Charlty registration number. 1069179 The W O Bentley Memorial Foundation for the Year Ended 31 De¢anber 2024
The W O Bentley Memorial Foundation Contsnts (Continued) Reference and Administrative Detsils Tnte¢s, Report 2104 Independent Examinerfs Report Statement of Financial Activities 6t07 Ballet Sheet Notes to the Financial Statements 9t015
The W O Bendey Memorial Foundation Reference and Adminlstrathve Details Trustees Mr Alan Bodfish MrNigel Smith (Resigned 26 Febnwy 2025) Dr Spewer Silvcrbach Dr Thom&8 Dine Mr Midwel Barton Nita Ewart Mr Brian Dennis Gush (appointed 26 February 2025) 1069179 Cbarlty RetratIon NwDber Prlndpal Offite W O BtleY Memoriol Building Wroxton OX15 6ED Independent EXlner Jonathan Russell F.C.A. Just Audit & Assutanc¢ Ltd 4 South Bar Street Banbury OXI6 9AA Page I
The W O Bentley Memorial Foundation Trustces, Report The trustses present the annual rq)ort together with the finan¢ia] statements of the tharity for the year ¢nd¢d 31 Dettmber 2024. The Trustea are satisfied that they meet the requiments of the Charities Acts. Objectlves and activities PollcleJ and objecllve The principal object of the charity is to provide the advancement of public knowledge and appreciation of the Bentley motor car and its hisknry by th¢ eslablisRllnent and n)aintenanL% of a MUSC Library and Archive5 for the preservatio exhibition and study of the collections. The Foundation is continuously Iijoking to enhance its Museun¥ Library and Archives by aquiri any material rclating to W O Bentley and the Bentley motor car. Achievements and performan Revlew o14dlvlll The main activities throughout the year were providing the members and guests of the foundation with historic infonnation on individual vehicles, W O Bentleys life . racing et¢. The actiVAties include Talks Day and producing publications, including 1888. The fimding to provide thcse services is obtained largely through donations, along with a small amount of fee income. During thc ycar, the Foundation undertook several fundraising 1VitieS. including publication and sale of books and life asso¢iateship of the foundation. Inveslmen¢pallcy fjndperfonndnce The trustee5 are of the opinion that the monry available for investment should be on an interest bearing bank account. Thc truste¢s appreciate that this is a low risk strat¢8y and that it does not give capitsl growt FIDgnclal revlew Going concern After making appropriate cnquiries. thc trustees have a reasonable expe¢tstion that the ¢harity has adequat¢ resources to continue in operational existence for the forseeable future. For that r$0 they continue to adopt the going concern bosis in preparing the financial slatem¢nts. Fw11w detsib reg8rding the adoption of the going ¢onrArn basis can be found in the accounting policies. Pollcy on reserves It is the poliry of the Tntstees to maintaiti sufficient unrestricted reserves to provide for charitable expenditure in order for the ¢harity to continue to mect its objectivcs. for a period of at Icast 12 month4 if all, or most of its income ceases. Strncknreg governAnee And management The principal object of the charity is to provide the advancement of public knowledge and appreciation of W O Bentlrfs life and works and the Bentley motor Car and its history by the establishment and maintenance of a MUS Library and Archives for the preservatio exhibition and study of the collections. There have been no thanges in the objective5 sintt the last annual report. Page 2
