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 2023
Brightling & Co Accountants Ltd Vine Hall Farm Bethersden Ashford Kent TN26 3JY
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The Weald Foundation
Contents of the Financial Statements for the Year Ended 31 January 2023
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Page
Report ofthe 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 17
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The Weald Foundation (Registered number: 04646919)
Report of the Trustees for the Year Ended 31 January 2023
Introduction 2022 marked a defining moment for the Weald Foundation, pointing to an exciting future. We celebrated a one-of-a-kind Open Day with the debut of the Sd.K fz.222, fully regained our pre-Covid membership levels, and achieved a web and social media presence beyond our earlier expectations. The potential success of our inaugural HLF bid awaits.
ACHIEVEMENT AND PERFORMANCE
RestorationOur main restorationProjects project this year centred on the Sd.Kfz.222 4.Serie, the only one of its kind worldwide. Since its inception, this project posed numerous challenges, but the quality of restoration is a testament to everyone involved. The project culminated at our Members Open Day in June 2022, marked by enlightening lectures and a grand unveiling of the armoured car to our members. While minor details weren't finalized by the Open Day (a common occurrence) it necessitated the team to extend their efforts beyond June for completion. The project officially concluded with the vehicle's maiden drive to its temporary storage adjacent to the main assembly workshop. Attention then shifted to the Sd.Kfz.223 3.Serie in the Fabrication Hall. Preparations included creating small external fittings common to the Sd.Kfz.222, 223, and Sd.Kfz.261 armoured cars. Original straps for the radios were meticulously prepared in anticipation ofthe assembly stage for the Sd.Kfz.223.
OurInfrastructure new exhibitionDevelopmenthall is operational. Both its interior and exterior underwent upgrades this year, including insulation enhancements, advanced electrical installations, and the addition of internal heating. As energy costs soared, we audited and adjusted/removed older heaters elsewhere. The new facility's introduction has allowed for streamlined reorganization of our assets. We've also augmented our archives, securing several small yet crucial parts for future projects,
OurStaff volunteer and Volunteersbase has expanded over the year. These individuals make significant contributions to restoration projects with their expertise, and they play an essential role in hosting our members and guests during Foundation events and visits. Our current apprentice has made rernarkable progress, now adept at handling a wide range of tasks.
Funding Possibilities Later in the year, we began eamest efforts towards an Heritage Lottery Fund (HLF) submission, drawing upon our extensive experience from years with the DWP initiative. We are optimistic about seeing this come to fruition in early 2023.
FINANCIAL REVIEW
TotalFinancialincomingReviewresources amounted to £116,836 (2022: £199,174), with total outgoing resources amounting to £87,268 (2022: £198,904). The outgoings figure for this year includes an unrealised exchange rate gain of £11,217 (2022: loss £127,061).
Costs of£134,206 were capitalised in relation to expenditure incurred on historic assets (2022: £153,253).
The Weald Trading Company Limited (a wholly owned subsidiary) made a profit as at 31 January 2023 of £43,190 (2022: £28,857) before accounting for the 2022 donation of £30,041 and will be making a donation to the Foundation of £45,861 (2022: £30,041).
InvestmentThe Trusteespowershave 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.
ReservesFunds are maintainedpolicy at a level that the Trustecs deem sufficient to maintain the activities of the charity. At 31 January 2023 the charity's reserves on Unrestricted Funds "General" amounted to £1,690,648 (2022: £1,795,286).
Page 1
The Weald Foundation (Registered number: 04646919)
Report of the Trustees for the Year Ended 31 January 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
TheConstitutionWeald Foundationand charitableis governedobjects 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 Trustces 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.
ThePublictrusteesBenefitconfirm 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.
TheRisktrusteesPolicy 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. The trustees believe that effective systems and controls are in place to mitigate these risks by ensuring that effective controls exist over key financial systems and by examining the operation and business risk faced by the charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 04646919 (England and Wales)
Registered Charity number 1099261
Registered office 1 The Sanctuary Westminster London SWI1P 35T
Page 2
The Weald Foundation (Registered number: 04646919)
Report of the Trustees for the Year Ended 31 January 2023
Trustees MC Gibb HL Doyle R Udovenya J Dowdall (resigned 22.12.22) GA Portelli CRE Wetton (appointed 22.12.22) 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 !2 months afterwards, every member has agreed to contribute up io £1 towards the costs of dissolution and the liabilities incurred by the charitable company while the contributor was a member.
