Charity number: 1158906
THE WEETING STEAM ENGINE RALLY
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
Whitings LLP Chartered Accountants Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY
THE WEETING STEAM ENGINE RALLY
CONTENTS
| Page | |
|---|---|
| Reference and administrative details ofthe charity, its trustees and advisers | 1 |
| Trustees’ report | 2-4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notestothefinancialstatements | 8-14 |
THE WEETING STEAM ENGINE RALLY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024
Trustees
Richard Parrott, Chairman Barry Freeman Jeremy Freeman Jeremy Harrison Porter Gemma Childerhouse Matthew Stroud
Events Manager/Part-time Administrator
Kate Plant
Principal office
Fengate Farm Fengate Weeting Brandon Norfolk IP27 0QF
Accountants
Whitings LLP 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 2024
The Trustees present their annual report together with the financial statements of the charity for the 1 October 2023 to 30 September 2024.
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 ClO.
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
eee
Seeneeene eee
THE WEETING STEAM ENGINE RALLY
TN
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
The Trustees consider that the 8th Rally (run by the CIO) but the 54th Rally overall in July 2024 was a success with good numbers attending and the support of trade stands. Local organisations and individuals were significantly involved to allow the event to take place.
The Trustees are endeavouring to continue on the success of the 2024 Rally with the view of improving the event for the forthcoming year.
FINANCIAL REVIEW
The results for the year to 30 September 2024 surpassed last years with a surplus of £89,187, a significant improvement on the previous Rally. It has been proposed by the Trustees to transfer these funds to 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
Page 3
THE WEETING STEAM ENGINE RALLY
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
financial position. Surplus funds when made are earmarked both for future development projects and for distribution to local causes.
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;
-
e 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 18 July 2025 and signed on their behalf by:
----- Start of picture text -----
YY? ened,
----- End of picture text -----
Richard Parrott, Chairman Trustee
Page 4
THE WEETING STEAM ENGINE RALLY
----- Start of picture text -----
Nene n nc cn ence nnn enn
----- End of picture text -----
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WEETING STEAM ENGINE RALLY (the 'charity')
| report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 September 2024 which are set out on pages 6 to 14.
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’).
| 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 | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
| have completed my examination. | 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:
-
| accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
he 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
| 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.
----- Start of picture text -----
fom_
----- End of picture text -----
Dated: 18 July 2025
T Nunn FCA
WHITINGS LLP
Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY
Page 5
THE WEETING STEAM ENGINE RALLY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2024 | 2024 | 2023 | ||
| Note | £ | £ | £ | |
| INCOME FROM: | ||||
| Other trading activities: | ||||
| Fundraising | 2 | 232,089 | 232,089 | 178,881 |
| TOTAL INCOME | 232,089 | 232,089 | 178,881 | |
| EXPENDITURE ON: | ||||
| Raising funds | 3 | 127,926 | 127,926 | 118,490 |
| Charitable activities | 4 | 14,976 | 14,976 | 15,024 |
| TOTAL EXPENDITURE | 5 | 142,902 | 142,902 | 133,514 |
| NET INCOME BEFORE OTHER RECOGNISED GAINS AND | ||||
| LOSSES | 89,187 | 89,187 | 45,367 | |
| NET MOVEMENT IN FUNDS | 89,187 | 89,187 | 45,367 | |
| RECONCILIATION OF FUNDS: | ||||
| Total funds brought forward | 103,547 | 103,547 | 58,180 | |
| TOTALFUNDSCARRIEDFORWARD | 192,734 192,734 103,547 ee |
The notes on pages 8 to 14 form part of these financial statements.
Page 6
THE WEETING STEAM ENGINE RALLY
TSE ENN nee
BALANCE SHEET AS AT 30 SEPTEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 8 | 2,955 | 4,313 | ||
| CURRENT ASSETS | |||||
| Debtors | 9 | 3,685 | 175 | ||
| Cash at bank and in hand | 194,910 | 138,806 | |||
| 198,595 | 138,981 | ||||
| CREDITORS: amounts falling due within | |||||
| one year | 10 | (8,816) | (39,747) | ||
| NETCURRENTASSETS | 189,779 | 99,234 | |||
| NETASSETS | 192,734 | 103,547 | |||
| CHARITY FUNDS | |||||
| Unrestricted funds | 11 | 192,734 | 103,547 | ||
| TOTALFUNDS | 192,734 | 103,547 |
The financial statements were approved by the Trustees on 18 July 2025 and signed on their behalf, by:
Richard Parrott, Chairman
The notes on pages8 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 2024
- 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 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) (effective 1 January 2019) 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 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 October 2019 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Weeting Steam Engine Rally meets the definition of a public benefit entity under 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
Seee
THE WEETING STEAM ENGINE RALLY
Oe
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
- ACCOUNTING POLICIES (continued)
1.6 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.
1.7 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.
- 1.8 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. 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.
- 1.9 Financial instruments
1.10 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.