The W O Bentley Memorlal Foundation Trustees, Report (continued) RecrnIinnk andappolnlment oftrustees The mana8¢ment of thc charity is the responsibility of the TrustCC5 vkno are elected and cfropted under the tem)s of the Trust d¢e(L Orgafttsadonal strmdure and dedslon The OrglSation is governed by the board of Tntstees, who med at least on a qu8rterty basis. The Trustees hav¢ &8sessed th¢ major risks to whith the ¢harity is expose¢ in partiullar those related to the operation and fmances of the clwity, and are satisfied that systans and procedures are in place to mitigate our exposure to th¢ major risks. Plans for periods The ft)undation LtInUeS to offer a lifc associatssbip. This has helped lo incre&8c the amounts that are 8en¢rat&l along with rcthiGing administration lime. Potenti developments for the future gre to publish new book4 conlitiue the digitisalion of •r¢hive4 lse of part of the W O Bentley Memorll Bllllding The foundation leases part of the W O Bendey Memorial Building on an inital 30-year terni which expircs on 28 Juty 2040. The lease provisions contain a Glause giving the foundation th¢ rigbt to have an addilional 30- year tem provided it gives th¢ landlord not less than 6 months, notice in of such a wish. Employee Involvement Employees have been consulted on issues of nCern to them by means of regular consultative committe¢ and stsff meetings and hav¢ been kept infornied on specific matters directty by management. The clwity carries out exit interviews for all staff leaving the organisation and h&8 adoptd a prixedure of upward feedback for senior management and the Tte¢s. The charity hag impIenwrt a numbtt of detailed policies in relion to all aspects of person1 mattas including: - equal opportunities poli - volunteers, po]i¢y - hcahh and safety policy Employmenl of dtsabled persons In accordanrK with the charity's Equal opportunities policy, the clwity ha5 long eslab]ished fair employment practices in th¢ recruitmenl selection, retcntion and training of disabled slaff. Full detsils of these policies arc &vailable from the Charity's offices. Page 3
The W O Bendey Memorial Foundation Trustees, Report (continued) Statement of Trnstes' Respon8lbllldo8 The trustees are responsible for preparing the tTUStees' report and the financial statements in accordance Ivith the Unit¢d Kingdom Accounting Standards (United Kingdom Generalty A¢c¢pted Accounting Practice) and applicable law and rcgulations. Thc law applicable lo charities requires the trustees to prepare financial statcments for each flnancial year which give a tsue and fair view of the state of affairs of the charity and of the inc4)ming resources and application of resources of the charity for that period. In prcpaTing these financial stal¢m¢nts. th¢ truste¢s are required to: s¢le¢t suitable accounting policics and then appty them conSisty. observe the methods and principles in the Charities SORP: make judgcments and estimates that are reasonable and prudent ste whether applicable accounting standards have been follow subject to any rnater1 departures disclosed and explained in the fJnan¢ial statements: and prcpare the fmancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in busin¢ss. The tn are r¢sponsibl¢ for keeping proper accounting re that disclose with reasonable a¢cura¢y at any lime the financial position of the charity and cnablc them to ensure that the financial statements compty with the Charities Act 2011. the Charitics {Accounts and Reports) Regulations 2008, and the provisioDS of the constitution. Thc trustees aTe also responsible for safeguarding the assets of the charity and hence for taknng reasonable steps for the prevention and detection of fraud and other irrcgularities. .. and sigtted on its behalf ty: Mr Mithael Barton Page 4
The W O Bendey Memorial Foundation Independent Examiner's Report to the trnstees of The W O Bentley Memorial Foundation I report to the tnteeS on my examination of the accounts of The W O Bentley Memorial Fowidalion for the year ended 31 December 2024. ReJpon8lbllitle8 Ind ba$18 of report As the charity trustees of The W O Bentley Memorial Foundation you are responsible for th¢ pryaration of the acUnts in a¢cordan¢e with thc requirements of the Clwities A(# 2011 ('thc Act,). I report in rw of my cxamination of the The W O Bentley Mcmorial Foundation's acKaunts CaTTied out under section 145 of the 2011 Act and in carying out my examiOn I have followed all the applicable Directions giv¢n by the Charity Conmiission undcr section 145{5)(b) of the ACL Independent eumln¢r'$ statement I have