Registered number: 08896426 Charity number: 1156848 DUNSFOLD COLLECTION (A Company Limited by Guaranteé) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
DUNSFOLD COLLECTION (A Company Limited by Guarantee CONTENTS Page Reference and Administrative Detsils of the Charity, its Trustees and Advisers Trustees, Report Independent Examlner's Report statement of Flnanclal Actlvities Balance Sheet Note8 to the Flnanclal Statements 10-23
DUNSFOLD COLLECTION IA Company Llmited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025 Trustees P Bashall R Beddall A Munden G Pusey Company registered number 08896426 Charlty reglstered number 1156848 Reglstered offlce The Dunsfold Collection Alfold Road Diin8fold Surrey GU8 4NP Accountants Larking Gowen LLP Chartered Accountants 1 st Floor, Prospect House Rouen Road Norwich NR1 1RE Page 1
DUNSFOLD COLLECTION IA Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2025 The Trustees present their annual report together with the financial statements of the Charity for the 1 August 2024 to 31 July 2025. The Annual Report setves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 20191. Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 {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 documents related to the Land Rover company. The museum's unique collection is made available to the wider public by displays at motoring events and items may be loaned to such charitable institutions as the trustees may select. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity (PB21'. b. Strategles for achieving objectives Since the museum building opened in 2023, the trustees, strategy has been to mount a number of public open days each year, with the Collection vehicles being rotated between the museum and storage locations, to ensure a different presentation at each. The museum also promotes visits by private individuals and vehicle clubs, with the vehicles on display drawn from the Collection to reflect the specific interests of those groups. The museum building continues to be used as a space in which to host talks given by specialists in Land Rover history and events. Work continues in setting up the archive and it continues to expand as a result of the donation of additional material during the year. c. Activities undertaken to achieve objectives Since August 2024, the Trustees have continued to develop the museum offering wth the successful formula of public open days, private visits by special 1st groups and individuals and the popular specialist talks within the museum environment. These visits have been developed to include affiliate events, partnering with Land Rover social media groups that have used the museum as location for their gatherings. Although the number of Land Rover motoring events has declined since COVID, the Collection continues to exhibit its vehicles at shows where it is commercially practical to do so. Page 2
DUNSFOLD COLLECTION (A Company Limited by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 Achievements and performance a. Main achlevements of the Charity sin August 2024 there have been 2 very successful public open days. Private tours have continued to increase during the year with a total of 16 taking place with group sizes ranging from 3 to 50 and coming from as far afield as Ecuador and Australia such is the historical importance of the Collection and its vehicles. The afternoon and evening talks have proved to be a successful addition to the programme with 3 taking place and during the year the Collection displayed vehicles at a major national Land Rover show. 2024125 saw for the first time, two very successful affiliate events mounted in conjunction wth of the largest social media Land Rover groups. b. The Collectlon During 2024125 the Collection was able to dispose of vehicles that had been specifically donated to raise money for the charity as detailed in the accounts, The year saw 6 significant donations or loans enhance the Collection,. British Airways donated the last Land Rover Defender lo be employed by the engineering team at Gal¢k Airport,. the National Brewery Heritage Trust in Burton-on-Trent selected the Collection to be the recipient of two donated Land Rover fire appliances and trailer pumps. In late 2024 the Collection was delighted to accept a long-term loan of the trophies, documents, photographs and artefacts relating to the legendary Camel Trophy event. These have proved a very popular addition to the museum displays. c. The Coldridge Collection Bequest 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. At the time of signing the financial statements, the Charity had accepted receipt of a number of assets from the Coldridge Collection, including tractors, associated implements and railway I transport related paraphernalia. The Trustees are considering the best use of these items for long term investment in the Charity. Trustees will make their decisions after giving consideration of the best interests of the Charity, ensuring public benefit, and allowing the Charity to secure the future of the museum. These assets have been valued at £340,779 and are included within stock and endowment funds as at 31 July 2025. In addition, the bequest includes land and buildings which are still in probate. The late Michael Thorne's executor has not given the trustees any indication as to how long the probate process may take to be resolved and the valuation is uncertain. Therefore, these assets have not been included in the financial statements at this time. Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 3
