REGISTERED COMPANY NUMBER: 04646919 (England and Wales) REGISTERED CHARITY NUMBER: 1099261 The Weald Foundation Report of the Trustees and Financial Statements for the Year Ended 31 January 2021 Brightling & Co Accountants Ltd Vine Hall Farm Bethersden Ashford Kent TN26 3JY The Weald Foundation Contents of the Financial Statements for the Year Ended 31 January 2021 Page Report of the Trustees 1 to 4 Independent Examiner's Report 5 Statement of Financial Activities 6 Balance Sheet 7 to 8 Notes to the Financial Statements 9 to 17 The Weald Foundation (Registered number: 04646919) Report of the Trustees for the Year Ended 31 January 2021 ## Introduction A difficult year given the various lockdowns, staff absences due to furlough and the shut down of numerous of our counterparts. Despite these inconveniences the Foundation achieved a great deal in research and within current restoration projects. The long uninterrupted periods of research resulted in many breakthroughs. Many of the missing parts we had been hunting for years were successfully located. This success has reduced the number of parts required for the armoured car projects down to single figures. ## ACHIEVEMENT AND PERFORMANCE ## Restoration Projects Focus at the beginning of the year continued with the Sd.Kfz.223 armoured car chassis. The individual chassis components were stripped and dressed with the paint analysed by Lincoln Conservation. Given the universal parts required by the armoured cars we were able to make a good head start on the parts such as the lubrication system for our Sd.K fz.222 and Sd.Kfz.223 4.Serie being done on behalf of the Wheatcroft Collection. ## Research continued on all body and chassis details required for the Sd.Kfz.222 and Sd.Kfz.223. The Sd.Kfz.222 chassis is very complete and original. We elected to remove the post war paint layers to reveal the original grey black layer applied by the assembler in 1940. This work is very time consuming but the end result is impressive. The armoured body of the Sd.Kfz.222 was successfully reassembled by the end of the year. A key part of the provenance of the SARC Marmon Herrington armoured cars has been uncovered - the exact paint treatment and the different armament in each turret. Acquisitions We were very fortunate to secure a New Zealand/ Indian Pattern Carrier early in the year - a vital acquisition for the Empire Collection. The Weald Foundation has, as a result, the full complement of vehicles for the Empire Collection - those representing the Commonwealth (today) where the country designed and built their own armoured vehicles. More key parts for various projects were secured over the year. Dashboard and anti-aircraft boom for the future Sd.Kfz.250 light armoured halftrack. Antenna base for the Sd.Kfz.222. Original photo album and training aid for SARC Marmon Herrington. Original transfer cases imported from Australia for the SARC Marmon Herrington. Armoured panels secured for the SARC Marmon Herrington armoured cars. Rear wall of the fighting compartment of the Jagdpanther arrived just before the end of the year to be used in the second Jagdpanther project. ## Infrastructural Development A new workshop has been opened with its own dedicated toilet and kitchen facilities. This is a short-term requirement due to the pandemic but is also key for the long term to have a separate Fabrication Centre and Final Assembly/Machinitig Centre. Too often we have been forced to forgo and delay certain activities either because of a lack of space or for health and safety good practice. We now have two dedicated and separate workshops - one purely for Fabrication and recovery of original items for use within the restoration programme and the other for Final assembly and machining. In addition to the professional technical fit out both workshops have their own kitchens and toilets which will greatly facilitate the Events that we run for members. A very large lathe was purchased. New roller shutter doors fitted to the new exhibition hall. All the required tools and equipment for these two separate entities