DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 **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 DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 **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 Page 1 DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 **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: 1. 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 3. 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. Paul Bailey ICAEW Tattersall Bailey Chartered Accountants 14A Main Street Cockermouth Cumbria CA13 9LQ 25 May 2023 | 10:44 AM BST Date: ............................................. Page 2 DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 ## **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 Page 3 DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 ## **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... Page 4 DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 ## **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 Page 5 DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 **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... Page 6 DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 **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... Page 7 DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 ## **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... Page 8 DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 ## **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... Page 9 DocuSign Envelope ID: F2C76623-D8E9-4F68-8EC4-A625AE531E41 ## **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. Page 10 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| |---|---|---| ||£|£| |**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 Page 11 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 Page 12