REGISTER£D COMPANY NUMBER: 114646919{England and Wal¢sl REGISTERED CHARITY NUMBER: 1099201 The W¢Ald Foyndatl(b Report of the Trustttj and FlnAn¢lAI Stitements for the Y¢ar Ended 31 January 2024
Th¢ W¢Ald Foyndtlo of the FIAanclml StAtemettts for the Yer Ended 31 Jnury 2024 PAge Report of the Trurttti Indeptndent Ex•mlDer's Report St•temtnt of FI¢1 Aetlvltl Ballet Sh¢¢t No¢¢i to the FIDArtelal Statsments 8 10 17 Detled StAtsmertt of FInADe1 Aetfvltl 18 10 19
The Weald FoundAtlon Report of the Trn5tee for ihe Yegr Ended 11 J8nugry 2024 Introduction Th¢ Foundation had another 8uc¢esful year this year wilh th¢ commencement of our Heritage Ltstiery Scheme funded project. This enabled large groupsof disadvanttged people io benefil from ourexperience in savinghi5tory. On the vehi¢le front our main event was the 121esl unveiling of Jagdpanther 411 for our member5 and their Bue%t% ai the Open Day in June 2023. ACHIEVEMENT AND PERFORMANCE Re$tortlDD Projeots Our activities this year have primarily been focussed on the immediate projcct5 facing us from our restoraiion s¢hedulc which is planned out 10 2037. The 1941 leiehter Panzerspahwagen12cml ISd.Kfz.2221 Ausf.A 4.Serie launched with some ¢hallen8es al our Open Day in Junt 2022 required additional allention lo rnissin8 small detail. This detail had 10 be added aft¢r the evenl given ihe complexity of the infomiation requiring further research OT simply the time ran out leading up to the launch. The P8nzerspahwa8en (Ful ISd.Kft.223) Au8f.A 3.Serie w&5 the main bcncficiAry of our Aiieniion in 2023. This project has been particularly ehall¢nging xiven the rarity of th¢ vehicle. Given that the vchiclc dated from 1939. so effe¢tively prewar, there was a fc&rcity of archive irbforrnalion available on the ityierior. A very impre.4siv¢ addiiion io the rcsloration of this Sd.Kfz.223 along with the Sd.Kfz.222 and Ihc Sd.KfT..261, was the iaqking of a glaqs 5peci81i5t. on thr rccommendation of one of ourirustees, io $t headlamp lenses matching those of wartime production all those years ago. Educatlo Our efforts la ycar provrd wcce%ful with the approval by the Heriiage Lottery Scheme for a schcmc to 8tart in September. The launch of this schemc has been very promising. Aiiendance at Ihe firsl ¢veni held here at the Weald Follndation premises wa$ exceptionally good and accompanied the launch of the fir51 of a 5eric.¥ of nine documeniarie% that we are lo provide under the rms ofihe Heritage Loiiery Fund Scheme. Docurncntarics are a relatively new exercise for us which we relish givcn thc opportunity to talk dboui lh¢ $p¢¢ifi¢s and rcscarch which wc have gathered over Ihe years. We are sure that thi¥ cffort will improve over time as w¢ build on our cxperience. InfrAltrueture Development An exlendcd washroom fa¢ility wilh external a¢¢ess been ¢mbark¢d upon for the increased vi5ltor nuTnbers for the bentficiarie5 of the HLF projeci. This will of course be of use to our mcmbers who vi%it us ihroughoui the year. Si*ff #ttd Volunteers A promising new appreniicc joined the Icam later in the year. He will be following in the footsteps of the apprenlicc who is near lo thc cnd of hi5 Ihrec and a half ycar apprcnlicc5hip hcrc ar at Ihc Hcritage Ski115 Arad¢my. Our volunteer b2sC stayed the 5arn¢ throughout the year providing vital help in finishing projects for deadlines and providing crucial assisiance for events involving the public. FINANCIAL REVIEW Flnan¢io1 Review Total incoTning resouTce5 amountcd to £247.131 (2023= £116.836). with total outgoing resources amounting to £158.209 12023.. £87,268). The outgoings fi¥ure for this year Includes unrealised ex¢h?Dg¢ rale gain of £l1.18312023.. £11,216). Costs of £1 10,937 w¢rc capitali5ed in rclation to expcnditurr incurrrd on hisroric a55et$ (2023.. £134,206). The Weald Trading Company Limited {a wholly owncd subsidiary) made a profit for the year ending 31 January 2024 of £51,582 {2023.. £43,190) before accounting for the 2023 donatiotl of £43,861 and will be moking a donation to the Foundation of £4722812023.. £45.8611. Page I
