Charity registration number 1084969 WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees P Rigg Ichairmanl Mrs A Christie S F Knight DL NHart M L8WIS P J Jenkins J Harvey (Appointed 14 November 20241 (Appointed 14 November 20241 N Sutherland Charity number 1084969 Principal address Singleton West Sussex Chichester P018 OEU Independent examlner David Knight FCA CTA Carpenter Box Piper House 4 Oukes Court Bognor Road Chichester West Sussex P019 8FX Banker8 Barclays Bank pl¢ 74175 East street Chiehester West Sussex P019 1HT Sollcltor8 Irwin Mitchell Irwin Mitchell Solicrtors Thomas Eggar House Friary Lane Chichester West Sussex P019 1UF Investment advisors LGT Wealth Management 14 Cornhill London EC3V 3NR 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 Independent examiner's report statèment of financlal activities Balance sheet Statement of cash flows Notes to the financial statements 7-15
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees psent their annual report and financial statements for the year ended 31 December 2024. Thè financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with th6 charity's governing document. the Ch8rrties 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 IFRS 1021 ieffectlvè 1 January 20191" Objectlves and activltles The Trust's objects are to support and aid the Weald & Downland Open Air Museum Limited IRe9lStered Charity No, 306338) in pursuarseè of rts charitable objectives. The trustees confirm that they have referred to the guidance contained in the Charity Commission's général guidance on public benefit when reviewing the Trust's aims and objectives and in planning future aclivities and setting the grant making policy for the Trust. Investment At the year end, the Trust's investments wère held in LGT'S Volare Offshore Income Fund and the Sarasin & Partners Endowment Fund and related Liquidrty Funds. 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 CCLAJCOIF Charrtles Deposit Fund Invèstment policy Thè policy of the trustees is that the funds be Inv8Sted In a balanced portfollo of securf(ies investing in the UK and overseas equrties, fixed 1nterest securrties and collectives as the Investment Managers may so advise. The trustees accept a medium degree of risk. Investmenl objectives The primary Investment obieclive Is to produce a balance of income and capital growth over the medium term. Achlevement• and performance Equrty and bond markets throughout the world remained volalile in 2024 During the year, the unrt value of investments in the Sarasin fund grew by 11.9%. and in LGT rose by 7 5% The increase in valuation during the year, reflected in the change in net assets, was £166,35512023.' £125,699) Since the year end. valuations have been volatile following international developments in trade policy and tariffs. Since the Trust holds investments for the medium to long term, and maintains appropriate levels of liquidrty 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 ,599,557. those held in the Heritage Lottery Fund Heritage Endowments Fund were valued at £1,201,118, giving total investments of £2,800,675 12023. £2,246,008) During ttte year, the Museum paid £65.509 to the Trust This represented the final instalment of the Heritage Lottery Fund Herrtage Endowments Fund. The total raised by the Museum was £500,000 which was matched by the Heritage Lottery Fund, making £1 million in total. Due to the continuing volatility in markets noted above, the Trust continued to maintain liquidity in bank deposrts and in the Investment Managers, liquidity funds. At the year end. cash at bank was £155,526 with a further £283,876 in liquidity funds and cash held as part of the investment portfolio. The Trust made a grant of £160,000 to Museum in the year. The combined value of assets held at the year end was £2,954,76212023. £2,840.3331.
