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 2022
Brightling & Co Accountants Ltd Vine Hail Farm Bethersden Ashford Kent TN26 3JY
The Weald Foundation
Contents of the Financial Statements for the Year Ended 31 January 2022
Page Report of the Trustees 1 to 3 Independent Examiner's Report 4 Statement of Financial Activities 5 Balance Sheet 6 to 7 Notes to the Financial Statements 8 to 16 Detailed Statement of Financial Activities Financial Activities Activities 17 to 18
Detailed Statement of Financial Activities Financial Activities Activities
The Weald Foundation
Report of the Trustees for the Year Ended 31 January 2022
Introduction
We experienced a successful year in spite of the various lockdowns and restrictions imposed as a result of new and existing Covid 19 variants. Our experience gained from 2020 provided us with a better approach to dealing with the difficult circumstances. Progress on the armoured car projects was solid, infrastructure work progressed.
ACHIEVEMENT AND PERFORMANCE
Restoration Projects
On the project specific front progress was notable with the Sd.Kfz.222 and SdKfz 223 German armoured cars. The fender supports, all of the air filter bodies and internal filter cartridges for the Horch 3.5 litre V8 engines projects, rain guards for the SdKfz 223, oil lubrication lines were installed for the SdKfz 222, wheels and tyres fitted to the SdKfz 222, 3D printing for engine related items. We secured 2 starter motors for our 2 3.5 litre Horch V8 engines and the oil coolers for the various 3.5 litre armoured car engines. The fan castings were all balanced and machined awaiting fitting to the SdKfz 222 and SdKfz 223 armoured cars. We have managed to gather all required original long and short suppression plug caps for all of the German armoured car projects. These will need to be checked and repaired where necessary prior to use.
Additional components for the SdKfz 261 chassis were sourced or fabricated and fitted. Various castings and bushes await final machining and fitting. This project is the last of our 4 wheeled German armoured cars and will only be completed after the SdKfz 223.
A number of parts gathering opportunities have been delayed due to travel restrictions. Our counterparts have had to exercise supreme patience awaiting our arrival. Normal part gathering for other projects continued. Pak 43 parts - limber winch, sight base and fittings, internal shield components. Additional part gathering for the SARC Marmon Herrington ptoject with the securing of instruments for the dashboard.
Promotion
A documentary of Jagdpanther 411 was commissioned by James Holland on behalf of History Hits. One of our trustees organised a reception for a visit by the Normandy veteran Alf Nicolson in April. This was hosted in tandem with IMPS. A number of our members and IMPS members accounted for this well attended event. A new Weald Foundation website was launched towards the end of the year. A complete reorganisation of the content was undertaken together with a new platform and provider. The early results of the new platform augur well for the future. An easier to operate and more efficient membership sign up process are one of the stand outs of the new platform. Infrastructural Development The new exhibition hall took a significant leap forward with the completion of the internal insulation and stud walling. Wiring and final finish of the interior are next. Externally some adjustments were made to allow for a good weatherproofing of the hall.
Routine maintenance continues to be be conducted on the collection where possible.
EDUCATION AND TRAINING
Our Apprenticeship efforts are progressing well. The current apprentice is growing from strength to strength and is very engaged in day-to-day activities within the workshops. We interviewed a number of candidates during this period and provided work experience for those keener individuals.
Our very successful DWP Development Program is awaiting an end to the lock downs and clarity on local authority appetite for such activity once normality has returned.
Our funding has been tightly managed in the face of the outsourcing requirements of the various armoured car projects.
Charitable Donations
Charitable donations amounting to £35 were made during the year (2021 £0).
Page 1
The Weald Foundation
Report of the Trustees for the Year Ended 31 January 2022
FINANCIAL REVIEW
Financial Review
Total incoming resources amounted to £199,174 (2021: £39,905), with total outgoing resources amounting to £198,904 (2021: -£4,648). The outgoings figure for this year includes an unrealised exchange rate loss of £127,061 (2021: gain £114,490).
Costs of £153,253 were capitalised in relation to expenditure incurred on historic assets (2021: £114,193).
The Weald Trading Company Limited (a wholly owned subsidiary) made a profit as at 31 January 2022 of £28,857 (2021: £72,152) before accounting for the 2021 donation of £45,793 and will be making a donation to the Foundation of £30,041 (2021: £45,793).