The Weald Foundation Report of the Truitee& for the Year Ended 31 January 2024 FINAf4CJAL REVIEW Investment Wer The Trustees have wide invesiment powers, subjeci to their 06iaining advice from A financial expert. The Trustees may d¢legat¢ ¢he tnanagement of investments io a financial expen. subject. inter alia, to the Tree5 selting down their investm¢nt policy in writing to the investmeni managers. Restrvts pollty Funds ar¢ maintain¢d at a level that the Trustees deem sufficient to maintain the activities of the charity. Al 31 January 2024 the charity's re¥erves on Unrestricted Funds General" amounted to £1.591,88112023.' £L,690,6481. Golng ¢on¢¢rn The Irllstees have &ss¢ssed the charity's ability to continu¢ asagoingc¢neern and haveeoneluded thai th¢r¢ are no material ncenainries that casi signitieant doubt upon Ihe chartty'5 ability to eontinue as a going Concern for at le4st 12 month¥ from the dale of approval ofthese financial 5tatemenlS. STRUCTURE, GOVERNANCE AIYD MANAGEMENT Conititution And chAritAble objects The Wcald Foundation is 8overned by the Memorandum and Article4 of Assoeiaiion dated 23 January 2003 and 1$ re8i5tercd undcr the Charilic5 Act 1993, Charily Registration No. 109g261. Thc ¢h8ritablc obj¢ct8 of thr Foundation are: al to educate the publi¢ in the history of historic military vehicles primarily Concernin the Second World War: and bl to preserve and rcslor¢ and mainloin hisioric military vehicle% and relatcd equiprnent. Or¥anlsJltlon and declslon m*klnK Membership L¥f ihc eharily is opcn lo any individual or or¥anisation inleresi¢d in promotin8 the objec15 of thc Charitable Company, subj¢ci 10 approval by the Trusiees. The Trustees may establish different classes of rnembership and preycribe their r¢5pe¢liv¢ privil¢ge¥ and duii¢¥ and sel the amounts of any subscriptions. The Trustees have control of the charity, 115 property and fund5. The charitable company Shall have al leas13, bul no morc than 7. Tru51ces. One Ihird of Ihc Trustce5 mu51 rctirc by rotation at the ¢hariiable ¢ompAny'g Annual Gencral Meetin I'AGM") although they ¢ eligible for re.election. Tru$i¢¢$ may co-opt any duly qualifi¢d individual io ihe Trustee body bui any ¥uch appoinlrnent 15 5ubjcei to approvAI at the next AGM. Trustees can by removed by a resolution pss5ed by at least two-thirds of members in general m¢etin8. When appoinlin8 new trustees the truytees take into accouni ihe Skills required by thc trustee body as a whole. The knicles of Association provide that the company mug1 hold an AGM in every year and that the Trustees must hold al least otte rnccting in each year. Publ1¢ Beneflt Th¢ tru.stees confirm tha¢ rhey have complied wilh the duly set out in section 4 of the Charities Aet 2006 to hav¢ du¢ r¢gard to guidanrc publi5hcd by the Charity Commi&sion, inrluding public benefit 8uidanc¢, when reviewing thc charitle5 aims and obje¢tive$ and in planning fulure activilies. Related partleg Noie 18 10 the 01$ provides details of (ranSl0ftS ¥wih related panies. Risk Policy The trustees h&ve carried out an a55e55m¢nt of the rnajor risks to which they ¢on%der the charity is exposed and have taken steps to mitigate Ih05e ri5k5. The trustees believe that effective sysiems and contro18 Are in place to mitigate th¢se risk$ by ensuring thai ¢tTe¢tive controls exisi over key financial Systems and by ¢xaminin8 the operation and busincs5 risk faccd by the charily. REFERENCE AND ADMINISTRATIVE DETAILS Register¢d Compgny tsmber 04646919 IEn8Jand and Wales) Page 2
The Weild Ftsund•tlon Report of the Trustees for the Year Ended 31 Janyry 2024 R¢gistered Cthrfty number 11)99261 Reglxtered offi¢e l The Sanctuary Westmin51eT London SWIP3JT Prlntlp#l addre55 The WoTk5hop B¢nover Road Y8lding Kent ME18 6AY Trustees M C Gibb (Died 20 October 2024) H L Doyle R UdoveThya G A Port¢lli C R E Wetton The trustee8 are 3150 memb¢r$ of lh¢ chariiable company. The charltable cornpaThy is limilcd by guarantee and does not have a share capital. In the event thai the charity is di%solved while a member remains a member. or wiihin 12 months aflerwaTd$, every mcrnhcr hatTr agreed to contribute up to £1 towards the costs of dissoluiion and lh¢ liabilitie% incurred by the charilablc Company whrle the contributor was a member. Company Setretary H J Dcllar Independent Eximlrttr Andrew Appleton FCCA Hilden Park Accountants Lirnilcd Hilden Park House 79 Tonbrid8e Road Hildenborough Tonbridge Kent TNII 9BH Sollcltors Lee Bolton Monier-williarns l The Saneiuary Wt5tminsler London SWIP3JT B*nkeTS Coutts & Co 440 Strand London WC2R OQS 2111012024 Approved by order of the knard of trJstees on ............................................. and s1Cd on ils bch&lf by.. H L Doyle- Trustcr Page 3