DUNSFOLD COLLECTION (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 b. Reserves policy Unrestricted funds at 31 July 2025 were £679,810 (2024.. £666,012). Endowment funds at 31 July 2025 were £340,77912024.. £Nill. 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 will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. The trustees have no concerns over the level of reserves. Net current assets at 31 July 2025 were £422,249 (2024.. £82,717), and includes stock of £340,77912024'. £Nil), cash at bank and in hand of £15,090 (2024.. £37,058) and amounts receivable from the trading subsidiary of £55,656 {2024.' £44,231) backed by cash in the subsidiary company of £49,379 (2024.. £40,095}. The trustees are of the opinion that the finariLial perlormance of the charity iind its Irddiiig subsidiary have Lonti iiued in liiie with their expectation and will allow them to fulfil the aims and objects of the charity No adverse effects have occurred between the financial period end and the signing of the trustees report that effect this financial position. Structure, governance and management a. Constltutlon Dunsfold Collection is registered as a charitable company limited by guarantee and was set up by a Trust deed. b. Methods of appolntment 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 4
DUNSFOLD COLLECTION (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 Statement of Trustees, responsibilities The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees 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 expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounting 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 accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with 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 f raud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. AMU Trustee Date.. en 23 4 ,1202G Page 5
DUNSFOLD COLLECTION (A Company Limited by Guarantee INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2026 Independent Examiner's Report to the Trustees of Dunsfold Collection {'the Charity,) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 July 2025. Responsibilities and Basis of Report As the Trustees of the Charity land its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wth the requirements of the Companies Act 2006 {'the 2006 Act'i. Having satisfied myself that the accounts of the Charity 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 the Charity's accounts carried out under section 145 of the Charities Act 2011 I'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Gommission under section 145lb)(b) of the 2011 Act. Independent Examine8 Statement I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the 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 wth Ihe 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 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for a¢counting and reporting by charities lapplicable to charities prepari ng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}1. 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. This report is made solely to the Charity's Trustees, as a body, 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 Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated.. IL¥ IIp-1 3c>l FCA DChA Giles Kerkham Larking Gowen LLP Chartered Accountants Nowich Page 6
DUNSFOLD COLLECTION (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2025 Unrestricted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income and endowments from: Donations and legacies Charitable activities Other trading activities Other income 42,031 20,104 4,383 1,138 340,779 382,810 20,104 4,383 1,138 45,383 17,416 6,349 596 Total incom8 and endowments 67,656 340,779 408,435 69, 744 Expendlture on: Charitable activities 53,858 53,858 75,348 Total expenditure 53,858 53,858 75,348 Net movement in funds 13,798 340,779 354,577 (5, 604) Reconciliation of funds: Total funds brought forward Net movement in funds 666,012 13,798 666,012 354,577 671,616 (5, 604) 340,779 Total funds carried forward 679,810 340,779 1,020,589 666,072 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 23 form part of these financial statements, Page 7
DUNSFOLD COLLECTION (A Company Limited by Guaranteel REGISTERED NUMBER: 08896426 BALANCE SHEET AS AT 31 JULY 2025 2025 2024 Note Fixed assets Tangible assets Heritage assets Investments 11 12 13 6,839 592,500 794 582, 500 598,340 583,295 Current assets Stocks Debtors Cash at bank and in hand 14 15 340,779 72,802 15,090 49,551 37,058 428,671 86, 609 Current liabilities Creditors.. amounts falling due within one year 16 16,422) (3, 892) Net current a8set8 422,249 82,717 Total net assets 1,020,589 666,012 Charity funds Endowment funds Unrestricted funds 17 17 340,779 679,810 666,012 Total funds 1,020,589 666,012 Page 8
DUNSFOLD COLLECTION (A Company Limited by Guarantee) REGISTERED NUMBER: 08896426 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees a¢knOedge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject 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.. 23 1111 2026 The notes on pages 10 to 23 form part of these financial statements. Page 9
DUNSFOLD COLLECTION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 General information 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. Accountlng pollcles 2.1 Basls of preparatlon of flnancial 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 IFRS 1021 (effective 1 January 2019), the Financial Reporting Standard applicable iii tlie U K <iiid Republic of Ireliiiid IFRS 102) aiid tlie CoiTIPdliieS AGt 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 Charity, and the Group headed by it, qualify as small and the parent and Group are considerecl eligible for the exemption to prepare consolidated accounts. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 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 sel 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 resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Page 10
DUNSFOLD COLLECTION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policies (continued) 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. This applies to donations income, which is largely Wall of Fame donations from individuals and businesses. Other income recognised as above is membership income (subscriptions), and museum entry income. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left lo them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will 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 service. 2.4 Expendlture 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 inclusive of irrecoverable VAT. 2.5 Tanglble fixed assets and depreciation 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 impairment losses. AIS costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page11