Investment powers
The Trustees have wide investment powers, subject to their obtaining advice from a 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 2022 the charity's reserves on Unrestricted Funds "General" amounted to £1,795,286 (2021: £1,948,269).
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.
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 by a 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 17 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.
Page 2
The Weald Foundation
Report of the Trustees for the Year Ended 31 January 2022
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 MC Gibb H L Doyle R Udovenya J Dowdall GA Portelli
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
Independent Examiner Brightling & Co Accountants Ltd Vine Hall Farm Bethersden Ashford Kent TN26 3JY
Solicitors Lee Bolton Monier- Williams 1 The Sanctuary Westminster London SWIP 3JT
Bankers Coutts & Co 440 Strand London WC2R 0QS
Approved by order of the board of trustees on 16 September 2022 and signed on its behalf by:
HL Doyle - Trustee
Page 3
Independent Examiner's Report to the Trustees of The Weald Foundation
Independent examiner's report to the trustees of The Weald Foundation (‘the Company’)
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2022.
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:
-
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
-
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
BSc FCA
Brightling & Co Accountants Ltd Vine Hall Farm Bethersden Ashford Kent TN26 3JY
Date: ....&..,. OCSeSen, Zeer
Page 4
The Weald Foundation
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 31 January 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| funds | fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | £ | |
| INCOMEAND | ||||||
| ENDOWMENTS FROM | ||||||
| Donations and legacies | 54,793 | - | - | 54,793 | 21,968 | |
| Charitable activities | ||||||
| Membership Fees | 5,654 | - | - | 5,654 | 5,347 | |
| EducationProgramme Income | 500 | - | - | 500 | 980 | |
| Investmentincome | 2 | 137,577 | - | - | 137,577 | 10,835 |
| Otherincome | 650 | - | - | 650 | 775 | |
| Total | 199,174 | - | - | 199,174 | 39,905 | |
| EXPENDITURE ON | ||||||
| Raising funds | 3 | 71,843 | - | - | 71,843 | 109,842 |
| Net gains/(losses) on | ||||||
| investments | (127,061 ) | - | - | (127,061 ) | 114,490 | |
| NETINCOME | 270 | - | - | 270 | 44,553 | |
| Transfers between funds | 16 | (153,253 ) | - | 153,253 | - | - |
| Netmovement in funds | (152,983 ) | - | 153,253 | 270 | 44,553 | |
| RECONCILIATION OF | ||||||
| FUNDS | ||||||
| Total funds broughtforward | 1,948,269 | - | 2,947,366 | 4,895,635 | 4,851,082 | |
| TOTALFUNDSCARRIED | ||||||
| FORWARD | 1,795,286 | - | 3,100,619 | 4,895,905 | 4,895,635 |
The notes form part of these financial statements
Page 5
The Weald Foundation
Balance Sheet
31 January 2022
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2022|2021|
|Unrestricted|Restricted|Endowment|Total|Total|
|Notes|funds£|fund£|fund£|funds£|funds£|
|FIXED|ASSETS|
|Tangible|assets|8|60,445|-|-|60,445|48,434|
|Heritage|assets|9|-|-|3,100,619|3,100,619|2,947,366|
|Investments|10|5,000|-|-|5,000|5,000|
|65,445|-|3,100,619|3,166,064|3,000,800|
|CURRENT ASSETS|
|Stocks|11|22,289|-|-|22,289|22,789|
|Investments|12|1,743,721|-|-|1,743,721|1,924,296|
|Prepayments|and|accrued|
|income|4,125|-|-|4,125|4,820|
|Cash|at bank|13|15,301|-|-|15,301|800|
|1,785,436|-|-|1,785,436|1,952,705|
|CREDITORS|
|Amounts|falling|due within|one|
|year|14|(55,595)|-|-|(55,595)|(57,870)|
|NET CURRENT ASSETS|1,729,841|-|-|1,729,841|1,894,835|
|TOTAL ASSETS|LESS|
|CURRENT LIABILITIES|1,795,286|-|3,100,619|4,895,905|4,895,635|
|NET ASSETS|1,795,286|-|3,100,619|4,895,905|4,895,635|
|FUNDS|16|
|Unrestricted|funds|1,795,286|1,948,269|
|Endowment|funds|3,100,619|2,947,366|
|TOTAL FUNDS|4,895,905|4,895,635|
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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
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continued...
