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2024-12-31-accounts

The Solway Aviation Society Ltd

Charity No. 1034715

Company No. 02731967

Trustees' Report and Unaudited Accounts

31 December 2024

The Solway Aviation Society Ltd Contents

Pages
Trustees' Annual Report 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Summary Income and Expenditure Account 6
Balance Sheet 7
Notes to the Accounts 8 to 14
Detailed Statement of Financial Activities 15 to 16

Page 1

The Solway Aviation Society Ltd Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 02731967

Charity No. 1034715

Registered Office

Aviation House Crosby On Eden Carlisle Cumbria CA6 4NW

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

D.G. Beresford R.D. Bratton S.J. Cawley R.W. Davison D. Kerr D.G. Kirkpatrick M. Moore L. Wilman

Company Secretary

R.W. Davison

Accountants

Tattersall Bailey 14A Main Street Cockermouth CA13 9LQ

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Page 2

The Solway Aviation Society Ltd Trustees Annual Report

Signed on behalf of the board

R.W. Davison Company Secretary 09 May 2025

Page 3

The Solway Aviation Society Ltd Independent Examiners Report

Independent Examiner's Report to the trustees of The Solway Aviation Society Ltd

I report to the charity trustees on my examination of the financial statements of The Solway Aviation Society Ltd for the year ended 31 December 2024.

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 financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity 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 financial statements 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

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 financial statements to be reached.

Paul Bailey FCA Tattersall Bailey 14A Main Street Cockermouth

CA13 9LQ 09 May 2025

Page 4

The Solway Aviation Society Ltd Statement of Financial Activities

for the year ended 31 December 2024

Notes
Income and endowments
from:
Donations and legacies
4
Other trading activities
5
Investments
6
Total
Expenditure on:
Raising funds
7
Charitable activities
8
Other
9
Total
Net gains on investments
Net income
10
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2024
£
5,764
112,393
1,133		 Restricted
funds
2024
£
103,878
-
-		 Total funds
2024
£
109,642
112,393
1,133		 Total funds
2023
£
6,993
76,191
295
119,290
28,216
26,727
24,733		 103,878
-
63,900
-		 223,168
28,216
90,627
24,733		 83,479
23,698
23,604
28,487
79,676
-		 63,900
-		 143,576
-		 75,789
-
39,614
-		 39,978
-		 79,592
-		 7,690
-
39,614 39,978 79,592 7,690
39,614
58,933		 39,978
-		 79,592
58,933		 7,690
51,243
98,547 39,978 138,525 58,933

Page 5

The Solway Aviation Society Ltd Summary Income and Expenditure Account

for the year ended 31 December 2024

Income
Interest and investment income
Gross income for the year
Expenditure
Depreciation and charges for
impairment of fixed assets
Total expenditure for the year
Net income before tax for the year
Net income for the year		 2024
£
222,035
1,133
223,168
141,988
1,588
143,576
79,592
79,592		 2023
£
83,184
295
83,479
74,005
1,784
75,789
7,690
7,690

Page 6

The Solway Aviation Society Ltd Balance Sheet

at 31 December 2024

at 31 December 2024
Company No.
02731967		 Notes 2024 2023
£ £
Fixed assets
Tangible assets 12 15,765 5,353
15,765 5,353
Current assets
Stocks 13 10,326 9,929
Debtors 14 - 876
Cash at bank and in hand 112,956 43,328
123,282 54,133
Creditors:Amount falling due within one year 15 (522) (553)
Net current assets 122,760 53,580
Total assets less current liabilities 138,525 58,933
Net assets excluding pension asset or liability 138,525 58,933
Total net assets 138,525 58,933
The funds of the charity
Restricted funds 16
Restricted income funds 39,978 -
39,978 -
Unrestricted funds 16
General funds 98,547 58,933
98,547 58,933
Reserves 16
Total funds 138,525 58,933

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 09 May 2025

And signed on its behalf by:

R.W. Davison Trustee

09 May 2025

Page 7

The Solway Aviation Society Ltd Notes to the Accounts

for the year ended 31 December 2024

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.

Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.

Page 8

The Solway Aviation Society Ltd Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery 25% Reducing basis Motor vehicles 25% Reducing basis

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 9

The Solway Aviation Society Ltd Notes to the Accounts

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Statement of Financial Activities - prior year

3
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Other trading activities
Investments
Total
Expenditure on:
Raising funds
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2023
£
6,993
76,191
295
83,479
23,698
23,604
28,487
75,789
7,690
7,690
7,690
51,243
58,933		 Total funds
2023
£
6,993
76,191
295
83,479
23,698
23,604
28,487
75,789
7,690
7,690
7,690
51,243
58,933

4 Income from donations and legacies

Income from donations and legacies
Grants
Subscriptions
Donated services and
facilities		 Unrestricted
£
398
2,010
3,356
5,764		 Restricted
£
-
-
103,878
103,878		 Total
2024
£
398
2,010
107,234
109,642		 Total
2023
£
1,613
1,290
4,090
6,993

Page 10

The Solway Aviation Society Ltd

Notes to the Accounts

5 Income from other trading activities

Fundraising events
Shop trading
Aircraft Access
Sundry sales
6
Income from investments
Deposit account interest
7
Expenditure on raising funds
Fundraising trading costs
Shop trading
8
Expenditure on charitable activities
Expenditure on charitable
activities
Marketing
Aircraft parts and
Maintenance
Display equipment,photos
Beverley project costs
Governance costs		 Unrestricted
£
6,044
8,407
12,276
-
26,727		 Unrestricted
£
3,889
45,569
56,932
6,003
112,393
Unrestricted
£
1,133
1,133
Unrestricted
£
28,216
28,216
Restricted
£
-
-
-
63,900
63,900		 Total
2024
£
3,889
45,569
56,932
6,003
112,393
Total
2024
£
1,133
1,133
Total
2024
£
28,216
28,216
Total
2024
£
6,044
8,407
12,276
63,900
90,627		 Total
2023
£
3,083
35,545
37,381
182
76,191
Total
2023
£
295
295
Total
2023
£
23,698
23,698
Total
2023
£
5,561
16,997
1,046
-
23,604

Page 11

The Solway Aviation Society Ltd Notes to the Accounts

9 Other expenditure

Unrestricted
Total
2024
£
£
Motor and travel costs
402
402
Premises costs
14,797
14,797
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
1,588
1,588
General administrative costs
6,404
6,404
Legal and professional costs
1,542
1,542
24,733
24,733
10 Net income before transfers
2024
This is stated after charging:
£
Depreciation of owned fixed assets
1,588
11 Trustee remuneration and expenses
One or more of the trustees has been paid expenses in the current or prior periods.
2024
Number
£
Total expenses reimbursed to trustees
402
12 Tangible fixed assets
Plant and
machinery
Motor
vehicles
£
£
Cost or revaluation
At 1 January 2024
32,864
9,600
Additions
-
12,000
At 31 December 2024
32,864
21,600
Depreciation and
impairment
At 1 January 2024
28,473
8,638
Depreciation charge for the
year
1,098
490
At 31 December 2024
29,571
9,128
Net book values
At 31 December 2024
3,293
12,472
At 31 December 2023
4,391
962		 Total
2023
£
370
18,258
1,784
7,091
984
28,487
2023
£
1,784
2023
Number
£
370
Total
£
42,464
12,000
54,464
37,111
1,588
38,699
15,765
5,353

