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
4
P Rigg (Chair#yan)
Trustee
Dated: .....32%.. APRic 7oly
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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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M\,
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|
**----- End of picture text -----**
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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’
**----- End of picture text -----**
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