Farnborough Air Sciences Trust
Chairman’s Report 2022-23
FAST continued to prosper throughout the year thanks, largely, to the commitment of the Trustees and the selfless and dedicated support given by our many volunteers, all of whom worked tirelessly on maintaining the museum, together with delivering an ongoing program archiving the wealth of historical artefacts, documents, films, and slides.
The Trustee Board maintained its ownership and active oversight of the Trust’s governance, financial strategy and health, together with monitoring and developing its medium/long term strategy and ambitions. A small Working Group was set up by the Trustee Board towards the end of the financial year to carry out a review of the Trust’s vision and governance structures .
The Trust continued to monitor closely opportunities to bid for capital and revenue resources and to work closely with its local authorities – Borough and County, who continued to be extremely supportive.
The Trust was successful with a bid to the Heritage Lottery Fund for £44,733 for the digitisation of films selected from FAST’s extensive Film Archive.
Considerable time and effort has been put into maintaining a comprehensive programme of booked tours 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.
Increased emphasis was placed on education, working with local schools and colleges, with several Trustees achieving STEM accreditation during the year.
The Trust also continued to work closely with the Hampshire Cultural Trust and other Museums in Hampshire and beyond, sharing good practice and innovation.
FAST is indebted to our landlords, Frasers Property, for their ongoing encouragement and support
Andrew Lloyd
Chairman Farnborough Air Sciences Trust
May 2024
REGISTERED CHARITY NUMBER: 1040199
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 July 2023
for
Farnborough Air Sciences Trust
Graham Best & Co 189 Lynchford Road Farnborough Hampshire GU14 6HD
Farnborough Air Sciences Trust
Contents of the Financial Statements for the Year Ended 31 July 2023
| 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 |
| Detailed Statement of Financial Activities | 10 | to | 11 |
Farnborough Air Sciences Trust
Report of the Trustees for the Year Ended 31 July 2023
The trustees present their report with the financial statements of the charity for the year ended 31 July 2023. 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 an unincorporated charity.
Related parties
Ten of the Trustees of the Charity are each the holder of 10 shares in Trenchard Trading Limited a retail trading company.
A number of the Charity Trustees are directors of the company.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1040199
Principal address
Trenchard House 85 Farnborough Road Farnborough Hampshire GU14 6TF
Trustees
R Gardner L Peskett Dr G M Rood Secretary B Luff Museum Curator D F M Gordon D Wilson Sir Donald Spiers Vice Chairman M J Hordley P O Buckroyd A Lloyd Chairman Mrs S L Adcock
Independent Examiner
Graham Best & Co Graham Best & Co 189 Lynchford Road Farnborough Hampshire GU14 6HD
Approved by order of the board of trustees on 8 March 2024 and signed on its behalf by:
A Lloyd - Trustee
Page 1
Independent Examiner's Report to the Trustees of Farnborough Air Sciences Trust
Independent examiner's report to the trustees of Farnborough Air Sciences Trust
I report to the charity trustees on my examination of the accounts of Farnborough Air Sciences Trust (the Trust) for the year ended 31 July 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Graham Best & Co
Graham Best & Co 189 Lynchford Road Farnborough Hampshire GU14 6HD
Date: .............................................
