2023-12-31-accounts

Charity registration number 1084969

WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 Patterson
Charity number	1084969
Principal address	Singleton
	Chichester
	West Sussex
	PO18 OEU
Independent examiner	David Knight FCACTA
	Carpenter Box JonesAvens
	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 EggarHouse
	Friary Lane
	Chichester
	West Sussex
	PO19 1UF
Investment advisors	LGT Wealth Management
	14 Cornhill
	London
	EC3V 3NR
	Sarasin & Partners LLP
	Juxon House
	100 St Paul's Churchyard
	London
	EC4M8BU

WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST

CONTENTS

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Page
Trustees’ report 122
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
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

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

During the year, the business and assets of one of the Trust's two investment managers, abrdn Capital Limited, was transferred to LGT Wealth Management.

At the year end, the investments were held in LGT's Volare Offshore Income Fund and LGT's Aberdeen Standard Liquidity 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

Equity and bond markets throughout the world remained volatile during 2023, although most markets recovered some of their previous losses in the second half of the year. During the year, the unit value of investments in the Sarasin fund grew by 8.7%, and in LGT (previously abrdn) rose by 5.2%, broadly in line with markets generally. The increase in valuation during the year, reflected in the change in net assets, was £125,699 after a fall in 2022 of £219,727. (Since the year end, valuations have remained broadly similar). 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 £1,238,108; those held in the Heritage Lottery Fund Heritage Endowments Fund were valued at £1,007,900 giving total investments of £2,246,008 (2022: £1,837,355).

During the year, the Museum paid £300,000 to the Trust from the proceeds of legacies received. Due to the continuing volatility in markets noted above, this was held on bank deposit at the year end. Similarly, an amount of £250,000 received in previous years was transferred to LGT Wealth Management and held in their Liquidity Portfolio.

At the year end, the Trust held total cash and liquid investments (as part of the Investment portfolio) of £905,709 (2022: £571,108).

The Trust made no grants to the Museum in the year.

The combined value of assets held at the year end was £2,840,333 (2022: £2,380,084).

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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023 to be disappointing but broadly in line with global markets.

The reserves held at the year end are £2,840,333 (2022 - £2,380,084), of which £1,836,264 (2022 - £1,438,205) are unrestricted and £1,004,069 (2022 - £941,879) 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 Patterson

Three of the trustees may be 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 17 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.

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On be f board of trustees
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P Rigg (Chair#yan)
Trustee
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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

| 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 2023.

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).

| 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 | 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. | confirm that | am qualified to undertake the examination because | 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.

| 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.

| have completed my examination. | 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.

| 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.

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David Knight FCA CTA

Carpenter Box Jones Avens

Piper House 4 Dukes Court Bognor Road

Chichester West Sussex PO19 8FX Dated: 6) &. Mes ‘L

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Dated: 6)
&. Mes ‘L LH.
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Carpenter Box Jones Avens is the trading name of Jones Avens Limited

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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

		Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
		funds	funds		funds	funds
		2023	2023	2023	2022	2022	2022
	Notes	£	£	£	£	£	£.
Income from:
Donations and legacies	2	300,000	-	300,000	500,000	-	500,000
Investments	3	27,311	14,223	41,534	15,332	13,475	28,807
Total income and
endowments		327,311	14,223	341,534	515,332	13,475	528,807
Expenditure on:
Raising funds	4	2,963	2,684	5,647	3,034	2,748	5,782
Charitable activities
Grants to Weald and
Downland Open Air
Museum including
governance costs	5	1,337	~	1,337	1,251	-	1,251
Total charitable
expenditure		1,337	-	1,337	1,251	-	1,251
Total expenditure		4,300	2,684	6,984	4,285	2,748	7,033
Net gains/(losses) on
investments	7	60,825	64,874	125,699	(108,755)	(110,972)	(219,727)
Net income/(expenditure)		383,836	76,413	460,249	402,292	(100,245)	302,047
Transfers between
funds	11	14,223	(14,223)	-	13,475	(13,475)	.
Net movement in
funds		398,059	62,190	460,249	415,767	(113,720)	302,047
Reconciliation of funds:
Fund balances at 1 January
2023		1,438,205	941,879	2,380,084	1,022,438	1,055,599	2,078,037
Fund balances at 31
December2023		1,836,264	1,004,069	2,840,333	1,438,205	941,879	2,380,084

