Charity number: 1158906
THE WEETING STEAM ENGINE RALLY
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
Whiting & Partners
Chartered Accountants & Business Advisers Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY
THE WEETING STEAM ENGINE RALLY
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 14 |
THE WEETING STEAM ENGINE RALLY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2020
Trustees
Richard Parrott, Chairman Barry Freeman Jeremy Freeman Jeremy Harrison Porter
Events Manager/Part-time Administrator
Wendy Young
Principal office
Fengate Farm Fengate Weeting Brandon IP27 0QF
Accountants
Whiting & Partners Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY
Charity registered number
1158906
Page 1
THE WEETING STEAM ENGINE RALLY
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees present their annual report together with the financial statements of the charity for the 1 October 2019 to 30 September 2020.
REFERENCE AND ADMINISTRATION DETAILS
The charity was registered with the Charity Commission for England and Wales on 20 October 2014.
The details of the charity's current Trustees and professional advisors are given on page 1.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charity’s objects and powers and other constitutional matters are set out in its “Constitution of a Charitable Incorporated Organisation whose only voting members are its charity Trustees” (Foundation model constitution) dated 31 March 2014.
Management and Governance Arrangements
The Trust deed provided for a minimum of 3 and a maximum of 12 Trustees. Where there is a requirement for new Trustees these would be identified and appointed by the remaining Trustees. Appointment of charity Trustees:
1) Apart from the first charity Trustees, every Trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity Trustees.
2) In selecting individuals for appointment as charity Trustees, the charity Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
3) Trustees for the charity may be appointed at the Annual General Meeting or by the chairperson during the year.
The charity Trustees will make available to each new charity Trustee, on or before his or her first appointment:
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a) A copy of the current version of this constitution; and
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b) A copy of the CIO’s latest Trustees’ annual report and statement of accounts.
Risk Management
The Trustees annually review the major risks to which the charity is exposed. The Trustees will continue to identify any major risk arising and impacting on the activities of the charity and mitigate where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
The charity employs a part-time administrator whose duties include the improvement of control of financial risks.
ORGANISATION
The Board of Trustees determines the general policy of the Charity. The day to day management is delegated to the administrator.
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THE WEETING STEAM ENGINE RALLY
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020
RELATED PARTIES
There are no material transactions with related parties such as Trustees. There are no related parties under common control or under control of the Trust, nor is the Trust under the control of any other party under the definition of related parties in Charities SORP (FRS 102).
OBJECTS AIMS AND ACTIVITIES
The objects of the Charity are:
To advance the education of the general public in the subjects of the manufacture, history, use and conversation of all types of vintage steam driven engines and vintage vehicles of every kind.
To further such other purposes as are exclusively charitable according to the laws of England and Wales as the trustees decide, particularly in Weeting in Norfolk.
ACTIVITIES AND ACHIEVEMENTS
The Principal activity of the Charity is the promotion and running of the Weeting Rally event which is held on the third week-end in July. This event is run in a manner to allow the Charity to meet its objects.
Unfortunately due to the Covid 19 pandemic, the 2020 Rally was postponed to July 2021 and this has since been postponed to July 2022.
FINANCIAL REVIEW
The results for the period to 30 September 2020 are satisfactory given the circumstances. There was an overall deficit for the period of £11,963. It has been proposed by the Trustees to transfer these funds from the General Reserve account.
RESERVES POLICY
The Trustees will review the level of reserves periodically. The reserves policy is to maintain the level of general reserves to a level that would be expected to cover the costs of a Rally weekend. Any amount above this would be reviewed by the Trustees for distribution to local causes.
INVESTMENT POLICY
There are no specific investment powers set out in the Charity’s constitution.
The trustees have adopted an investment policy appropriate to the needs of the Charity so that deposited monies can be withdrawn easily with limited notice and without penalty, whilst earning a reasonable return on any surplus funds. Presently surplus funds are invested on bank deposit account.
