Reglstered number: 08896426 Charity number: 1156848 DUNSFOLD COLLECTION (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
DUNSFOLD COLLECTION (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Charity. its Trustees and adviser5 Trustees. report Independent examinetrs report Statement of financial activities Balance sheet Notes to the financial statements 9-22
DUNSFOLD COLLECTION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees P Bashall R Beddall A Munden (appointed 16 January 2024) G Pusey Company registered number 08896426 Chaiity registered number 1156848 Registered offico The Dunsfold Collection Alfold Road Dunsfold Surrey GU8 4NP Accountants Larking Gowen LLP Chartered Accountants 1 st Floor. Prospect House Rouen Road Norwich NR1 1RE Page 1
DUNSFOLD COLLECTION (A company limited by guardntee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together the financial statements of the Charity for the year 1 August 2023 to 31 July 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confim that the Annual report and financial statements of the charitable company comply wth the Current statutory requirements, the requirements of the charitable company's goveming document and the provisions of the Statement of Rec£smmended PractiTr (SORP) applicable to charities preparing their accounts in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charity qualifies as small under section 382 of the Ccmpanies Act 2006, the Strategic report required of medium and large companies under the Companies Act 20 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives The objects for which the charity is established are the advancement of education for the public benefit by establishing and maintaining a museum of Land Rover vehicles which have a historic or educative value together with associated artefacts and d(Kuments related to the Land Rover company. The Dunsfold Collection is now the largest collection of Land Rovers in the world and June 2023 saw the establishmenl of a permanent museum building for the first time. The museum's collection is displayed at public events and items may be loaned to such charitable institutions as the twstees may selecL In setting objectives and planning for activities. the Trustees have given due consideration to general guidan published by the Charity Commission relating to public benefit. induding the guidance 'Public benefit.. running a charity (PB2)'. b. Strategies for achieving objectlves Since the museum building opened, the trustees. strategy has been to mount a number of public open days each year, with the Collection vehicles being rotated betren the museum and storage locations, to ensure a different presentation at each. The museum was al to be made available for visits by private individuals and vehicle clubs, with the vehicles on display drawn from the Collection to reflect the SLf1¢ interests of those groups. The museum building is to be used as a Spa in which to host talks given by specialists in Land Rover history and events. Work was to continue in setting up the archive to be available for members of the public, particularly those researching specific aspects of Land Rover history. c. Activities undertaken to achieve objectlves Since July 2023 there have been 3 very successful public open days viith, on each occasion, demand for tickets exedIng available places. Private tours also began in July 2023 th a total of 14 taking pla during the year wth group sizes ranging from 3 to 100 and c£)ming from as far afield as Portugal and the USA. The first evening talk took place in March 2024 and during the year the Collection displayed vehicles at 3 major events as well as providing vehicles for filming assignments. Page 2
DUNSFOLD COLLECTION (A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Achievements and perfonnance a. Main achievements of the Charity The opening of the muuM building resulted in an increasing workload for the trustees and therefore a further trustee was recruited in January 2024. A review of govemance led to the derision to appoint new accountants able to provide specific charity expertise and this took place in 2024 with the engagement of Larking Gowen LLP. In October 2023 the Collection vn the 'Collections' category in the Royal Automobile Club's annual Historic Awards. The judges noted that the Collection occupies limited premises which allow only a fraction of the 140- strong collection to be on display at any one time. However, the museum is curated to make the best possible use of that limited Spa and is a fascinating and hugely informative place for Land Rover devotees, wth the rotation of exhibits meaning that visitors can retum again and again and see something different each time. Financial review . Going concern After making appropriate enquiries, the Twstees have a reasonable expectation that the Charity has adequate reSoUS to continue in operational existen for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the finanaal statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. b. Reserves policy Unrestricted funds at 31 July 2024 Ire £666,012 (2023: £671.616). It is the policy of the charity that unrestricted funds (excluding fixed assets) which have not been designed for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level wll ensure that. in the event of a significant drop in funding, they 11 be able to continue the charity's current aclivities while consideration is given to ways in which additional funds may be raised. The trustees have no concems over the level of reserves. Assets exceed liabilities. and includes cash at bank and in hand of £37.058 (2023= £10,334). The trustees are of the opinion that the financial performance of the charity and it's trading subsidiary have continued in line with their expectation and will allow them to fulfil the aims and objects of the charity. No adverse effects have occurred between the financial pericrfj end and the signing of the tnjstees report that effect this financial position. Structure, govemance and management a. Constitution Dunsfold Collection is registered as a charitable company limited by guarantee and was set up by a Trust deed. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Page 3