Independent Examinerf$ Report to tht Tru$tÈes of The Weold Found#tlon JDdependent examiner's report fo tht tru$1¢¢5 of The Wcald fround8tiort I'tht char•tAble company,) I report 10 the ch2rity Iruslees on my exainination of the account5 of the charilablc cornpany for the y¢ar ended 31 January 2024. R¢spoThsibilities Ind b88is of report As the ch&rily'5 trustees of th¢ charitable company land also its dirttiors for the purposes of company lawl you aTe responsible for the preparation ofihc accoun15 in accordancc with the rcquiT¢mertis of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounis of the ch2ri12ble company are not required lo be audited under Part 16 of ihe 2006 ALI and are ¢li¥ible fur ind¢p¢Ddent ¢¥aTnination, I report r¢5pect of5ny ¢Xarnindlion ol'the chariidble Lompany s accoun15 a5 carried out ullder Section 145 of the Charities Act 2011 I'ihe 2011 Act'l. In ¢atTying out my ¢xaminaiion I have followcd the Direeiions given by the Charity CoTnmission under Section 145{51 Ibl of the 2011 Act. Indepedent examlTher'5 StAternent I have compleied my examination. I confirni ihai no rnatters have come to my att¢niion in eonncction with the examination giving me cause 10 believc thai.. ac¢ouniing records were not kepi in respect of the charitable Company as r¢quir¢d by Section 386 of the 2006 Act., or the accollnts do not accord wilh Ihox records.. or the a¢counls do no¢ Comply with Ihe a¢¢ounting r¢quiremeDtS Df S¢¢lion 396 of the 2006 Act otherthan any requiremeni that the accounts give a true and fair view which is not a mallcT considercd &% part of an independent exarnination.. or Ihe accoulltb have iiot been prepared in accordance with the Ineihods and principlcs of Ihe Sidiemeni of Recommended Pra¢iice for accouniing and reporting by charities applicahlc to charitie$ preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Rcpublic of Irrldnd IFRS 1021. I have no concem$ 2nd have ¢ome acro&s no oiher Inaiicrs in connection with the cxamin81ion 10 which attention should he drawn in Ihis report in ordvr to enable a proper undersidndinu ofihe x¢ounts to he reached. AwLo Andrew Appleton FCCA Hilden Park A¢coun¢ants Limited Hilden Park House 79 Tonbridgc Road Hildcnborou8h Tonbridge Kent TNII 9BH Dale.. Page 4
The Weald Ftsund•tlun Statement of Fin%ntial Activities Iln¢orporating Income and Expendlture A¢tount ror the Year Ended 31 JAnyary 2014 2024 Total funds 2023 Total funds Unrestri¢ted funds R¢Mricd fund Endowjnent fund Noi¢$ INCOME AND NDOWMENTS FROM Donations and legacies 54,861 54,86L 39.041 ChArltble aetlvltles Mcmbcrship Fccs Education Programme Income Grant5 12,147 769 12,147 769 118,020 10.350 118,020 Invcmeni income Other income 60,489 845 60,489 845 63.665 3.780 TotAI 129 111 118.020 247.131 116.R36 EXPENDITURE ON Chrlt#ble #¢rtvltlei Dlr¢¢t eo$t$ Staff & Workshop co? sUprt tosti Gov¢rnan¢e Cost$ Munagement 86,414 40,464 126.878 69.023 21,605 804 22,409 10.210 Tot•1 128 124 169392 Nei gains on inv1cnIs 1.216 NET IP4COM Trn$fern beTheen fundi 12,170 76,752 88,922 29.568 110937 Net movemtfyt In fund• (98,767) 76,752 110,937 88.922 29.508 RECONCILIATION OF FUNDS Total funds brought forward 1,690.648 3,234,825 4.925,473 4,895,905 TOTAL FUNDS CARRIED FORWARD 1,591.881 3.345.762 5.014,395 4 925.473 Thc Dotcs fortn part of thcs¢ financial statemcnts P3g¢ 5
The Weald FoundatLOII Balance SheEt 31 January 21124 2024 Total funds 2023 Total funds Unrestricted funds Restriaed fund Endowment lund Notrs FIXED ASSETS Tangible assds Htrilage assets Invc8tmenis 49.186 49,186 3.345,762 54.913 3.234.&25 5.000 3,345,762 54.186 3.345,762 3,399,948 3.294.738 CURREIYT ASSKTS Stock% Debtors IDVCStrnents Prepaym¢nt$ and a¢¢Tued incom¢ Cash at bank 10 28.092 4.833 1,575.300 28.092 4,833 1.575,300 27.969 3,590 1,646.220 12 1.764 3.091 76,752 78.516 3,494 1.613.080 76,752 1,689,832 1.683.073 CREDITORS AmounttTr fallin8 due within one year 14 175.3851 175.3851 152,3381 NET CURRENT ASSETS 1,537 695 1614447 1630 735 TOTAL ASSETS LESS CURRENT LIABILITIES 1,591,881 76.752 3.345,762 J,014,395 4,925,473 NET ASSETS 1591.881 3 345,762 5.014.395 4,925.471 FUNDS Unre5trictcd funds R¢#ricted funds Endowment funds 16 lJ91.881 76,752 3 345 762 1.6C)0.648 3 234.825 TOTAL FUNDS 5 014 395 4 925,473 Th¢ charitable company i$ entitled to exemption from audit under Section 477 of the Companies Acl 2006 for th¢ year ended 31 January 2024. The members hav¢ not Tcquired ihc company lo ohtain an audit of ils financial statements for the year end¢d 31 January 2024 in accordance with Section 476 of thc Companies Act 2006. The twste¢s a¢knowl¢d¥e their r¢sponsibiliiies for lal ensurirtg that the charitable company kccp5 accounting record5 that Comply with Sections 386 and 387 of the Companies A¢t 2006 and preparing financial statements which give a true and fair view of the state of affairs ofihe charitable Company as ai th¢ ¢nd of each financial year and of its surplu5 OT defi¢it for ¢a¢h financial ycar in accordance with thc requirements. of Scclions 394 and 395 and which othrrwi5r comply with the rcquircmcnt5 of the Companies Act 2(K)6 relating to financial statcmcnt& so far as applicable to the Charitable company. {bl The notes forn part of the5c financial Statements Page 6 coniinued...