has been reallocated to their dedicated facility. Where equipment has been lacking, we have purchased new items and are delighted to have been in a position to rescue engineering equipment that was at risk of being scrapped because of the COVID 19 downturn. Our giant 13 metre lathe is an example of this. The Board's previous stated desire to create new display facilities for Foundation members has also benefited from. this drive as we now have a new Display Hall which will house the WWI collection, the Armoured Car collection (German and South African) and the rest of the Empire Collection (Australian Local pattern Carrier LP1 and New Zealand Pattern carrier). The other vehicles and artifacts to be displayed in the new hall will be determined once the layout of the hall is completed and the available space is known. We hope then to experiment with a themed approach to our displays. All these improvements build upon previous work completed in the past year such as our audio-visual Interpretative Centre which allows the Foundation to host professional education conferences and illustrative lectures. Page 1 The Weald Foundation (Registered number: 04646919) ## Report of the Trustees for the Year Ended 31 January 2021 ACHIEVEMENT AND PERFORMANCE EDUCATION AND TRAINING Our apprenticeship program has also been subject to delays due to the lockdown. Our current apprentice is developing well. He is taking to all tasks - fabrication, fitting and machining with equal aplomb and growing skill. An unavoidable period of his time was spent in remote working during lockdown. This affected tuition provided by the education provider Heritage Engineering who were able to adapt well to the trying environment and continue the academic program online and the face-to-face tuition as the rules allowed. Our successful ongoing work with the DWP is postponed until the Covid 19 pandemic is over. We are optimistic this will return in 2021. ## Charitable Donations Charitable donations amounting to £0 were made during the year (2020 £0). ## FINANCIAL REVIEW ## Financial Review Total incoming resources amounted to £39,905 (2020: £209,509), with total outgoing resources amounting to -£4,648 (2020: £215,060). The outgoings figure for this year includes an unrealised exchange rate gain of £114,490 (2020 loss: £124,186). ## Costs of£114,193 were capitalised in relation to expenditure incurred on historic assets (2020: £132,478). The Weald Trading Company Limited (a wholly owned subsidiary) made a profit as at 31 January 2021 of £72,152 (2020: £10,174) before accounting for the 2020 donation of £10,188 and will be making a donation to the Foundation of £45,793 (2020: £10,188). ## Investment powers The Trustees have wide investment powers, subject to their obtaining advice froma financial expert. The Trustees may delegate the management of investments to a financial expert, subject, inter alia, to the Trustees setting down their investment policy in writing to the investment managers. ## Reserves policy At 31 January 2021 the charity's reserves on Unrestricted Funds "General" amounted to £1,948,269 (2020: £2,017,909). ## STRUCTURE, GOVERNANCE AND MANAGEMENT ## Constitution and charitable objects The Weald Foundation is governed by the Memorandum and Articles of Association dated 23 January 2003 and is registered under the Charities Act 1993, Charity Registration No. 1099261. ## The charitable objects of the Foundation are: a) to educate the public in the history of historic military vehicles primarily concerning the Second World War; and b) to preserve and restore and maintain historic military vehicles and related equipment Page 2 ## The Weald Foundation (Registered number: 04646919) Report of the Trustees for the Year Ended 31 January 2021 ## STRUCTURE, GOVERNANCE AND MANAGEMENT Organisation and decision making Membership of the charity is open to any individual or organisation interested in promoting the objects of the charitable company, subject to approval by the Trustees. The Trustees may establish different classes of membership and prescribe their