Company Secretary H J Dellar Independent Examiner Brightling & Co Accountants Ltd Vine Hal) Farm Bethersden Ashford Kent TN26 3JY Solicitors Lve Bolton Monier-Williams | The Sanctuary Westminster London SWI1P 3JT Bankers Coutts & Co 440 Strand Londen WC2R 0QS
Approved by order of the board of trustees on 4 September 2023 and signed on its behalf by:
wa - Trustee
Page 3
Independent Examiner's Report to the Trustees of
The Weald Foundation
i | | | | \ |
| ! | | i i i
Independent examiner's report to the trustees of The Weald Foundation (‘the Company’) I report to the charity trustees on my examination ofthe accounts ofthe Company for the year ended 31 January 2023.
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 ofthe accounts in accordance with the requirements ofthe 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) ofthe 2011 Act.
Independent examiner's statement Iexaminationhave completedgiving memy causeexamination. to believe:I confirm that no matters have come to my attention in connection with the T: accounting records were not kept in respect ofthe Company as required by Section 386 ofthe 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 BSc FCA
Brightling & Co Accountants Ltd Vine Hall Farm Bethersden Ashford KentTN26 3JY Date: ...2..RERTEMRE,..20 28
Page 4
The Weald Foundation
Statement of Financial Activities (incorporating an Income and Expenditure Account) for the Year Ended 31 January 2023
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | Unrestricted funds £ |
Restricted fund £ |
Endowment fund & |
Total funds £ |
Total funds £ |
||
| INCOMEAND | |||||||
| ENDOWMENTSFROM Donationsandlegacies |
39,041 | - | - | 39,041 | 54,793 | ||
| Charitable activities MembershipFees |
10,350 | - | - | 10,350 - |
5,654 500 |
||
| EducationProgrammeIncome | - | . | . | ||||
| Investmentincome Otherincome |
2 | 63,665 3,780 |
- - |
- - |
63,665 3,780 |
137,577 650 |
|
| Total | 116,836 | - | - | 116,836 | 199,174 | ||
| EXPENDITUREON Raisingfunds |
3 | 98,485 | - | - | 98,485 | 71,843 | |
| Netgains/(losses)on investments |
11,217 | - | - | 11,217 | (127,061) | ) | |
| NETINCOME Transfersbetweenfunds |
17 | 29,568 (134,206) |
= - |
- 134,206 |
29,568 . |
270 - |
|
| Netmovementinfunds | (104,638) | - | 134,206 | 29,568 | 270 | ||
| RECONCILIATION OF | |||||||
| FUNDS Totalfundsbrought forward |
1,795,286 | - | 3,100,619 | 4,895,905 | 4,895,635 | ||
| TOTALFUNDSCARRIED FORWARD |
1,690,648 | - | 3,234,825 | 4,925,473 | 4,895,905 |
The notes form part ofthese financial statements
Page 5
The Weald Foundation (Registered number: 04646919)
Balance Sheet 31 January 2023
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|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|Restricted|Endowment|Total|Total|
|funds|fund|fund|funds|funds|
|Notes|£|£|£|©|£|
|TangibleFIXED|ASSETS assets|8|54,913|-|-|54,913|60,445|
|Heritage assets|9|-|-|3,234,825|3,234,825|3,100,619|
|Investments|10|5,000|-|-|5,000|5,000|
|59,913|-|3,234,825|3,294,738|3,166,064|
|‘|
|CURRENTStocks|ASSETS|11|27,969|-|-|27,969|22,289|
|Debtors|12|3,590|-|-|3,590|-|
|Investments|13|1,646,226|.|-|1,646,226|1,743,721|
|Prepayments|and accrued|
|income|3,494|.|-|3,494|4,125|
|Cash at bank|14|1,794|-|-|1,794|15,301|
|1,683,073|-|.|1,683,073|1,785,436|
|CREDITORS|
|Amounts|falling due|within one|
|year|15|(52,338)|-|-|(52,338)|(55,595)|
|NET CURRENT ASSETS|1,630,735|-|-|1,630,735|1,729,841|
|TOTAL ASSETS|LESS|
|CURRENT LIABILITIES|1,690,648|-|3,234,825|4,925,473|4,895,905|
|NET ASSETS|1,690,648|-|3,234,825|4,925,473|4,895,905|
|FUNDS|17|
|Unrestricted funds|1,690,648|1,795,286|
|Endowment|funds|3,234,825|3,100,619|
|TOTAL FUNDS|4,925,473|4,895,905|
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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 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 cach 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 6
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The Weald Foundation (Registered number: 04646919)
Balance Sheet - continued
31 January 2023
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 4 September 2023 and were signed on its behalf by:
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M C Gibb - Trustee
A/|
—
-
H L Doyle - Trustee
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The notes form part of these financial statements Page 7
The Weald Foundation
Notes to the Financial Statements for the Year Ended 31 January 2023
- 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 | 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. FinancialFinancial assetsassets 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 valve ofthe 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. FinancialBasic financialliabilitiesliabilities, 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.
IncomeAll 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.