DUNSFOLD COLLECTION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Plans for future periods Th Coldrid ollection B uest Although occurring in the 2024-25 financial year, it is important to note that in September 2024 the Collection was advised that it is to be the beneficiary of a very important bequest from the late Michael Thorne. Mike was the founder of The Coldridge Collection of Ferguson tractors in Devon, and he and the founder of The Dunsfold Collection, Brian Bashall. were good friends for many years. The Probate prOsS is ongoing and will probably be complete during the 2024-25 financial year. and the trustees a actively planning for it with the intention of preserving Mike's name and achievements for future generations within the constraints of the restricted site at Dunsfold. statement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees. report and the finanaal ststements in accordance with applicable law and United Kingdom Accounting Standards (United Ktngd(Yn Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Tnjstees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditu. for that perioj. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently", observe the meth¢xJs and principles of the Charities SORP (FRS 102): make judgments and aUntIng estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements-, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accountirKJ records that are sufficient to show and explain the Charity's transactions and disclose Yiith reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply V4ith the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: A Mund Trustee Date.. 25 4r1 2625 Page 4
DUNSFOLD COLLECTION (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024 Independent examinerfs report to the Trustees of Dunsfold Collection ('the Charity.) I rewrt to the charity Trustees on my examination of untS of the Charity for the year ended 31 July 2024. Responsibilities and basis of report As the Trustees of the Charity (and its directors for the purposes of ajmpany law) you are responsble for the preparation of the accounts in a¢¢ordance wth the requirements of the Companies Act 2006 {'the 20C6 Act,). Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 20Ce Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 ACV). 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 examinerfs statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe". accounting records were not kept in respect of Ihe Charity as required by section 386 of the 2006 Act., or the accounts do not accord with those records; or the accounts do not comply with the accounting reqU1ments of section 3 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination", or the accounts have not been prepared in accordan with the methods and principles of the Statement of Recommended Practice for a¢¢ounting and reporting by charities [applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)] I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this reFK)rt in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a LM)dy. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent pemiitted by law, I do not ap1 or assume responbIlIty to anyone other than the Charity and the Charity's Trustees as a body. for my work or for this report. Signed. Giles Kerkham (c Dated.. IS f44> "i FCA DCh4 Larking Gowen LLP Chartered Accountants Norwich Page 5
DUNSFOLD COLLECTION (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 As restated Total funds 2023 Unrestricted funds 2024 Total funds 2024 Note Income from: Donations and legacies Charitable activities Other trading activities Other income 45,383 17,416 6,349 596 45,383 17.416 6,349 596 22,288 24 Total income 69,744 69.744 22,312 Expenditure on: Charitable activities 75.348 75,348 14,322 Total expenditure 75,348 75.348 14,322 Net movement in funds {5,604) {5,604) 7, 990 Reconciliation of funds: Total funds brought fowdrd Net movement in funds 671,616 (5,604) 671,616 (5,604) 663, 626 7.990 Total funds carried forward 666,012 666,012 671,616 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 9 to 22 fomi part of these financial statements. Page 6
DUNSFOLD COLLECTION (A company limited by guarantee) REGISTERED NUMBER: 08896426 BALANCE SHEET AS AT 31 JULY 2024 As restated 2023 2024 Note Flxed assets Tangible assets Heritage assets Investments 10 794 582,500 1, 058 582, 500 12 $83,295 583, 559 Current assets Debtors Cash at bank and in hand 13 49,551 37.058 81.694 10,334 92,028 Creditors: amounts falling due wilhin one year 14 13,892 (3,971) Net current assets 82.717 88,057 Total net assets 666,012 671,616 Charlty funds Unreslricted funds 16 666,012 671,616 Total funds 666.012 671,616 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the (x*npany to obtain an audit for the year in question in accordance with section 476 of Companies Act 20C6. The Trustees acknowledge their responsibilities for complying with the requirements of the Act wilh respect to accounting records and preparation of financial statements. The finanaal statements have been prepared in accordance with the provisions aPiCable to entities suty.ect to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: A Munden Trustee Date.. 25 Afvl 2025 Page 7
DUNSFOLD COLLECTION (A company limited by guarantee) REGISTERED NUMBER: 08896426 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2024 The notes on pages 9 to 22 fonn part of these financial statements. Page 8
