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2025-01-31-accounts

THE WEALD FOUNDATION TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

The Laurel Partnership Ltd 16 Broad Street Eye Suffolk IP23 7AF

The Weald Foundation Contents

Page
Trustees' Report 1—4
Independent Examiner's Report 5
Statement of Financial Activities (including Income and Expenditure Account) 6
Comparative Statement of Financial Activities (including Income and Expenditure Account) 7
Statement of Financial Position 8—9
Notes to the Financial Statements 10—19
The following pages do not form part of the statutory accounts:
Detailed Statement of Financial Activities (including Income and Expenditure Account) 20—21

The Weald Foundation Company No. 04646919 Trustees' Report For The Year Ended 31 January 2025

The trustees present their report and the financial statements for the year ended 31 January 2025.

Achievements and Performance

Main Achievements

Introduction

The Foundation had a difficult year with the sudden tragic death of Michael Gibb, our founder and benefactor, in October 2024. Despite this, we completed our Heritage Lottery Scheme funded project successfully. This enabled large groups of disadvantaged people to benefit from our experience in saving history. On the vehicle front our main event was the latest unveiling of the fully restored Panzerspähwagen Sd.Kfz.223 Ausf.A for our members and their guests at the Open Day in June 2024.

Restoration Projects

Our activities this year have primarily been focused on the immediate projects facing us from our restoration schedule which was planned out to 2037.

The Panzerspähwagen (Fu) (Sd.Kfz.223) Ausf.A 3.Serie was the main beneficiary of our attention in 2024. This project has been particularly challenging given the rarity of the vehicle. Given that the vehicle dated from 1939, so effectively prewar, there was a scarcity of archive information available on the interior.

Restoration work has now commenced on our M.G. Carrier Local Pattern No 1 (Australian). Developed in Australia this LP1 carrier was planned to be the first vehicle of our ‘Empire Collection’ that would highlight how armoured vehicles had to be developed under war time pressure in various parts of the former empire.

The National Lottery Heritage Scheme continued throughout 2024. Attendance at the events held here at the Weald Foundation premises was good and accompanied the launch of a series of nine documentaries that we provided under the terms of the National Lottery Heritage Fund scheme.

Documentaries were a relatively new exercise for the Foundation which we relish given the opportunity to talk about the specifics and research which we have gathered over the years. We are sure that this effort will improve over time as we build on our experience.

Staff and Volunteers

Our new apprentice is following in the footsteps of the apprentice who completed his apprenticeship here and at the Heritage Skills Academy. He is now the main contact for the Trustees in the day to day operation of our restoration projects and is rapidly gaining management skills and experience for the future. Our volunteer base has stayed the same throughout the year providing vital help in finishing projects for deadlines and providing crucial assistance for events involving the public.

Financial Review

Financial Position

Total incoming resources amounted to £132,203 (2024: £247,131), with total outgoing resources amounting to £248,683 (2024: £158,209). The outgoings figure for this year includes an unrealised exchange rate (loss)/gain of (£65,398) (2024: £11,183).

Costs of £118,309 (2024: £110,937) were capitalised in relation to expenditure incurred on historic assets.

The Weald Trading Company Limited (a wholly owned subsidiary) made a profit for the year ending 31 January 2025 of £30,203 (2024: £51,582) before accounting for the 2024 donation of £47,228 and will be making a donation to the Foundation of £33,225 (2024: £47,228).

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.

Page 1

The Weald Foundation Trustees' Report (continued) For The Year Ended 31 January 2025

Reserves Policy

Funds are maintained at a level that the Trustees deem sufficient to maintain the activities of the charity. At 31 January 2025 the charity's reserves held in General Unrestricted Funds amounted to £1,413,884 (2024: £1,591,881).

Going Concern

The Trustees have assessed the charity's ability to continue as a going concern and have concluded that there are no material uncertainties that cast significant doubt upon the charity's ability to continue as a going concern for at least 12 months from the date of approval of these financial statements.

Structure, Governance and Management

Governing Document

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.

