Charity registration number 1084969
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | P Rigg (Chairman) | |
|---|---|---|
| A Christie | ||
| S Knight | ||
| N Hart | ||
| M Lewis | ||
| P Jenkins | ||
| D Paterson | (Appointed 1 August 2022) | |
| Charity number | 1084969 | |
| Principal address | Singleton | |
| Chichester | ||
| West Sussex | ||
| PO18 0EU | ||
| Independent examiner | David Knight FCA CTA | |
| Jones Avens Limited | ||
| Piper House 4 Dukes Court | ||
| Bognor Road | ||
| Chichester | ||
| West Sussex | ||
| PO19 8FX | ||
| Bankers | Barclays Bank plc | |
| 74/75 East Street | ||
| Chichester | ||
| West Sussex | ||
| PO19 1HT | ||
| Solicitors | Irwin Mitchell | |
| Irwin Mitchell Solicitors | ||
| Thomas Eggar House | ||
| Friary Lane | ||
| Chichester | ||
| West Sussex | ||
| PO19 1UF | ||
| Investment advisors | abrdn Capital Limited | |
| 1 George Street | ||
| Edinburgh | ||
| EH2 2LL | ||
| Sarasin & Partners LLP | ||
| Juxon House | ||
| 100 St Paul's Churchyard | ||
| London | ||
| EC4M 8BU |
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 - 15 |
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their annual report and financial statements for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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)".
Objectives and activities
The Trust's objects are to support and aid the Weald & Downland Open Air Museum Limited (Registered Charity No. 306338) in pursuance of its charitable objectives.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the Trust.
Investment
The Trust's investments are held by two managers, abrdn Capital Limited (formerly Aberdeen Standard Capital) and Sarasin & Partners.
At the year end, the investments were held in the ASC (Offshore) Income Fund and the Sarasin & Partners Endowment Fund. The investments relating to the Heritage Lottery Fund Heritage Endowments Fund are maintained in separate sub-accounts. Cash to meet immediate requirements is held with Barclays, with additional funds in the CCLA/COIF Charities Deposit Fund.
Investment policy
The policy of the trustees is that the funds be invested in a balanced portfolio of securities investing in the UK and overseas equities, fixed interest securities and collectives as the Investment Managers may so advise. The trustees accept a medium degree of risk.
Investment objectives
The primary investment objective is to produce a balance of income and capital growth over the medium term.
Achievements and performance
During the year, the Museum paid £500,000 to the Trust from the proceeds of legacies received. Due to the volatility in markets during the year, this was held on bank deposit. Subsequent to the year end, in March 2023, an amount of £250,000 has been invested with abrdn. The Trust made no grants to the Museum in the year.
Equity and bond markets throughout the world remained volatile during 2022 and most markets fell in value. During the year, the unit value of investments in the Sarasin fund fell by 10%, and in abrdn fell by 12%, broadly in line with markets generally. The fall in valuation during the year, reflected in the change in net assets, was £219,727. Since the year end, the value of investments is up around 3% on year end values. Since the Trust holds investments for the medium to long term, and maintains appropriate levels of liquidity, these changes in asset valuations do not have any significant effect on the Trust's activities or objectives.
At the year end, the value of investments held in unrestricted funds was £905,871; those held in the Heritage Lottery Fund Heritage Endowments Fund were valued at £931,484 giving total investments of £1,837,355.
The combined value of assets held at the year end was £2,380,084 (2021: £2,078,037). Cash held with Barclays and COIF at the year end totalled £533,575.
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Financial review
The intention of the trustees is to build up the capital and reserves of the Trust to meet the stated investment and grant giving objectives. To this end the performance of the Trust's investments are regularly reviewed. The trustees consider the performance of the Trust's investments in 2022 to be disappointing but broadly in line with global markets.
The reserves held at the year end are £2,380,084 (2021 - £2,078,037), of which £1,438,205 (2021 - £1,022,438) are unrestricted and £941,879 (2021 - £1,055,599) are held in the Heritage Lottery Fund Heritage Endowments Fund.
