2022-07-31-accounts - The Farnborough Air Sciences Trust

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Farnborough Air Sciences Trust Chairman’s Report 2021-22

FAST had a successful year as the Charity continued to recover and strengthen its sustainability in the wake of the Covid-19 pandemic.

The Charity continues to benefit from the support of its many volunteers, all of whom work tirelessly on maintaining the many exhibits, together with delivering an ongoing program of archiving the wealth of historical artefacts, documents, films, and slides.

The Trustee Board is actively engaged and maintains ownership and oversight of the Trust’s governance, financial strategy and health together with monitoring and developing its medium/long term strategy and ambitions. This is backed up by an ongoing maintenance and improvement program.

As a Charity the Trust monitors closely opportunities to bid for capital and revenue resources and it works closely with its local authorities – Borough and County, who continue to be extremely supportive.

Through the efforts of experienced and dedicated volunteers, and with the support of the site owners, a much-expanded program of booked tours has been developed for the historic and iconic Listed Wind Tunnels and Centrifuge, all of which form an important part of Farnborough’s unique aviation and research heritage and history.

There continues to be a focus on education, working with local schools and colleges.

The Trust also continues to work closely with the Hampshire Cultural Trust and other Museums in Hampshire and beyond, to share good practice and innovation.

Andrew Lloyd

Chairman

Farnborough Air Sciences Trust

April 2023

REGISTERED CHARTIY NUMBER: 1040199 Rewjrt of the Trpst¢e5 gnd UsdId Finantixl Statements for the Year Ended 31 July 2022 for F*rnborough Air Scienttg Trust Graham Best & Co 189 Lvnchford Road Famborough Hampshire GU146HD

Farnborough Alr Sciencos Trust Contents of the Financial Statements for ItLe Year Ended 31 July 2022 P8ge Report of the Trustee5 Independent Examiner's Report Statement of Financial Activitie5 Balanee Sbeet Noles to th¢ Financial Stslemetlts 5 to 10 D¢tsll¢d Ststemtttt of Flllanelal Aetivities 11 to 12

FarbOr0llgh Air Seienees Trust Report of the Trustees for the Year Ended 31 Juty 2022 The tjustees present their report hith th¢ financtal stetneDts of the charitv for the year ended 31 July 2012. The tNstees have adopted the provisions of Accounting and Repor[8 by Chatiiies.. Stawnent of Recommended Practice applicable to chariiies preparing the accounts iu accordance with the Financial Reporting Standard applicable in the LQ( and Republic of treland {FRS 102) (effective l JaDUWy 2019). STRUCTURE, GOVERNAliCE AND MAfiAGEMENr Governing documenl The charity is controlled by its governing docUen4 a deed of tnjst and const[tS an uninwrporat¢d ¢harity. Related parties Ten of the Trustees of the Charity are each th¢ Iwld¢r of 10 shares in Ttynchard Trading Limited a retail trading company. A number of the Charity Tntstees are directors of the company. REFERENCE Ary) ADLVIINISTRATIVE DETAIIS Registered Charity Duwb¢r 1040199 PriDcipal address Trenfjhard House 85 Farnborough Road Famborough HatnpslLire GU14 6TF Trustees R Gardner Chairman L Peskett Dr G M Rood Secretary B Luff Museum CLfdtor D F M Ciordon D Wilson Sir Donald Spier5 Vice Chairn M J Hordley P O Buckroyd A Lloyd Mrs S L Adcock Independent E1er Graham Best & Co FCA Graham Best & Co 189 LJn¢hford Road Farnborough Hampshire GU14 6FtD Approved by order of the board of thte¢S on 16 Mard12023 and signed on its behalf by.. R Gardner- Twstee Page I