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 2023

			2023			2022
	Notes	£		£	£		<
Fixed assets
Investments	12			2,246,008			1,837,355
Current assets
Debtors	13	10,413			10,413
Cash at bank and in hand		585,222			533,575
		595,635			543,988
Creditors: amounts falling due within	14
one year		1,310			1,259
Net current assets				§94,325			542,729
Total assets less current liabilities				2,840,333			2,380,084
The funds ofthe charity
Endowment funds	15			1,004,069			941,879
Unrestricted funds				1,836,264			1,438,205
				2,840,333			2,380,084

The financial statements were approved by the trustees on Bo. Abrt Ce2¢

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MLewis 9
Trustee
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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2023|2022| |Notes|£|£|£|£| |Cash|flows from|operating|activities| |Cash|generated|from|operations|19|293,067|493,052| |Investing|activities| |Purchase|of|investments|(282,954)|(22,506)| |Investment|income|received|41,534|28,807| |Net|cash|(used|in)/generated|from| |investing|activities|(241,420)|6,301| |Net|cash|used|in|financing|activities|-|-| |Net|increase|in|cash|and|cash|equivalents|51,647|499,353| |Cash|and|cash|equivalents|at|beginning|of|year|533,575|34,222| |Cash|and|cash|equivalents|at|end|of year|585,222|533,575|

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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

• 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 OEU. 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 2022 or 2023.

• 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 recagnised 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 2023

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 2023

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 2023

2 Income from donations and legacies

Donations and gifts

Unrestricted	Unrestricted
funds	funds
2023	2022
£	£
300,000	500,000

Included in the above amount in 2023 are funds of £300,000 (2022 - £500,000) received from the Museum.

3 Income from investments

	Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
	funds	funds		funds	funds
	2023	2023	2023	2022	2022	2022
	£	£	£	£	£	£
Income from unlisted
investments	23,976	13,942	37,918	14,791	13,457	28,248
Interest receivable	3,335	281	3,616	541	18	559
	27,311	14,223	41,534	15,332	13,475	28,807
Raising funds
	Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
	funds	funds		funds	funds
		general			general
	2023	2023	2023	2022	2022	2022
	£	£	£	£	£	£
Investment management
fees	2,963	2,684	5,647	3,034	2,748	5,782
	2,963	2,684	5,647	3,034	2.748	5,782

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 2023

5 Expenditure on charitable activities

							Grants to	Grants to
						Weald and		Weald and
							Downland	Downland
							Open Air	Open Air
							Museum	Museum
							including	including
						governance		governance
							costs	costs
							2023	2022
							£	£
Direct costs
Share ofsupport and governance		costs (see note 6)
Governance							1337	1,251
Analysis by fund
Unrestricted funds							1,337	1,251
Support costs
	Support Governance			2023	Support	Governance		2022
	costs		costs		costs		costs
		£	£	£	£		£	£
Accountancy and
Independent Examination
fees		.	1,310	1,310	-		1,249	1,249
Bank charges		-	27	27	-		2	2
		-	1,337	1,337	-		1,251	1,251
Analysed between
Charitable activities		.	1,337	1,337	-		1,251	1,251
Gains and losses on investments
	Unrestricted Endowment			Total	Unrestricted		Endowment	Total
	funds		funds		funds		funds
	2023		2023	2023	2022		2022	2022
Gains/(losses) arising on:		£	z	£	£		£	£
Revaluation of
investments	60,825		64,874	125,699	(108,755)		(110,972)	(219,727)

6 Support costs

7 Gains and losses on investments

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 2023

9 Employees

The average monthly number of employees during the year was:

	2023	2022
	Number	Number
Total	=	¥

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

There is no remuneration of key management personnel.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11. ‘Transfers

The transfer between funds is made up of the following:-

• £14,223 (2022: £13,475) 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.