DUNSFOLD COLLECTION (A company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General inforniation Dunsfold Collection is a private company limited by guarantee incorporated in England and Wales. The registered office is The Dunsfold Collection, Alfold Road. Dunsfold. Surrey, GU8 4NP. Accounting pollcies 2.1 Basis of preparation of financial statements The financial ststements have bn prepared in accordan with the Charities SORP {FRS 102) - Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK aThJ Republic of Ireland (FRS 102) and the Companies Act 2006. Dunsfold Collection meets the definition of a public benefit entity under FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these finanaal statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, except for certain Heritage assets which are carried at valuation. The principal accounting policies adopted are set out below. 2.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate reSoUrS to continue in operational existence for the foreseeable future. Thus the trustees o)ntinue to adopt the going concem basis of accounting in preparing the financial statements. 2.3 Income All income is recognised On the Charity has entitlement to the income, it is probable thal the income will be received and the amount of inrx)me receivable can be measured reliably. This applies to donations income. which is largely Wall of Fame donations from individuals and businesses. Other incorne recognised as above is membership income (subscriptions), and museum entry income. The recognition of income from legaaes is dependent on establishing entitlement, the probability of reIpt and the ability to estimate sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists vthen the Charity has sufficient evidence that a gift has been left to them (through knedge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the propety in question wll not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity. can be reliably Measured. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the *[vi. Page 9
DUNSFOLD COLLECTION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 2.4 Expendfture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. 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 made up of the total of direct costs and support costs involved in undertaking the charitable activities. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is indusive of irrecoverable VAT. 2.5 Tanglble fixed assets and depreciation Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following basis: 25% reducing balance 250kn reducing balance 33% on cost Plant and machinery Fixtures and f ittings Computer equipment Gains and losses on disposals are detemiined by comparing the proceeds with the carrying amount and are recognised in the Statement of financial activities. Page 10
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (Continued) 2.6 Heritage assets The museum's collection of motor vehides is reported in the balance sheet based on the Trustees valuation of individual vehicles. This is considered to be an appropriate method of valuation on the basis that the trustees are best placed to review the value of these assets each year. Other non-vehicle heritage assets indude model Land Rovers and historical documentation. These are reported at cost. Cost includes the purchase price plus any assochgted costs in bringing the exhibit to the museum. Depreciation is not provided as estimates of residual value indicate that any depreciation charged would be immaterial to the financial statements. Donated assets are included in the financial statements at a deemed cost of the estimated market value at the date of donation_ Subject to approval of the Trustees. the museum may dispose of items from the collection, although this will only happen in exceptional circumStans, for example when the disposal proceeds are needed to help fund the charity. The mu*um includes in its collection items loaned to them by third parties. These items are not included in the balance sheet since they are not ovmed by the museum. 2.7 Investments Investments in subsidiaries are valued at cost less provision for impaiment. The subsidiary is controlled by the charity. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade disLount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments wth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page11
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 2.10 Llabilities and provisions Liabilities are recognised when there is an obligation at the Balan sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement c2n be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as adVand payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwnding of the discount is recognised in the Ststement of financial activities as a finan cost. 2.11 Financial instruments The Charity only has financial assets and finanaal liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exptIOn of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general obJ"ects"ves of the Charity and which have not been designated for other purposes. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations Legacies Subscriptions 40,886 40,886 12,343 3,685 6,260 4,497 4.497 45,383 45,383 22,288 Total 2023 22,288 22,288 Page 12
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Museum Entry 17,416 17,416 Income from other trading actlvlties Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Merchandise Sales 6,349 6,349 Other incoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other income 596 596 24 Total 2023 24 24 Page 13
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Anatysis of expenditure by activities Activities undertaken directty 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities 70,648 4,700 75,348 14,322 Total 2023 11,778 2, 544 14,322 Analysis of dire¢t costs Totsl funds 2024 Total funds 2023 Activities 2024 Depreciation Telephone Printing and postage Membership costs Photography Waste Sundry expenditure Insurance Bank charges Utilities Motor expenses Food and refreshments Website costs Rates Other charitable expenditure Security Rent costs {note 17) 264 264 353 938 624 5,089 624 5,089 860 3,870 1,809 67 1,063 1.809 67 1,063 66 3,876 1,988 3,528 43 714 1.820 227 92 60 3,876 1,988 3,528 43 714 1,820 227 1,894 1,571 48.610 48,610 70,648 70,648 11,778 Total 2023 11,778 11,778 Page 14