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal revlew The intention of the tTUStees is lo build up the caprtal and reserves of the TrLtSt to meet the ststed 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 Trusys investments in 2024 to be broadly in line with global market5. The reserves held at the year end are £2,954,76212023 - £2,840,333), of which £1,806.13812023 - £1.836,2641 are unrestricted and £1.148.62412023 - £1,004,069) are held in Ihe Herrtage Lottery Fund Herrtage Endowments Fund The major risks to which tlie charity is exposed, as identified by the Trustees, hava been reviewed and systems or procedures have been established to manage those nsks. The primary risk is to the value of the funds in the Trust and to minimise this, the Trustees meet lce a year lo review performance and maintain regular contact with the Investment Managers in beeen 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 ofthe Museum. Structure, governance and management The Weald and Downland Open Air Museum Endowment Trust Ithe Trust) is a registered charity, number 1084969, 8Stablish8d by a charitable trust deed on 23 October 2000. The Irustees who served during the year were.. P Rigg (Chairman) Mrs & Christie S F Knight DL NHart M Lewis P J Jenkins D Patterson J Hatvey N Sutherland (Resigned 28 February 20241 (Appointed 14 November 20241 {Appointed 14 November 20241 Three of the trustees may be appointed from the existing trustees of the Weald & Dowrsland Open Air Museum. Additional trustees are sought from individuals with commercial or investment management experience who can help further the objects of the Trust. New Iru5tees are provided with a package of information about the trust and the Museum together wrth Ihe responsibilities of a charrty Irustee. The Trust is administered and managed by the trustees. A88et cover for funds Note 18 sets out an analysis of the assets attributable lo the various funds and a description of thé trusts. These assets are sufficient to meet the charrty's obligations on a fund by fijnd basis. On beha oard of trustees P Rigg {Chair Trustee Dated.. l N4y eoZJ
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 2024. Responsibllltie8 and basis of report As the trustees of the charrty you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Acti 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 14515llbl of the 2011 Act. Independent examlner's Statement Your attention is drawn to the fact that the charty has prèpared financlal statements in accordance with Accounting and Reporting by Charrties preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 r8gulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide 8 true and fair view in accordance with Generally Accepted Accounting Practice effective lor Teporting periods beginning on or after 1 January 2015 I f)ave completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe tha* in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial statements do nol accord with those records., or thè financial statements do not comply with the applicable requirements concerning the form and content of accoun15 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 undèrstanding of the financial statements to be reached, Davld Knight FCA CTA Carpenter Box Piper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX Dated.
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Endowment funds funds 2024 2024 Total Unrestrlcted Endowment funds funds 2023 2023 Total 2024 2023 Note8 Income from: Donations and legacies Investments 1,310 35,273 65,509 14,172 66,819 49,445 300,000 27,311 300,000 41,534 14,223 Total Income and endowment6 36,583 79,681 116,264 327,311 14,223 341,534 Expendlture on: Raising funds Charrtable activrties Grants to Weald and Downland Open Air Museum including governance cosls 3.892 2.982 6,674 2,963 2,684 5,647 161,516 161,516 1,337 1,337 Totsl chafltable expendlture 161,516 161,516 1,337 1.337 Total expenditure 165,208 2,982 168,190 4,300 2,684 8,984 Net gains on investments 84.327 82,028 166,355 60,825 64,874 125,699 Net Incomel{expendlture) 144,2981 158,727 114,429 383,836 76,413 460.249 Transfers betMeen funds 12 14,172 114.1721 14,223 114,223 Net movement In funds 130,126) 144,555 114,429 398,059 62,190 460,249 Reconciliation of funds". Fund balances at 1 January 2024 1,836,264 1,004.069 2,840,333 1,438,205 941,879 2,380,084 Fund balances at 31 December 2024 1.806.138 1,148,624 2,g54,782 1.836,264 1,004,069 2,840,333 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activrties.