Trustee Selection Methods

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 three, but no more than seven, 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 consider 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.

Additional Note

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 charity's aims and objectives and in planning future activities.

Related parties

Note 18 to the accounts provides details of transactions with related parties.

Risk Policy

The Trustees have carried out an assessment of the major risks to which they consider the charity is exposed and have taken steps to mitigate those risks. 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.

Page 2

The Weald Foundation Trustees' Report (continued) For The Year Ended 31 January 2025

Reference and Administrative Details

Trustees

H L Doyle R Udovenya Mrs C R Wetton Mr G A Portelli Company Secretary Mr H J Dellar Charity Number 1099261 Company Number 04646919 Registered Office 1 The Sanctuary Westminster London SW1P 3JT Independent Examiner

Matthew Aldous FMAAT The Laurel Partnership Ltd 16 Broad Street Eye Suffolk IP23 7AF

Page 3

The Weald Foundation Trustees' Report (continued) For The Year Ended 31 January 2025

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Hilary Doyle (Nov 29, 2025, 10:12am)

H L Doyle Trustee 29/11/2025

Page 4

The Weald Foundation Independent Examiner's Report to the Trustees of The Weald Foundation For The Year Ended 31 January 2025

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2025.

Responsibilities and Basis of Report

As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Matthew Aldous

Matthew Aldous (Nov 29, 2025, 10:18am)

Matthew Aldous FMAAT 29/11/2025 16 Broad Street Eye Suffolk IP23 7AF

Page 5

The Weald Foundation Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 January 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities:
Education Programme
Membership subscriptions
Other trading activities
4
Investments
5
Other
6
EXPENDITURE ON:
Charitable activities:
8
Staff & Workshop
Office Costs
NET (EXPENDITURE)/INCOME
BEFORE INVESTMENT
(LOSSES)/GAINS
Net (losses)/gains on investments
NET (EXPENDITURE)/INCOME
Transfers between funds
21
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
21		 Unrestricted
funds
£
57,293
-
7,099
581
52,098
715		 Restricted
funds
£
14,417
-
-
-
-
-		 Endowment
funds
£
-
-
-
-
-
-		 2025
Total
funds
£
71,710
-
7,099
581
52,098
715		 2024
Total
funds
£
172,881
769
12,147
-
60,489
845
117,786 14,417 - 132,203 247,131
(60,582)
(55,389)		 (67,314)
-		 -
-		 (127,896)
(55,389)		 (116,483)
(52,911)
(115,971) (67,314) - (183,285) (169,394)
1,815
(65,398)		 (52,897)
-		 -
-		 (51,082)
(65,398)		 77,737
11,185
(63,583)
(114,414)		 (52,897)
(3,895)		 -
118,309		 (116,480)
-		 88,922
-
(177,997)
1,591,881		 (56,792)
76,752		 118,309
3,345,762		 (116,480)
5,014,395		 88,922
4,925,473
1,413,884 19,960 3,464,071 4,897,915 5,014,395

The notes on pages 10 to 19 form part of these financial statements.

Page 6

The Weald Foundation Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 January 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities:
Education Programme
Membership subscriptions
Investments
5
Other
6
EXPENDITURE ON:
Charitable activities:
8
Staff & Workshop
Office Costs
NET INCOME BEFORE INVESTMENT GAINS
Net gains on investments
NET INCOME
Transfers between funds
21
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
21		 Unrestricted
funds
£
54,861
769
12,147
60,489
845		 Restricted
funds
£
118,020
-
-
-
-		 Endowment
funds
£
-
-
-
-
-		 2024
Total
funds
£
172,881
769
12,147
60,489
845
129,111 118,020 - 247,131
(76,019)
(52,107)		 (40,464)
(804)		 -
-		 (116,483)
(52,911)
(128,126) (41,268) - (169,394)
985
11,185		 76,752
-		 -
-		 77,737
11,185
12,170
(110,937)		 76,752
-		 -
110,937		 88,922
-
(98,767)
1,690,648		 76,752
-		 110,937
3,234,825		 88,922
4,925,473
1,591,881 76,752 3,345,762 5,014,395

The notes on pages 10 to 19 form part of these financial statements.