Page 12

The Solway Aviation Society Ltd Notes to the Accounts

13 Stocks

13 Stocks
2024
£
Finished goods
10,326
10,326
14 Debtors
2024
£
Prepayments and accrued income
-
-
15 Creditors:
amounts falling due within one year
2024
£
Accruals
522
522
16 Movement in funds
At 1 January
2024
Incoming
resources
(including
other
gains/losses
)
£
Restricted funds:
Restricted income funds:
Beverley Project
-
103,878
Total
-
103,878
Unrestricted funds:
General funds
58,933
119,290
Total funds
58,933
223,168
Purposes and restrictions in relation to the funds:
Restricted funds:
Beverley Project
Rescue of the last Blackburn Beverley aircraft		 2024
£
10,326
10,326
2024
£
-
-
2024
£
522
522
Incoming
resources
(including
other
gains/losses
)
£
103,878
103,878
119,290
223,168		 Resources
expended
£
(63,900)
(63,900)
(79,676)
(143,576)		 2023
£
9,929
9,929
2023
£
876
876
2023
£
553
553
At 31
December
2024
£
39,978
39,978
98,547
138,525

17 Analysis of net assets between funds

Analysis of net assets between funds
Fixed assets
Net current assets		 Unrestricted
funds
£
15,765
122,760
138,525		 Total
£
15,765
122,760
138,525

Page 13

The Solway Aviation Society Ltd Notes to the Accounts

18 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1 January
2024
£		 Cash flows
£		 At 31
December
2024
£
43,328 69,628 112,956
43,328
43,328		 69,628
69,628		 112,956
112,956

19 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 14

The Solway Aviation Society Ltd Detailed Statement of Financial Activities

for the year ended 31 December 2024

Income and endowments from:
Donations and legacies
Grants
Subscriptions
Donated services and facilities
Other trading activities
Fundraising events
Shop trading
Aircraft Access
Sundry sales
Investments
Deposit account interest
Total income and endowments
Expenditure on:
Costs of other trading activities
Shop trading
Total of expenditure on raising
funds
Charitable activities
Marketing
Aircraft parts and Maintenance
Display equipment,photos
Beverley project costs
Total of expenditure on
charitable activities
Motor and travel costs
Fuel and travel expenses
Premises costs
Insurance
Building costs		 Unrestricted
funds
2024
£
398
2,010
3,356
5,764
3,889
45,569
56,932
6,003
112,393
1,133
1,133
119,290
28,216
28,216
28,216
6,044
8,407
12,276
-
26,727
26,727
402
402
2,863
11,934
14,797		 Restricted
funds
2024
£
-
-
103,878
103,878
-
-
-
-
-
-
-
103,878
-
-
-
-
-
-
63,900
63,900
63,900
-
-
-
-
-		 Total funds
2024
£
398
2,010
107,234
109,642
3,889
45,569
56,932
6,003
112,393
1,133
1,133
223,168
28,216
28,216
28,216
6,044
8,407
12,276
63,900
90,627
90,627
402
402
2,863
11,934
14,797		 Total funds
2023
£
1,613
1,290
4,090
6,993
3,083
35,545
37,381
182
76,191
295
295
83,479
23,698
23,698
23,698
5,561
16,997
1,046
-
23,604
23,604
370
370
1,881
16,377
18,258

Page 15

The Solway Aviation Society Ltd Detailed Statement of Financial Activities

General administrative costs,
including depreciation and
amortisation
Depreciation of Plant and
machinery
Depreciation of Motor vehicles
Card fees
Safety expenses
Stationery and printing
Legal and professional costs
Legal and professional costs
Total of expenditure of other
costs
Total expenditure
Net gains on investments
Net income
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 1,098
490
1,295
2,212
2,897
7,992
1,542
1,542
24,733
79,676
-
39,614
39,614
-
39,614
58,933
98,547		 -
-
-
-
-
-
-
-
-
63,900
-
39,978
39,978
-
39,978
-
39,978		 1,098
490
1,295
2,212
2,897
7,992
1,542
1,542
24,733
143,576
-
79,592
79,592
-
79,592
58,933
138,525		 1,463
321
940
3,247
2,904
8,875
984
984
28,487
75,789
-
7,690
7,690
-
7,690
51,243
58,933

Page 16

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