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 2021
for
The Solway Aviation Society Ltd
B J Laidlaw & Co 119 Denton Street Carlisle Cumbria CA2 5EN
The Solway Aviation Society Ltd
Contents of the Financial Statements for the Year Ended 31 December 2021
| 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 2021
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 2021. 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 charityis 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
Mr Richard Davison
Independent Examiner
BJ 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. May rwek Approved by order of the board of trustees on 27 Ee ary 2022 and signed on its behalf by:
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 2021.
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
4, 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 BJ Laidlaw & Co 119 Denton Street Carlisle Cumbria CA2 SEN
27 May 2022
Page 2
The Solway Aviation Society Ltd
Statement of Financial Activities for the Year Ended 31 December 2021
| 31.12.21 | 31.12.20 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 65,645 | 10,971 | |
| Other trading activities | 2 | 36,852 | 5,656 |
| Investment income | 3 | 3 | 20 |
| Total | 102,500 | 16,647 | |
| EXPENDITURE ON | |||
| Raising funds | 8,556 | 166 | |
| Charitable activities | |||
| Display equipment, photos etc | 87,701 | 23,573 | |
| Other | 1,696 | 8,473 | |
| Total | 97,953 | 32,212 | |
| NET INCOME/ (EXPENDITURE) | 4,547 | (15,565) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 39,128 | 54,693 | |
| TOTALFUNDSCARRIEDFORWARD | 43,675 | 39,128 |
The notes form part of these financial statements
Page 3
The Solway Aviation Society Ltd
Balance Sheet 31 December 2021
| 31.12.21 | 31.12.20 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 7 | 9,516 | 6,244 |
| CURRENT ASSETS | |||
| Stocks | 8 | 4,415 | 6,610 |
| Cash at bank and in hand | 30,895 | 70,841 | |
| 35,310 | 77,451 | ||
| CREDITORS | |||
| Amounts falling due within one year | 9 | (480) | (43,090) |
| NET CURRENT ASSETS | 34,830 | 34,361 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 44,346 | 40,605 | |
| CREDITORS | |||
| Amounts falling due after more than one | |||
| year | 10 | (671) | (1,477) |
| NET ASSETS | 43,675 | 39,128 | |
| FUNDS | 11 | ||
| Unrestricted funds | 43,675 | 39,128 | |
| TOTALFUNDS | 43,675 | 39,128 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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
-
(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 27 FebrdaryMIT 2022nw 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 2021
- 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.
- OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Fundraising events | 3,007 | 5,389 |
| Shop income | 13,480 | 48 |
| Aircraft access | 20,011 | 19 |
| Sundry sales | 354 | 200 |
| 36,852 | 5,656 |
Page 5
continued...
The Solway Aviation Society Ltd
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 3. | INVESTMENT INCOME | ||
|---|---|---|---|
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Deposit account interest | 3 | 20 | |
| 4. | NET INCOME/ (EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Depreciation-ownedassets | 3,172 | 2,082 |
- TRUSTEES' REMUNERATION AND BENEFITS
Trustees’ expenses
Business fuel and travel expenses of £680 were paid to Trustees in the year ended 31st December 2021, and £3594 in the previous year.
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| E | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 10,971 |
| Other trading activities | 5,656 |
| Investment income | 20 |
| Total | 16,647 |
| EXPENDITURE ON | |
| Raising funds | 166 |
| Charitable activities | |
| Display equipment, photos etc | 23,573 |
| Other | 8,473 |
| Total | 32,212 |
| NET INCOME/ (EXPENDITURE) | (15,565) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 54,693 |
| TOTALFUNDSCARRIEDFORWARD | 39,128 |
Page 6
continued...
