52,581
 
Total funds carried forward
  
100,604
3,038,594
3,139,198
3,126,557

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 10 to 28 form part of these financial statements.
Page 7

 
THE SULGRAVE MANOR TRUST
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 02627034

 
 
BALANCE SHEET
AS AT 31 DECEMBER 2024


2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
73,242
67,780

Investments
 14 
2,148,641
868,078

Investment property
 13 
580,220
1,130,228

  
2,802,103
2,066,086

Current assets
  

Stocks
 15 
10,360
9,829

Debtors
 16 
14,416
63,489

Cash at bank and in hand
  
339,236
1,061,999

  
364,012
1,135,317

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(26,917)
(74,846)

Net current assets 
  
 
 
337,095
 
 
1,060,471

Total net assets 
  
3,139,198
3,126,557


Charity funds
  

Restricted funds
 18 
100,604
90,107

Unrestricted funds
 18 
3,038,594
3,036,450

Total funds
  
3,139,198
3,126,557
Page 8

 
THE SULGRAVE MANOR TRUST
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 02627034

 
 
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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:




Mr A C J Preston
Trustee
Date: 3 June 2025

The notes on pages 10 to 28 form part of these financial statements.
Page 9

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

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

  
2.1

Basis of preparation of financial statements

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.

  
2.2

Going concern

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.

  
2.3

Fund accounting

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.

Page 10

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.4

Income

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. 

  
2.5

Expenditure

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.

  
2.6

Interest receivable

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.

  
2.7

Taxation

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.

 
2.8

Tangible fixed assets and depreciation

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:

Freehold property
-
2%
per annum straight line
Plant and machinery
-
20%
per annum straight line
Fixtures and fittings
-
20%
per annum straight line
Office and other equipment
-
20%
per annum straight line

Page 11

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Heritage assets

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.
 
  
2.10

Investments

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.

  
2.11

Stocks

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.

  
2.12

Debtors

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.

  
2.13

Cash at bank and in hand

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.


2.14

Liabilities and provisions

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.

  
2.15

Financial instruments

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.

Page 12

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.16

Finance leases and hire purchase

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.

  
2.17

Pensions

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.


3.

Income from donations and legacies





Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £
        £
Donations






National Society of the Colonial Dames of America

-

64,348

64,348

54,406
 
Friends of Sulgrave Manor

101,323

45,762

147,085

213,633
 
Donation from subsidiary

-

17,935

17,935

26,868
 
Other UK donations

-

12,203

12,203

1,759
 
Other

-

-

-

1,717
 



101,323
140,248
241,571
298,383
Grants

-

-

-

13,728
 
Entrance fees

-

54,618

54,618

29,239
 


101,323
194,866
296,189
341,350
Total 2023


122,895
218,455
341,350

Page 13

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.

Income from other trading activities

Income from non charitable trading activities




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Shop income

4,470

4,470

7,369
 
Catering income

7,983

7,983

6,832
 
Gardens

119

119

246
 


12,572
12,572
14,447


5.

Investment income




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Rental income

894

894

1,145
 
Income from listed investments

73,873

73,873

45,727
 
Interest received

245

245

2,684
 


75,012
75,012
49,556

Page 14

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.

Expenditure on raising funds




Fundraising trading expenses




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Advertising

14,646

14,646

11,394
 





7.

Analysis of expenditure on charitable activities


Summary by fund type





Restricted funds
2024
Unrestricted funds
2024
Total
2024
Total
2023
        £
        £
        £
        £





Preservation of Sulgrave Manor

90,826

304,852

395,678

379,951
 
Total 2023


79,805
300,146
379,951


8.

Analysis of expenditure by activities





Activities undertaken directly
2024
Support costs
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £
        £





Preservation of Sulgrave Manor

58,155

337,523

395,678

379,951
 
Total 2023


77,467
302,484
379,951


Page 15

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.Analysis of expenditure by activities (continued)

Analysis of direct costs



Total
funds
2024
Total
funds
2023
        £
        £



Property repairs and maintenance

14,761

20,266
 
Legal and professional fees

30,578

53,078
 
Exhibitions

(160)

4,123
 
Project costs

12,976

-
 


58,155
77,467

Analysis of support costs



Total
funds
2024
Total
funds
2023
        £
        £



Staff costs

190,874

182,386
 
Depreciation

4,532

3,363
 
Rates and water

13,521

19,758
 
Insurance

24,773

17,979
 
Light and heat

30,540

30,999
 
Telephone

596

740
 
Printing and stationery

525

641
 
Sundry expenses

7,202

2,623
 
Staff travel and development

6,044

3,088
 
Computer costs

10,152

4,685
 
Cleaning

7,886

7,797
 
Irrecoverable VAT

19,703

9,424
 
Bank charges

543

545
 
Loss/(gain) on foreign exchange

697

1,213
 
Accountancy costs

19,935

17,243
 


337,523
302,484

Page 16

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.