respective privileges and duties and set the amounts of any subscriptions. The Trustees have control of the charity, its property and funds. The charitable company shall have at least 3, but no more than 7, Trustees. One third of the Trustees must retire by rotation at the charitable company's Annual General Meeting ("AGM") although they are eligible for re-election. Trustees may co-opt any duly qualified individual to the Trustee body but any such appointment is subject to approval at the next AGM. Trustees can by removed bya resolution passed by at least two-thirds of members in general meeting. When appointing new trustees the trustees take into account the skills required by the trustee body as a whole. The Articles of Association provide that the company must hold an AGM in every year and that the Trustees must hold at least one meeting in each year. Public Benefit The trustees confirm that they have complied with the duty set out in section 4 of the Charities Act 2006 to have due regard to guidance published by the Charity Commission, including public benefit guidance, when reviewing the charities aims and objectives and in planning future activities. ## Related parties Note 18 to the accounts provides details of transactions with related parties. ## Risk Policy The trustees have carried out an assessment of the major risks to which they consider the charity is exposed and have taken steps to mitigate those risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04646919 (England and Wales) ## Registered Charity number 1099261 ## Registered office 1 The Sanctuary Westminster London SWI1P 3JT ## Trustees M C Gibb HL Doyle R Udovenya J Dowdall GA Portelli (appointed 22.7.20) The trustees are also members of the charitable company. The charitable company is limited by guarantee and does not have a share capital. In the event that the charity is dissolved while a member remains a member, or within 12 months afterwards, every member has agreed to contribute up to £1 towards the costs of dissolution and the liabilities incurred by the charitable company while the contributor was a member. Company Secretary HJ Dellar Page 3 The Weald Foundation (Registered number: 04646919) ## Report of the Trustees for the Year Ended 31 January 2021 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Brightling & Co Accountants Ltd Vine Hall Farm Bethersden Ashford Kent TN26 3JY Solicitors Lee Bolton Monier-Williams 1 The Sanctuary Westminster London SWI1P 3JT Bankers Coutts & Co 440 Strand London WC2R 0Q8 Approved by order of the board of trustees on 10 September 2021 and signed on its behalf by: HL Doyle - Trustee Page 4 Independent Examiner's Report to the Trustees of The Weald Foundation Independent examiner's report to the trustees of The Weald Foundation (‘the Company’) T report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2021. ## Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mrs N L Brightling BSe FCA Brightling & Co Accountants Ltd Vine Hall Farm Bethersden Ashford Kent TN26 3JY Date: 2.01... 3.[EPTEMGE,,..] 22 Page 5 The Weald Foundation ## Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 January 2021 ||||||2021|2020| |---|---|---|---|---|---|---| ||Notes|Unrestricted
funds
£|Restricted
fund
£|Endowment
fund
£|Total
funds
£|Total
funds
£| |INCOMEAND||||||| |ENDOWMENTSFROM||||||| |Donations andlegacies||21,968|-|-|21,968|179,885| |Charitable activities||||||| |Membership Fees||5,347|-|-|5,347|6,996| |EducationProgrammeIncome||980|-|-|980|5,363| |Investmentincome|2|10,835|-|-|10,835|11,258| |Otherincome||715|-|-|T15|6,007| |Total||39,905|-|-|39,905|209,509| |EXPENDITURE ON||||||| |Raising funds|3|109,842|-|-|109,842|90,874| |Net gains/(losses) on||||||| |investments||114,490|-|-|114,490|(124,186)| |NET||||||| |INCOME/(EXPENDITURE)||44,553|-|-|44,553|(5,551)| |Transfers between funds|17|(114,193 )|-|114,193|-|-| |Netmovement in funds||(69,640)|-|114,193|44,553|(5,551)| |RECONCILIATIONOF||||||| |FUNDS||||||| |Totalfundsbrought forward||2,017,909|-|2,833,173|4,851,082|4,856,633| |TOTAL FUNDS