The Weald Foundation
Balance Sheet - continued 31 January 2022
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 16 September 2022 and werey] its behalfby:
M C Gibb - Trustee
HL Doyle - Trustee
The notes form part of these financial statements
Page 7
The Weald Foundation
Notes to the Financial Statements for the Year Ended 31 January 2022
- 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, or they expire.
cancelled,
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.
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The Weald Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 January 2022
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
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Loan | Interest | 137,577 | 10,835 |
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2022
3. RAISING FUNDS
Raising donations and legacies
| Raising donations and legacieslegacies | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Staffcosts | 3,429 | 11,489 |
| Vehicle maintenance andengineering costs | 4,173 | 36,291 |
| Utilities | 7,204 | 5,871 |
| Insurance and security costs | 7,239 | 7,538 |
| TravelExpenses | 2,970 | 30 |
| Sundries | 7,278 | 9,240 |
| MotorVehicleRunningCosts | 727 | 367 |
| TrainingCosts | 564 | 929 |
| Website andITFees | 2,475 | 3,470 |
| Depreciation | 2,832 | 3,099 |
| Supportcosts | 32,952 | 31,518 |
| 71,843 | 109,842 |
4, NET INCOME/(EXPENDITURE)
| Netincome/(expenditure) is stated after charging/(crediting): | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Depreciation-ownedassets | 6,113 | 6,446 |
5, TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 January 2022 nor for the year ended 31 January 2021.
Trustees’ expenses
There were no trustees' expenses paid for the year ended 31 January 2022 nor for the year ended 31 January 2021.
- STAFF COSTS AND AVERAGE NUMBER OF EMPLOYEES
| Yearended | Year ended | |
|---|---|---|
| 31.1.2022 | 31.1.2021 | |
| £ | £ | |
| Salaries and stafftraining | 67,094 | 64,726 |
| Recharged to subsidiary(TheWeald TradingCompany Ltd) | (7,795) | (14,109) |
| Furloughclaim | (2,874) | (14,064) |
| Contractors | - | 2,134 |
| Less: Capitalised (Historic assets) | (52,996) | (27,198) |
| Directcharitableexpenditure | 3,429 | 11,489 |
The average weekly number of employees during the year (excluding directors) was 4 (2021: 4). 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 £52,996 (2021: £27,198) 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.
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2022
| Ts | COMPARATIVESFORTHESTATEMENTOF | OFFINANCIAL | ACTIVITIES | ||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | ||
| funds | fund | fund | funds | ||
| £ | £ | £ | £ | ||
| INCOME ANDENDOWMENTS FROM | |||||
| Donations and legacies | 21,968 | - | - | 21,968 | |
| Charitable activities | |||||
| Membership Fees | 5,347 | - | - | 5,347 | |
| Education ProgrammeIncome | 980 | - | - | 980 | |
| Investmentincome | 10,835 | - | - | 10,835 | |
| Other income | 775 | - | - | 7715 | |
| Total | 39,905 | - | - | 39,905 | |
| EXPENDITURE ON | |||||
| Raising funds | 109,842 | - | - | 109,842 | |
| Netgains on investments | 114,490 | - | - | 114,490 | |
| NETINCOME | 44,553 | - | - | 44,553 | |
| Transfersbetweenfunds | (114,193) | - | 114,193 | - | |
| Netmovementinfunds | (69,640) | - | 114,193 | 44,553 | |
| RECONCILIATION OFFUNDS | |||||
| Totalfunds broughtforward | 2,017,909 | - | 2,833,173 | 4,851,082 | |
| TOTALFUNDS CARRIEDFORWARD | 1,948,269 | - | 2,947,366 | 4,895,635 | |
| 8. | TANGIBLE FIXED ASSETS | ||||
| Office& | Plant and | Furniture | |||
| Armoury | machinery | & Fittings | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 February2021 | 96,354 | 5,666 | 46,308 | ||
| Additions | 8,000 | 212 | - | ||