Complcted examination. I confirm that no material matt¢Ts hav¢ come to my attention in conTh¢rtion l. accountiDg records wcrc not kept in respect of Th¢ W O Bentlcy Memorial Foundation as required by section 130 of the ACL. or 2. the accounts do not accord with thosc records: or 3. the aOunts do not ¢ompty with the accounting requirements Concerning thc forn) and content of accounts set out in the Charities (Accounts and Reports) RegulAtions 2008 othcr than any requirnent that thc a¢¢ounts give a 'true and hir view which is not a matter considered as port of an indcpcndent I have no concems and have come across no other matter5 in connection with the examination to lch attention should be drawn in this report in order to enable a proper und¢rslanding of the accounts to be rea¢h¢d. Jonathan Russell F.C.A. Just Audit & A&wrance Ltd 4 South Bar Street Banbury OX16 9AA Page 5
The W O Bentley Memorial Foundation Statement ofFiDancial Activities for the Year Ended 31 December 2024 Unrestrleted funds Total 2024 Note Income And Endov4ments from: Donations and legaci¢s Clwitablc activitie5 Other Irading activities Investhient income 36,433 20,082 3,911 65 36,433 20,082 3,911 65 Totsl inrne 60.491 60.491 Exptndlture on: Raising fimds (6,589) 52,116 (6,589) 52.116 Totsl expenditure 58,705 58.705 Net income 1,786 1.786 Nct movement in funds 1,786 1,786 Retonclllatlon of funds Totsl funds broughl forward 150,041 150,041 Total funds carried forward 15 151,827 Unrestrl¢ted 151,827 Total 2023 Note Ineoll aDd Endowments from: Donations and legacics Charitable activities Oth¢r trading activities tnvestment incomc 44.123 9.513 3,189 62 44.123 9.513 3,189 62 Total income 56,887 56,887 Expendltnre on: Raising funds Other expenditure (14,343) 50,742 {14,343) 50.742 Totsj cxpenditurc 65.085 65.085 Nct cxpcnditurc 8,198 8.198 Net movement in funds (8,198) (8,198) Reconciliation of funds Total fimds brought fonvard 158,239 158,239 Totsl fimds caryied foThvard 15 150,041 150,041 The notss on pages 9 to 15 fomi an inte part of these fllwiciai statements. Page 6
The W O Bendey Memorial Foundation Statement of Financlal Activities for the Year Ended 31 December 2024 (continued) All of the chty's activities derive from conlinuing operations duriDg the above two periods. The fimds br¢akdown for 2023 is ID notr 15. The notes on pages 9 to 15 forni an intsgral part of thcse financial statemwts. Page 7
The W O Bentley Memorial Foundation (Registration number: 1069179) Balance Sheet as at 31 December 2024 2024 2023 Note ed assets Tangible &ssets li 70,845 71231 Current assets Stocks Debtors Cash at bank and in hand 12 13 4,662 1,958 110.591 4,973 5,760 105.778 117,211 116,511 Credfitors: Amounts falllng due Fithin one year 14 36,229 37,701 N¢t eprrent assets 80.982 78,810 Net assets 151,827 150,041 Funds of the charity: Unre8trlcted income fvnd8 Unrestricted funds l51,827 150.041 Total funds 15 151827 150.041 cial statancnts on pagcs 6 to 15 were apwoved by the trustees. and authorised ftir issue on ... and signed on their behalf by: Mr Michael Barton The notes on pages 9 to 15 forni an integrnl part of th¢ fiDan¢ial statements. Pa8¢ 8
The W O Bentley Memorial Foundatlon Notss to the Finandal Statements for the Year Ended 31 December 2024 l Ae¢ouDtimg polkies Statemellt of eompllante The financial stateMts have been prepared in accordance with the Send edition of the Charities Stalement of Recommended Prn¢ti¢e issued in October 2019. the Financial Reporti Standard applicable in the United Kingdom and Republic of Ireland (FRS 102} and the Charities Ad 2011. Basts of preparalloll The W O Bend¢y Memorial Foundation meets thc definition of a public ben¢fit entity wider FRS 102. The accounts (fllwicial statements) have been prepared under the historical cost convention with itcms rccogDiscd at ¢ost or Iransaction value unless otherwise statcd in the relevant note(s) to these accounts. Golng concern The trustees ¢oDsid¢r that there arc no tnal¢rial uncertainties about the charity's ability to ¢onlinu¢ as a going IlltOn endowments Voluntary income including donations. legacies and grants that provide ¢or¢ funding or are of a geral nature are Tecognis when the clwity lths enlitlement to the iDWll< it is probable that the income will be received and the llont can be measured with sufficient reliability. Donations and legacies are recognised on a re¢eivable basis Wh rettipt is probable al thc amount can be reliably meure Expendltllre All expenditur¢ is recognised once there is a legal or constsuctiv¢ obligation to that expendiliirè it is probable scttlement is required and the amount can be measured reliabty. All ¢osts ar¢ allocated to the applicable expenditure hcading that aggregate similar costs to that catsgory. Where ¢osts cannot be dir¢ctly attributed to particular hcadings they have been allocated on a basis consistent wfftth the use of resources, with Central staff ¢osts allocalcd on th¢ basis of timc spenL and depreciation charges allocated on thc portion of the asset's use. Other support are allocated based on the Spread of staff costs. These are costs incurred in attracting voluntary income. the manwent of investments and thosc incurred in trading activitics that raise funds. Support costs Support sts include L%ntral fun¢tions and havc b¢eD allo¢ated to activity cost Categories on a basis consistent with the use of resources. for examplc. l0¢tIng propety costs by floor areas, or per ¢At& staff ¢osts by the time Spe 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 2024 (continued) Gov¢rnan¢e tosts These include the costs attributable to the charity's compliance with constitutional and statutory requiments, including audiL strategic management and trustee's m¢¢tings and reimbursed expense5. TaiAtlon The ¢harity is considered to pass the tests sct out in Parawh I Schedule 6 of the Finance Act 2010 and ther¢fore it meets the definition of a charilablc company for UK ¢orporation tsx purposes. Accordingly, the charity is potentially cxempt from taxation in respect of income or capital gains received within categorie5 covercd by Chapter 3 Part I l of th¢ Corporation T&x Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applicd exclusivety to ¢haritabl¢ purposes. Tangible fixed assets Individual fixed assets are initialty rccoyded at rt less any subsequent accumulated depreciation and subsequenl accumulated impairnient losses. Depreclation And Amortlsatlon Depreciation is provided on Lgible fixed assets so as to write off the Cost or valuatiofy less any tirnated residual value, over their excted useful economic lifc as follows: Asset cla Office equipment Library Fixtiwes & Fittings Depreciation method and rats 20% reducing balan¢e 20% reducing balan¢¢ Trade debtors are amounts due for mer¢hath sold or savices perfornie recognis initially at the transa¢tion price. They are subsequently mcasurcd at amortised cost using the cffedivc interest Metho less provision for impairnienL A provision for the impainnent of is established when there is objective evidence that the wll not be ablc to collcct all amounts due aOrding to the oriwnal lerms of the receivables. Cash 8nd c28h equivgltnts Cash and Cash equtvalents comprise cath on Iwid and call dqJ0si and other short-terni highty liquid invcstments that are readity convertible to a knoivn amount of cash and arc subjcrt to an insilficant risk of change in value. Credltors are obligations to pay for goods or s¢rvi¢es that have been acquired in the ordinary coursc of bu5in¢ss from suppliers. ALxounts payable are ¢l&ssified as current liabiliti if the does not have an unconditional righL at the end of the reporting perio to defer settlement of the creditor for at least twel months after the reporting dat¢. If ther¢ is an unconditional right to defer scttlcmcnt for at least twelve months after the reporting dats, they are presented 0$ non-current liabilities. Liabilities are recOlIsed initially at th¢ transaction price and subsequently mcasurcd at amortised Cost using the effe¢tive interest method. Page 10