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed a88ets Investments 13 2.800.675 2,246.008 Current assets Debtors Cash at bank and in hand 14 10,413 585.222 155,526 155,526 595,635 Credltors.. amounts falllng due wlthln one year 15 1.439 1.310 Net current assets 154,087 594.325 Total a88et$ less current Ilabllltles 2,954,762 2,840,333 The fund8 of the charlty Endowment funds Unrestricted funds 16 1,148,624 1,806,138 1,004,069 1,836,264 2,954,762 2,840,333 Thé financial statements Were approved by the trustees on MrL M Lewis Trustee
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note* Cash flows from operatlng actlvitles Cash (absorbed byllgenerated from OP8rations 20 190.8281 293.067 Investlng actlvltles Purchase of Investment5 less transfers Investment income received 1388,3131 49.445 1282.954) 41,534 Net cash used In Inve8tlng actlvltles 1338,8681 (241,420) Net cash used In tlnanclng actlvltle• Net {deGrea8ellincrea8e in ca•h and Cash equlvalents 1429.6961 51.647 Cash and cash 8quivaler¢ts at beginning of year 585,222 533,575 Ca8h and cash equlvalentB at end of yeAr 155,526 585,222
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charlty Informatlon Weald and Downland Open Air Museum EndowTnent Trust Is an unincorporated charty domiciled and registered in England and Wales. The principal address is Singleton, Chichester, West Sussex, P018 OEU. 1.1 Accountlng conventlon The financial statements have been prepared In accordance with the charrty's governing document, the Charities Acl 2011 and "Accounting and Reporting by Charrties: Slatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charrties (Accounts and Reports) Regulations 2008 only to the extent rèquirèd to provide a true and fair vièw. This departure has involved following the Statement of Recommended Practice for charrties applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in thè 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 princip818ccounting policies adopted are Get out below. 1,2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charty 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 Ihe financial statements. 1.3 Charltable funds Unrestricted funds are availablé 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 Muséum Limited to the Trust that are invested in the Herrtage Lottery Fund Herrtage Endowments Fund. The Endowment funds comprise amounts raised by the Museum which have been malched by grants from the Herrtage Lottery Fund. The object of the fund is to support the long term objectives of the Museum by providing grants sourced from income and caprtal gains, ovèr and above thosè needed to preserve the capital of the fund in real terms. 1.4 Income Income is recognised when the charrty is legally entitled to it after any performance conditions have been met, the arnounts can be measured reliably, and rt is probable that income will be received. Cash donations are recognised on re¢eipt. Other donations are recognised once the chgrity has been notified of the donation, unless performance condttions 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 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 contingent asset. 1.5 Expenditure
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AcGountlng pollcles {Contlnuedl Resources expended are aocounted for on an accruals basis. Expenditure has been identrfied beeeTr raising funds and charrtable activrties Grants paid ar& included In charrtable activities and accountancy fees and bank charges are included in governance costs within charitable activities. 1.6 Fixed asset investment8 Fixed asset Investments are slated at market value. Unrealised and realised gains and losses are recognised in thè Statement Of Financial Activrtie$. 1.7 Cash and cash equlvalent8 Cash and cash equivalents include cash in hand, deposits held at call wrth banks, oth8r short-term liquid investments with original maturities of three months or less, and bank overdrafts. 8ank overdrafts are shown within borrowings in Current liabilities. 1.8 Flnancial In•trurnent8 The charrty has elected to apply th8 PTovislons of Seclion 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Isssjes, of FRS 102 to all of rts financlal instruments. Financial instruments are recognised in the charrty's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilrties are offsel, with the nel amounts presented in th8 finaneial statements, whén Ihere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a nel basis or to realise the assel and settle the liability simultanéously. Basic flnanclal 8s8ot8 Basic financial assets, which include debtors and cash and bank balances, are inrtially 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 wrthin one year ar8 not amortised. other financlal 8ss•t8 Other financial assets, including investments in equity instruments which are not subsidiaries. associat8s or joint ventur&s, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fasr value and the changés in fair value are recognised in net incomellexpenditurel, except thal investments in equrty instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Impalrment of flnencial as80ts 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 objectwe evidence that, as a result of one or more events that occurred after the initial recognits'on of the financial asset, the estimated futurè cash flows have been effected. 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 impairrnent loss is recognised in net incomellexpendrturel for the year. If there is a decrease in the impairment loss arising from an event o¢curring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carying arnount does not exceed what Ihe carrying amount would have been, had the impalrment not previously been recognlsed. The impairment reversal is recognised in net Incornellexpenditure) for the year.