The Solway Aviation Society Ltd
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 7. | TANGIBLE FIXED ASSETS | |||
|---|---|---|---|---|
| Plant and | Motor | |||
| machinery | vehicles | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 January 2021 | 26,420 | 9,600 | 36,020 | |
| Additions | 6,444 | - | 6,444 | |
| At 31 December 2021 | 32,864 | 9,600 | 42,464 | |
| DEPRECIATION | ||||
| At 1 January 2021 | 22,456 | 7,320 | 29,776 | |
| Charge for year | 2,602 | 570 | 3,172 | |
| At 31 December 2021 | 25,058 | 7,890 | 32,948 | |
| NET BOOK VALUE | ||||
| At 31 December 2021 | 7,806 | 1,710 | 9,516 | |
| At 31 December 2020 | 3,964 | 2,280 | 6,244 | |
| 8. | STOCKS | |||
| 31.12.21 | 31.12.20 | |||
| £ | £ | |||
| Stocks | 4,415 | 6,610 | ||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.12.21 | 31.12.20 | |||
| £ | £ | |||
| Trade creditors | - | 240 | ||
| Other creditors | - | 42,850 | ||
| Accrued expenses | 480 | - | ||
| 480 | 43,090 | |||
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | |||
| 31.12.21 | 31.12.20 | |||
| £ | £ | |||
| H P loan | 671 | 1,477 | ||
| 11. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.1.21 | in funds | 31.12.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 39,128 | 4,547 | 43,675 | |
| TOTALFUNDS | 39,128 | 4,547 | 43,675 |
Page 7
continued...
The Solway Aviation Society Ltd
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | E | |
| Unrestricted funds | |||
| General fund | 102,500 | (97,953) | 4,547 |
| TOTAL FUNDS | 102,500 | (97,953) | 4,547 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1.1.20 | in funds | 31.12.20 | |
| £ | £ | E | |
| Unrestricted funds | |||
| General fund | 54,693 | (15,565) | 39,128 |
| TOTAL FUNDS | 54,693 | (15,565) | 39,128 |
| Comparative 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) |
| TOTAL FUNDS | 16,647 | (32,212) | (15,565) |
| A current year 12 months and prior year 12 months combined position is as follows: | |||
| Net | |||
| movement | At | ||
| At 1.1.20 | in funds | 31.12.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 54,693 | (11,018) | 43,675 |
| TOTALFUNDS | 54,693 | (11,018) | 43,675 |
Page 8
continued...
The Solway Aviation Society Ltd
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
11. MOVEMENT IN FUNDS - continued
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 | 119,147 | (130,165) | (11,018) |
| TOTALFUNDS | 119,147 | (130,165) | (11,018) |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 9
The Solway Aviation Society Ltd
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| Detailed Statement of Financial Activities for the Year Ended 31 December 2021 |
||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Grant Carlisle CC | - | 10,000 |
| National Heritage grant | 62,928 | - |
| Subscriptions | 1,308 | 840 |
| Donations and photos | 1,409 | 131 |
| 65,645 | 10,971 | |
| Other trading activities | ||
| Fundraising events | 3,007 | 5,389 |
| Shop income | 13,480 | 48 |
| Aircraft access | 20,011 | 19 |
| Sundry sales | 354 | 200 |
| 36,852 | 5,656 | |
| Investment income | ||
| Deposit account interest | 3 | 20 |
| Total incoming resources | 102,500 | 16,647 |
| EXPENDITURE | ||
| Other trading activities | ||
| Shop stock purchased | 8,556 | 166 |
| Charitable activities | ||
| Marketing | 11,434 | 1,415 |
| Aircraft parts and maintenance | 7,141 | 13,219 |
| Display equipment, photos | 4,674 | 472 |
| 23,249 | 15,106 | |
| Support costs | ||
| Management | ||
| Fuel and travel expenses | 680 | 3,594 |
| Finance | ||
| Insurance | 1,438 | 1,427 |
| Building costs | 55,470 | 6,061 |
| Postage and stationery | 2,029 | 1,468 |
| Card fees | 592 | 295 |
| HP interest | 85 | 149 |
| Safety expenses | 2,020 | 1,176 |
| 61,634 | 10,576 | |
| Governance costs | ||
| Professional and legal fees | 662 | 688 |
| Depreciation | 3,172 | 2,082 |
| 3,834 | 2,770 | |
| Total resources expended | 97,953 | 32,212 |
| Netincome/(expenditure) | 4,547 | (15,565) |
This page does not form part of the statutory financial statements
Page 10