The W O Bentley Memorial Foundatlon Notes to the Flnancial Statements for the Year Ended 31 December 2024 (contlnued) Fund strnetsre Unrestricted inLI)me funds e genernl funds that are availablc for use at the trustee5 discrciioD ID furtherance of the objective5 of1he Charity. 2 In¢oDJe from donadoni 2nd legad Unrestricted fund8 General Total Jjds Donions and l¢gaci Donations 36,433 36.433 Tothl for 2024 36,433 36.433 Totsl for 2023 44.123 44,123 3 Intome from charitable Aetivltles funds General Total rund8 20,082 20,082 Totsl for 2024 20.082 20,082 Totsl for 2023 9,513 9,513 4 Ineonw from other trgdlng etlvld UnTe8trleted nds GenerAI Totsl nds Trading income" Book & publicalion sales Total for 21124 3.911 3,911 3,911 3.911 Total for 2023 3,189 3.189 Pagc 11
The W O Bentley Memorial Foundation Notes to the Financial Statements for the Year Ended 31 Deeember 2024 (continued) 5 Investmenl fineome Unregtrleted funds General fonds Interest receivable and similar income: Interest receivable on bank dqKits 65 65 Total for 2024 65 65 Total for 2023 62 62 6 E4widlknre on rgtslng tsnds Alloegted support costs Totsl costs Books and publi¢ation costs Total for 2024 6,589 6.589 6,589 6,589 Total for 2023 14,343 14,343 7 Expenditure on ehArltable aelfvttfies URre8trlcted Totsl 2024 Totsl 2023 General Staff costs Wages and salaries DeprlatIO amortisation and other similar costs 33,439 33,439 33.438 785 2,176 927 3,187 755 1,468 4.530 85 711 2.134 2298 3.956 686 1,499 2.034 198 2.233 656 695 1,648 2.134 2298 3,956 686 1.499 1034 198 1233 656 695 1,648 Printing and ststionery Motor and travel Archive costs Sundry expenses Computer expcnscs Banncr4 flags and badges Independent examiners fee Lunches 620 1.068 52,116 52,116 50.742 Page 12
The W O Bentley Memorial Foundatlon Notes to the Financial Statsments for the Year Ended 31 December 2024 (continued) 8 Net Ineonthiyjoutgolng r0ree$ Net iDcominW(outgoing) resources for the year include: 21124 2023 Dcpreciation of assets 785 9 Stsff eosts ' The aggregate payroll costs wer¢ as follows: 2024 2023 Staff eosts during the year were: Wagcs and salaries Social security costs Pension CA)sts 31.120 1.784 535 31.120 1,783 535 33,439 33,438 No employrt emoluments of more than £60.000 during the year The average numbcr of persons employed by the charity during the year was 2 (2023- 1) Pagc 13
The W O Bentley Memorial Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 10 Taxatlon Th¢ ¢harity is a registered Charity and is therefore exempt from taxation on its clwitable activities. 11 T4nzlble fixed assets Equlpment Llbrary Total Cost At l January 2024 36.838 68,202 254 5.688 110,728 254 At 31 De¢eMIr 2024 36,838 68.456 5,688 110,982 D¢pr¢elatlon At l January 2024 Charge for the year 33.809 5.688 39,45Y7 640 At 31 December 2024 5.688 40,137 Net book value At 31 December 2024 1389 68.456 70,845 At 31 December 2023 3.029 68.202 71,231 12 Stotk 2024 2023 Finished goods 4,662 4.973 13 Debtors 2024 2023 Trade debtors 336 1.367 255 918 2,658 2,184 Other debtors 1.958 5,760 14 Creditorj: mounts falllng due wlthln one year 2023 Trad¢ Creditors Other creditors 22,396 13,058 775 8,450 25,831 3,420 37,701 36,229 Page 14
The W O Bentley Memorial Foundation Notes to the Financial Statements for the Year Ended 31 DeceD)ber 2024 (continued) 15 FuDd8 BalAnee at 31 D¢¢ember 2024 Ineomlng JAnuary 2024 expended Ullrutrl¢ted funds General General fund 150.041 58,705 151,827 Balance at 31 Decemb¢r 2023 Bthee at I Jllry 2023 Ineonthbg pended Unrestritted tsnds Genernl 158.239 56 887 65,085 150.041 16 Analysts ofnet sets bttween thnds unrestri Tot21 funds At nds 31 Dttember G¢n¢rg1 2024 Tangible fixed assds Cwrcnt assets Current liabilrties 70,845 117211 36,229 70.845 117211 36229 Totsl net assets 151.827 151.827 Unrestrict*d nd8 Gen¢r21 Totsl thnds At 31 Deeember 2023 Tangible fixed 71231 116,511 37,701 71231 116,511 37,701 Current liabilities Total net assets 150,041 150,041 17 Related p•rty transactions There were no r¢latsd paty transactions in the year. Page 15