The Wed F0MdtiOn B4l#n¢e Sheet- ¢ontlnued 31 JAnuary 2024 These financial ststetnents have prepord in accordance with th¢ provisions applicable to Charitable ¢ompan je5 subjeKt to the Sm] compffiies regime. 2111012024 The financial statemtt)ts were approved by the BoaTd of Tn]sttt54nd authorised for issue ¢M ............................................ and were si8nwJ on its bthalf by.. R Udovcny8- Trnstee H L Doyl¢- TNstee Thr Dote5 fomi part of these fJnanci&l statements Pag¢ 7
The Weald Found&iloTr Notes to the Flnantial Statements for the Year Ended 31 J•nuary 21124 ACCOUNTING POLICIES B8$18 of pr¢paring the finanrlal statements The financial slaletnents of the charitable Company, which is a public benef)t cDtity under FRS 102. have been prepared in accordallcc with thc Charitics SORP IFRS 1021 'Accounting and Reporting by Charittes.. Statement of Recommended Practice applicablc tts ¢harities preparing their accounts in accord4n¢e wilh lh¢ Financi31 Reporting Standard applicable in Ihc UK and Republi¢ of Ireland (FRS 1021 leffe¢iive l January 2019),, Financial Reporting Standard 102 The Financial Reportin8 Standard applicable in the UK artd Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared undcr thc hislori¢al c08t convtntion. with Ihe exception of invcstrncnts which are included at markei value. The principal accounting policits adopted are set out below. The financial statements are prepared in si¢rling. which is Ihc functional currency of th¢ ¢h8rity. Monetary amounts in Ihtse financial $lAiemeni8 are rounded the neArest £. Flnanelal Assets and Il#bllltle$ Thc cornpany has applied the provisions of Section I I 'Ba5ic Financial Inrument$' of FRS 102 to all of it5 rinancial instruments. FlnAn¢lal A$8¢ts Financial a¥yeis are recognised in Ihe company'% %tatement orrinan¢iAI position wh¢n the Company becomes party to th¢ conira¢luo1 provisions of the instrument. Finan¢ial ass¢is •r¢ c185sified inlo.%pccified cat¢Borieb. The cla$sifi¢aiion depends OTh thc nAture and purpose of the financial and is deieTrnined at the lime of recognition. Ba8ic financial a55e15. which include tradc and other receivbblesand ¢a5h and bank b818nees, are iniiially measured ai ITansaction priee in¢luding IrAn%a¢iion cosis and are sub%e4uenily carricd al arnortised ¢081 uiin8 Ihe cffecliv intere51 mcihod. unles5 the arrangemeni ¢on¥¢itut¢¥ & finon¢ing tronyaction. whcrc the Iraiisxiion 14 measured al the present value of the future receipts discounied al 8 mark¢l Tale of interest. Finaneial asseL¥ are a>¥e%sed for indicators ofirnpairnent al each repoTiing end dalr. Financial 88sets are impaired where ihere 1$ objective evidence that. as a result of onc or more events that OC¢UTred after the recognition of Ihc financial assrfs, the t)mated fuiure Cash flow¥ have be¢n aff¢clcd. The impairn)ent Ioss is r¢co¥ni.sed in profil or loss. FinAneil li4bllhi¢s Basic financial liabilities, whi¢h includ¢ trode and oih¢T crcdiloT4 are initially rneasured transaction price. utLIcss the arrangement ¢onslitu(es a financing irAnsaclion, in which case the liability is measured at the prescnl valuc of Ihe future receipis dIUnted at a market rate of ini¢re$t. Financial liabiliti¢s ar¢ d¢re¢oEnis¢d when. and only when. the cornpany's obligations are discharged. cancelled, or they expire. In¢ome Incotne from donations 1$ recognised when the charity cntltlcmenl to the funds. &ny p¢rforniance conditjODS attached to the item.s have been met. it isprobable that the income will be received and the amountcan be measured reliably. Grants are recogrtised in the fjnancial statements when the charlty ha5 enliilcmcnl to the fund& it is probable that the in¢om¢ will be received and the amourl ¢an be measured reliably. PerfoFman¢e-related grant5 are recognised as income to ihe exlenl Ihai the charity has md the performance conditions. Membership tncome is reco8nised on the same basis as donation& givcn the 5ub5tance of thc subscription 15 a gift. Investment ineome is recolsed on a receivable ba5i5 once the amounts Can b¢ m¢asured reliably. Page 8 continued..