Independent examiner's remuneration

2024
2023
£
£

Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts
2,400
2,310

Fees payable to the Charity's independent examiner in respect of:

All other services not included above
17,535
14,933


10.



Staff costs


2024
2023
£
£


Wages and salaries
191,567
166,054

Social security costs
(3,457)
13,171

Contribution to defined contribution pension schemes
2,764
3,161

190,874
182,386

The average number of persons employed by the Charity during the year was as follows:


2024
2023

No.
No.


Staff
12
11

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 £40,400 (2023 £33,847).



11.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 17

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets




Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£


Cost or valuation

At 1 January 2024
61,333
116,876
48,891
75,740
302,840

Additions
9,168
-
826
-
9,994


At 31 December 2024

70,501
116,876
49,717
75,740
312,834


Depreciation

At 1 January 2024
260
114,634
47,444
72,722
235,060

Charge for the year
1,356
857
964
1,355
4,532


At 31 December 2024

1,616
115,491
48,408
74,077
239,592


Net book value


At 31 December 2024
68,885
1,385
1,309
1,663
73,242


At 31 December 2023
61,073
2,242
1,447
3,018
67,780


13.


Investment property




Freehold investment property

£


Valuation

At 1 January 2024
1,130,228

Disposals
(550,008)


At 31 December 2024
580,220

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 remaining property at 31 December 2024 is £580,220.

Page 18

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments





Investments in subsidiary companies
Other listed investments
Total

£
£
£



Cost or valuation





At 1 January 2024
2
868,076
868,078


Additions
-
1,248,000
1,248,000


Revaluations
-
32,563
32,563



At 31 December 2024

2
2,148,639
2,148,641




Net book value






At 31 December 2024
2
2,148,639
2,148,641



At 31 December 2023
2
868,076
868,078


Principal subsidiaries

The following was a subsidiary undertaking of the Charity:


Name

Company number

Registered office or principal place of business

Principal activity


Sulgrave Manor Trading Company Limited
03768382
Sulgrave Manor, Sulgrave, Banbury, Oxfordshire, OX17 2SD
Lettings and management of commercial events

Class of shares

Holding


Ordinary £1 shares
100%

The financial results of the subsidiary for the year were:


Name

Income
£

Expenditure
£

Net assets
£


Sulgrave Manor Trading Company Limited
26,034
26,034
2
Page 19

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.



Stocks


2024
2023
£
£

Finished goods and goods for resale
10,360
9,829


16.



Debtors


2024
2023
£
£


Due within one year

Trade debtors
849
1,460

Other debtors
-
7,488

Prepayments and accrued income
13,567
54,541

14,416
63,489


17.



Creditors: Amounts falling due within one year


2024
2023
£
£


Trade creditors
17,360
36,911

Amounts owed to group undertakings
2
5,334

Other taxation and social security
488
3,689

Obligations under finance lease and hire purchase contracts
-
263

Other creditors
1,595
3,592

Accruals and deferred income
7,472
25,057

26,917
74,846

Page 20

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.

Statement of funds


Statement of funds - current year

Balance at 1 January 2024
£
Income
£
Expenditure
£
Transfers in/out
£
Gains/
(Losses)
£
Balance at 31 December 2024
£

Unrestricted funds







Designated funds








Lenfest fund

21,904

-

-

-

-

21,904
 
Estate development fund

69,498

-

(42,507)

(26,991)

-

-
 



91,402
-
(42,507)
(26,991)
-
21,904

General funds








Fixed asset fund

67,780

-

(3,310)

8,772

-

73,242
 
Investment property fund

1,130,228

-

-

(550,008)

-

580,220
 
Investment fund

868,078

-

-

1,248,000

32,563

2,148,641
 
General fund

878,962

282,450

(273,681)

(679,773)

6,629

214,587
 



2,945,048
282,450
(276,991)
26,991
39,192
3,016,690
Total Unrestricted funds




3,036,450

282,450

(319,498)

-

39,192

3,038,594
Page 21

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.

Statement of funds (continued)

Balance at 1 January 2024
£
Income
£
Expenditure
£
Transfers in/out
£
Gains/
(Losses)
£
Balance at 31 December 2024
£







Restricted funds








Leadership fund

21,313

38,895

(60,208)

-

-

-
 
Sharing Sulgrave stories

6,294

-

(199)

-

-

6,095
 
Fundraising fund

29,574

62,428

(13,732)

-

-

78,270
 
Garden fund

5,464

-

(4,690)

-

-

774
 
Courtyard fund

27,462

-

(11,997)

-

-

15,465
 



90,107
101,323
(90,826)
-
-
100,604

Total of funds


3,126,557
383,773
(410,324)
-
39,192
3,139,198
Page 22

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.