Page 2
Farnborough Air Sciences Trust
Statement of Financial Activities for the Year Ended 31 July 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 197,904 Other trading activities 2 37,986 Investment income 3 2,092 Total 237,982 EXPENDITURE ON Raising funds 4 159,881 Other 14,197 Total 174,078 NET INCOME 63,904 RECONCILIATION OF FUNDS Total funds brought forward 383,694 TOTAL FUNDS CARRIED FORWARD 447,598 |
Restricted funds £ - - - - - - - - - - |
31.7.23 Total funds £ 197,904 37,986 2,092 237,982 159,881 14,197 174,078 63,904 383,694 447,598 |
31.7.22 Total funds £ 179,532 18,363 47 |
|---|---|---|---|
| 197,942 | |||
| 148,634 21,429 |
|||
| 170,063 | |||
| 27,879 355,815 |
|||
| 383,694 |
The notes form part of these financial statements
Page 3
Farnborough Air Sciences Trust
Balance Sheet 31 July 2023
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 7 88,819 Heritage assets 8 2,031 90,850 CURRENT ASSETS Debtors 9 20,786 Cash at bank and in hand 336,899 357,685 CREDITORS Amounts falling due within one year 10 (937) NET CURRENT ASSETS 356,748 TOTAL ASSETS LESS CURRENT LIABILITIES 447,598 NET ASSETS 447,598 FUNDS 11 Unrestricted funds TOTAL FUNDS |
Restricted funds £ - - - - - - - - - - |
31.7.23 Total funds £ 88,819 2,031 90,850 20,786 336,899 357,685 (937) 356,748 447,598 447,598 447,598 447,598 |
31.7.22 Total funds £ 97,065 7,982 105,047 19,622 259,896 279,518 (871) 278,647 383,694 383,694 383,694 383,694 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 March 2024 and were signed on its behalf by:
A Lloyd - Trustee
The notes form part of these financial statements
Page 4
Farnborough Air Sciences Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
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.
| The Jaguar Building | - in accordance with the property |
|---|---|
| Plant and machinery | - 10% on cost |
| The Cody Pavilion | - 25% on cost |
Taxation
The charity is exempt from 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 | ||
|---|---|---|
| 31.7.23 | 31.7.22 | |
| £ | £ | |
| Archive/Photo sales | 908 | 2,483 |
| Tours | 37,078 | 15,880 |
| 37,986 | 18,363 |
Page 5
continued...
Farnborough Air Sciences Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
3. INVESTMENT INCOME
| Deposit account interest 4. RAISING FUNDS Raising donations and legacies Support costs Investment management costs Exceptional items Aggregate amounts |
31.7.23 £ 2,092 31.7.23 £ 100,263 31.7.23 £ - 159,881 |
31.7.22 £ 47 31.7.22 £ 134,361 |
|---|---|---|
| 31.7.22 £ 14,273 148,634 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 179,532 Other trading activities 18,363 Investment income 47 Total 197,942 EXPENDITURE ON Raising funds 148,634 Other 21,429 Total 170,063 NET INCOME 27,879 |
Restricted funds £ - - - - - - - - |
Total funds £ 179,532 18,363 47 |
|---|---|---|
| 197,942 | ||
| 148,634 21,429 |
||
| 170,063 | ||
| 27,879 |
Page 6
continued...
Farnborough Air Sciences Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds £ £ RECONCILIATION OF FUNDS Total funds brought forward 355,815 - TOTAL FUNDS CARRIED FORWARD 383,694 - 7. TANGIBLE FIXED ASSETS The Jaguar Plant and The Cody Building machinery Pavilion £ £ £ COST At 1 August 2022 and 31 July 2023 81,966 55,071 61,750 DEPRECIATION At 1 August 2022 32,648 7,324 61,750 Charge for year 2,739 5,507 - At 31 July 2023 35,387 12,831 61,750 NET BOOK VALUE At 31 July 2023 46,579 42,240 - At 31 July 2022 49,318 47,747 - 8. HERITAGE ASSETS MARKET VALUE At 1 August 2022 and 31 July 2023 PROVISIONS At 1 August 2022 Charge for year At 31 July 2023 NET BOOK VALUE At 31 July 2023 At 31 July 2022 |
Total funds £ 355,815 383,694 Totals £ 198,787 101,722 8,246 109,968 88,819 97,065 Total £ 159,582 151,600 5,951 157,551 2,031 7,982 |
Total funds £ 355,815 |
|---|---|---|
| 383,694 |
continued...