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2024 Total funds 2023 Activlties 2024 Professional fees 4.700 4,700 2,544 Total 2023 2,544 2, 544 Independent examinerfs remuneration 2024 2023 Fees payable to the Charity's independent examiner for the indendent examination of the Charity's annud accounts 2, 544 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2023 - £NIL). During the year ended 31 July 2024, no Trustee expenses have been incurred (2023 - £NIL). 10. Tangible fixed assets Plant and Fixtures and machinery fittings Computer equipment Total Cost or valuation At 1 August 2023 S,727 807 11.877 At 31 July 2024 5,727 807 11.877 Page 15
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. Tangible fixed assets (continued) Plant and Fixtures and machinery rrttings Computer equipment Totsl Depreclation At 1 August 2023 Charge for the year 4.942 100 5,070 164 807 10,819 264 At 31 July 2024 5.042 5,234 807 11.083 Net book value At 31 July 2024 301 493 794 At 31 July 2023 401 657 1.058 Page 16
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. Heritage assets Heritage Assets - Non- vehicles 2024 Heritage Assets - Vehicles 2024 At 1 August 2023 (as restated) 35,000 547,500 At 31 July 2024 35,000 547,500 Heritage assets include approximately 40 Land Rover vehicles wth a value of £547,500, and in non- vehicle heriage assets, a model Land Rover collection wth a book value of £25.000 and a historical documentation archive Trmth a LMx)k value of £10.000. These models and documentation are held on the balance sheet on a cost basis. The majority of the above heritage assets arose from aquisition by donation The value of the vehicles held has been reassessed by the Trustees under the valuation model rather than cost. and has been applied restrospectively. Had these been carried under the historic cost model, the vehicle assets would have been held on the balants sheet at £183,080. Heritage Assets do not include approximately 102 vehides which are loaned to the collection, 45 by Mr Bashall (trustee) and 57 from other sources. Anatysls of heritage asset transactions 2024 2023 2022 2021 2020 Donations Heritage asset- vehides al valuation 8,000 8,000 Total additions 8.000 8.000 Page 17
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12. Fixed asset investments Investments in subsidiary companles Cost or valuation At 1 August 2023 At 31 July 2024 Net book value At 31 July 2024 At 31 July 2023 Principal subsidiaries The followng was a subsidiary undertaking of the Charity: Registered office or principal Principal activity place of business Name Company number Dunsfold Collection Trading Limited 08898867 The Dunsfold Collection, Alfold Sale of merchandise Road. Dunsfold. Surrey, GU8 4NP Class of shares Holdlng Ordinary 1000 The financial results of the subsidiary for the year were: Name Income Expenditure ProfiU(Loss Net assetsl )1 Surplusl (liabilities) (Deficit) for the year Dunsfold Collection Trading Limited 53.634 (31.364) 22,270 (15,489) Page 18
DUNSFOLD COLLECTION (A company limited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 13. Debtor5 2024 2023 Due within one year Trade debtors Amounts owed by group undertakings Prepayments and accrued income 4,336 77,358 44,231 5.320 49,551 81,694 Page 19
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 231 3,661 1,571 2,400 3,892 3,971 15. Prior year adjustments The value of the vehides held has been asSessed by the Trustees under the valuation model rather than cost, as this is more apFfopriate. and this adjustrnent has been applied restrospectively. Heritage asset vehicles held on the balan sheet have been adjusted in the prior period by £364,420 from £183,080 cost to £547.500 valuation. This has in turn increased prior year funds from £307.196 to £671.616. 16. Statement of funds ststement of funds - current year As restated Balance at 1 August 2023 Balance at Income Expenditure 31 July 2024 Unr8Stricted funds General Funds 671,616 69.744 175.348) 666,012 Statement of fvnds - prioryear Balance at l August 2022 Balance at Income Expenditu 31 July 2023 Unrestricted funds General Funds 663.626 22,312 (14,322) 671.616 Page 20
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 JULY 2024 17. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due vlithin one year 794 794 582,500 86,609 (3,892) 582,500 86,609 (3,892) Total 666.012 666,012 Analysis of net assets between funds- prior period Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year 1,058 1,058 582,500 92,028 (3,971) 582, 500 92, 028 (3,971) 671,616 Total 671,616 18. Related party transactions During the year to 31 July 2024. charges Ere made from Dunsfold Collection Trading (subsidiary) to Dunsfold Collection (parent) to re-charge in year and retrospective rental payments paid by the subsidiary on behalf of the parent. These re-charges totalled £51,150. Recharges of £3,250 were made from Dunsfold Collection to Dunsfold Collection Trading. reflecting Insuran and merchandise costs paid by the parent. At the year end. £44,231 (2023. £77.358) was owing from the subsidiary to the parent (note 13) Mr Bashall, a trustee, loans approximately 45 vehides to the Collection for display, and these are not recognised wthin heritage assets. Mr Bashall also leases out the museum on a peppercom rent to the Collection. Page 21
DUNSFOLD COLLECTION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Post balance sheet events In September 2024, the Collection were notified of a significant bequest to the charity. With probate ongoing. this has not been adjusted for in these financial statements, and be recognised in the year to Juty 2025. s the trustees report for more detail. Page 22