FUTURE PLANS
The Trustees will endeavour to operate the charity at its optimum level in terms of numbers for its main event being the Rally weekend and in addition to planned financial changes will enable the Trust to strengthen its financial position. Surplus funds when made are earmarked both for future development projects and for distribution to local causes.
Page 3
THE WEETING STEAM ENGINE RALLY
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020
PUBLIC BENEFITS
The Trustees have had due regard to guidance published by the Charity Commissioner on Public Benefit. The Trustees confirm that they have referred to the guidance when reviewing the Charity’s aim and objective.
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.
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees 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).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the Trustees, on 20 July 2021 and signed on their behalf by:
Richard Parrott, Chairman Trustee
Page 4
THE WEETING STEAM ENGINE RALLY
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WEETING STEAM ENGINE RALLY (the 'charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 September 2020.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Dated: 20 July 2021
T Nunn FCA WHITING & PARTNERS Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY
WHITING & PARTNERS
Page 5
THE WEETING STEAM ENGINE RALLY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Unrestricted funds Note 2020 £ INCOME FROM: Other trading activities: Fundraising 2 - TOTAL INCOME - EXPENDITURE ON: Raising funds 3 2,960 Charitable activities 4 9,003 TOTAL EXPENDITURE 5 11,963 NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES (11,963) NET MOVEMENT IN FUNDS (11,963) RECONCILIATION OF FUNDS: Total funds brought forward 47,632 TOTAL FUNDS CARRIED FORWARD 35,669 |
Total funds 2020 £ - - 2,960 9,003 11,963 (11,963) (11,963) 47,632 35,669 |
Total funds 2019 £ 108,043 |
|---|---|---|
| 108,043 | ||
| 89,590 11,938 |
||
| 101,528 | ||
| 6,515 6,515 41,117 |
||
| 47,632 |
The notes on pages 8 to 14 form part of these financial statements.
Page 6
THE WEETING STEAM ENGINE RALLY
BALANCE SHEET AS AT 30 SEPTEMBER 2020
| Note FIXED ASSETS Tangible assets 8 CURRENT ASSETS Stocks 9 Debtors 10 Cash at bank and in hand CREDITORS:amounts falling due within one year 11 NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Unrestricted funds 12 TOTAL FUNDS |
£ 1,000 772 45,631 47,403 (18,102) |
2020 £ 6,368 29,301 35,669 35,669 35,669 |
£ 1,000 1,600 47,479 50,079 (9,971) |
2019 £ 7,524 40,108 |
|---|---|---|---|---|
| 47,632 | ||||
| 47,632 | ||||
| 47,632 |
The financial statements were approved by the Trustees on 20 July 2021 and signed on their behalf, by:
Richard Parrott, Chairman
The notes on pages 8 to 14 form part of these financial statements.
Page 7
THE WEETING STEAM ENGINE RALLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The Weeting Steam Engine Rally constitutes a public benefit entity as defined by FRS 102.
1.2 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.
1.3 Expenditure
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.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.4 Tangible fixed assets and depreciation
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- Fixtures and fittings over 10 years
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
Page 8
THE WEETING STEAM ENGINE RALLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. ACCOUNTING POLICIES (continued)
1.6 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
1.7 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.
1.8 Cash 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.
1.9 Liabilities
Liabilities are recognised when there is an obligation at the Balance 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 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.