The Wehld FDbndAtlon Notes to the FiDancial Statement5 Colltlnued for the Year ts'nd¢d 31 J4nuary 2024 ACCOUNTING POLICIES- continued Expenditure Liabilitie5 are rccognised as expenditure &8 8oon as ihere 15 a legal or conslructive obligation comfftiitin8 Ihc charlty lo that expenditure, li is probable Ihat a transfer ofeconomic benefits will be required in settlement and the arnount of the obligation can be measured rr112bly. Expendiiure is accouDtcd for on an accruals basis and has bccn cla5sificd under headings that aggregate all cost relatcd to the category. The Chariiy ODly h&5 one eharit3ble activity 10 which direct and support costs arc allwat¢d. T*nglble Ilxed a$$ei$ Depreciation Is provid¢d 31 the followin8 annual rates in ordtt to WTlte off each asset over its estimatcd useful life. Office & Armoury- IO°/n Straight Lin¢ up 10 31101115 and ilcms purchascd thereatier ai SYO Siraight Line Plant & Ma¢hinery- IOYO Siraighi Line Ftsmiiure & FiltlDgs- 20U/o SiraigThi Line Motor Vehicley- 254h Straighi Ltne Computer kquipmentlweb Site- 25%110Vo Straight Line Herltfige assets Thcse are historic military vchicle4 thal are reiained in furtherance of the objccts of the Foundation, It is intended that the vehicle> bc rnaiHlaincd to a high standard and ihe Irus¢e¢ldir¢ctors con%ider thc ak4¢1.4 have indefinite lives and Ihcrcforc deprrciation need noi bc provided. Stocks Siock5 are valued ai the lower of cost and nel realisabl¢ value. after making duc allowiinc¢ for ob¥olet¢ and slow mi?ving ilcrns. Siock r¢presenis vchiclc pan5 acquired for future charitable use. T&xAtlon The charity is exempi from cerporaiion tax on its ¢haritable aciiviiics. Unreitricted fund% can be used in accordan¢e with the ¢hariiable objeetives ai the discretion of ihe tru51ecs. Rcstricled funds can only be u5cd for particular rcsiricicd purposes within Ihe obje¢is of the charity. RerictIonS arise when Specified by Ihe donor or whcTh funds arc raiscd for particular re%triLled purpoyes. Endowment funds COTnpri5c historic vehiclES held in relation 10 the chariiy's principal objects. During 2014115 investmeni held in a Gcrman property compAny. WohnPark Wunsdorf. w&5 ¥ifted to Ihc Foundalion. Fortlgn ourren¢le$ Assets and liabililie$ in foreign cUrnCle$ are tTanslal¢d intO.er11ns at Ihc ralcs of exchan¥e ruling ai the balance sheet dale. Tr2nsaction¥ in foreign currencie% are translalcd into slerling ai the rate ofexchang¢ ruling at thc date of transaction. Exchange differences are iaken inio a¢couni in arriving at ihc opcraling resuli. Donated fAcllltlcs The chaTtly received donated facilitie% during the year and these have been recogniseit at th¢ir fair value based on markei r¢ntal value of £9,000. Page 9 ¢Mtinued..-
The We•ld Foundtlon IYo¢¢S to the Flnancial St4terntrtts- tontinued for the Yer End¢d 31 J4nuAry 2024 INVESTMENT INCOME 2024 2023 Loan Int¢Test 60.489 63.6()5 NET INCOMEIIEXPENDITUREI A¢¢ount•Dty and IDdependent Examlner'$ F¢¢ Independent Examiners Fcc £2.50012023'. £2,520). Other services provided in the period by Brighiling & Co Aceount&nts Ltd included assist8nce with recording financial Iransaciions. running thc rnonthly payroll and general advice £8,57612023.' £2,218). TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneraiion or other b¢nefils for the yfdr cnded 31 January 2024 nor for the yr cnded 31 January 2023. Trustrti, expen9 There were no trueeS, expenses paid for th¢ year ended 31 january 2024 nor for ihe year ended 31 January 2023. STAFF COSTS AND AVERAGE NUMBER OF EMPLOYEES YeAr Ended YeAr Ended 31.1.2024 31.1.2023 Wages and salaries Social Security C0515 Pcnsion co$t5 Total 138,446 2,888 85.580 144,657 86,745 Y¢Ar ended 31.1.2024 Yer ¢nded 31.A.2023 Salari&% and staff trainin8 Rechar¥ed to subsidiary (The Weald Tradin8 Company Ltd) Le$s.' Capiialised (Historie assets) 144,657 112.6891 86,745 19.9311 Direct charilAble expenditure 78,024 19,693 The average weekly number of cmployce5 during tht y¢or {¢xcluding director51 was 6 12023.. 51. No employee Teceived emoluments greater than £60,000. The principal responsibility of th¢ employees is the resloralitsn and maintenance of historic military vehicles. Employee costs of 3.94412O23.. £57,121) based on tirne spent on th¢ ¢harity's various restoration project4 W¢Te c&pitslised as addition5 to histori¢ vehic1&8 {5ee note 8 below) during the year. Page 10 continued...
