REGISTERED COMPANY NUMBER: 02731967 (England and Wales)
REGISTERED CHARITY NUMBER: 1034715
Report of the Trustees and Unaudited Financial Statements
for the Year Ended 31 December 2020
for
The Solway Aviation Society Ltd
BJ Laidlaw & Co 119 Denton Street Carlisle Cumbria CA2 SEN
The Solway Aviation Society Ltd
.
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
| DetailedStatementofFinancialActivities | 10 |
The Solway Aviation Society Ltd
|
Report of the Trustees for the Year Ended 31 December 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02731967 (England and Wales)
Registered Charity number 1034715
Registered office
Aviation House Crosby on Eden Carlisle Cumbria CA6 4NW
Trustees Ms Lynn Wilman Mr Douglas Kerr Mr Richard Davison Mr David Kirkpatrick Mr Mark Moore
Company Secretary
Independent Examiner
B J Laidlaw & Co 119 Denton Street Carlisle Cumbria CA2 SEN
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 24 September 2021 and signed on its behalf by:
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Aa
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Mr Richard Davison - Trustee
Page 1
Independent Examiner's Report to the Trustees of The Solway Aviation Society Ltd
Independent examiner's report to the trustees of The Solway Aviation Society Ltd (‘the
Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not Kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting 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
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
B J Laidlaw FCCA
B J Laidlaw & Co 119 Denton Street Carlisle Cumbria CA2 5EN
24 September 2021
Page 2
The Solway Aviation Society Ltd
Statement of Financial Activities for the Year Ended 31 December 2020
| 31.12.20 | 31.12.19 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 10,971 | 4,787 | |
| Other trading activities | 2 | 5,656 | 43,699 |
| Investment income | 3 | 20 | 60 |
| Total | 16,647 | 48,546 | |
| EXPENDITURE ON | |||
| Raising funds | 166 | 11,892 | |
| Charitable activities | |||
| Display equipment, photos etc | 23,573 | 14,948 | |
| Other | 8,473 | 16,442 | |
| Total | 32,212 | 43,282 | |
| NET INCOME/ (EXPENDITURE) | (15,565) | 5,264 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 54,693 | 49,429 | |
| TOTALFUNDSCARRIEDFORWARD | 39,128 | 54,693 |
The notes form part of these financial statements
Page 3
The Solway Aviation Society Ltd
Balance Sheet 31 December 2020
| 31.12.20 | 31.12.19 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 7 | 6,244 | 8,326 |
| CURRENT ASSETS | |||
| Stocks | 8 | 6,610 | 4,687 |
| Cash at bank and in hand | 70,841 | 44,103 | |
| 77,451 | 48,790 | ||
| CREDITORS | |||
| Amounts falling due within one year | 9 | (43,090) | (205) |
| NET CURRENT ASSETS | 34,361 | 48,585 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 40,605 | 56,911 | |
| CREDITORS | |||
| Amounts falling due after more than one | |||
| year | 10 | (1,477) | (2,218) |
| NET ASSETS | 39,128 | 54,693 | |
| FUNDS | 11 | ||
| Unrestricted funds | 39,128 | 54,693 | |
| TOTALFUNDS | 39,128 | 54,693 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 24 September 2021 and were signed on its behalf by:
Mr Richard Davison - Trustee
The notes form part of these financial statements
Page 4
The Solway Aviation Society Ltd Notes to the Financial Statements for the Year Ended 31 December 2020
- ACCOUNTING POLICIES
Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation The charity is exempt from corporation tax on its charitable activities.
Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees, Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2.
| statements. | ||
|---|---|---|
| OTHERTRADING ACTIVITIES | 31.12.20 | 31.12.19 |
| £ | £ | |
| Fundraising events Shop income Aircraft access Sundry sales |
5,389 48 19 200 |
3,654 16,572 22,847 626 |
| 5,656 | 43,699 |
Page 5
continued...
The Solway Aviation Society Ltd
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
| 3. | INVESTMENT INCOME | ||
|---|---|---|---|
| 31.12.20 | 31.12.19 | ||
| £ | £ | ||
| Deposit account interest | 20 | 60 | |
| 4, | NET INCOME/ (EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.12.20 | 31.12.19 | ||
| £ | £ | ||
| Depreciation-ownedassets | 2,082 | 2,772 |
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees’ expenses
Business fuel and travel expenses of £3594 were paid to Trustees in the year ended 31st December 2020. None were paid in the previous year.
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 4,787 |
| Other trading activities | 43,699 |
| Investment income | 60 |
| Total | 48,546 |
| EXPENDITURE ON | |
| Raising funds | 11,892 |
| Charitable activities | |
| Display equipment, photos etc | 14,948 |
| Other | 16,442 |
| Total | 43,282 |
| NET INCOME | 5,264 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 49,429 |
| TOTALFUNDSCARRIEDFORWARD | 54,693 |
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continued...