Page 7
Farnborough Air Sciences Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trenchard Trading Limited 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1.8.22 £ Unrestricted funds General fund 383,694 TOTAL FUNDS 383,694 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 237,982 TOTAL FUNDS 237,982 Comparatives for movement in funds At 1.8.21 £ Unrestricted funds General fund 355,815 TOTAL FUNDS 355,815 |
31.7.23 31.7.22 £ £ 20,786 19,622 31.7.23 31.7.22 £ £ 937 871 Net movement At in funds 31.7.23 £ £ 63,904 447,598 63,904 447,598 Resources Movement expended in funds £ £ (174,078) 63,904 (174,078) 63,904 Net movement At in funds 31.7.22 £ £ 27,879 383,694 27,879 383,694 |
|---|---|
continued...
Page 8
Farnborough Air Sciences Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 197,942 197,942 |
Resources Movement expended in funds £ £ (170,063) 27,879 (170,063) 27,879 |
Resources Movement expended in funds £ £ (170,063) 27,879 (170,063) 27,879 |
|---|---|---|---|
| 27,879 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.8.21 £ 355,815 355,815 |
Net movement in funds £ 91,783 91,783 |
At 31.7.23 £ 447,598 |
|---|---|---|---|
| 447,598 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 435,924 435,924 |
Resources Movement expended in funds £ £ (344,141) 91,783 (344,141) 91,783 |
Resources Movement expended in funds £ £ (344,141) 91,783 (344,141) 91,783 |
|---|---|---|---|
| 91,783 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2023.
Page 9
Farnborough Air Sciences Trust
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 July 2023 | |||
| 31.7.23 | 31.7.22 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 45,925 | 162,270 | |
| Gift aid | 8,782 | 2,729 | |
| Legacies | 86,865 | - | |
| Grants | 44,774 | 2,500 | |
| Subscriptions | 11,558 | 12,033 | |
| 197,904 | 179,532 | ||
| Other trading activities | |||
| Archive/Photo sales | 908 | 2,483 | |
| Tours | 37,078 | 15,880 | |
| 37,986 | 18,363 | ||
| Investment income | |||
| Deposit account interest | 2,092 | 47 | |
| Total incoming resources | 237,982 | 197,942 | |
| EXPENDITURE | |||
| Investment management costs | |||
| Exceptional items | - | 14,273 | |
| Support costs | |||
| Management | |||
| Insurance | 3,678 | 2,998 | |
| Light and heat | 18,443 | 14,694 | |
| Postage and stationery | 688 | 1,364 | |
| Sundries | 692 | 149 | |
| Bricks | 282 | 226 | |
| Waste | 2,868 | 2,723 | |
| Security | 2,314 | 3,240 | |
| Printing | 4,453 | 13,567 | |
| Cleaning | 4,608 | 3,577 | |
| IT | 2,509 | 5,935 | |
| Visits/Tours | 701 | 1,357 | |
| Advertising | 1,013 | 978 | |
| Office Costs | 1,181 | 3,672 | |
| Centrifuge | 6,764 | - | |
| Archive Photos | 7,676 | - | |
| Museum Displays | 13,530 | 5,888 | |
| Museum Maintenance | 60,563 | 50,251 | |
| FAST 30 | 281 | - | |
| Library Costs | 532 | 560 | |
| Workshop | 692 | 1,092 | |
| 133,468 | 112,271 |
This page does not form part of the statutory financial statements
Page 10
Farnborough Air Sciences Trust
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 July 2023 | |||
| 31.7.23 | 31.7.22 | ||
| £ | £ | ||
| Management | |||
| Finance | |||
| Paypal Fees | 14 | 33 | |
| Credit Card Charges | 887 | 696 | |
| 901 | 729 | ||
| Information technology | |||
| Repairs and renewals | 24,072 | 19,719 | |
| Governance costs | |||
| Accountancy and legal fees | 1,440 | 1,642 | |
| Depreciation of tangible fixed assets | 14,197 | 21,429 | |
| 15,637 | 23,071 | ||
| Total resources expended | 174,078 | 170,063 | |
| Net income | 63,904 | 27,879 |
This page does not form part of the statutory financial statements
Page 11
REGISTERED CHARITY NUMBER: 1040199
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 July 2023
for
Farnborough Air Sciences Trust
Graham Best & Co 189 Lynchford Road Farnborough Hampshire GU14 6HD
Farnborough Air Sciences Trust
Contents of the Financial Statements for the Year Ended 31 July 2023
| 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 |
| Detailed Statement of Financial Activities | 10 | to | 11 |
Farnborough Air Sciences Trust
Report of the Trustees for the Year Ended 31 July 2023
The trustees present their report with the financial statements of the charity for the year ended 31 July 2023. 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 an unincorporated charity.