1.10 Financial instruments
The charity only has financial assets and financial 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 exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
2. FUNDRAISING INCOME
| Unrestricted funds 2020 £ Weeting Rally Weekend - Total 2019 108,043 |
Total funds 2020 £ - 108,043 |
Total funds 2019 £ 108,043 |
|---|---|---|
Page 9
THE WEETING STEAM ENGINE RALLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3. COSTS OF RAISING FUNDS
| Unrestricted funds 2020 £ Show expenses 673 Programmes and souvenir items - Purchase of coal - Event insurance - Advertising 525 Donations - Loss on disposal of fixed assets 312 Depreciation 1,450 2,960 Total 2019 89,590 4. GOVERNANCE COSTS Unrestricted funds 2020 £ Accountancy and professional 2,602 Rally administrator 5,298 Postage, stationery, office equipment and telephone 1,103 9,003 5. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Depreciation Other costs 2020 £ 2020 £ Costs of raising funds: Expenditure on raising voluntary income 1,450 1,510 Charitable activities: Expenditure on governance - 9,003 Total 2020 1,450 10,513 Total 2019 1,472 100,056 |
Total funds 2020 £ 673 - - - 525 - 312 1,450 2,960 89,590 Total funds 2020 £ 2,602 5,298 1,103 9,003 Total 2020 £ 2,960 9,003 11,963 101,528 |
Total funds 2019 £ 61,167 6,379 11,250 2,550 4,722 2,050 - 1,472 89,590 |
|---|---|---|
| Total funds 2019 £ 3,384 7,303 1,251 11,938 |
||
| Total 2019 £ 89,590 11,938 101,528 |
||
Page 10
THE WEETING STEAM ENGINE RALLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
6. NET INCOME/(EXPENDITURE)
This is stated after charging:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible fixed assets: | ||
| - owned by the charity | 1,450 | 1,472 |
During the year, no Trustees received any remuneration (2019 - £NIL). During the year, no Trustees received any benefits in kind (2019 - £NIL). During the year, no Trustees received any reimbursement of expenses (2019 - £NIL).
7. AUDITORS' REMUNERATION
The Independent Examiner's remuneration amounts to an Independent Examination fee of £2,400 (2019 - £3,300).
Page 11
THE WEETING STEAM ENGINE RALLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
8. TANGIBLE FIXED ASSETS
| Cost At 1 October 2019 Additions Disposals At 30 September 2020 Depreciation At 1 October 2019 Charge for the year On disposals At 30 September 2020 Net book value At 30 September 2020 At 30 September 2019 9. STOCKS 2020 £ Raw materials 1,000 |
Fixtures and fittings £ 14,722 606 (622) |
|---|---|
| 14,706 | |
| 7,198 1,450 (310) |
|
| 8,338 | |
| 6,368 | |
| 7,524 | |
| 2019 £ 1,000 |
Trustees valuation based on cost of coal held at the year end for next year's Rally.
10. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Trade debtors | 772 | 1,600 |
Page 12
THE WEETING STEAM ENGINE RALLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
11. CREDITORS: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2020 £ 10,602 5,000 2,500 18,102 |
2019 £ 1,671 5,000 3,300 |
|---|---|---|
| 9,971 |
12. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| STATEMENT OF FUNDS - CURRENT YEAR | |||
|---|---|---|---|
| Unrestricted funds General Funds - all funds STATEMENT OF FUNDS - PRIOR YEAR General Funds - all funds Total of funds |
Balance at 1 October 2019 £ 47,632 Balance at 1 October 2018 £ 41,117 41,117 |
Income Expenditure £ £ - (11,963) Income Expenditure £ £ 108,043 (101,528) 108,043 (101,528) |
Balance at 30 September 2020 £ 35,669 |
| Balance at 30 September 2019 £ 47,632 |
|||
| 47,632 |
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2020 £ Tangible fixed assets 6,368 Current assets 47,403 Creditors due within one year (18,102) 35,669 |
Total funds 2020 £ 6,368 47,403 (18,102) 35,669 |
|---|---|
Page 13
THE WEETING STEAM ENGINE RALLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Unrestricted funds 2019 £ Tangible fixed assets 7,524 Current assets 50,079 Creditors due within one year (9,971) 47,632 |
Total funds 2019 £ 7,524 50,079 (9,971) 47,632 |
|---|---|
14. RELATED PARTY TRANSACTIONS
A Trustee who owns steam engines personally allows the Charity to use them in its own events at no cost.
£5,000 is owed to a Trustee at the year end and is included in other creditors (2019 - £5,000).
Page 14