Independent Examiner's Rewrt to the Trustees of Farnborough .4ir Science5 TTIiSt Independent examiner's reporl to the trustees of Farnborough Air Scie¢¢$ Trust I report to the charity trustees on my examination of the accounts of Farnborough Air Sciences Trust (the Tnt) for the year ended 3K July 2022. Responsibllltks and bas19 of report As the charity trustees of the Trust you are responsil)le for the prepardtion of the accounts in accordall¢e with the requiremellts of the Charities 2011 (the Act?. I report in respect of my examination of the Tn]st's accounts carried oui under Seciion 145 of the Aci and in call Out roy exalI)atIon I have followed a]1 applicable Directions given by the Clwity Commission uoder Settitsn 145(5)(b) of the Act. Indepelldellt examIneS statement I have ¢oinplctcd Tlly examination. I con6mi that no m&eriai n]atters have corne to my attention in connection witb the examination giving me Cause to believ¢ thot in any material respect: counting record5 were not kept tn respeci of the Trust as required by Section 130 of the Act. or the accounis do not accord with those records,. or tbe accounts do noi comply with the applicable requiretllents concerning tbe form attd content of accounts set out in the Charities {Accounts and Reports) Regulalions 2008 other than an). requirement that the accounts give true and fair view which is not a matter comidered as part of an independent examlliatio]k. I have no conceills and have come across no other matters in connection with the examination to which att¢ntion should be drawn in thi5 report in order to eDable a proper iLtLderstsnding of the accounts to be reached. Graham Best & Co FCA Graham Best & Co l89 LChf0rd Road Famborough Hampshire GU146FtD Date.. P¢2

Farnborollgh Air Stiettces Trt ststetThent of Fittaneial Aettvities ror tILe Year Ended 31 Juty 2022 31.7.22 Total nds 31.7.21 Total funds Utuestricted Restricted fi]nds nds Notes INCOME AND ENDOIITrIEKfs FROM Donations and legacies 179,532 179,532 112.379 Other trading activities lllvestment income 18,363 47 18,363 47 7,985 16 Tolol 197,94? 197,942 120.380 XPEI P4DITURE ON Raising fund5 148.634 148.634 55.857 21.429 21,429 19,322 Total 170,063 170,063 75,179 NET tNCOME 27,879 27,879 45,201 RECONCILIATION OF FUNDS Totsl funds bro1 forward 355.815 355,815 310,614 TOTAL FUT)s CARRIED FORWARD 383.694 383.694 355,815 The nole5 forfftpart of these financial statents Page 3

Farnborough Air Science5 Trust Balance Sheel 31 Julv 2022 31.7.22 Totsl fi]nds 31.7.21 Total funds UTtre5tricted fund5 Restritted funds Not¢5 FIXED ASSETS Tangible set9 Heriiage Sets Investtntnts 97,065 7.982 97,065 7,982 68,410 21,166 14,273 105.047 105,047 103.849 CURRFNT ASSETS Debtors Cash at bank in hand io 19,622 259.896 (2,096) 256,120 259.896 279,518 279.518 254.024 CREDITORS AD]ounts falling due within one year (871} (871) (2,0581 NET CURRENT ASSETS 278,647 278,647 251,966 TOTAL A&SETS LESS CURREf+rr LIABtLrrIES 383.694 383,694 355,815 NET A&SETS 383,694 383,694 355,815 FUNDS Unrestricted fullds 12 383,694 355,815 TOTAL FUl+lDS 383,694 355,815 The f]nanci&l statements were approved by thc Board of Trustees and authorised for issue on 16 Mawh 2023 and were Sl8ned on its behalf by.. R Gardner- Trustee The notes forn] part of these finaDcial slatements Page 4

F*rnb0r0gh Air Sciences Tn1 Notes to the Financial Sts¢emeDts for the Year Ended 31 July 2022 ACCOUJYTILYG POLICIES Basis of preparing the financial 5tatemellts The fillancial staents of the chaTity, Thhich is a public benefit entity. under FRS 102, have been prepared in arcordance with the Charities SORP IFRS 10?) 'Aceounting aud Reportillg by Charities- Statement of Recommended Prnctiee applicable Éo eharities preparing their accounts in accordance the Financial Reporting Standard applicable in the UK and RepuDlic of Ireland (FRS 102) (effective l January 20191,. Finanolal Reporting Siandard 10? The Ftllancial R¢p(>rtints Standard applicable in die UK and Republtc of Ireland, and the Charities Act 2011. The financi statements have been prepared wider the historical cost ¢onvention, with th¢ exception of iDve51meDts which are included at utarket value. Income All income is recognised in the S&eMent of Financial Activities once the charity has entitlement to the Fjnds, it is probable that the income will be receied and the amount can be Tneasured reliably. Exp¢nditure Liabilities are reco]Sed as expendiwre a5 500n as there is a legal or constrnctive obligation eomrnitting the clwity to that expenditure, it is probable that a transfer of eeonomic benefits will required in Settle¢llt and the aOunt of the obligation can be rnured reliably. Expenditurc i5 Rccounted for on an accTuals basis ha5 beeJL classified under headings that a(1 etsate ail cost related to the catory. Where costs caunot be diredly attributed tts particular headings they have been all0ed to activitie5 ijn ? basis fQllSiStent with the use of r¢sourees. Tangible rtxed a55ets Depreciation is provided at the following anulla] rntes iD order to wriie off eacb asset over its esti]nated useful life. The Jaguar Builditi8 Plant and Tna¢hin¢ry The CTrJy PaYÈlion ill ordance with the proi I10 on cost 95Q/¢ on cost Taxation Th¥ rharitr¢ is exellwt from tOX ¢)n its Charitable activitie5. Futtd aeeounting Unrestricted filnds can be used in accordance witb the charitable obj¢¢tives It the discretion of the trustees. Restricted fimds can onlv be $ for particular re5trtcred purrM)ses within the objects of tbe charity. RestrictiODS ise when specified by the donor or when funds are rdised for particular restricted PULposes. Further explanatioll of the nature aud purp)se of each fid is included tn the notes to the financial statements. OTHER TRADING ACTIVITtES 31.7.22 31.7.21 Archiv¢/PhotO 5al¢s Tours 2,483 15,880 3.7(M) 4,285 18J63 7,985 Page 5 contittued..