Page 7

The Weald Foundation Statement of Financial Position As At 31 January 2025

Notes
FIXED ASSETS
Tangible Assets
13
Heritage Assets
14
Investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Investments
18
Cash at bank and in hand
Creditors: Amounts Falling Due Within
One Year
19
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS OF THE CHARITY
Endowment Funds
Restricted Funds
Unrestricted Funds
TOTAL FUNDS
21		 Unrestricted
funds
£
44,158
-
5,000		 Restricted
funds
£
-
-
-		 Endowment
funds
£
-
3,464,071
-		 2025
Total
funds
£
44,158
3,464,071
5,000		 2024
Total
funds
£
49,186
3,345,762
5,000
49,158
28,092
1,315
1,427,886
400		 -
-
25,568
-
-		 3,464,071
-
-
-
-		 3,513,229
28,092
26,883
1,427,886
400		 3,399,948
28,092
83,349
1,575,300
3,091
1,457,693
(92,967)		 25,568
(5,608)		 -
-		 1,483,261
(98,575)		 1,689,832
(75,385)
1,364,726 19,960 - 1,384,686 1,614,447
1,413,884 19,960 3,464,071 4,897,915 5,014,395
1,413,884 19,960 3,464,071 4,897,915 5,014,395
3,464,071
19,960
1,413,884		 3,345,762
76,752
1,591,881
4,897,915 5,014,395

Page 8

The Weald Foundation Statement of Financial Position (continued) As At 31 January 2025

For the year ending 31 January 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the charitable company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

R Udoven a y

Hilary Doyle (Nov 29, 2025, 10:12am) 9:14pm) H L Doyle Trustee Trustee 29/11/2025

Richard Udovenya (Nov 29, 2025,9:14pm)

R Udovenya

The notes on pages 10 to 19 form part of these financial statements.

Page 9

The Weald Foundation Notes to the Financial Statements For The Year Ended 31 January 2025

1. General Information

The Weald Foundation is a company limited by guarantee, incorporated in England & Wales, registered number 04646919 and registered charity number 1099261. The registered office is 1 The Sanctuary, Westminster, London, SW1P 3JT.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements 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 charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern Disclosure

The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern.

2.3. Fund Accounting

Unrestricted funds may be used in furtherance of any of the charitable objectives at the discretion of the trustees.

Restricted funds are only to be used for certain specific purposes as stipulated by the donor.

Endowment funds comprise historic military vehicles held in relation to the charity's principal objects.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.4. Incoming Resources

Income from grants and donations is recognised when the charity has entitlement to the funds, any performance conditions attached to the items have been met, it is probable that the income will be received and the amount can be measured reliably.

Membership income is recognised on the same basis as donations, given the substance of the subscription is a gift.

Investment income is recognised on a receivable basis once the amounts can be measured reliably.

2.5. Donated Goods and Services

The charity received donated services during the year in relation to office and storage facilities. These have been recognised as income at fair value based on an estimated market rental value of £9,000. An equivalent amount is included in expenditure.

2.6. Resources Expended

Expenditure is recognised in the accounts 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.

The charity only has one charitable activity to which direct and support costs are allocated.

Page 10

The Weald Foundation Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold Office & Armoury - 10% and 5% straight line Plant & Machinery 10% straight line Motor Vehicles 25% straight line Fixtures & Fittings 20% straight line Computer Equipment 25% and 10% straight line

2.8. Heritage Assets

Heritage assets consist of military vehicles that are retained in furtherance of the objects of the charity. It is the intention to maintain the vehicles to a very high standard and the trustee-directors consider the assets have indefinite lives. Depreciation is therefore not provided.

2.9. Investments

2.10. Stocks and Work in Progress

Stocks and are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks. Stocks consist of vehicle parts acquired for use in the maintenance and repair of the heritage assets.

2.11. Financial Instruments

The charity only holds basic financial instruments as defined in Section 11 of FRS 102. These are recognised at transaction price and subsequently measured at amortised cost:

The charity does not hold any complex financial instruments such as derivatives or instruments measured at fair value.