The Weald Foundation Note5 to tht Fi4¢141 StAtements- tontinved lor the Y¢ar Ended 31 JY4nuAry 2024 COMPAIL4TIVES FOR THE STATEMENT OW FINANCIAL ACTIVITIFS Unrtstritied fund5 Rc51ricted fund Endowment fund Total funds IIYCOME AND ENDOWMEP4TS FROM Donations and legacies 39.041 39.041 Ch&ritAble Activities Membcr5hip Fee5 10.350 10.350 Investment inetsme Other income 63.665 63,665 Tot•1 116,836 116836 EXPENDITURE ON Charltable attlvlties Governance Costs MaThagcmcnl Staff & Workshop co$ 10.210 19.251 10,210 lQ.251 69.023 Total Net Kain¥ on investments 1.216 NET INCOME Traosfern between fund* 9.508 134,2061 29.568 134,206 Net rnovement In fund5 1104.6.381 134.206 29,568 RECONCILIATION OF FUNDS Total funds brou8ht forward 1,795,286 3,100,619 4,895,905 TOTAL FUNDS CARRIED FORWARD 1690 648 3.234.825 4 925.473 Page 11 continued..-
The Weald Found8tion Notes to the Finathelf&l Statements eontinued for the Y¢ar End¢d 31 January 2024 TANGIBLE FIXED ASSETS Office & Armoury PlaDt and machinery Fumitur¢ & Fittings COST At l February 2023 Disposals 104.994 5,878 46,308 At 31 Jllnuary 2024 104.994 46,308 DEPRECIATION At l Fcbruary 2023 Charge for year EIiTninatEd on disposal 65.642 2,492 2,589 588 46.037 251 At 31 January 2024 68.134 46.308 NET BOOK VALUE Ai 31 January 2024 2.701 Ai 31 January 2023 3,289 251 Computer equipment &Web Motor vehicles Totals COST Ai l February 2023 Disp05als 18.8( 37.495 5,681} 213,541 At 31 January 2024 18.2b6 207.260 DEPRECIATION At l February 2023 Char8e for year Elimlllai on disposal 18,866 25,474 2.396 158,628 5,727 At 31 Jaftuary 2024 158.074 NET BOOK VALUE A¢ 31 January 2024 9.625 At 31 January 2023 12.021 54.913 Page 12 continued...