The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems or procedures have been established to manage those risks.
The primary risk is to the value of the funds in the Trust and to minimise this, the Trustees meet twice a year to review performance and maintain regular contact with the Investment Managers in between these meetings. The Trustees will continue to monitor these values closely in view of the current market volatility. The longer term plan continues to be the support of the Museum.
Structure, governance and management
The Weald and Downland Open Air Museum Endowment Trust (the Trust) is a registered charity, number 1084969, established by a charitable trust deed on 23 October 2000.
The trustees who served during the year were:
P Rigg (Chairman) A Christie S Knight N Hart M Lewis P Jenkins D Paterson (Appointed 1 August 2022)
Three of the trustees are appointed from the existing trustees of the Weald & Downland Open Air Museum. Additional trustees, currently four, are sought from individuals with commercial or investment management experience who can help further the objects of the Trust. New trustees are provided with a package of information about the trust and the Museum together with the responsibilities of a charity trustee.
The Trust is administered and managed by the trustees.
Asset cover for funds
Note 16 sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the charity's obligations on a fund by fund basis.
On behalf of the board of trustees
..............................
P Rigg (Chairman) Trustee Dated: .........................
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
I report to the trustees on my examination of the financial statements of Weald and Downland Open Air Museum Endowment Trust (the charity) for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable 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 ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable 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 financial statements to be reached.
David Knight FCA CTA
Jones Avens Limited Piper House 4 Dukes Court Bognor Road Chichester West Sussex PO19 8FX
Dated: .........................
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Endowment funds funds 2022 2022 Notes £ £ Income from: Donations and legacies 2 500,000 - Investments 3 15,332 13,475 Total income and endowments 515,332 13,475 Expenditure on: Raising funds 4 3,034 2,748 Charitable activities Grants to Weald and Downland Open Air Museum including governance costs 5 1,251 - Total charitable expenditure 1,251 - Total expenditure 4,285 2,748 Net gains/(losses) on investments 7 (108,755) (110,972) Net incoming/(outgoing) resources before transfers 402,292 (100,245) Gross transfers between funds 10 13,475 (13,475) Net movement in funds 415,767 (113,720) Fund balances at 1 January 2022 1,022,438 1,055,599 Fund balances at 31 December 2022 1,438,205 941,879 |
Total Unrestricted Endowment funds funds 2022 2021 2021 £ £ £ 500,000 - - 28,807 7,720 7,416 528,807 7,720 7,416 5,782 899 1,007 1,251 1,305 - 1,251 1,305 - 7,033 2,204 1,007 (219,727) 85,911 94,277 302,047 91,427 100,686 - 7,416 (7,416) 302,047 98,843 93,270 2,078,037 923,595 962,329 2,380,084 1,022,438 1,055,599 |
Total 2021 £ - 15,136 |
|---|---|---|
| 15,136 | ||
| 1,906 | ||
| 1,305 | ||
| 1,305 | ||
| 3,211 | ||
| 180,188 | ||
| 192,113 - |
||
| 192,113 1,885,924 |
||
| 2,078,037 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2022
| Notes Fixed assets Investments 11 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Capital funds Endowment funds-general General endowment funds Revaluation reserve 15 Income funds Unrestricted funds General unrestricted funds Revaluation reserve |
2022 £ £ 1,837,355 10,413 533,575 543,988 (1,259) 542,729 2,380,084 970,363 (28,484) 941,879 1,338,151 100,054 1,438,205 2,380,084 |
2021 £ £ 2,034,576 10,413 34,222 44,635 (1,174) 43,461 2,078,037 973,111 82,488 1,055,599 813,629 208,809 1,022,438 2,078,037 |
2021 £ £ 2,034,576 10,413 34,222 44,635 (1,174) 43,461 2,078,037 973,111 82,488 1,055,599 813,629 208,809 1,022,438 2,078,037 |
|---|---|---|---|
| 2,078,037 | |||
| 1,055,599 1,022,438 |
|||
| 2,078,037 |
The financial statements were approved by the Trustees on .........................