The trustees consider that the carrying amounts of financial assets and liabilities approximate their fair values.

2.12. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus.

2.13. Taxation

The charity is exempt from tax as all its income is charitable and applied for charitable purposes.

3. Income from Donations and Legacies

Page 11

The Weald Foundation Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

Donations and gifts
Grants
Donated goods, facilities and services
Donations and gifts
Grants
Donated goods, facilities and services
4.
Income from Other Trading Activities
Income from other trading activities
5.
Investment Income
Other interest receivable
6.
Other Income
Rental and other income from property		 Unrestricted
funds
£
48,293
-
9,000		 Restricted
funds
£
-
14,417
-		 2025
Total
funds
£
48,293
14,417
9,000
57,293 14,417 71,710
Unrestricted
funds
£
45,861
-
9,000		 Restricted
funds
£
-
118,020
-		 2024
Total
funds
£
45,861
118,020
9,000
54,861 118,020 172,881
2025
Unrestricted
funds
£
581		 2024
Unrestricted
funds
£
-
2025
Unrestricted
funds
£
52,098		 2024
Unrestricted
funds
£
60,489
2025
Unrestricted
funds
£
715		 2024
Unrestricted
funds
£
845

Page 12

The Weald Foundation Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

7. Net Income/(Expenditure)

The net (expenditure)/income is stated after charging/(crediting):

Depreciation of tangible fixed assets - owned

2025 2024
£ £
5,028 5,727

8. Analysis of Expenditure

Staff & Workshop
Office Costs
Staff & Workshop
Office Costs
.
Support Costs
Employee costs
Premises expenses
General administration
Governance costs		 Activities
undertaken
directly
£
39,640
1,899		 Support costs
(see note 9)
£
88,256
53,490		 2025
Total
£
127,896
55,389
41,539 141,746 183,285
Activities
undertaken
directly
£
31,091
6,094		 Support costs
(see note 9)
£
85,392
46,817		 2024
Total
£
116,483
52,911
37,185 132,209 169,394
Staff &
Workshop
£
62,715
15,184
10,357
-		 Office Costs
£
-
18,767
3,427
31,296		 2025
Total
£
62,715
33,951
13,784
31,296
88,256 53,490 141,746
  1. Support Costs

Page 13

The Weald Foundation Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

Employee costs
Premises expenses
General administration
Governance costs
10.
Independent Examiner's Remuneration
Independent examination of the financial statements
11.
Staff Costs
Staff costs were as follows:
Wages and salaries
Social security costs
Other pension costs		 Staff &
Workshop
£
64,287
13,600
7,505
-		 Staff &
Workshop
£
64,287
13,600
7,505
-		 Office Costs
£
-
13,702
10,706
22,409		 2024
Total
£
64,287
27,302
18,211
22,409
85,392 46,817 132,209
2025
£
2,320
2025
£
76,406
6,333
3,475
86,214		 2024
£
2,500
2024
£
71,813
2,887
3,323
78,023

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

12. Average Number of Employees

Average number of employees during the year was: 6 (2024: 6)

13. Tangible Assets

3.
Tangible Assets
Cost
As at 1 February 2024
As at 31 January 2025		 Land &
Property
Freehold
£
104,994		 Plant &
Machinery
£
5,878		 Motor
Vehicles
£
18,266		 Fixtures &
Fittings
£
46,308
104,994 5,878 18,266 46,308

...CONTINUED

Page 14

The Weald Foundation Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

Depreciation
As at 1 February 2024
Provided during the period
As at 31 January 2025
Net Book Value
As at 31 January 2025
As at 1 February 2024
Cost
As at 1 February 2024
As at 31 January 2025
Depreciation
As at 1 February 2024
Provided during the period
As at 31 January 2025
Net Book Value
As at 31 January 2025
As at 1 February 2024
14.
Heritage Assets
Cost
As at 1 February 2024
Additions
As at 31 January 2025
Net Book Value
As at 31 January 2025
As at 1 February 2024		 68,134
2,492		 3,177
588		 18,266
-		 46,308
-
70,626 3,765 18,266 46,308
34,368 2,113 - -
36,860 2,701 - -
Computer
Equipment
£
31,814		 Total
£
207,260
31,814 207,260
22,189
1,948		 158,074
5,028
24,137 163,102
7,677 44,158
9,625 49,186
Other
£
3,345,762
118,309
3,464,071
3,464,071
3,345,762