ExpenditureLiabilities 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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ihe weaid roundgation Notes to the Financial Statements - continued for the Year Ended 31 January 2023
- ACCOUNTING POLICIES - continued
TangibleDepreciation fixedis providedassets 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
TheseHeritageare assets 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.
StocksStocks 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 ofthe 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 tuling 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.
| INVESTMENTINCOME | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| LoanInterest | 63,665 | 137,577 |
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
- RAISING FUNDS
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||||
|---|---|---|
|Raising donations and legacies|2023|2022|
|£|£|
|Staffcosts|19,693|3,429|
|Vehicle maintenance and engineering costs|13,886|4,173|
|Utilities|558|7,204|
|Insurance and security costs|10,433|7,239|
|Travel Expenses|2,075|2,970|
|Shows and promotions|4,114|-|
|Sundries|7,174|7,278|
|Motor Vehicle Running Costs|1,212-|727564|
|TrainingWebsite and Costs IT Fees|6,981|2,475|
|Depreciation|2,898|2,832|
|Support costs|29,461|32,952|
|98,485|71,843|
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NET INCOMEAEXPENDITURE)
Accountancy and Independent Examiner's Fee
Independent Examiners Fee £2,520 (2022: £2,025).
Other services provided in the period by Brightling & Co Accountants Ltd included assistance with recording financial transactions, running the monthly payroll and general advice (£2,218; 2022: £7,265).
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 January 2023 nor for the year ended 31 January 2022.
- STAFF COSTS AND AVERAGE NUMBER OF EMPLOYEES
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|||||
|---|---|---|---|
|Yearended|Year ended|
|31.1.2023|31.1.2022|
|£|£|
|Salaries and staff|training|86,745|67,094|
|Recharged to subsidiary (The Weald Trading Company Ltd)|(9,931)|(7,795)|
|:|(2,874)|
|Furlough|claim|
|Less: Capitalised (Historic|assets)|(57,121)|52,996)|
|Direct charitable expenditure|19,693|3,429|
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The average weekly number of employees during the year (excluding directors) was 5 (2022: 4). No employee received emoluments greater than £60,000. The principal responsibility of the employees is the restoration and maintenance of historic military vehicles.
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
-
STAFF COSTS AND AVERAGE NUMBER OF EMPLOYEES - continued Employee costs of £57,121 (2022: £52,996) 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.
-
Ts
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|||||||
|---|---|---|---|---|---|
|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES|
|Unrestricted|Restricted|Endowment|Total|
|funds|fund|fund|funds|
|£|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations and legacies|54,793|-|-|54,793|
|Charitable activities|
|Membership Fees|5,654|<|a|5,654|
|Education Programme|Income|500|-|-|500|
|Investment income|137,577|-|-|137,577|
|Other income|650|-|-|650|
|Total|199,174|-|-|199,174|
|EXPENDITURE ON|
|Raising funds|71,843|-|-|71,843|
|Net gains/(losses) on investments|(127,061)|-|-|(127,061)|
|NET INCOME|270|-|-|270|
|Transfers between funds|(153,253)|-|153,253|.|
|Net movement in funds|(152,983)|-|153,253|270|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|1,948,269|-|2,947,366|4,895,635|
|TOTAL FUNDS CARRIED FORWARD|1,795,286|-|3,100,619|4,895,905|
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
8 TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETSFIXED ASSETS | Office& | Plantand | Furniture |
|---|---|---|---|
| Armoury £ |
machinery £ |
&Fittings £ |
|
| COST At1February2022 Additions |
104,354 640 |
5,878 - |
46,308 - |
| At31 January2023 | 104,994 | 5,878 | 46,308 |
| DEPRECIATION At1February2022 Chargeforyear |
62,483 3,159 |
2,001 588 |
45,806 251 |
| At31January2023 | 65,642 | 2,589 | 46,057 |
| NETBOOKVALUE At31January2023 |
39,352 | 3,289 | 251 |
| At31January2022 | 41,871 | 3,877 | $02 |
| Computer | |||
| equipment | |||
| Motor vehicles £ |
&Web Site £ |
Totals £ |
|
| COST At 1February2022 Additions |
18,866 - |
37,100 395 |
212,506 1,035 |
| At31January2023 | 18,866 | 37,495 | 213,541 |
| DEPRECIATION At 1February2022 Chargeforyear |
18,866 - |
22,905 2,569 |
152,061 6,567 |
| At31 January2023 | 18,866 | 25,474 | 158,628 |
| NETBOOKVALUE At31January2023 |
- | 12,021 | 54,913 |
| At31January2022 | - | 14,195 | 60,445 |
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
- HERITAGE ASSETS
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|||||||
|---|---|---|---|---|---|
|2023|2022|2021|2020|2019|
|£|£|£|£|£|
|Brought- at valuationforward when gifted|990,000|990,000|990,000|990,000|990,000|
|- subsequent additions, at cost|2,110,619|1,957,366|1,843,173|1,710,695|1,586,315|
|3,100,619|2,947,366|2,833,173|2,700,695|2,576,315|
|Additions in year, at cost|134,206|153,253|114,193|132.478|124,380|
|Carried forward|3,234,825|3,100,619|2,947,366|2,833,173|2,700,695|
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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 I 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.