Related parties
Ten of the Trustees of the Charity are each the holder of 10 shares in Trenchard Trading Limited a retail trading company.
A number of the Charity Trustees are directors of the company.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1040199
Principal address
Trenchard House 85 Farnborough Road Farnborough Hampshire GU14 6TF
Trustees
R Gardner L Peskett Dr G M Rood Secretary B Luff Museum Curator D F M Gordon D Wilson Sir Donald Spiers Vice Chairman M J Hordley P O Buckroyd A Lloyd Chairman Mrs S L Adcock
Independent Examiner
Graham Best & Co Graham Best & Co 189 Lynchford Road Farnborough Hampshire GU14 6HD
Approved by order of the board of trustees on 8 March 2024 and signed on its behalf by:
A Lloyd - Trustee
Page 1
Independent Examiner's Report to the Trustees of Farnborough Air Sciences Trust
Independent examiner's report to the trustees of Farnborough Air Sciences Trust
I report to the charity trustees on my examination of the accounts of Farnborough Air Sciences Trust (the Trust) for the year ended 31 July 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Graham Best & Co
Graham Best & Co 189 Lynchford Road Farnborough Hampshire GU14 6HD
Date: .............................................
Page 2
Farnborough Air Sciences Trust
Statement of Financial Activities for the Year Ended 31 July 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 197,904 Other trading activities 2 37,986 Investment income 3 2,092 Total 237,982 EXPENDITURE ON Raising funds 4 159,881 Other 14,197 Total 174,078 NET INCOME 63,904 RECONCILIATION OF FUNDS Total funds brought forward 383,694 TOTAL FUNDS CARRIED FORWARD 447,598 |
Restricted funds £ - - - - - - - - - - |
31.7.23 Total funds £ 197,904 37,986 2,092 237,982 159,881 14,197 174,078 63,904 383,694 447,598 |
31.7.22 Total funds £ 179,532 18,363 47 |
|---|---|---|---|
| 197,942 | |||
| 148,634 21,429 |
|||
| 170,063 | |||
| 27,879 355,815 |
|||
| 383,694 |
The notes form part of these financial statements
Page 3
Farnborough Air Sciences Trust
Balance Sheet 31 July 2023
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 7 88,819 Heritage assets 8 2,031 90,850 CURRENT ASSETS Debtors 9 20,786 Cash at bank and in hand 336,899 357,685 CREDITORS Amounts falling due within one year 10 (937) NET CURRENT ASSETS 356,748 TOTAL ASSETS LESS CURRENT LIABILITIES 447,598 NET ASSETS 447,598 FUNDS 11 Unrestricted funds TOTAL FUNDS |
Restricted funds £ - - - - - - - - - - |
31.7.23 Total funds £ 88,819 2,031 90,850 20,786 336,899 357,685 (937) 356,748 447,598 447,598 447,598 447,598 |
31.7.22 Total funds £ 97,065 7,982 105,047 19,622 259,896 279,518 (871) 278,647 383,694 383,694 383,694 383,694 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 March 2024 and were signed on its behalf by:
A Lloyd - Trustee
The notes form part of these financial statements
Page 4
Farnborough Air Sciences Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
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.
| The Jaguar Building | - in accordance with the property |
|---|---|
| Plant and machinery | - 10% on cost |
| The Cody Pavilion | - 25% on cost |
Taxation
The charity is exempt from 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 | ||
|---|---|---|
| 31.7.23 | 31.7.22 | |
| £ | £ | |
| Archive/Photo sales | 908 | 2,483 |
| Tours | 37,078 | 15,880 |
| 37,986 | 18,363 |
Page 5
continued...