- FUNDRAISING INCOME
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Weeting RallyWeekend | 232,089 | 232,089 | 178,881 |
| Total2023 | 178,881 | 178,881 |
Ne
Page 9
THE WEETING STEAM ENGINE RALLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 3. | COSTS OF RAISING FUNDS | ||||
|---|---|---|---|---|---|
| Unrestricted | Total | Total | |||
| funds | funds | funds | |||
| 2024 | 2024 | 2023 | |||
| £ | £ | £ | |||
| Showexpenses | 91,548 | 91,548 | 85,589 | ||
| Programmes and souvenir items | 3,811 | 3,811 | 4,085 | ||
| Purchase ofcoal | 23,541 | 23,541 | 20,007 | ||
| Event insurance | 3,170 | 3,170 | 3,141 | ||
| Advertising | 3,324 | 3,324 | 2,055 | ||
| Donations | 800 | 800 | 1,500 | ||
| Loss on disposal offixed assets | - | . | 467 | ||
| Depreciation | 1,732 | 1,732 | 1,646 | ||
| 127,926 | 127,926 | 118,490 | |||
| Total2023 | 118,490 | 118,490 | |||
| 4. | GOVERNANCE COSTS | ||||
| Unrestricted | Total | Total | |||
| funds | funds | funds | |||
| 2024 | 2024 | 2023 | |||
| £ | £ | £ | |||
| Accountancy and professional | 3,120 | 3,120 | 3,102 | ||
| Rally administrator | 10,690 | 10,690 | 10,812 | ||
| Postage, stationery, office equipment and | telephone | 1,166 | 1,166 | 1,110 | |
| 14,976 | 14,976 | 15,024 | |||
| 5. | ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE | ||||
| Depreciation | Othercosts | Total | Total | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Costs of raising funds: | |||||
| Expenditure on raising voluntary income | 1,732 | 126,194 | 127,926 | 118,490 | |
| Charitable activities: | |||||
| Expenditure on governance | - | 14,976 | 14,976 | 15,024 | |
| Total 2024 | 1,732 | 141,170 | 142,902 | 133,514 | |
| Total2023 | 1,646 | 131,868 | 133,514 |
Page 10
THE WEETING STEAM ENGINE RALLY
TN
ee
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
6. NET INCOME/(EXPENDITURE)
This is stated after charging:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Depreciation|of tangible|fixed|assets:|
|-|owned|by the|charity|1,732|1,646|
----- End of picture text -----
During the year, a Trustee received remuneration of £2,592 (2023 - £1,695). During the year, no Trustees received any benefits in kind (2023 - ENIL).
During the year, a Trustee received £3,271 for the reimbursement of insurance costs (2023 - £8,000) and a Trustee received £56 for the reimbursement of subsistence costs.
7. INDEPENDENT EXAMINER'S REMUNERATION
The Independent Examiner's remuneration amounts to an Independent Examination fee of £3,120 (2023 - £2,940).
Page 11
THE WEETING STEAM ENGINE RALLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
8. TANGIBLE FIXED ASSETS
| Fixtures and | |||
|---|---|---|---|
| fittings | |||
| £ | |||
| Cost | |||
| At1October2023 | 16,973 | ||
| Additions | 374 | ||
| At 30 September 2024 | 17,347 | ||
| Depreciation | |||
| At1October2023 | 12,660 | ||
| Charge for the year | 1,732 | ||
| At 30 September 2024 | 14,392 | ||
| Net book value | |||
| At 30 September 2024 | 2,955 | ||
| At 30 September2023 | 4,313 | ||
| 9. | DEBTORS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors | 3,685 | 175 | |
| 10. | CREDITORS: Amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors | 2,696 | 33,807 | |
| Other creditors | 3,000 | 3,000 | |
| Accruals and deferred income | 3,120 | 2,940 | |
| 8,816 | 39,747 |
Page 12
THE WEETING STEAM ENGINE RALLY
Ne
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
11. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Balance|at|
|Balance|at|30|
|1|October|September|
|2023|Income|Expenditure|2024|
|£|£|£|£|
|Unrestricted|funds|
|General|Funds-|all|funds|103,547|232,089|(142,902)|192,734|
|STATEMENT|OF|FUNDS|-|PRIOR|YEAR|
|Balance|at|
|Balance|at|30|
|1|October|September|
|2022|Income|Expenditure|2023|
|£|£|£|£|
|General|Funds-|all|funds|58, 180|178,881|(133,514)|103,547|
|Total|of funds|58,180|178,881|(133,514)|103,547|
----- End of picture text -----
- ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Total|
|funds|funds|
|2024|2024|
|£|£|
|Tangible|fixed|assets|2,955|2,955|
|Current|assets|198,595|198,595|
|Creditors|due|within|one|year|(8,816)|(8,816)|
|192,734|192,734|
----- End of picture text -----
Page 13
THE WEETING STEAM ENGINE RALLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2023 | |
| £ | £ | |
| Tangible fixed assets | 4,313 | 4,313 |
| Current assets | 138,980 | 138,981 |
| Creditors due within one year | (39, 746) | (39,747) |
| 103,547 | 103,547 |
- RELATED PARTY TRANSACTIONS
A Trustee who owns steam engines personally allows the Charity to use them in its own events at no cost.
£3,271 (2023 - £8,000) was paid to a Trustee for the reimbursement of insurance costs paid on the Rally's behalf. £3,000 (2023 - £3,000) was owed to a Trustee at the year end and is included in other creditors.
A Trustee received £2,592 (2023 - £1,695) for assisting with the set up and packing up of the Rally and £56 for subsistence costs,
Page 14