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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 2022
FOR
THE SOLWAY AVIATION SOCIETY LTD
Tattersall Bailey Chartered Accountants 14A Main Street Cockermouth Cumbria CA13 9LQ
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THE SOLWAY AVIATION SOCIETY LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | to | 5 |
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41
THE SOLWAY AVIATION SOCIETY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022. 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 Trustee Mr Richard Davison Trustee Mr David Kirkpatrick Mr Mark Moore
Company Secretary
Mr Richard Davison
Independent Examiner
Paul Bailey ICAEW Tattersall Bailey Chartered Accountants 14A Main Street Cockermouth Cumbria CA13 9LQ
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
25 May 2023 | 10:43 AM BST
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mr Richard Davison - Trustee
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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 2022.
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 2. 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
-
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.
Paul Bailey ICAEW Tattersall Bailey Chartered Accountants 14A Main Street Cockermouth Cumbria CA13 9LQ 25 May 2023 | 10:44 AM BST Date: .............................................
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THE SOLWAY AVIATION SOCIETY LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 31.12.22 | 31.12.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 3,210 | 65,645 | |
| Other trading activities | 2 | 57,510 | 36,852 |
| Investment income | 3 | 23 | 3 |
| Total | 60,743 | 102,500 | |
| EXPENDITURE ON | |||
| Raising funds | 14,658 | 8,556 | |
| Charitable activities | |||
| Display equipment, photos etc | 36,138 | 87,701 | |
| Other | 2,379 | 1,696 | |
| Total | 53,175 | 97,953 | |
| NET INCOME | 7,568 | 4,547 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 43,675 | 39,128 | |
| TOTAL FUNDS CARRIED FORWARD | 51,243 | 43,675 | |
The notes form part of these financial statements
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THE SOLWAY AVIATION SOCIETY LTD
BALANCE SHEET 31 DECEMBER 2022
| 31.12.22 | 31.12.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 7 | 7,136 | 9,516 |
| CURRENT ASSETS | |||
| Stocks | 8 | 7,157 | 4,415 |
| Cash at bank and in hand | 37,430 | 30,895 | |
| CREDITORS | 44,587 | 35,310 | |
| Amounts falling due within one year | 9 | (480) | (480) |
| NET CURRENT ASSETS | 44,107 | 34,830 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 51,243 | 44,346 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 10 | - | (671) |
| NET ASSETS | 51,243 | 43,675 | |
| FUNDS | 11 | ||
| Unrestricted funds | 51,243 | 43,675 | |
| TOTAL FUNDS | 51,243 | 43,675 | |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.
The notes form part of these financial statements
continued...
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THE SOLWAY AVIATION SOCIETY LTD
BALANCE SHEET - continued 31 DECEMBER 2022
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 ............................................. and were signed on its behalf by: 25 May 2023 | 10:43 AM BST
............................................. F5BA1617B9E34C6...
Mr Richard Davison - Trustee
The notes form part of these financial statements
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THE SOLWAY AVIATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. 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 25% reducing balance 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. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Fundraising events | 3,200 | 3,007 |
| Shop income | 22,848 | 13,480 |
| Aircraft Access | 27,262 | 20,011 |
| Sundry Sales | 4,200 | 354 |
| 57,510 | 36,852 | |
continued...
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THE SOLWAY AVIATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Deposit account interest | 23 | 3 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| Depreciation - owned assets | 31.12.22 £ 2,380 |
31.12.21 £ 3,172 |
4. NET INCOME/(EXPENDITURE)
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
Business fuel and travel expenses of £708 were paid to trustees in the year ended 31st December 2022, and £680 in the previous year.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
|---|---|
| Donations and legacies | 65,645 |
| Other trading activities | 36,852 |
| Investment income | 3 |
| Total | 102,500 |
| EXPENDITURE ON | |
| Raising funds | 8,556 |
| Charitable activities | |
| Display equipment, photos etc | 87,701 |
| Other | 1,696 |
| Total | 97,953 |
| NET INCOME | 4,547 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 39,128 |
continued...