CARRIED||||||| |FORWARD||1,948,269|-|2,947,366|4,895,635|4,851,082| The notes form part of these financial statements Page 6 The Weald Foundation (Registered number: 04646919) ## Balance Sheet 31 January 2021 **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |Unrestricted|Restricted|Endowment|Total|Total| |Notes|funds|fund|fund|funds|funds| |FIXED|ASSETS|£|£|£|£|£| |Tangible|assets|8|48,434|-|-|48,434|44,858| |Heritage assets|9|-|-|2,947,366|2,947,366|2,833,173| |Investments|10|5,000|-|-|5,000|5,000| |53,434|-|2,947,366|3,000,800|2,883,031| |CURRENT ASSETS| |Stocks|11|22,789|-|-|22,789|11,529| |Debtors|12|-|-|-|-|6,182| |Investments|13|1,924,296|-|-|1,924,296|1,946,849| |Prepayments|and|accrued| |income|4,820|-|-|4,820|3,285| |Cash at bank|14|800|-|-|800|24,943| |1,952,705|-|-|1,952,705|1,992,788| |CREDITORS| |Amounts|falling|due|within|one| |year|15|(57,870)|-|-|(57,870|)|(24,737)| |NET CURRENT ASSETS|1,894,835|-|-|1,894,835|1,968,051| |TOTAL ASSETS LESS| |CURRENT LIABILITIES|1,948,269|-|2,947,366|4,895,635|4,851,082| |NET ASSETS|1,948,269|-|2,947,366|4,895,635|4,851,082| |FUNDS|17| |Unrestricted|funds|1,948,269|2,017,909| |Endowment funds|2,947,366|2,833,173| |TOTAL FUNDS|4,895,635|4,851,082| **----- End of picture text -----**
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 7 continued... The Weald Foundation (Registered number: 04646919) ## Balance Sheet - continued ## 31 January 2021 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 10 September 2021 and were signed on its behalf by: M C Gibb - Trustee HL Doyle - Trustee The notes form part of these financial statements Page 8 The Weald Foundation Notes to the Financial Statements for the Year Ended 31 January 2021 ## 1. ACCOUNTING POLICIES ## Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. ## The principal accounting policies adopted are set out below. 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 £. ## Financial assets and liabilities The company has applied the provisions of Section 11 "Basic Financial Instruments' of FRS 102 to all of its financial instruments. ## Financial assets Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. Basic financial assets, which include trade and other receivables 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 are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the recognition of the financial assets, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. ## Financial liabilities Basic financial liabilities, which include trade and other creditors, are initially measured at transaction price, unless the arrangement constitutes a financing transaction, in which case the liability is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire. ## Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Page 9 continued... The Weald Foundation Notes to the Financial Statements - continued for the Year Ended 31 January 2021 ## 1. ACCOUNTING POLICIES- continued ## Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Office & Armoury - 10% Straight Line up to 31/01/15 and items purchased thereafter at 5% Straight Line Furniture & Fittings - 20% Straight Line Motor Vehicles - 25% Straight Line Computer Equipment/Web Site - 25%/10% Straight Line ## Heritage assets These are historic military vehicles that are retained in furtherance of the objects of the Foundation. It is intended that the vehicles be maintained to a high standard and the trustee/directors consider the assets have indefinite lives and therefore depreciation need not be provided. ## Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stock represents vehicle parts acquired for future charitable use. ## Taxation The charity is exempt from corporation tax on its charitable activities. ## Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Endowment funds comprise historic vehicles held in relation to the charity's principal objects. During 2014/15 an investment held in a German property company, WohnPark Wunsdorf, was gifted to the Foundation. ## Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. ## 2. INVESTMENT INCOME ||2021|2020| |---|---|---| ||£|£| |LoanInterest|10,835|10,215| |Interestreceivable|-|1,043| ||10,835|11,258| Page 10 continued... The Weald Foundation Notes to the Financial Statements - continued for the Year Ended 31 January 2021 - 3: RAISING FUNDS Raising donations and legacies **----- Start of picture text -----**
