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.
Page 2
## **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:
- equal opportunities policy
- volunteers' policy
- 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.
Page 3
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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:
1. accounting records were not kept in respect of The W O Bentley Memorial Foundation as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply 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.
Page 9
## **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.
Page 10
## **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|
Page 11
## **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|
Page 12
## **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)
Page 13
## **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|
Page 15