Statement of funds (continued)



Statement of funds - prior year

Balance at
1 January 2023
£
Income
£
Expenditure
£
Transfers in/out
£
Gains/
(Losses)
£
Balance at
31 December 2023
£

Unrestricted funds







Designated funds








Lenfest fund

15,966

12,917

(6,979)

-

-

21,904
 
Estate development fund

-

-

(31,512)

101,010

-

69,498
 



15,966
12,917
(38,491)
101,010
-
91,402

General funds








Fixed asset fund

9,973

-

(3,526)

61,333

-

67,780
 
Investment property fund

1,265,000

-

-

(84,572)

(50,000)

1,130,428
 
Investment fund

495,785

-

-

365,000

7,293

868,078
 
General fund

1,240,235

269,541

(188,243)

(442,771)

-

878,762
 



3,010,993
269,541
(191,769)
(101,010)
(42,707)
2,945,048
Total Unrestricted funds




3,026,959

282,458

(230,260)

-

(42,707)

3,036,450

Page 23

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.

Statement of funds (continued)

Balance at
1 January 2023
£
Income
£
Expenditure
£
Transfers in/out
£
Gains/
(Losses)
£
Balance at
31 December 2023
£







Restricted funds








Leadership fund

-

66,706

(45,393)

-

-

21,313
 
Learning fund

102

-

(102)

-

-

-
 
Sharing Sulgrave stories

13,720

-

(7,426)

-

-

6,294
 
Emergency fund

5,551

8,585

(14,136)

-

-

-
 
Fundraising fund

21,884

11,358

(3,668)

-

-

29,574
 
Garden fund

5,760

4,648

(4,944)

-

-

5,464
 
Courtyard fund

-

31,598

(4,136)

-

-

27,462
 



47,017
122,895
(79,805)
-
-
90,107


Total of funds


3,073,976
405,353
(310,065)
-
(42,707)
3,126,557

Page 24

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.

Statement of funds (continued)

Unrestricted funds: Designated
Lenfest fund
This is a designated fund for operational use, but there has not been any use of this fund in 2024.
Estate Development Fund
In 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.  Further work was carried out in the current year and the balance was transferred back into general funds when the work was completed in 2024.
Unrestricted funds: General
Fixed asset fund
This fund represents the value of assets purchased and held for the charity's own use.
I
nvestment 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.
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.
Fundraising Fund
This fund was formed with monies from The Friends of Sulgrave Manor to allow the trust to employ a Business Development Officer to carry out an endowment building campaign.
Garden Fund
This fund was formed with donations and associated expenditure for specific garden development projects.
 
Page 25

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.

Statement of funds (continued)



19.

Summary of funds


Summary of funds - current year

Balance at 1 January 2024
£
 
Income
£
 
Expenditure
£
 
Transfers in/out
£
 
Gains/
(Losses)
£
 
Balance at 31 December 2024
£
 
Designated funds

91,402

-

(42,507)

(26,991)

-

21,904
 
General funds

2,945,048

282,450

(276,991)

26,991

39,192

3,016,690
 
Restricted funds

90,107

101,323

(90,826)

-

-

100,604
 


3,126,557
383,773
(410,324)
-
39,192
3,139,198


Summary of funds - prior year

Balance at
1 January 2023
£
 
Income
£
 
Expenditure
£
 
Transfers in/out
£
 
Gains/
(Losses)
£
 
Balance at
31 December 2023
£
 
Designated funds

15,966

12,917

(38,491)

101,010

-

91,402
 
General funds

3,010,993

269,541

(191,769)

(101,010)

(42,707)

2,945,048
 
Restricted funds

47,017

122,895

(79,805)

-

-

90,107
 


3,073,976
405,353
(310,065)
-
(42,707)
3,126,557

Page 26

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
        £
        £
        £



Tangible fixed assets

-

73,242

73,242

Fixed asset investments

-

2,148,641

2,148,641

Investment property

-

580,220

580,220

Current assets

100,604

263,408

364,012

Creditors due within one year

-

(26,917)

(26,917)

Total 


100,604
3,038,594
3,139,198



Analysis of net assets between funds - prior period

Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £



Tangible fixed assets

-

67,780

67,780

Fixed asset investments

-

868,078

868,078

Investment property

-

1,130,228

1,130,228

Current assets

90,107

1,045,210

1,135,317

Creditors due within one year

-

(74,846)

(74,846)

Total 

90,107
3,036,450
3,126,557



21.


Related party transactions

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 £147,085 (2023 £213,633) to the charity during the year
The National Society of the Colonial Dames of America donated £64,348 (2023 £54,406) to the charity during the year

Page 27

 
THE SULGRAVE MANOR TRUST

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Post balance sheet events

As noted in 2023, a potential administrative error regarding the Trust's VAT registration status was identified during 2024.  The VAT registration applied solely to The Sulgrave Manor Trust rather than incorporating the subsidiary company, Sulgrave Manor Trading Company Limited in a VAT group.  Professional advice was sought and HM Revenue and Customs have confirmed their agreement to the VAT group being in existence throughout, hence the matter has been resolved at no cost to the charity.

Page 28