The Wexld Foundation Notes to ihe FinAlltlal Statements- cont+nued for the Y¢ar Ended 31 January 2024 HERITAGE ASSETS 21124 2023 2022 2021 2020 Brought f(pfw2rd at valuation wh¢n gifted 5ubsequeni addiiions, at C05t 990,000 ?44 825 3.234.825 990.000 2 IID619 3.100,019 990.000 990,000 990.000 ?.947.306 2.833.173 2.700.695 32 Additions in year. ai cost caled forward 3.345,762 3.234.825 3,100.619 2,947.366 2.833. 173 Thesc comprise World W2r11 military vchicles iniiially ¥ifted to ihc Foundation by Mr M C Gibb. a trustee director of ihe Foundation. Sub%cquenily the Charity has spent significant resources in renowaiing and acquiring furthcT vehicles. In addiiion io the%e vchielc., Mr Gibb loaned the Foundation 6 furth¢r World War 11 tnilitary vehicles wilh an estimaied valu¢ of £477,000, which are not a¢counled for in the balance %heci. Thc%e vehicles wcre originally loaned io the Foundalion for an initial period of 3 y¢ars from January 2003. The loan wa4eKtcndcd for a further period 01. 5 years from January 2006. During lh¢ year endcd 31 January 201kn Mr Gibb loaned the Foundarion a furthcr World War11 rniliiary item which 15 al%0 not accounted for in the balancc $htti. This itein has be¢n loaned to the Foundalion for an inilial period 01.6 years from February 2005. Thcreafter. Ihc loan pcriods rnay be exlcndcd by rnulual agreemeni and hav¢ be¢n. During the period of loans the Foundation will be dble 10 Ircat the vehicles as Ihcir own and display them from lirne lo tirne along with Lis own vehicles. 'fh¢ Foundatio will bc rtsponsible for insurin¥ And mainlainin¥ the vehicles during Ihe period ofioan. FIXLD ASSF.T INVESTMENTS Unlisred invcsiineni MARKET VALUE At l February 2023 and Jl January 2024 NF.T BOOK VALUE At 31 January 2024 AL 31 January 2023 This reprcsentf* of the issued share capital of The Weald Trading Company Limited lrtgistered number 0810523171. The Weald Trading Company donates its surplus profils to The Wcald Foundaiion annually once The Weald Trading Company'5 annual accounts have been approved and filed with Companies Hou5c. The Weald Foundation Ihcreforc rccoTd5 the donation rc¢eived using th¢ cash basi5. The sumrnary of Ihc financial perfortnallee of the subsidiary for the Year Endcd 31 january 2024 15 as follows.. TuTnover.' £81,319 ExpenditUT¢.' £29,737 Donation.. £45,861 Net profitlllo8$1.' £5,721 Net aet5.. £79,322 Page 13 coniinued...
The Weald FoundY4tlon Note$ to the FlnAnelal St%temeDt¥- contlnued for the Year Ended 31 Janyary 2024 io. STOCKS 2024 2023 Stocks 28.1)92 27.969 DEBTORS: AMOUIYTS FALLINC DUE WITHIN ONE YEAR 2024 2023 Trade debiors Amounts owed by panictpatlng intere515 3,120 470 12. CURRENT ASSET INVESTMENTS 2024 2023 Loan5 to Tru51 1575 300 1646 226 13. CASH AT BANK AND IN HAND 2024 Total funds 2023 Total Bank a¢couni Foundalitsn Membership Ac¢ouni Paypal Membership 2.312 538 241 1,074 651 69 Total 3.091 L4. CREDITORS,. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 B8nk Overdraft & Credit Card Istt note 16) Trade Creditors Amounts owed to group undertakingiTr So¢ial security and other tax¢s Wages Control Account A¢¢ruals and d¢ferred incorn¢ 1,750 12,453 23,107 3,282 10.925 2,466 3,726 35,133 1,492 6.341 75.385 52,338 Page 14 ¢oniinued...
The Weald Foundatlott Notes to the FinAnelxl Sttemtnts- continued for the Yer Ended 31 J*nuthry 2024 15. LOANS 2024 2023 Amounts falling due within one year on demand Cr¢dit Card 16. MOVEMENT IN FUNDS Net movement in fvnds Transfe between funds At 31.1.24 Ai 1.2.23 Uthratrltted fundb Unrestrieted Funds- Gener 1,69KI,648 12.170 (110.937) lJ91,881 Restrlrted fundi Reslria¢d Fund 76,752 76.752 Endowment Endowment Fynd 3,234,825 110,937 3,345,762 TOTAL FUNDS 4 925 473 5 014395 Net movcment in fund4 includcd in the abo pr¢ as follows: Incomin8 Resources r¢8ourca expended Gain8 and losses Movement in fvnds Unrutrlcttd fvnds Urtre$tricted Funds- Genera] {128.124) 11,183 12,170 Restrkt¢d fyndi Restricted Fund 118,020 {41268) 76,752 TOTAL FUIYDS 247 131 169.392 Page 15 continued...
The Wed Found#don Notes to the Financsal Siatem¢nt5- continued for the Year Ended 31 JfiDwhry 2024 J6. MOVEMENT IN FUIYDS- continued Comp¥JrHtives for movement lth fvnds Net mov¢menl in funds Transfers between funds At 31.1.23 At 1.2.22 Unrestrleted fund$ Unrcstricted Funds. General 1,795.286 29.568 (134,2061 1,690.648 Endowment furtdi Endowment Fund 3,100,619 134.206 3.234,825 TOTAL FUNDS 4 895 905 29.508 4 925.473 Comparative net movemcnt in fund& included in ihe above ar¢ follows.. InrnIng resources Resources cxpettded Gains and 1058¢5 Movcrn¢nl in funds Unreitrleted fund8 Unrestricted Funds- G¢n¢Tal 116,836 {98,484) 29,568 TOTAL FUNDS 110.836 gR.484} 29.568 A current year 12 months and prior year 12 months combined position is as follows.. Nei movement in funds Transfers belwcEn funds At 31.1.24 Al 1.2.22 Unre8trltted funds Unrc5tricicd Funds- General 1,795,286 41,738 1245,143) 1,591,881 Reltrleted fundi Re51TiCtcd Fund 76,752 76,752 Endowment fund8 Endowment Fund 3,1(K),619 245,143 3,345.762 TOTAL FUNDS 4 895 905 118490 5,014,395 Page 16 ¢ontinJed..
