Charity registration number: 1069179
The W O Bentley Memorial Foundation
Annual Report and Financial Statements for the Year Ended 31 December 2022
The W O Bentley Memorial Foundation
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 to 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 15 |
The W O Bentley Memorial Foundation
Reference and Administrative Details
Trustees Mr Alan Bodfish Mr Kenneth Ellis Lea Mr Nigel Smith Dr Spencer Silverbach Dr Thomas Dine Mr Michael Barton Mr Richard Parkinson (Resigned 25th April 2022) Mr Ron Warmington Charity Registration Number 1069179 Principal Office W O Bentley Memorial Building Ironstone Lane Wroxton Oxfordshire OX15 6ED Independent Examiner Jonathan Russell F.C.A. Just Audit & Assurance Ltd 4 South Bar Street Banbury Oxfordshire OX16 9AA
Page 1
The W O Bentley Memorial Foundation
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2022.
Objectives and activities
Policies and objectives
The principal object of the charity is to provide the advancement of public knowledge and appreciation of the Bentley motor car and its history by the establishment and maintenance of a Museum, Library and Archives for the preservation, exhibition and study of the collections.
The Foundation is continuously looking to enhance its Museum, Library and Archives by aquiring any material relating to W O Bentley and the Bentley motor car.
Achievements and performance
Review of activities
The main activity throughout the year was providing the members and guests of the foundation with histroric information on individual vehicles, W O Bentley life , racing etc. The funding to provide these services is obtained largely through donations, along with a small amount of fee income.
Fundraising activities/income generation
During the year, the Foundation undertook several fundraising activities, including publication and sale of books and life associateship of the foundation.
Investment policy and performance
The trustees are of the opinion that the money available for investment should be on an interest bearing bank account. The trustees appreciate that this is a low risk strategy and that it does not give capital growth.
Financial review
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 forseeable future. For that 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.
Policy on reserves
It is the policy of the Trustees to maintain sufficient unrestricted reserves to provide for charitable expenditure in order for the charity to continue to meet its objectivies, for a period of at least 3 months, if all, or most of its income ceases.
Structure, governance and management
Constitution
The principal object of the charity is to provide the advancement of public knowledge and appreciation of W O Bentley's life and works and the Bentley motor car and its history by the establishment and maintenance of a Museum, Library and Archives for the preservation, exhibition and study of the collections.
There have been no following changes in the objectivities since the last annual report.
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The W O Bentley Memorial Foundation
Trustees' Report (continued)
Recruitment and appointment of trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Organisational structure and decision making
The organisation is governed by the board of Trustees, who meet on a quarterly basis.
Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Plans for future periods
Future developments
The foundation continues to offer a life associateship. This has helped to increase the amounts that is generated along with reducing administration time.
Two potential developments for the future are to publish more new books, and to continue with the digitisation of archives.
Lease of part of the W O Bentley Memorial Building
The foundation leases part of W O Bentley Building on an inital 30-year term which expires on 28 July 2040. The provisions contain a clause giving the foundation the right to have an additional 30- year term provided it gives the landlord not less than 6 months' nptice in writing of such a wish.
Employee involvement
Employees have been consulted on issues of concern to them by means of regular consultative committee and staff meetings and have been kept informed on specific matters directly by management. The charity carries out exit interviews for all staff leaving the organisation and has adopted a procedure of upward feedback for senior management and the Trustees.
The charity has implemented a number of detailed policies in relation to all aspects of personnel matters including:
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equal opportunities policy
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volunteers' policy
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health and safety policy
Employment of disabled persons
In accordance with the charity`s Equal opportunities policy, the charity has long established fair employment practices in the recruitment, selection, retention and training of disabled staff.
Full details of these policies are available from the charity`s offices.
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The W O Bentley Memorial Foundation
Trustees' Report (continued)
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 proper accounting records that 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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
.........................................