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THE SOLWAY AVIATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | |||||
|---|---|---|---|---|---|
| fund | |||||
| £ | |||||
| TOTAL FUNDS CARRIED FORWARD | 43,675 | ||||
| 7. | TANGIBLE FIXED ASSETS | ||||
| COST | Plant and machinery £ |
Motor vehicles £ |
Totals £ |
||
| At 1 January 2022 and 31 December 2022 | 32,864 | 9,600 | 42,464 | ||
| DEPRECIATION | |||||
| At 1 January 2022 | 25,058 | 7,890 | 32,948 | ||
| Charge for year | 1,952 | 428 | 2,380 | ||
| At 31 December 2022 | 27,010 | 8,318 | 35,328 | ||
| NET BOOK VALUE | |||||
| At 31 December 2022 | 5,854 | 1,282 | 7,136 | ||
| At 31 December 2021 | 7,806 | 1,710 | 9,516 | ||
| 8. | STOCKS | ||||
| Stocks | 31.12.22 £ 7,157 |
31.12.21 £ 4,415 |
|||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| Accrued expenses | 31.12.22 £ 480 |
31.12.21 £ 480 |
|||
continued...
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THE SOLWAY AVIATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| H P Loan MOVEMENT IN FUNDS At 1.1.22 £ Unrestricted funds General fund 43,675 TOTAL FUNDS 43,675 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 60,743 TOTAL FUNDS 60,743 Comparatives for movement in funds At 1.1.21 £ Unrestricted funds General fund 39,128 TOTAL FUNDS 39,128 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 102,500 TOTAL FUNDS 102,500 |
31.12.22 31.12.21 £ £ - 671 Net movement At in funds 31.12.22 £ £ 7,568 51,243 7,568 51,243 Resources Movement expended in funds £ £ (53,175) 7,568 (53,175) 7,568 Net movement At in funds 31.12.21 £ £ 4,547 43,675 4,547 43,675 Resources Movement expended in funds £ £ (97,953) 4,547 (97,953) 4,547 |
|---|---|
11. MOVEMENT IN FUNDS
continued...
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THE SOLWAY AVIATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.21 | in funds | 31.12.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 39,128 | 12,115 | 51,243 |
| TOTAL FUNDS | 39,128 | 12,115 | 51,243 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 163,243 (151,128) |
12,115 |
| TOTAL FUNDS | 163,243 (151,128) |
12,115 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
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THE SOLWAY AVIATION SOCIETY LTD
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 31.12.22 | 31.12.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| National Heritage Grant | - | 62,928 |
| Subscriptions | 1,183 | 1,308 |
| Donated services and facilities | 2,027 | 1,409 |
| Other trading activities | 3,210 | 65,645 |
| Fundraising events | 3,200 | 3,007 |
| Shop income | 22,848 | 13,480 |
| Aircraft Access | 27,262 | 20,011 |
| Sundry Sales | 4,200 | 354 |
| Investment income | 57,510 | 36,852 |
| Deposit account interest | 23 | 3 |
| Total incoming resources | 60,743 | 102,500 |
| EXPENDITURE | ||
| Other trading activities | ||
| Opening stock | 4,415 | - |
| Shop stock purchased | 17,400 | 8,556 |
| Closing stock | (7,157) | - |
| Charitable activities | 14,658 | 8,556 |
| Marketing | 3,808 | 11,434 |
| Aircraft parts and Maintenance | 16,477 | 7,141 |
| Display equipment, photos | 2,008 | 4,674 |
| 22,293 | 23,249 | |
| Support costs | ||
| Management | ||
| Fuel and travel expenses | 708 | 680 |
| Finance | ||
| Insurance | 1,841 | 1,438 |
| Building costs | 5,732 | 55,470 |
| Postage and stationery | 2,701 | 2,029 |
| Card fees | 685 | 592 |
| HP interest | 70 | 85 |
| Carried forward | 11,029 | 59,614 |
This page does not form part of the statutory financial statements
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DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41
THE SOLWAY AVIATION SOCIETY LTD
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
| FOR THE YEAR ENDED 31 DECEMBER 2022 | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Finance | ||
| Brought forward | 11,029 | 59,614 |
| Safety expenses | 1,373 | 2,020 |
| Governance costs | 12,402 | 61,634 |
| Professional and legal fees | 735 | 662 |
| Depreciation of tangible fixed assets | 2,379 | 3,172 |
| 3,114 | 3,834 | |
| Total resources expended | 53,175 | 97,953 |
| Net income | 7,568 | 4,547 |
This page does not form part of the statutory financial statements
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