| At 31 January2022 | 104,354 | 5,878 | 46,308 | ||
| DEPRECIATION | |||||
| At 1 February 2021 | 59,423 | 1,433 | 45,555 | ||
| Charge foryear | 3,060 | 568 | 25] | ||
| At 31 January 2022 | 62,483 | 2,001 | 45,806 | ||
| NETBOOKVALUE | |||||
| At 31 January2022 | 41,871 | 3,877 | 502 | ||
| At31January2021 | 36,931 | 4,233 | 753 |
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2022
8. TANGIBLE FIXED ASSETS - continued
| Computer | ||||||
|---|---|---|---|---|---|---|
| equipment | ||||||
| Motor | &Web | |||||
| vehicles | Site | Totals | ||||
| £ | £ | £ | ||||
| COST | ||||||
| At 1 February2021 Additions |
18,866 - |
27,188 9,912 |
194,382 18,124 |
|||
| At31 January2022 | 18,866 | 37,100 | 212,506 | |||
| DEPRECIATION | ||||||
| At | February2021 | 18,866 | 20,671 | |||
| Charge foryear | - | 2,234 | 6,113 | |||
| At31 January2022 | 18,866 | 22,905 | 152,061 | |||
| NETBOOKVALUE | ||||||
| At31 January2022 | - | 14,195 | 60,445 | |||
| At31 January2021 | - | 6,517 | 48,434 | |||
| 9, | HERITAGE ASSETS | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| £ | £ | £ | £ | £ | ||
| Brought forward | ||||||
| - atvaluationwhen gifted | 990,000 | 990,000 | 990,000 | 990,000 | 990,000 | |
| - subsequent additions, atcost | 1,957,366 | 1,843,173 | 1,710,695 | 1,586,315 | 1,360,716 | |
| 2,947,366 | 2,833,173 | 2,700,695 | 2,576,315 | 2,350,716 | ||
| Additions in year, at cost | 153,253 | 114,193 | 132,478 | 124,380 | 225,599 | |
| Carriedforward | 3,100,619 | 2,947,366 | 2,833,173 | 2,700,695 | 2,576,315 |
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.
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2022
10. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTSASSET INVESTMENTSINVESTMENTS | |
|---|---|
| Unlisted | |
| investments | |
| £ | |
| MARKETVALUE | |
| At 1 February2021 and31 January2022 | 5,000 |
| NETBOOKVALUE | |
| At31 January2022 | 5,000 |
| At31January2021 | 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 Foundation therefore records the donation received using the cash basis.
| li. | STOCKS | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Stocks | 22,289 | 22,789 | |
| 12. | CURRENTASSETINVESTMENTS | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Loans to Trust | 1,743,721 | 1,924,296 | |
| 13. | CASHATBANKAND INHAND | ||
| 2022 | 2021 | ||
| Total | Total | ||
| funds | funds | ||
| £ | £ | ||
| Bank accountno. 1 | 14,021 | 477 | |
| FoundationMembership Acc | 601 | 268 | |
| PaypalMembership | 679 | 55 | |
| Total | 15,301 | 800 |
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2022
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|14.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|
|2022|2021|
|£|£|
|Credit|card (see note|15)|3,921|2,206|
|Trade|creditors|5,387|7,212|
|Amounts owed to|group|undertakings|29,198|20,268|
|Amounts|owed|to participating|interests|6,516|15,498|
|Social|security|and other taxes|1,048|727|
|Wages|Control Ac|4,715|4,397|
|Accruals|and|deferred income|4,810|7,562|
|.|
|55,595|57,870|
----- End of picture text -----
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|15.|LOANS|
|An|analysis|of the maturity|of loans|is|given below:|
|2022|2021|
|£|£|
|Amounts|falling due|within one year on demand:|
|Credit|card|3,921|2,206|
|16.|MOVEMENT IN FUNDS|
|Net|Transfers|
|movement|between|At|
|At|1.2.21|in funds|funds|31.1.22|
|£|£|£|£|
|Unrestricted|funds|
|Unrestricted|Funds|-|General|1,948,269|270|(153,253|)|1,795,286|
|Endowment|funds|
|Endowment Fund|2,947,366|-|153,253|3,100,619|
|TOTAL FUNDS|4,895,635|270|-|4,895,905|
|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|199,174|(71,843)|(127,061|)|270|
|TOTAL FUNDS|199,174|(71,843 )|(127,061)|270|
----- End of picture text -----
Page 14
continued...
