**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:
- a) A copy of the current version of this constitution; and
- 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.
Page 2
**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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards 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 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:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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