DUNSFOLD COLLECTION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policies (continued 2.5 Tangible fixed assets and depreciation (continued 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-. Plant and machinery Fixtures and fittings Computer equipment 25 % reducing balance 25 % reducing balance 33 % on cost Gains and losses on disposals are determined by comparing the proceeds wth the carryinq amount and are recognised in the Statement of Financial Activities. 2.6 Heritage assets The museum's collection of motor vehicles 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 include model Land Rovers and historical documentation. These are reported at cost. Cost includes the purchase price plus any associated 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 circumstances, for example when the disposal proceeds are needed to help fund the charity. The museum includes in its collection items loaned to them by third parties. These items are not included in the balance sheet since they are not owned by the museum. 2.7 Investments Investments in subsidiaries are valued at cost less provision for impairment. The subsidiary is controlled by the charity. 2.8 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for any impairment. Stock value includes all direct costs expected to be incurred to point of sale. Page 12
DUNSFOLD COLLECTION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policies {continued) 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account 2.11 Llabllities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can 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 advanced 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 rale that reflects the risks specific to the liability The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.42 Financial instrument8 The Charity only has financial assets and financial liabilities of a ki nd that qualify as basic financial instruments, Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value wth the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of Ihe Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Endowment funds are in relation to the legacy received in relation to the Coldridge collection and are to be held for the long term investment in the Charity. Page13
DUNSFOLD COLLECTION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next f inancial year are discussed below.. Stock valuatlon During the year, the Collection received a number of tractors and other assets under a legacy, comprising items from the Coldridge Collection. These assets have been recognised as stock in the financial statements. The value of assets received to date has been estimated based on an independent valuation received from an industry expert adjusted by the trustees for potential reductions in value to enable the sale of assets and estimated auction commission costs, leading to stock recognised in the Statement of Financial Position of £340,779. These assets, and any proceeds of sale of these assets, are to be held in an Endowment Fund for the long term benefit of the Charity. Income from donations and legacies Unrestrlcted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Donations 38,685 38,685 340,779 3,346 40, 886 Legacies Membership 340,779 3,346 4,497 42,031 340,779 382,810 45,383 In September 2024, the Collection were notified of a significant bequest from Michael Thorne, the founder of the Coldridge Collection, to the charity. At the time of signing these financial statements, probate is ongoing and only the value of assets physically received has been recognised. Page 14
DUNSFOLD COLLECTION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Income from charitable activiti98 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Museum Entry 20,104 20,104 17,416 Income from other trading actlvltle8 Income from non charltable tradlng activities Unrestricted funds 2025 Total funds 2025 Total funds 2024 Merchandise and food sales 4,383 4,383 6,349 Other incomlng resources Unrestricted funds 2025 Total funds 2025 Tot81 funds 2024 Other income 1,138 1,138 596 Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Total funds 2024 Charitable activities 45,917 7,941 53,858 75,348 Page 15
DUNSFOLD COLLECTION (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Analysis of expenditure by activities Icontinued Analysis of direct cost8 Total funds 2025 Total funds 2024 Activities 2025 Depreciation Telephone Printing and postage Membership costs Waste Insurance 1,102 1,116 4,390 1,198 1,085 7,993 66 5,352 6,466 2,734 5,116 3,935 1,085 3,617 508 156 1,102 1,116 4,390 1,198 1,085 7,993 66 5,352 6,466 2,734 5,116 3,935 1,085 3,617 506 156 264 624 5, 089 860 1, 809 1, 063 66 3,876 7,988 3,528 43 1,887 227 49,324 Bank charges Utilities Motor expenses Food and refreshments Website costs Other charitable expenditure Security Rent and rates costs Repairs and maintenance Computer software 45,917 45,917 70,648 Analysis of support costs Total funds 2025 Total funds 2024 Activities 2025 Accountancy and advisory fees Legal and professional fees 7,591 350 7,591 350 4, 700 7,941 7,941 4, 700 Page 16
DUNSFOLD COLLECTION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Independent examiner's remuneration 2025 2024 Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Fees payable to the Charity's independent examiner in respect of.. All taxation advisory seNices not included above All other services not included above 3,680 3,540 435 3,525 420 10. Trustees, remuneration and expense8 During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 July 2025, no Trustee expenses have been incurred (2024 - £NIL). For further information on transactions wth Trustees see note 19. 11. Tanglble fixed assets Plant and Fixtures and machinery flttings Computer equipment Total Cost At 1 August 2024 Additions Transfers intra group 5,343 5,727 2,347 807 11,877 2,347 3,800 3,800 At 31 July 2025 9,143 8,074 807 18,024 Depreciation At 1 August 2024 Charge for the year 5,042 392 5,234 710 807 11,083 1,102 At 31 July 2025 5,434 5,944 807 12,185 Net book value At 31 July 2025 3,709 2,130 5,839 At 31 July 2024 301 493 794 Page 17