FY4rnborough Air ScieDces Trust Notes to the Financial Statemettts- eontknued for the Year Ended JI Juty 2022 INVE5TME.NT LYCOME 31.7.22 31.7.21 Deposit a¢¢ouni interest 47 16 RAISING FUNDS Ha]Ng donation5 legacie5 31.7.22 31.7.21 Support $ts lJ4,361 55,857 Investment management costs 31.7.22 31.7.21 Exceptional items 14,273 Ag¥egate amounts 148,634 55,857 TRUSTEES, RETriuf4EIUTION AND BE.YEFITS There were no trn5tees' remuneration or other benefits for the yejr end 31 July 2022 nor for th¢ year ended JI July2021. Trustees. expenses There were no trustees, expenses paid for the year ended 31 July 2022 nor for die year ended 31 July 2021. COMPARATIVES FOR THE STATELWIENf OF FINAf4ciAL AcfiviTIES Unrestricted fvnds Restrictsd fimds Total fvnds INCOME AND E)wLI1ELyTs FROM Donations and legacies 112.379 112.379 Other trading activiti¢s InYesttllEnt income 7,985 16 7,985 16 Total 120.380 120,380 EXPEPaDrruRE ON Raising fimds 55,857 55,857 Otber 19,322 19J22 Tothl 75,179 75,179 NET INCOM 45201 45,201 Pag¢ 6 continued..-

F4rnborough Air Sciences Trust otes to the Financial Statements- eoKÉillued for the Year Eed 31 July 2022 COMPARATIVES FOR THE sfATEMEYT OF FINANCIAL ACTivifiES- continued Uure5tricted R¢stricted funds funds Total fijnds RECONCtLIATION OF FUNDS Total funds brought focward 310.614 310.614 TOT AL FUNDS CARRtED FORWARD 355.815 355,815 TANGIBLE FIXED ASSETS Jaguar Building Plant and achinery The Cody Pavilion Totals COST At l AugLL8t 2021 Additions 81,966 18.171 36,900 61,750 161,887 36,900 At 31 July 2022 81.966 55.071 61,750 198,787 DEPRECIATtof* At l August 2021 Charge for y 29.910 2.738 1,817 5,507 61,750 93,477 8245 At 31 July 2022 32,648 7,324 61,750 101.722 NET BOOK VALUE At 31 Jul). 21r22 49,318 47,747 97,065 At31 July2021 16354 68,410 HERITAGE ASSETS Total MARKET VALUE At l August 2ff21 and 31 July 2022 159,582 PROVISIONS At l August 2021 Charge for year li8,416 13.184 Ai 31 July 2022 151,600 NET BOOK VALUE At 31 July 2022 7.982 At31 July2021 21,166 Page 7 colltinued...