12 Fixed asset investments

	UnlistedLiquidity Fund	UnlistedLiquidity Fund	Cash in	Total
	investments		portfolio
	£	£		£
Cost or valuation
At 1 January 2023	1,799,822	-	37,533	1,837,355
Additions	-	250,000	32,954	282,954
Valuation changes	125,699	-	.	125,699
At 31 December 2023	1,925,521	250,000	70,487	2,246,008
Carrying amount
At 31 December2023	1,925,521	250,000	70,487	2,246,008
At 31 December2022	1,799,822	.	37,533	1,837,355
Fixed asset investments revalued
The historical cost ofthe investments held at	31 December 2023 is £2,048,740 (2022 -£1,765,786).
Debtors
			2023	2022
Amounts falling due within one year:			£	£
Otherdebtors			10,413	10,413

13 Debtors

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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

14 Creditors: amounts falling due within one year

								2023	2022
								£	£
Accruals and deferred		income						1,310	1,259
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 ofthe charity.
	At 1 January				Incoming	Resources	Transfers	Gains and	At 31
			2023		resources	expended		losses	December
									2023
				=	£	£	£	£	£
Permanent endowments
Heritage Lottery
Fund Heritage
Endowments
Fund		907,388			14,223	(2,684)	(14,223)	64,874	969,578
Heritage
Endowments
Fund donations
not yet match
funded		34,491			-	-	-	-	34,491
		941,879			14,223	(2,684)	(14,223)	64,874	1,004,069
Previous year:	At1 January				Incoming	Resources	Transfers	Gains and	At 31
			2022		resources	expended		losses	December
									2022
				£	£	£	£	£	£
Permanent endowments
Heritage Lottery
Fund Heritage
Endowments
Fund		1,021,108			13,475	(2,748)	(13,475)	(110,972)	907,388
Heritage
Endowments
Fund donations
not yet match
funded		34,491			.	-	-	.	34,491
		1,055,599			13,475	(2,748)	(13,475)	(110,972)	941,879

15 Endowment 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 2023

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1 January	Incoming	Resources	Transfers	Gains and	At 31
	2023	resources	expended		losses	December
						2023
	£	£	£	£	£	£
General funds	1,438,205	327,311	(4,300)	14,223	60,825	1,836,264
Previous year:	At1 January	Incoming	Resources	Transfers	Gains and	At 31
	2022	resources	expended		losses	December
						2022
	£	£	2	£	£	£
Generalfunds	1,022,438	515,332	(4,285)	13,475	(108,755)	1,438,205

17 Analysis of net assets between funds

	Unrestricted	Endowment	Total
	funds	funds
	2023	2023	2023
	£	£	£
Fund balances at 31 December 2023 are represented by:
Investments	1,238,108	1,007,900	2,246,008
Current assets/(liabilities)	598,156	(3,831)	594,325
	1,836,264	1,004,069	2,840,333
	Unrestricted	Endowment	Total
	funds	funds
	2022	2022	2022
	£	£	£
Fund balances at 31 December2022 are represented by:
Investments	905,871	931,484	1,837,355
Current assets/(liabilities)	532,334	10,395	542,729
	1,438,205	941,879	2,380,084

18 Events after the reporting date

The value of the investments held remains broadly in line with the year end valuations.

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WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

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|||||||||| |---|---|---|---|---|---|---|---|---| |19|Cash|generated|from|operations|2023|2022| |£|£| |Surplus|for the|year|460,249|302,047| |Adjustments|for:| |Investment|income|recognised|in|statement|of financial|activities|(41,534)|(28,807)| |Fair value|gains|and|losses|on|investments|(125,699)|219,727| |Movements|in|working|capital:| |Increase|in|creditors|51|85| |Cash|generated|from|operations|293,067|493,052|

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20 = Analysis of changes in net funds

The charity had no material debt during the year.

21 ~=Related party transactions

During the year £300,000 (2022 - £500,000) donations were receivable from Weald & Downland Open Air Museum Limited and £0 (2022 - £0) in grants were paid to Weald & Downland Open Air Museum Limited. Included in Debtors is £10,413 (2022 - £10,413) owed from Weald & Downland Open Air Museum Limited.

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