The Solway Aviation Society Ltd
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
| 7. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Plant and | Motor | ||||
| machinery £E |
vehicles £ |
Totals £ |
|||
| COST | |||||
| At 1 January 2020 and | |||||
| 31 December 2020 | 26,420 | 9,600 | 36,020 | ||
| DEPRECIATION | |||||
| At 1 January 2020 | 21,134 | 6,560 | 27,694 | ||
| Charge for year | 1,322 | 760 | 2,082 | ||
| At 31 December 2020 | 22,456 | 7,320 | 29,776 | ||
| NET BOOK VALUE | |||||
| At 31 December 2020 | 3,964 | 2,280 | 6,244 | ||
| At 31 December 2019 | 5,286 | 3,040 | 8,326 | ||
| 8. | STOCKS | ||||
| 31.12.20 | 31.12.19 | ||||
| £ | £ | ||||
| Stocks | 6,610 | 4,687 | |||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.12.20 | 31.12.19 | ||||
| £ | £ | ||||
| Trade creditors | 240 | 205 | |||
| Other creditors | 42,850 | - | |||
| 43,090 | 205 | ||||
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||
| 31.12.20 | 31.12.19 | ||||
| £ | £ | ||||
| H P loan | 1,477 | 2,218 | |||
| 11. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At | 1.1.20 | in funds | 31.12.20 | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 54,693 | (15,565) | 39,128 | ||
| TOTAL FUNDS | 54,693 | (15,565) | 39,128 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| : | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 16,647 | (32,212) | (15,565) | ||
| TOTALFUNDS | 16,647 | (32,212) | (15,565) |
Page 7
continued...
The Solway Aviation Society Ltd
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
- MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.1.19 | in funds | 31.12.19 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 49,429 | 5,264 | 54,693 | |
| TOTAL FUNDS | 49,429 | 5,264 | 54,693 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 48,546 | (43,282) | 5,264 | |
| TOTAL FUNDS | 48,546 | (43,282) | 5,264 | |
| A current year 12 months and prior year 12 months combined position is as follows: | ||||
| Net | ||||
| movement | At | |||
| At 1.1.19 | in funds | 31.12.20 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 49,429 | (10,301) | 39,128 | |
| TOTAL FUNDS | 49,429 | (10,301) | 39,128 | |
| A current year 12 months and prior year 12 months combined net movement in funds, | included | in | ||
| the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 65,193 | (75,494) | (10,301) | |
| TOTALFUNDS | 65,193 | (75,494) | (10,301) |
Page 8
continued...
The Solway Aviation Society Ltd
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
.
Page 9
The Solway Aviation Society Ltd
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| Detailed Statement of Financial Activities for the Year Ended 31 December 2020 |
||
|---|---|---|
| 31.12.20 | 31.12.19 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Grant Carlisle CC | 10,000 | - |
| Subscriptions | 840 | 1,620 |
| Donations and photos | 131 | 3,167 |
| 10,971 | 4,787 | |
| Other trading activities | ||
| Fundraising events | 5,389 | 3,654 |
| Shop income | 48 | 16,572 |
| Aircraft access | 19 | 22,847 |
| Sundry sales | 200 | 626 |
| 5,656 | 43,699 | |
| Investment income | ||
| Deposit account interest | 20 | 60 |
| Total incoming resources | 16,647 | 48,546 |
| EXPENDITURE | ||
| Other trading activities | ||
| Shop stock | 166 | 11,892 |
| Charitable activities | ||
| Advertising | 1,415 | 6,703 |
| Aircraft parts and maintenance | 13,219 | 3,183 |
| Display equipment, photos | 472 | 5,062 |
| 15,106 | 14,948 | |
| Support costs | ||
| Management | ||
| Fuel and travel expenses | 3,594 | - |
| Finance | ||
| Insurance | 1,427 | 1,508 |
| Building costs | 6,061 | 7,440 |
| Postage and stationery | 1,468 | 2,198 |
| Card fees | 295 | 442 |
| Interest | - | (410) |
| H P interest | 149 | - |
| Safety expenses | 1,176 | 940 |
| 10,576 | 12,118 | |
| Governance costs | ||
| Professional and legal fees | 688 | 1,552 |
| Depreciation | 2,082 | 2,772 |
| 2,770 | 4,324 | |
| Total resources expended | 32,212 | 43,282 |
| Net(expenditure)/income | (15,565) | 5,264 |
;
This page does not form part of the statutory financial statements
Page 10