## **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:
- Cash at bank and in hand are measured at the amount received.
- Trade debtors and other receivables are recognised at the settlement amount due, less any provision for doubtful debts
- Loans receivable are initially recognised at the amount advanced and subsequently measured at amortised cost. The trustees assess recoverability at each reporting date and recognise impairment losses where necessary. Trade creditors and other payables are recognised at the amount payable after deducting any settlement discounts.
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|
9. **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