Th¢ Weald Foundtion Notes to the Firtttelal Stgtements- contlnued for the Year Ended 31 January 2024 16. MOVEMENT IN FUIYDS- eontlNu¢d A ¢urrent year 12 months and prior year 12 month5 combincd net movement in funds in¢lud¢d in the abovc are as follows.. Incoming resour5 Resources expended Gains and Ios5CS Movcmeni in funds Unre$tri¢ted fund unrestrled Funds- General 245,947 1226.6081 22.399 41,738 R¢8tri¢t¢d funds Resiricted Fund 118,020 {41,2681 76,752 TOTAL FUNDS 363,967 267 8761 118.490 TrAnsfer# behvetn funds A tran¥ftr of £110,937 12023.. £134,206) from unr¢stri¢t¢d to endowmLXt funds. This represents txpcnditure incurred during the year in relation 10 hiMoTiC assets. The expenditure includes salary Co8, ¢ngineering costs and Ihe ¢051 of vehicle pans. Thes¢ ¢oMs have been capilalised as additions to h2Storic as5et¥ (see note 8 above). 17. RELATED PARTY DISCLOSURES During the year Mr Gibb, a irnsiee of the charity. PTovided rent free officc %pace and siord8e facilitlCS to house lh¢ foundaiion$ v¢hi¢les. The iruslees, best esiimale of the value ofihi$ gift is £9,OIK) per annurn12023.. £9,000) and thi5 h85 been reflected in the Sialemenl cf Financial Activities as 'Gift$ in kind" with an cquivalent ¢o¥t included in 'Supporl costs., During the year Mr Gibb mei expenses personally on behalf of thc charity of £9,542. The Charity paid for some of Mr fjibb's electricity . ¢¢lephon¢ and farm expen%es during the year arnounting 10 £11.956 and accountancy f¢es for Wohnpark Wunsdorf l£1,9501, a company thai Mr Gibb 18 the major shareholder of And which has an out51anding loan to the Foundation of £1.575.300 85 at 31 January 2024. A5 at 31 January 2024 MT Gibb owcd the Foundation £4,833 {2023.. £470). At the ye&r end. The W¢ald Trading Company Limited, a wholly owned subsidiary of the Foundation. had madc a net I¢ydn of £23,107 10 the Foundaiion (2023.. £35,133}. This amount Is Shown within Creditors-.Amoun15 Falling Dut Within One Year (Note 141. The Weald Trading Company Limiied made donations of £45.861 to the Foundation.12023.. £30.041). Page 17
The WeAid Foundtlofy Det8lled Statement of Fin&ncil Activities for the Year Ended JI JanuAry 2024 2024 2023 INCOME AND ENDOWMENTS DonAtions And ]eRleS Donation5 Gitls in Kind 45,861 9,0(MJ JO.041 9.000 54,861 39.041 Inve8tment Intome Loon Interest 60,489 63,665 Ch•rrtAble attivitiel Membership Fee5 Education ProramMe Income Grants 12,147 769 118020 10.350 130,936 10.350 Other Ineome Sundry Income Rental In¢om¢ 6( 3,1 2(J 845 845 Tot&1 Incornlni regour¢ 247,131 116,836 EXPENDITURE Charltable *ttlvltl¢J En8ineer5' wagcs Ilncl Nll Apprentiecslocc Wages Vehicl¢ maintenance and engine 13,947 64,077 3,351 4,68 8,912 3,629 6,317 11.792 1.768 5.905 7.856 1.837 13,886 558 10,433 2,075 4,114 7,173 1.212 6.981 In$uran¢e and security costs TTOvel Expenses Shows and promotions Sundries Vehicle runnin8 Costs Website and IT Ftts Deprec22lion of tangible fixed a&scts 126.878 69,023 Support tosts Man•g¢m¢nt Office and Storage Faciliii¢s Telephone Posta¥r and stationery Bank Charges Carried forward 12,615 1.778 1.081 1,396 16.870 10,396 1.883 2,152 15,582 Thi5 pa8c docq not fonn part of the statutory financial statements Page 18
The Weald Found&tion Detslled Statement of Fkninci•l Activitle• for the Y¢8r ded 31 JiDuary 2024 2024 2023 Management Brought forward Dcpreciation of tsngible fixed assets 16,870 3.235 15.582 20,105 19.251 Governance costs Accountancy and legal fcc8 Consultancy Fee 19,605 8.210 Total resourc¢s ¢xp¢nd¢d 169392 98.484 Net Income Ixfore glns illd loMe• 77.739 18,352 unrld r¢¢ognld Unrealised gainsl{loss¢$l on Inv¢5tm¢nt Loan 11.216 Net 5rttome 2Q.568 This p4c docs not fonn part of thc statutory fLnan£ial 5totcments Page 19