Mr Kenneth Ellis Lea Trustee
Page 4
The W O Bentley Memorial Foundation
Independent Examiner's Report to the trustees of The W O Bentley Memorial Foundation
I report to the trustees on my examination of the accounts of The W O Bentley Memorial Foundation for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of The W O Bentley Memorial Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the The W O Bentley Memorial Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of The W O Bentley Memorial Foundation as required by section 130 of the 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 concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
...................................... Jonathan Russell F.C.A.
Just Audit & Assurance Ltd 4 South Bar Street Banbury Oxfordshire OX16 9AA
Date:.............................
Page 5
The W O Bentley Memorial Foundation
Statement of Financial Activities for the Year Ended 31 December 2022
| Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 5 Other income Total income Expenditure on: Raising funds Other expenditure 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 15 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 5 Other income Total income Expenditure on: Raising funds Other expenditure 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 15 |
Unrestricted funds £ 39,981 7,288 4,930 52 3,000 55,251 (12,676) (52,898) (65,574) (10,323) (10,323) 168,562 158,239 Unrestricted funds £ 36,970 8,594 1,589 70 1,458 48,681 (15,583) (38,966) (54,549) (5,868) (5,868) 174,430 168,562 |
Total 2022 £ 39,981 7,288 4,930 52 3,000 |
|---|---|---|
| 55,251 | ||
| (12,676) (52,898) |
||
| (65,574) | ||
| (10,323) | ||
| (10,323) 168,562 |
||
| 158,239 | ||
| Total 2021 £ 36,970 8,594 1,589 70 1,458 |
||
| 48,681 | ||
| (15,583) (38,966) |
||
| (54,549) | ||
| (5,868) | ||
| (5,868) 174,430 |
||
| 168,562 |
The notes on pages 9 to 15 form an integral part of these financial statements. Page 6
The W O Bentley Memorial Foundation
Statement of Financial Activities for the Year Ended 31 December 2022 (continued)
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 15.
The notes on pages 9 to 15 form an integral part of these financial statements. Page 7
The W O Bentley Memorial Foundation
(Registration number: 1069179) Balance Sheet as at 31 December 2022
| Note Fixed assets Tangible assets 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: Amounts falling due within one year 14 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 15 |
2022 £ 69,581 5,180 2,367 142,641 150,188 (61,530) 88,658 158,239 158,239 158,239 |
2021 £ 63,305 5,308 10,833 139,869 |
|---|---|---|
| 156,010 (50,753) |
||
| 105,257 | ||
| 168,562 | ||
| 168,562 | ||
| 168,562 |
The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Mr Kenneth Ellis Lea Trustee
The notes on pages 9 to 15 form an integral part of these financial statements. Page 8
The W O Bentley Memorial Foundation
Notes to the Financial Statements for the Year Ended 31 December 2022
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The W O Bentley Memorial Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Investment income
Interest is recognised when recieved.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
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The W O Bentley Memorial Foundation
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Governance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustee's meetings and reimbursed expenses.
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.
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Office equipment | 20% reducing balance |
| Library | Nil |
| Fixtures & Fittings | 20% reducing balance |
Trade debtors
are amounts due for merchandise sold or services performed.