- FIXED ASSET INVESTMENTS ASSET INVESTMENTS INVESTMENTS
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||||
|---|---|---|
|FIXED ASSET INVESTMENTS ASSET INVESTMENTS INVESTMENTS|Unlisted|
|investments|
|£|
|MARKET VALUE|
|At|1 February 2022 and 31 January 2023|5,000|
|AtNET 31 BOOK January VALUE 2023|5,000|
|At31 January 2022|5,000|
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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.
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The Weald Foundation
| NotestotheFinancial Statements - continued | NotestotheFinancial Statements - continued | ||
|---|---|---|---|
| for theYear | YearEnded 31January2023 | ||
| 11. | STOCKS | 2023 | 2022 |
| £ | £ | ||
| Stocks | 27,969 | 22,289 | |
| 12. | DEBTORS:AMOUNTSFALLINGDUEWITHINONE YEAR | 2023 | 2022 |
| £ | 3 | ||
| Tradedebtors Amountsowedbyparticipatinginterests |
3,120 470 |
- - |
|
| 3,590 | - | ||
| 13. | CURRENTASSETINVESTMENTS | 2023 | 2022 |
| £ | a3 | ||
| LoanstoTrust | 1,646,226 | 1,743,721 | |
| 14. | CASHATBANKANDINHAND | 2023 Total |
2022 Total |
| Bankaccountno. 1 FoundationMembershipAcc PaypalMembership |
funds ee 1,074 651 69 |
funds £ 14,021 601 679 |
|
| Total | 1,794 | 15,301 | |
| 15. | CREDITORS:AMOUNTSFALLINGDUEWITHINONEYEAR | 2023 | 2022 |
| £ | £ | ||
| Creditcard(seenote 16) Tradecreditors Amountsowedtogroupundertakings Amountsowedto participating interests Socialsecurityandothertaxes WagesControlAc Accrualsanddeferredincome |
2,466 3,726 35,133 - 1,492 6,341 3,180 |
3,921 5,387 29,198 6,516 1,048 4,715 4,810 |
|
| §2,338 | 55,595 |
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
- LOANS
An analysis of the maturity of loans is given below:
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|||||||
|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Amounts|falling|due within one year on demand:|
|Credit card|2,466|3,921|
|17.|MOVEMENT IN FUNDS|Net|Transfers|
|movement|between|At|
|At|1.2.22|in funds|funds|31.1.23|
|3|£|ra|£|
|Unrestricted funds|
|Unrestricted Funds - General|1,795,286|29,568|(134,206)|1,690,648|
|Endowment funds|
|Endowment Fund|3,100,619|-|134,206|3,234,825|
|TOTAL FUNDS|4,895,905|29,568|-|4,925,473|
|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|116,836|(98,485)|11,217|29,568|
|TOTAL FUNDS|116,836|(98,485)|11,217|29,568|
|Comparatives|for movement in funds|
|Net|Transfers|
|movement|between|At|
|At|1.2.21|in funds|funds|31122|
|£|£|£|£|
|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|
----- End of picture text -----
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continued...
The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
17. |.[MOVEMENT][IN][FUNDS] - continued
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|TesoUurces|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|
|A current year|12 months and prior year|12 months combined position is as follows:|
|Net|Transfers|
|movement|between|At|
|At|1.2.21|in funds|funds|31,1.23|
|£|£|£|£|
|UnrestrictedUnrestricted Fundsfunds - General|1,948,269|29,838|(287,459)|1,690,648|
|Endowment funds|
|Endowment Fund|2,947,366|-|287,459|3,234,825|
|TOTAL FUNDS|4,895,635|29,838|-|4,925,473|
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A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted funds|
|Unrestricted Funds|- General|316,010|(170,328|)|(115,844)|29,838|
|TOTAL FUNDS|316,010|(170,328)|(115,844)|29,838|
----- End of picture text -----
Transfers between funds
A transfer of £134,206 (2022: £153,253) 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).
continued...
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The Weald Foundation
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
- 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 2023 Mr Gibb owed the Foundation £470 (2022: was owed £6,516). At the year end, The Weald Trading Company Limited, a wholly owned subsidiary of the Foundation, had made a net loan of £35,133 to the Foundation (2022: £29,198). This amount is shown within Creditors:Amounts Falling Due Within One Year (Note 15).
The Weald Trading Company Limited made donations of £30,041 to the Foundation. (2022: £45,793).
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