..............................
M Lewis
Trustee
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes Cash flows from operating activities Cash generated from/(absorbed by) operations 18 Investing activities Purchase of investments Proceeds from disposal of investments Investment income received Net cash generated from/(used in) investing activities Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 2021 £ £ £ £ 493,052 (3,140) (22,506) (1,350,994) - 690,634 28,807 15,136 6,301 (645,224) - - 499,353 (648,364) 34,222 682,586 533,575 34,222 |
|---|---|
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
Weald and Downland Open Air Museum Endowment Trust is an unincorporated charity domiciled and registered in England and Wales. The principal address is Singleton, Chichester, West Sussex, PO18 0EU.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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 charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 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.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
The Endowment funds represent the monies transferred from the Weald & Downland Open Air Museum Limited to the Trust that are invested in the Heritage Lottery Fund Heritage Endowments Fund.
The Endowment funds comprise amounts raised by the Museum which have been matched by grants from the Heritage Lottery Fund. The object of the fund is to support the long term objectives of the Museum by providing grants sourced from income and capital gains, over and above those needed to preserve the capital of the fund in real terms.
No grants were made to the Museum in 2021 or 2022.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Resources expended are accounted for on an accruals basis. Expenditure has been identified between raising funds and charitable activities. Grants paid are included in charitable activities and accountancy fees and bank charges are included in governance costs within charitable activities.
1.6 Fixed asset investments
Fixed asset investments are stated at market value.
Unrealised and realised gains and losses are recognised in the Statement Of Financial Activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in or in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
2 Donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 500,000 | - |
Included in the above amount in 2022 are funds of £500,000 received from the Museum.
3 Investments
| Unrestricted Endowment funds funds general 2022 2022 £ £ Income from unlisted investments 14,791 13,457 Interest receivable 541 18 15,332 13,475 Raising funds Unrestricted Endowment funds funds general 2022 2022 £ £ Investment management fees 3,034 2,748 3,034 2,748 |
Total Unrestricted Endowment funds funds general 2022 2021 2021 £ £ £ 28,248 7,716 7,414 559 4 2 28,807 7,720 7,416 Total Unrestricted Endowment funds funds general 2022 2021 2021 £ £ £ 5,782 899 1,007 5,782 899 1,007 |
Total 2021 £ 15,130 6 |
|---|---|---|
| 15,136 | ||
| Total 2021 £ 1,906 |
||
| 1,906 |
4 Raising funds
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
5 Charitable activities
| Grants to | Grants to |
|||||||
|---|---|---|---|---|---|---|---|---|
| Weald and | Weald and |
|||||||
| Downland | Downland |
|||||||
| Open Air | Open Air |
|||||||
| Museum | Museum |
|||||||
| including | including |
|||||||
| governance | governance |
|||||||
| costs | costs | |||||||
| 2022 | 2021 | |||||||
| £ | £ | |||||||
| Share of governance costs (see note | 6) | 1,251 | 1,305 | |||||
| 6 | Support costs | |||||||
| Support | Governance | 2022 | Support | Governance |
2021 | |||
| costs | costs | costs | costs | |||||
| £ | £ | £ | £ | £ | £ | |||
| Accountancy and | ||||||||
| Independent Examination | ||||||||
| fees | - | 1,249 | 1,249 | - | 1,199 | 1,199 | ||
| Bank charges | - | 2 | 2 | - | 106 | 106 | ||
| - | 1,251 | 1,251 | - | 1,305 | 1,305 | |||
| Analysed between | ||||||||
| Charitable activities | - | 1,251 | 1,251 | - | 1,305 | 1,305 | ||
| 7 | Net gains/(losses) on investments | |||||||
| **Unrestricted ** | Endowment | Total | Unrestricted | Endowment | Total | |||
| funds | funds | funds | funds | |||||
| general | general | |||||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |||
| £ | £ | £ | £ | £ | £ | |||
| Revaluation of | ||||||||
| investments | (108,755) | (110,972) | (219,727) | 65,900 | 79,330 | 145,230 | ||
| Gain/(loss) on sale of | ||||||||
| investments | - | - | - | 20,011 | 14,947 | 34,958 | ||
| (108,755) | (110,972) | (219,727) | 85,911 | 94,277 | 180,188 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or reimbursement of expenses during the year.