|||||| |---|---|---|---|---| |2021|2020| |£|£| |Staff costs|11,489|-| |Vehicle maintenance|and engincering|costs|36,291|4,247| |Utilities|5,871|6,180| |Insurance and|security|costs|7,538|5,507| |Travel Expenses|30|5,468| |Sundries|9,240|12,566| |Motor Vehicle Running|Costs|367|2,887| |Training Costs|929|234| |Website and IT Fees|3,470|5,048| |Depreciation|3,099|7,137| |Support|costs|31,518|41,600| |109,842|90,874| **----- End of picture text -----**
4. **----- Start of picture text -----**
|||||| |---|---|---|---|---| |NET INCOME/(EXPENDITURE)| |Net income/(expenditure)|is|stated|after charging/(crediting):| |2021|2020| |£|£| |Depreciation|- owned|assets|6,446|10,147| **----- End of picture text -----**
5. ## TRUSTEES' REMUNERATION AND BENEFITS There were no trustees’ remuneration or other benefits for the year ended 31 January 2021 nor for the year ended 31 January 2020. ## Trustees’ expenses There were no trustees’ expenses paid for the year ended 31 January 2021 nor for the year ended 31 January 2020. 6. ## STAFF COSTS AND AVERAGE NUMBER OF EMPLOYEES **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Year|ended|Year|ended| |31.1.2021|31.1.2020| |£|£| |Salaries and staff training|64,726|52,213| |Recharged to subsidiary (The Weald Trading Company Ltd)|(14,109)|(1,736)| |Furlough claim|(14,064)|-| |Contractors|2,134|-| |Less:|Capitalised|(Historic|assets)|(27,198)|(50,477)| |Direct|charitable|expenditure|11,489|-| **----- End of picture text -----**
The average weekly number of employees during the year (excluding directors) was 4 (2020: 3). No employee received emoluments greater than £60,000. The principal responsibility of the employees is the restoration and maintenance of historic military vehicles. Employee costs of £27,198 (2020: £50,477) based on time spent on the charity's various restoration projects, were capitalised as additions to historic vehicles (see note 9 below) during the year. Page 11 continued... The Weald Foundation Notes to the Financial Statements - continued for the Year Ended 31 January 2021 |7.|COMPARATIVESFORTHESTATEMENTOF|OFFINANCIALACTIVITIES|ACTIVITIES||| |---|---|---|---|---|---| |||Unrestricted
funds|Restricted
fund|Endowment
fund|Total
funds| ||INCOME ANDENDOWMENTSFROM|£|£|£|£| ||Donationsandlegacies|179,885|-|-|179,885| ||Charitable activities||||| ||MembershipFees
EducationProgrammeIncome|6,996
5,363|-
-|-
-|6,996
5,363| ||Investment income
Otherincome|11,258
6,007|-
-|-
-|11,258
6,007| ||Total|209,509|-|-|209,509| ||EXPENDITURE ON||||| ||Raising funds|90,874|-|-|90,874| ||Netgains/(losses) oninvestments|(124,186)|-|-|(124,186)| ||NETINCOME/(EXPENDITURE)|(5,551)|-|-|(5,551)| ||Transfersbetween funds|(132,478 )|-|132,478|-| ||Netmovementinfunds|(138,029)|-|132,478|(5,551)| ||RECONCILIATIONOFFUNDS||||| ||Totalfundsbroughtforward|2,155,938|-|2,700,695|4,856,633| ||TOTALFUNDS CARRIEDFORWARD|2,017,909|-|2,833,173|4,851,082| |8.|TANGIBLE FIXEDASSETS||||| ||||Office&|Plantand|Furniture| ||||Armoury|machinery|&Fittings| ||COST||£|£|£| ||At 1 February2020
Additions||87,590
8,764|5,666
-|46,308
-| ||At31 January2021||96,354|5,666|46,308| ||DEPRECIATION||||| ||At 1 February2020
Charge foryear||56,095
3,328|867
566|45,304
251| ||At31 January2021||59,423|1,433|45,555| ||NETBOOKVALUE||||| ||At31 January2021||36,931|4,233|753| ||At31January2020||31,495|4,799|1,004| Page 12 continued... The Weald Foundation Notes to the Financial Statements - continued for the Year Ended 31 January 2021 8. TANGIBLE FIXED ASSETS - continued ||||||Computer|| |---|---|---|---|---|---|---| ||||||equipment|| |||||Motor|&Web|| |||||vehicles|Site|Totals| |||||£|£|£| ||COST|||||| ||At 1 February2020
Additions|||18,866
-|25,930
1,258|184,360