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies (Continued) Derecognltion of financlal assets Financial assets are derecognised only when the contractual rights to the cash llows from the asset expire or are settled. or when the charity transfers the financial asset and substantially all the risks and reward5 of ownership to another entity, or If some significant risks and rewards of oWnerShP are retained but control of the asset has transferred to another party that is able to sell the asset in tts entirety to an unrelated third paty. Baslc flnanclal liabilitlos Basic financial liabilitie5. Including creditors and bank loans are inf(ially recognised at transaction price unless the arrangement constitutes a financing tfansaction. 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 credrtors 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 wrthin one year or less. If not, they are presented as non-current liabilities. Trade credrtors afe recognised initially at transaction price and subsequently measured al amortised cost using the effective interesl method. Other flnancial Ilabilltlès Derivatives, including inler6St rate swaps and forward foreign exchange contrads, are not basic financial instruments. Dèrivalives are initially recognised at fair value on the date a derivative contract is entered into and arè subsequently re-measured at their fair value. Changes in the fair value of derivative5 are recogTri5ed in or In finance costs or finance income as appropriate. unless hedge accounting Is applied and the hedge is 8 cash flow hedge. Derecognltlon of flnanclal Ilabilltle8 Financial liabilrties are derecognised when the Charity's conlra¢tu81 obligations expire or are discharged or cancelled. Income from donatlons and legacle Unre8trlcted Endowment fund8 fund8 2024 2024 Total Unrestricted Endowrnent 1und8 lunds 2023 2023 Total 2024 2023 Donations and gifts 1,310 65,509 88,819 300,000 300,000 Included in the above amount in 2024 are funds of £1,31012023 - £300,000) received from the Museum. In addition. restricted funds of £65,509 were received from the Museum in respect of the final instalment of the Hentage Lottery Fund Henlage Endowments Fund.
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from Investments Unrestricted Endowment funds funds 2024 2024 Total Unrestrled Endowment funds fund8 2023 2023 Total 2024 2023 Income from unlisted investments Interest receivable 26,459 8,814 13,896 276 40,355 9,090 23.978 3,335 13,942 281 37.918 3,616 35,273 14.172 49,445 27,311 14,223 41,534 Ra165ng funds Unrestrlcted Endowment funds funds general 2024 Total Unrestricted Endowment funds funds general 2023 Total 2024 2024 2023 2023 Investment management fees 3.692 2,982 6,674 2,963 2,684 5,647 3,692 2,982 6,674 2,963 2,684 5.647 Expendlture on charltable activitle6 Grants to Grants to Weald and Weald and Downland Downland Open Air Open Alr Museum Museum including Including governance governance osts COSts 2024 2023 Direct ¢o$t• Grant funding of activities (see note 61 180,000 Share of support and governance costs (see note 71 Governance 1.516 1,337 161,516 1,337 Analys18 by fund Unrestricted fijnds 161,516 1,337 10-
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Qrants payable Grants to Weald and Downland Open Alr Museum Includlng governance CO8t8 2024 Grants to institutions.. Weald and Downland Open Air Museum 160,000 Support co•t• Support Governance co•tB costs 2024 Support Governance C06ts Costs 2023 Accountancy and Independent Examination fees Bank Charges 1.440 76 1,440 76 1,310 27 1,310 27 1,516 1,516 1,337 1,337 Analysed betw8en Charitable activrties 1,516 1,516 1.337 1.337 Gains and10•8es on investments Unrestrlcted Endowment funds fund8 2024 2024 Total Unrestrlcted Endowment funds funds 2023 2023 Total 2024 2023 Gainslllossesl arising on.. Revaluation of investments 84,327 82,028 166,355 60,825 64,874 125,699 Tru8tee8 None of the trustees lor any persons connected with them) received any remuneration or reimbursement of expenses during the year. 11