The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2022
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
----- Start of picture text -----
|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|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|
|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|39,905|(109,842)|114,490|44,553|
|TOTAL FUNDS|39,905|(109,842)|114,490|44,553|
|A|current year|12|months|and prior year|12|months|combined|position|is|as|follows:|
|Net|Transfers|
|movement|between|At|
|At|1.2.20|in funds|funds|31.122|
|£|£|£|£|
|Unrestricted|funds|
|Unrestricted|Funds|-|General|2,017,909|44,823|(267,446)|1,795,286|
|Endowment|funds|
|Endowment Fund|2,833,173|-|267,446|3,100,619|
|TOTAL FUNDS|4,851,082|44,823|-|4,895,905|
|A|current|year|12|months|and|prior|year|12|months|combined|net movement movement|in|funds,|included|in|the|above|
|as|follows:|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|Unrestricted|Funds|-|General|239,079|(181,685)|(12,571)|44,823|
|TOTAL FUNDS|239,079|(181,685)|(12,571)|44,823|
----- End of picture text -----
A current year 12 months and prior year 12 months combined net movement movement in funds, included in the above are as follows:
Page 15
continued...
The Weald Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 January 2022
16. MOVEMENT IN FUNDS- continued
Transfers between funds
A transfer of £153,253 (2021: £114,193) 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 9 above).
- RELATED PARTY 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."
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 2022 Mr Gibb was owed £6,516 (2021: £15,498).
At the year end, The Weald Trading Company Limited, a wholly owned subsidiary of the Foundation, had made a net loan of £29,198 to the Foundation (2021: £20,268). This amount is shown within Creditors: Amounts Falling Due Within One Year (Note 14).
The Weald Trading Company Limited made donations of £45,793 to the Foundation. (2021: £10,188).
Page 16
The Weald Foundation
Detailed Statement of Financial Activities
for the Year Ended 31 January 2022
| Detailed Statement of FinancialFinancial Activities for the Year EndedYear EndedEnded 31 January 20222022 |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| INCOMEANDENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 45,793 | 10,213 |
| Taxreclaimable underGiftAid | - | 2,755 |
| Gifts inKind | 9,000 | 9,000 |
| 54,793 | 21,968 | |
| Investment income | ||
| Loan Interest | 137,577 | 10,835 |
| Charitable activities | ||
| Membership Fees | 5,654 | 5,347 |
| EducationProgramme Income | 500 | 980 |
| 6,154 | 6,327 | |
| Other income | ||
| Sundry Income | 650 | 775 |
| Totalincoming resources | 199,174 | 39,905 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Engineers’ wages (Incl. NI) | 3,429 | 11,489 |
| Vehiclemaintenance andengineering costs | 4,173 | 36,291 |
| Utilities | 7,204 | 5,871 |
| Insurance andsecurity costs | 7,239 | 7,538 |
| Travel Expenses | 2,970 | 30 |
| Sundries | 7,278 | 9,240 |
| MotorVehicleRunning Costs | 727 | 367 |
| Training Costs | 564 | 929 |
| WebsiteandITFees | 2,475 | 3,470 |
| Depreciation oftangible fixed assets | 2,832 | 3,099 |
| 38,891 | 78,324 | |
| Support costs | ||
| Management | ||
| Office and Storage Facilities | 11,543 | 9,731 |
| Telephone | 1,158 | 2,250 |
| Postage and stationery | 568 | 979 |
| Bank Charges | 1,909 | 1,967 |
| Depreciation oftangible fixedassets | 3,282 | 3,348 |
| 18,460 | 18,275 | |
| Other | ||
| Donations | 35 | - |
This page does not form part of the statutory financial statements
Page 17
The Weald Foundation
Detailed Statement of Financial Activities for the Year Ended 31 January 2022
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Other|
|Governance|costs|
|Accountancy and|legal|fees|14,457|12,974|
|Consultancy Fees|-|269|
|14,457|13,243|
|Total|resources|expended|71,843|109,842|
|Net income/(expenditure)|before|gains|and|
|losses|127,331|(69,937)|
|Unrealised|recog gains/losses|
|Unrealised|gains/(losses)|on Investment Loan|(127,061|)|114,490|
|Net income|270|44,553|
----- End of picture text -----
This page does not form part of the statutory financial statements
Page 18