are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of is established when there is objective evidence that the will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Liabilities are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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The W O Bentley Memorial Foundation
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
2 Income from donations and legacies
| Donations and legacies; Donations Total for 2022 Total for 2021 3 Income from charitable activities Charity incoming resources Total for 2022 Total for 2021 4 Income from other trading activities Trading income; Book & publication sales Total for 2022 Total for 2021 |
Unrestricted funds General £ 39,981 39,981 36,970 Unrestricted funds General £ 7,288 7,288 8,594 Unrestricted funds General £ 4,930 4,930 1,589 |
Total funds £ 39,981 |
|---|---|---|
| 39,981 | ||
| 36,970 | ||
| Total funds £ 7,288 |
||
| 7,288 | ||
| 8,594 | ||
| Total funds £ 4,930 |
||
| 4,930 | ||
| 1,589 |
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The W O Bentley Memorial Foundation
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
5 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits Total for 2022 Total for 2021 6 Expenditure on raising funds Books and publication costs Total for 2022 Total for 2021 |
Unrestricted funds General £ 52 52 70 Allocated support costs £ 12,676 12,676 15,583 |
Total funds £ 52 |
|---|---|---|
| 52 | ||
| 70 | ||
| Total costs £ 12,676 |
||
| 12,676 | ||
| 15,583 |
7 Expenditure on charitable activities
Unrestricted
| Staff costs Wages and salaries Legal fees Depreciation, amortisation and other similar costs Rates Printing and stationery Insurance Motor and travel Archive costs Museum and opening day costs Sundry expenses Computer expenses Donations Independent examiners fee |
General £ 30,940 2,355 1,137 930 3,322 4,310 589 1,222 3,031 213 3,360 889 600 52,898 |
Total 2022 £ 30,940 2,355 1,137 930 3,322 4,310 589 1,222 3,031 213 3,360 889 600 52,898 |
Total 2021 £ 19,265 791 1,018 2,176 3,230 4,135 81 1,061 2,253 228 3,142 971 615 |
|---|---|---|---|
| 38,966 |
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The W O Bentley Memorial Foundation
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
8 Net incoming/outgoing resources
Net outgoing resources for the year include:
| Net outgoing resources for the year include: | ||
|---|---|---|
| Depreciation of fixed assets 9 Staff costs The aggregate payroll costs were as follows: Staff costs during the year were: Wages and salaries Social security costs |
2022 £ 1,137 2022 £ 28,875 2,065 30,940 |
2021 £ 1,018 |
| 2021 £ 17,654 1,611 |
||
| 19,265 |
No employee received emoluments of more than £60,000 during the year The average number of persons employed by the charity during the year was 1 (2021- 1)
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The W O Bentley Memorial Foundation
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
11 Tangible fixed assets
| Office Equipment £ Cost At 1 January 2022 34,880 Additions 1,116 At 31 December 2022 35,996 Depreciation At 1 January 2022 31,887 Charge for the year 1,137 At 31 December 2022 33,024 Net book value At 31 December 2022 2,972 At 31 December 2021 2,993 12 Stock Finished goods 13 Debtors Trade debtors Prepayments Other debtors 14 Creditors: amounts falling due within one year Trade creditors Other creditors Accruals Page 14 |
Library £ 60,311 6,298 |
Fixtures & Fittings £ 5,688 - |
Total £ 100,879 7,414 108,293 37,575 1,137 38,712 69,581 63,304 2021 £ 5,308 |
||
|---|---|---|---|---|---|
| 66,609 | 5,688 | ||||
| - - |
5,688 - |
||||
| - | 5,688 | ||||
| 66,609 | - | ||||
| 60,311 | - | ||||
| 2022 £ 5,180 2022 £ 1,123 544 700 2,367 2022 £ 25,031 33,799 2,700 61,530 |
|||||
| 2021 £ 7,504 544 2,785 |
|||||
| 10,833 | |||||
| 2021 £ 3,799 26,506 20,448 |
|||||
| 50,753 | |||||
The W O Bentley Memorial Foundation
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
15 Funds
| 15 Funds | ||||
|---|---|---|---|---|
| Unrestricted funds General General fund Unrestricted funds General General fund |
Balance at 1 January 2022 £ 168,562 Balance at 1 January 2021 £ 174,430 |
Incoming resources £ 55,251 Incoming resources £ 48,681 |
Resources expended £ (65,574) Resources expended £ (54,549) |
Balance at 31 December 2022 £ 158,239 |
| Balance at 31 December 2021 £ 168,562 |
16 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 63,305 156,010 (50,753) 168,562 |
Total funds at 31 December 2021 £ 63,305 156,010 (50,753) |
|---|---|---|
| 168,562 |
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