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
9 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
10 Transfers
The transfer between funds is made up of the following:-
- £13,475 (2021: £7,416) transferred from endowment to unrestricted funds which is dividend and interest income arising on the endowment fund that can be used in accordance with the objects of the charity.
11 Fixed asset investments
| Unlisted | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2022 | 2,034,576 |
| Additions | 22,506 |
| Valuation changes | (219,727) |
| At 31 December 2022 | 1,837,355 |
| Carrying amount | |
| At 31 December 2022 | 1,837,355 |
| At 31 December 2021 | 2,034,576 |
Included in unlisted investments is £37,532 (2021 - £15,026) held in cash accounts as part of the investment portfolio.
Fixed asset investments revalued
The historical cost of the investments held at 31 December 2021 is £1,765,786 (2021 - £1,743,279).
| 12 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss The fair value of the fixed asset investments is the quoted market price. |
2022 £ 1,837,355 |
2021 £ 2,034,576 |
|---|---|---|
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 13 Debtors Amounts falling due within one year: Other debtors 14 Creditors: amounts falling due within one year Accruals and deferred income |
2022 £ 10,413 2022 £ 1,259 |
2021 £ 10,413 |
|---|---|---|
| 2021 £ 1,174 |
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
15 Endowment funds
Endowment funds represent assets held in the Heritage Lottery Fund Heritage Endowments Fund. The capital is maintained permanently by the charity. Income arising on the funds can be used in accordance with the objects of the charity.
| Balance at 1 January 2021 £ Permanent endowments Heritage Lottery Fund Heritage Endowments Fund 927,838 Heritage Endowments Fund donations not yet match funded 34,491 962,329 |
Incoming resources £ 7,416 - 7,416 |
Movement in funds Resources expended Transfers Investments gains/losses £ £ £ (1,007) (7,416) 94,277 - - - (1,007) (7,416) 94,277 |
Balance at 1 January 2022 £ 1,021,108 34,491 1,055,599 |
Incoming resources £ 13,475 - 13,475 |
Movement in funds Resources expended Transfers Investments gains/losses £ £ £ (2,748) (13,475) (110,972) - - - (2,748) (13,475) (110,972) |
Balance at 31 December 2022 £ 907,388 34,491 |
|---|---|---|---|---|---|---|
| 941,879 |
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 16 Analysis of net assets between funds Unrestricted funds Endowment funds 2022 2022 £ £ Fund balances at 31 December 2022 are represented by: Investments 905,871 931,484 Current assets/(liabilities) 532,334 10,395 1,438,205 941,879 |
Total Unrestricted funds Endowment funds 2022 2021 2021 £ £ £ 1,837,355 1,002,847 1,031,729 542,729 19,591 23,870 2,380,084 1,022,438 1,055,599 |
Total 2021 £ 2,034,576 43,461 |
|---|---|---|
| 2,078,037 |
17 Events after the reporting date
The value of the investments held remains broadly in line with the year end valuations.
| 18 Cash generated from operations Surplus for the year Adjustments for: Investment income recognised in statement of financial activities Gain on disposal of investments Fair value gains and losses on investments Movements in working capital: Increase in creditors Cash generated from/(absorbed by) operations |
2022 £ 302,047 (28,807) - 219,727 85 493,052 |
2021 £ 192,113 (15,136) (34,958) (145,230) 71 |
|---|---|---|
| (3,140) |
19 Analysis of changes in net funds
The charity had no debt during the year.
20 Related party transactions
During the year £500,000 (2021 - £0) donations were receivable from Weald & Downland Open Air Museum Limited and £0 (2021 - £0) in grants were paid to Weald & Downland Open Air Museum Limited. Included in Debtors is £10,413 (2021 - £10,413) owed from Weald & Downland Open Air Museum Limited.
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