FarnlM>roI Air Sciences Trust Notu to the Financial Ststements- eontinued for the Ye8r Ended 31 July 2022 FIXED ASSET INVESTiIIE.YTS 31.7.22 31.7.21 Loans 14,273 tK)ans to group UThdertakgS At l August 2021 Other movements 14,273 (14,273) At 31 July 2022 Th¢r¢ were no inv¢stTn¢nt wets Outside the Ut 10. DEBTORS: AMOIINTS FALLING DUE WITHtN ONE YEAR 31.7.22 31.7.21 Tren¢h&rd Tioding Limited 19,622 (2,096) ii. CREDITORS: LMouprr5 FALLING DUE WITHIN ONE YEAR 31.7.22 31.7.21 Other cr¢ditor5 871 1058 12. MOVEMENT IN FUTr4DS Net movement in Sjnds At 31.7.22 At 1.8.21 Unrestrleted fund5 General ftmd 355,815 27,879 383,694 TOTAL FUP4DS 355,815 27,879 383.694 Net movement in fund5. included in the aEK)Ye are as follows.. Incoming resource5 Resollrce$ expended Movement in fvnds Unresiricted funds General fund 197,942 (170,063) 27,879 TOTAL VUliDS 197.942 (170,063) 27,879 Page 8 COtIllut(L..

FarDbOrogh Air Sciences Trust t%otes to the FInaCIal Ststements- continued for the Year Ended 31 Juty 2022 12. MOVEMENT tN FUYDS- conlinued Comparatives for moveTheNt in fund$ Net movetnenÉ in fundy At 31,7.21 At 1.8.20 Unrestricted funds General fijnd 310,614 45,201 355.815 TOTAL FLThDS 310,614 45,201 355,815 Cotnparaiiye net movement in included ill the alx>ve are as follows.. Incoming Resources expended Movement in fidS Unrestrieted funds General furLd 120.380 (75,179) 45,201 TOTAL FUNDS 120.380 {75,179) 45,20I A current year 12 months and Prior year l2 months combined position is &8 follows: Net Tnovem¢nt in fid5 At 31.7.22 A¢ l 8_20 Unrestrleted funds General fund 3 10,614 73,080 383,694 TOTAL FUNDS 310,614 73,080 383.694 A current year 12 months and prior year 12 months combined net movement in fi]nds, included in the above are as follows.. InwTning R¢sourc¢s Movement in ndS Ullrestrieted futtds Generat fund 318,322 (245,242) 73,080 TOTAL FUNDS 318,322 (245,242) 73.080 Page 9 ¢ODtinue(L..

Farnborough Air Sciences Trust Notes to tht Financial Statements- CODtiDued for the Year Ended 31 July 2022 13. RELATED PARTY DISCLOSLTiES There were rLO related party traD5actions for th¢ year ¢od¢d 31 July 2022. Page 10

F4rnlMbrough Afir S¢iene¥ Trusl Detailed Statetllent of Fillancial Activtties for the l-ear Eded 31 July 21122 31.722 31.7.21 INCOME AND ENDoWMETrs DonatlODS and legaeie5 Donations Gift aid Grants Subscriptions 162,270 2,729 2,500 12,033 73.868 8,000 17,907 12,604 179,532 112.379 Other tradlng aet5Tr'lties Archive/Photo sales Tours 2,483 15,880 3,700 4,285 18,363 7,985 Investment Ineome Dep05lt accouTht interest 47 16 Totttl ineomillg resourc 197,942 120,380 EXPEL¥DITURE Investment management costs Exceptional items 14273 Support eosts Management R¢nt- Centrifijge Insurance Light and heat Postage and stationery Sundri¢5 Bricks Wgst¢ Security PriAtii Cleaning IT VisitsiTours Advertiging otTice Costs Archive Phot05 Museum Displays Museum MaintenatLce Library Costs Workshop 25.000 3.493 6,7?6 1,005 60 379 700 2,909 1,835 600 1,368 2,998 14.694 1,364 149 226 2.723 3,240 13,567 3,577 1,357 978 3,672 894 ,393 135 2,746 5,271 856 53 5,888 50,251 560 1,092 112,271 55,423 This page does llot fomi part of the statutory financial statements Pagell

Fornborough Alr S¢ieoees Trust Detailed Statement of Financial ActiTriti¢5 for the Year Ended 31 July 202? 31.7.22 31.7.21 MaDagetTheDt Finance Pa2] Fees Credit Card Charges 33 696 51 383 729 434 Information technology Repairs and renewals 19,719 Governance costs Accountsncy and legal fees Depreciation of t&ng&ble fix¢d assets I,&f2 1.583 l7.739 23,071 19,322 Total resources ¢xp¢nded 170,063 75,179 Net Irom¢ 27.879 45.201 This pa(Te does not forni part of tbe stabknry fiDancial statements Page 12