DUNSFOLD COLLECTION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 12. Heritage assets Heritage Assets - Non- vehicl08 2025 Heritage Assets - Vehicles 2025 At 1 August 2024 Additions 35,000 2,000 547,500 8,000 At 31 July 2025 37,000 555,500 Heritage assets include 41 Land Rover vehicles with a value of £555,50012024 40 vehicles wth a value of £547,500), and in non-vehicle heritage assets, a model Land Rover collection with a book value of £25,000 (2024 - £25,000) and a historical documentation archive with a book value of £12,000 {2024 - £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 acquisition 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 retrospectively. Had these been carried under the historic cost model, the vehicle assets would have been held on the balance sheet at £193,08012024 - £183,080) Heritage Assets do not include over 100 vehicles which are loaned to the collection, by Mr Bashall Ilrustee) and other sources. Analysis of heritage asset transactions 2025 2024 2023 2022 2021 Donatlons Heritage asset - vehicles at valuation Heritage asset - archive at valuation 8,000 8,000 8,000 2,000 Total additions 10,000 8,000 8,000 Page 18
DUNSFOLD COLLECTION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 13. Fixed asset investments Investments In subsidiary companles Cost At 1 August 2024 At 31 July 2025 Net book value At 31 July 2025 At 31 July 2024 Principal subsidiaries The following was a subsidiary undertaking of the Charity.. Name Company number Registered office or principal Principal activity place of business Dunsfold Collection Trading Limited 08898867 The Dunsfold Collection, Alfold Sale of merchandise Road, Dunsfold, Surrey, GU8 4NP Class of shares Holding Ordinary 1000/0 The finanoial results of the subsidiary for the year were.. Name Income Expenditure Profitl{Loss Net assetsl )1 Surplusl Iliabilities) (Deficit) for the year Dunsfold Collection Trading Limited 13,700 (5,040) 8,660 (6,830) Page19
DUNSFOLD COLLECTION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. Stocks 2025 2024 Coldridge Collection assets (see note 3 for further information) 340,779 15. Debtors 2025 2024 Due wlthln one year Amounts owed by group undertakings Prepayments and accrued income 55,656 17,146 44,231 5,320 72,802 49,551 16. Credltors: Amounts falling due within one year 2025 2024 Trade creditors Accruals and deferred income 231 3,661 6,422 6,422 3, 892 Page 20
DUNSFOLD COLLECTION IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 17. Statement of funds Statement of funds - current year As restated Balance at 1 August 2023 Balance at Income Expenditure 31 July 2025 Unrestricted funds General Funds - all funds 666,012 67,656 (53,858) 679,810 Endowment fund8 Coldridge Collection legacy 340,779 340,779 Total of funds 666,012 408,435 (53,8581 1,020,589 Statement of fund8 - prior year Balance at l August 2023 Balance at Income Exp8nditure 31 July 2024 Unrestrlcted funds General Funds 671,616 69, 744 (75, 348) 666,072 Page 21
DUNSFOLD COLLECTION (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 18. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Endowment fund8 funds 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Heritage assets Current assets reditors due within one year 5,839 5,839 592,500 87,892 (6,4221 592,500 428,671 (6,422) 340,779 Total 679,810 340,779 1,020,589 Analysis of net assets between funds - prior year Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year 794 794 582, 500 86, 609 (3, 892) 582, 500 86, 609 (3, 892) Total 666,012 666,012 Page 22
DUNSFOLD COLLECTION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 19. Related party transactions During the year to 31 July 2025, charges were made from Dunsfold Collection Trading (subsidiary) to Dunsfold Collection (parent) in relation to rental payments paid by the subsidiary on behalf of the Charity. These recharges totalled a credit of £1,550 {2024 - a charge of £51,150). Recharges of £1,310 12024 £3,250) were made from Dunsfold Collection to Dunsfold Collection Trading, reflecting insurance and merchandise costs paid by the parent. Recharges of £1,50912024 £Nil) were made from Dunsfold Collection Trading to Dunsfold Collection for other costs paid on behalf of the Charity. At the year end, £55,656 (2024 - £44,231) was owing from the subsidiary to the parent (note 15). Mr Bashall, a trustee, loans a number of vehicles to the Collection for display, and these are not recognised within heritage assets. Mr Bashall also leases out the museum on a peppercorn rent to the Collection. Mr Bashall, provides storage facilities for vehicles in the Collection, and rent of £20,000 (2024 - £Nil) was paid in the year of which £8,333 (2024 - £Nil) was included as a prepayment at year end. 20. Post balance sheet events In September 2024, the Collection was advised that it is to be the beneficiary of a very important bequest from the late Michael Thorne, founder of The Coldridge Collection of Ferguson tractors in Devon. At the time of signing the financial statements, the Charity had accepted receipt of a number of assets from the Coldridge Collection, including tractors, associated implements and railway I transport related paraphernalia. These assets have been included within stock as at 31 July 2025. In addition, the bequest includes land and buildings which are still in probate. The late Michael Thorne's executor has not given the trustees any indication as lo how long the probate process may lake to be resolved and the valuation is uncertain. Therefore, these assets have not been included in the financial statements as at 31 July 2025. Page 23