The table below displays the five-year summary of heritage assets transactions recognised on the balance sheet. These assets comprise World War II military vehicles, a number of which were gifted to the Foundation by the late Mr MC Gibb, a trustee director of the Foundation. Subsequently, the charity has spent significant resources in restoring these and acquiring further vehicles.

Page 15

The Weald Foundation Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

2025 2024 2023 2022 2021
£ £ £ £ £
Acquisitions
Other 118,309 110,937 134,206 153,253 114,193
15.
Investments
Cost or Valuation
As at 1 February 2024
As at 31 January 2025
Provision
As at 1 February 2024
As at 31 January 2025
Net Book Value
As at 31 January 2025
As at 1 February 2024		 Unlisted
£
5,000
5,000
-
-
5,000
5,000

Subsidiaries

Details of the charitable company's subsidiaries as at 31 January 2025 are as follows:

Name of undertaking Registered Office Class of shares Direct Indirect
held holding holding
The Weald Trading Company
Limited		 Vine Hall Farm, Bethersden,
Ashford, Kent, TN26 3JY		 Ordinary 100.00% -

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

Capital and Profit/(loss)
Reserves
£ £
The Weald Trading Company Limited 62,297 (17,025)
The Weald Trading Company Ltd donates its surplus profits annually to The Weald Foundation, once its accounts and tax
returns have been approved and submitted. The Weald Foundation accounts for the donation on receipt of funds.
16.
Stocks
2025 2024
£ £
Stock 28,092 28,092

Page 16

The Weald Foundation Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

17. Debtors

Due within one year
Amounts owed by participating interests
Other debtors
18.
Current Asset Investments
Other investments, held for sale
See note 23 for full details.
19.
Creditors: Amounts Falling Due Within One Year
Trade creditors
Amounts owed to group undertakings
Amounts owed to participating interests
Other creditors
Taxation and social security
Accruals and deferred income		 2025
£
-
26,883
26,883
2025
£
1,427,886
2025
£
27,165
21,443
29,559
9,809
2,949
7,650
98,575		 2024
£
4,833
78,516
83,349
2024
£
1,575,300
2024
£
12,453
23,107
-
12,681
3,282
23,862
75,385

20. Pension Commitments

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

During the year the charge to the statement of financial activities in respect of defined contribution schemes was £3,475 (2024: £3,323).

At the statement of financial position date contributions of £190 (2024: £306) were due to the fund and are included in creditors.

Page 17

The Weald Foundation Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

21. Movement in Funds

Unrestricted funds
General:
General unrestricted fund
Restricted funds
HLF Heritage Lottery
Endowment funds
Permanent:
Endowment Fund
Total funds
Unrestricted funds
General:
General unrestricted fund
Restricted funds
HLF Heritage Lottery
Endowment funds
Permanent:
Endowment Fund
Total funds		 As at 1
February
2024
£
1,591,881
76,752
3,345,762		 Income
£
117,786
14,417
-		 Expenditure
£
(181,369)
(67,314)
-		 Transfers
£
(114,414)
(3,895)
118,309		 As at 31
January 2025
£
1,413,884
19,960
3,464,071
5,014,395 132,203 (248,683) - 4,897,915
As at 1
February
2023
£
1,690,648
-
3,234,825		 Income
£
129,111
118,020
-		 Expenditure
£
(116,941)
(41,268)
-		 Transfers
£
(110,937)
-
110,937		 As at 31
January 2024
£
1,591,881
76,752
3,345,762
4,925,473 247,131 (158,209) - 5,014,395

22. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

Page 18

The Weald Foundation Notes to the Financial Statements (continued) For The Year Ended 31 January 2025

23. Related Party Disclosures

During the reporting period, Mr Gibb provided rent free office space and storage facilities to house the Foundation's vehicles. The trustees' best estimate of the value of this gift is £9,000 per annum (2023: £9,000) and this has been reflected in the Statement of Financial Activities as donated services, with an equivalent cost included in office & storage costs.