10,022| ||At31 January2021|||18,866|27,188|194,382| ||DEPRECIATION|||||| ||At | February2020|||18,866|18,370|139,502| ||Charge foryear|||-|2,301|6,446| ||At31 January 2021|||18,866|20,671|145,948| ||NETBOOKVALUE|||||| ||At31 January2021|||-|6,517|48,434| ||At31 January2020|||-|7,560|44,858| |9,|HERITAGEASSETS|||||| |||2021|2020|2019|2018|2017| |||£|£|£|£|£| ||Brought forward at 1.2.20|||||| ||- atvaluationwhen gifted|990,000|990,000|990,000|990,000|990,000| ||- subsequent additions, atcost|1,843,173|1,710,695|1,586,315|1,360,716|1,272,183| |||2,833,173|2,700,695|2,576,315|2,350,716|2,262,183| ||Additions inyear, at cost|114,193|132,478|124,380|225,599|88,533| ||Carriedforwardat31.1.21|2,947,366|2,833,173|2,700,695|2,576,315|2,350,716| These comprise World War II military vehicles initially gifted to the Foundation by Mr M C Gibb, a trustee - director of the Foundation. Subsequently, the charity has spent significant resources in renovating and acquiring further vehicles. In addition to these vehicles, Mr Gibb loaned the Foundation 6 further World War II military vehicles with an estimated value of £477,000, which are not accounted for in the balance sheet, These vehicles were originally loaned to the Foundation for an initial period of 3 years from January 2003. The loan was extended for a further period of 5 years from January 2006. During the year ended 31 January 2006 Mr Gibb loaned the Foundation a further World War II military item which is also not accounted for in the balance sheet. This item has been loaned to the Foundation for an initial period of 6 years from February 2005. Thereafter, the loan periods may be extended by mutual agreement and have been. During the period of loans the Foundation will be able to treat the vehicles as their own and display them from time to time along with its own vehicles. The Foundation will be responsible for insuring and maintaining the vehicles during the period of loan. Page 13 continued... The Weald Foundation Notes to the Financial Statements - continued for the Year Ended 31 January 2021 10. FIXED ASSET INVESTMENTS |FIXED ASSET INVESTMENTSASSET INVESTMENTSINVESTMENTS|| |---|---| ||Unlisted| ||investments| ||£| |MARKETVALUE|| |At | February2020and31 January2021|5,000| |NETBOOKVALUE|| |At31 January2021|5,000| |At31January2020|5,000| This represents 100% of the issued share capital of The Weald Trading Company Limited (registered number 08105236). ||The Weald Trading Company donates its surplus profits to The Weald Foundation annually once The Weald
Trading Company's annual accounts have been approved and filed with Companies House.
The
Weald
Foundationtherefore recordsthe donationreceivedusingthe cashbasis.|The Weald Trading Company donates its surplus profits to The Weald Foundation annually once The Weald
Trading Company's annual accounts have been approved and filed with Companies House.
The
Weald
Foundationtherefore recordsthe donationreceivedusingthe cashbasis.|The Weald Trading Company donates its surplus profits to The Weald Foundation annually once The Weald
Trading Company's annual accounts have been approved and filed with Companies House.
The
Weald
Foundationtherefore recordsthe donationreceivedusingthe cashbasis.| |---|---|---|---| |11.|STOCKS||| |||2021|2020| |||£|£| ||Stocks|22,789|11,529| |12,|DEBTORS:AMOUNTSFALLINGDUEWITHINONEYEAR||| |||2021|2020| |||£|£| ||Amounts owedbygroup undertakings|-|5,832| ||Other debtors|-|350| |||-|6,182| |13.|CURRENTASSETINVESTMENTS||| |||2021|2020| |||£|£| ||Loans to Trust|1,924,296|1,946,849| |14.|CASH ATBANKANDINHAND||| |||2021|2020| |||Total|Total| |||funds|funds| |||£|£| ||Bankaccountno. 1|477|24,037| ||FoundationMembershipAcc|268|43| ||PaypalMembership|55|863| ||Total|800|24,943| Page 14 continued... The Weald Foundation Notes to the Financial Statements - continued for the Year Ended 31 January 2021 ## 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR **----- Start of picture text -----**