WEALDAND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Employees The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60.000. Remuneratlon of key management personnel There 1$ no remuneration of key management personnel. 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Transfers The transfer beeen funds 18 made up of the following:" £14,17212023 £14,223) 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 13 Flxed asset Investments UnllstedLlquldlty Fund Investments Cash In portlollo Total Cost or valuatlon At 1 January 2024 Additions Valuation changes Transfers 1,925,521 426,100 166,354 11,1761 250,000 139,600 70,487 38,313 2,246,008 604,013 166,354 (215,7001 1126,1431 188,3811 At 31 Decembar 2024 2,516,799 263,457 20.419 2,800,675 Carrylng amount At 31 December 2024 2,516,799 263,457 20,419 2,800,675 At 31 December 2023 1,925,521 250,000 70,487 2,246,008 Flxed asset Investments revalued The historical cost of the Investments held at 31 December 2024 is £2.589,40512023 - £2,173,530). 12-
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Debtors 2024 2023 Amounts falling due withln one year: Other debtors 10.413 15 Credftors: amounts falllng due wlthln one year 2024 2023 Accnjals and deferred income 1,439 1,310 18 Endowment fund• Endowm8nt funds represent assets held in the Heritage Lottery Fund Herrtage Endowments Fund. The capital is maintained permanently by the charrty. Income arising on th6 funds can be used in accordance wrth the objects of the charity At 1 January 2024 Incomlng re8ourco$ Resources expended Tranlfers Galn8 and 108•e1 At31 December 2024 Permanent endowments Heritage Lottery Fund Heritage Endowments Fund Heritagè Endowments Fund donations not yet malch funded 969,578 79.681 12,982) 20,319 82,028 1,148,624 34,491 134,4911 1.004,069 79.681 12,982) 114,1721 82,028 1,148.624 13
WEALDAND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Endowment funds (Continued) Previou8 year: At 1 January 2023 Incoming resources Resou rces expended Transfer8 Gains and losses At31 December 2023 Permanenl endowments eritage Lottery Fund Heritage Endowments Fund Hentage Endowments Fund donations not yet match funded 907,388 14,223 12.6841 114,2231 64,874 969.578 34,491 34,491 941,879 14,223 12,6841 114.2231 64,874 1,004,069 17 Unre8trlcted fund8 The unrestricted funds of the charity comprise the unexponded 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 fvnds which have been set aside out of unreslricted funds by the trustèes for specific purposes. At 1 January 2024 Incomlng resources Resources expended Transfers Galns and losses At31 December 2024 General funds 1,836,264 36,583 {185,2081 14,172 84,327 1,806,138 Prevlous year: At 1 January 2023 InGomlng resources Resource8 expended Tran•fers Galn8 and 1088e8 At31 December 2023 General funds 1,438,205 327,311 14,300} 14,223 60,825 1,836,264 18 Analysis of net a88ets between funds Unrestricted Endowment fund8 funds 2024 2024 Total 2024 Fund balances at 31 December 2024 are represented by: Investment5 Cuent assetsllliabilrtiesl 1,599,557 206,581 1.201.118 (52,4941 2,800,675 154,087 1,806,138 1,148.624 2,954,762 14-
WEALD AND DOWNLAND OPEN AIR MUSEUM ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Analysis of net assets between fund8 {Contlnued) Unrestricted Endowment fund8 funds 2023 2023 Total 2023 Fund balances at 31 December 2023 are represented by: Investments Current assetsllliabilitiesl 1,238,108 598,156 1,007,900 (3,8311 2,246,008 594,325 1.838.264 1,004.069 2,840,333 19 Events after the reportlng date The value of the investments held remains broadly in line with the year end valuations. 20 Cash generated from operatlon8 2024 2023 Surplus for the year 114,429 460,249 Adiustmenls for. Investment income recognised in profrt or loss Fair value gains and losses on investments 149,4451 1166,3541 (41.5341 (125,8991 Mov8ments in working caprtal.. Decrèase in debtors Increase in creditors 10,413 129 51 Cash {ab8orbed byllgenerated from operatlons 190,828) 293,067 21 Analy818 of change• in net fund8 The chanty had no material debt during the year. 22 Related party transaction• During the year £66,819 12023 £300,000) donations were receivable from Weald & Downland Open Air Museum Limited and £160,000 12023 £01 in grants were paid to Weald & Downland Open Air Museum Limited. Included in Debtors is £012023 - £10,413) owed from Weald & Downland Open Air Museum Limrted 15-