During the year Mr Gibb met expenses personally on behalf of the charity of £3,525 (2024: £9,542). The Charity paid for some of Mr Gibb's farm expenses during the year amounting to £1,133 (2024: £13,906).

As at 31 January 2025, Mr Gibb had provided net funds totalling £29,559 to the Foundation. Mr Gibb died unexpectedly in October 2024. Due to the absence of documentation concerning the nature of these funds, the Foundation is presently unable to ascertain whether those funds were in the nature of a loan or a charitable donation from Mr Gibb, but investigations are continuing. At 31 January 2024, Mr. Gibb owed the Foundation £4,833.

The Foundation has a loan outstanding to Wohnpark Wunsdorf GmbH, a German company of which Mr. Gibb was a majority shareholder until his death. At 31 January 2025 the balance on the loan was £1,427,886 (2024: £1,575,300). Interest on the loan is charged at a rate of 3.75% per annum.

At the year end, The Weald Trading Company Limited, a wholly owned subsidiary of the Foundation, had made a net loan of £21,443 to the Foundation (2024: £23,107). This amount is shown within Note 19: Creditors:Amounts Falling Due Within One Year. During the year, The Weald Trading Company Limited made donations of £47,228 to the Foundation. (2024: £45,861).

24. Company limited by guarantee

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.

Page 19

The Weald Foundation Detailed Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 January 2025

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Donations from individuals
Donations from organisations
Grants
Donated services
Charitable Activities:
Education Programme
Income from charitable activities
Membership subscriptions
Income from charitable activities
Other trading activities
Income from other trading activities
Investments
Loan interest
Other
Rental and other income from property
EXPENDITURE ON:
Charitable Activities:
Staff & Workshop
Purchases
Wages and salaries - Engineers
Employer's NI - Engineers
Employer's pensions - Engineers
Travel and subsistence expenses
Vehicle running costs
Computer software, IT consumables and maintenance
Depreciation		 2025
Total
funds
£
1,065
47,228
14,417
9,000
71,710
-
-
7,099
7,099
581
581
52,098
52,098
715
715

Page 20

The Weald Foundation Detailed Statement of Financial Activities (including Income and Expenditure Account) (continued) For The Year Ended 31 January 2025

Apprentice & office wages
Employers NI - apprentices & office staff
Employers pensions - defined contributions scheme - apprentices & office staff
Staff training
Light and heat
Insurance & security costs
Shows & promotions
Office Costs
Telephone & broadband
Printing, postage and stationery
Depreciation
Cleaning & waste removal
Office & storage costs
Subscriptions
Bank charges
Other office costs
Independent examiner's fees
Accountancy fees
Legal fees
Consultancy fees
NET (EXPENDITURE)/INCOME BEFORE INVESTMENT (LOSSES)/GAINS
Net (losses)/gains on investments
(Deficit)/surplus on revaluation of investments
NET (EXPENDITURE)/INCOME		 (56,468)
(2,736)
(3,173)
(338)
(1,735)
(13,449)
(10,357)		 (58,895)
(1,971)
(3,211)
(210)
(4,688)
(8,912)
(7,505)
(127,896)
558
(509)
(1,948)
(1,447)
(17,320)
(221)
(1,167)
(2,039)
(2,320)
(14,936)
(8,511)
(5,529)		 (116,483)
(1,778)
(1,081)
(3,235)
(1,087)
(12,615)
(744)
(1,396)
(8,566)
(2,500)
(8,576)
(8,529)
(2,804)
(55,389) (52,911)
(183,285) (169,394)
(51,082)
(65,398)		 77,737
11,185
(65,398) 11,185
(116,480) 88,922

Page 21