|||||||||| |---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Credit card (see note|16)|2,206|-| |Trade|creditors|7,212|13,469| |Amounts owed to|group undertakings|20,268|-| |Amounts|owed to participating|interests|15,498|2,434| |Social|security and other taxes|727|768| |Wages|Control Ac|4,397|3,203| |Accruals and deferred income|7,562|4,863| |57,870|24,737| |16.|LOANS| |An|analysis|of the maturity of loans|is|given below:| |2021|2020| |£|£| |Amounts|falling due within|one|year on|demand:| |Credit card|2,206|-| |17.|MOVEMENT|IN FUNDS| |Net|Transfers| |movement|between|At| |At|1.2.20|in|funds|funds|31.1.21| |£|£|£|£| |Unrestricted|funds| |Unrestricted Funds|- General|2,017,909|44,553|(114,193)|1,948,269| |Endowment|funds| |Endowment Fund|2,833,173|-|114,193|2,947,366| |TOTAL FUNDS|4,851,082|44,553|-|4,895,635| |Net movement|in|funds,|included|in the|above|are|as|follows:| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds| |Unrestricted Funds|-|General|39,905|(109,842)|114,490|44,553| |TOTAL FUNDS|39,905|(109,842)|114,490|44,553| **----- End of picture text -----**
Page 15 continued... The Weald Foundation Notes to the Financial Statements - continued for the Year Ended 31 January 2021 ## 17. MOVEMENT IN FUNDS - continued Comparatives for movement in funds **----- Start of picture text -----**
||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Net|Transfers| |movement|between|At| |At|1.2.19|in|funds|funds|31.1.20| |£|£|£|£| |Unrestricted|funds| |Unrestricted Funds|- General|2,155,938|(5,551)|(132,478)|2,017,909| |Endowment|funds| |Endowment Fund|2,700,695|-|132,478|2,833,173| |TOTAL FUNDS|4,856,633|(5,551)|-|4,851,082| |Comparative|net movement|in|funds,|included|in the|above|are|as|follows:| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds| |Unrestricted Funds|- General|209,509|(90,874)|(124,186)|(5,551)| |TOTAL FUNDS|209,509|(90,874)|(124,186)|(5,551)| |A|current year|12 months|and prior year|12 months combined position|is|as|follows:| |Net|Transfers| |movement|between|At| |At|1.2.19|in funds|funds|31.1.21| |£|£|£|£| |Unrestricted|funds| |Unrestricted|Funds|-|General|2,155,938|39,002|(246,671|)|1,948,269| |Endowment|funds| |Endowment Fund|2,700,695|-|246,671|2,947,366| |TOTAL FUNDS|4,856,633|39,002|-|4,895,635| |A|current|year|12|months|and|prior|year|12|months|combined|net|movement|in|funds,|included|in|the|above|are| |as|follows:| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|to funds| |£|£|£|£| |Unrestricted|funds| |Unrestricted Funds|-|General|249,414|(200,716)|(9,696)|39,002| |TOTAL FUNDS|249,414|(200,716)|(9,696)|39,002| **----- End of picture text -----**
Page 16 continued... The Weald Foundation Notes to the Financial Statements - continued for the Year Ended 31 January 2021 ## 17. MOVEMENT IN FUNDS- continued ## Transfers between funds A transfer of £114,193 (2020: £132,478) from unrestricted to endowment funds. This represents expenditure incurred during the year in relation to historic assets. The expenditure includes salary costs, engineering costs and the cost of vehicle parts. These costs have been capitalised as additions to historic assets (see note 8 above). RELATED PARTY DISCLOSURES PARTY DISCLOSURES DISCLOSURES During the year Mr Gibb, a trustee of the charity, provided rent free office space and storage facilities to house the foundations vehicles. The trustees’ best estimate of the value of this gift is £9,000 per annum and this has been reflected in the Statement of Financial Activities as "Gifts in kind" with an equivalent cost included in "Support costs." 18. RELATED PARTY DISCLOSURES PARTY DISCLOSURES DISCLOSURES During the year Mr Gibb met expenses personally which are due to be re-imbursed by the Charity. Some personal expenses were paid on the charity's credit card which were offset against Mr Gibb's loan. The net effect of these was that as at 31 January 2021 Mr Gibb was owed £15,498 (2020: £2,434). The Weald Trading Company Limited, a wholly owned subsidiary of the Foundation, owed The Weald Foundation £5,832 in 2020. As at the year end, The Weald Trading Company Ltd had made a net loan of £20,268 to the Foundation. This amount is shown within Creditors:Amounts Falling Due Within One Year (Note 14). The Weald Trading Company Limited made donations of £10,188 to the Foundation. (2020: £75,280). Page 17