Farnborough Air Sciences Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
3. INVESTMENT INCOME
| Deposit account interest 4. RAISING FUNDS Raising donations and legacies Support costs Investment management costs Exceptional items Aggregate amounts |
31.7.23 £ 2,092 31.7.23 £ 100,263 31.7.23 £ - 159,881 |
31.7.22 £ 47 31.7.22 £ 134,361 |
|---|---|---|
| 31.7.22 £ 14,273 148,634 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 179,532 Other trading activities 18,363 Investment income 47 Total 197,942 EXPENDITURE ON Raising funds 148,634 Other 21,429 Total 170,063 NET INCOME 27,879 |
Restricted funds £ - - - - - - - - |
Total funds £ 179,532 18,363 47 |
|---|---|---|
| 197,942 | ||
| 148,634 21,429 |
||
| 170,063 | ||
| 27,879 |
Page 6
continued...
Farnborough Air Sciences Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds £ £ RECONCILIATION OF FUNDS Total funds brought forward 355,815 - TOTAL FUNDS CARRIED FORWARD 383,694 - 7. TANGIBLE FIXED ASSETS The Jaguar Plant and The Cody Building machinery Pavilion £ £ £ COST At 1 August 2022 and 31 July 2023 81,966 55,071 61,750 DEPRECIATION At 1 August 2022 32,648 7,324 61,750 Charge for year 2,739 5,507 - At 31 July 2023 35,387 12,831 61,750 NET BOOK VALUE At 31 July 2023 46,579 42,240 - At 31 July 2022 49,318 47,747 - 8. HERITAGE ASSETS MARKET VALUE At 1 August 2022 and 31 July 2023 PROVISIONS At 1 August 2022 Charge for year At 31 July 2023 NET BOOK VALUE At 31 July 2023 At 31 July 2022 |
Total funds £ 355,815 383,694 Totals £ 198,787 101,722 8,246 109,968 88,819 97,065 Total £ 159,582 151,600 5,951 157,551 2,031 7,982 |
Total funds £ 355,815 |
|---|---|---|
| 383,694 |
continued...
Page 7
Farnborough Air Sciences Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trenchard Trading Limited 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1.8.22 £ Unrestricted funds General fund 383,694 TOTAL FUNDS 383,694 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 237,982 TOTAL FUNDS 237,982 Comparatives for movement in funds At 1.8.21 £ Unrestricted funds General fund 355,815 TOTAL FUNDS 355,815 |
31.7.23 31.7.22 £ £ 20,786 19,622 31.7.23 31.7.22 £ £ 937 871 Net movement At in funds 31.7.23 £ £ 63,904 447,598 63,904 447,598 Resources Movement expended in funds £ £ (174,078) 63,904 (174,078) 63,904 Net movement At in funds 31.7.22 £ £ 27,879 383,694 27,879 383,694 |
|---|---|
continued...
Page 8
Farnborough Air Sciences Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2023
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 197,942 197,942 |
Resources Movement expended in funds £ £ (170,063) 27,879 (170,063) 27,879 |
Resources Movement expended in funds £ £ (170,063) 27,879 (170,063) 27,879 |
|---|---|---|---|
| 27,879 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.8.21 £ 355,815 355,815 |
Net movement in funds £ 91,783 91,783 |
At 31.7.23 £ 447,598 |
|---|---|---|---|
| 447,598 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 435,924 435,924 |
Resources Movement expended in funds £ £ (344,141) 91,783 (344,141) 91,783 |
Resources Movement expended in funds £ £ (344,141) 91,783 (344,141) 91,783 |
|---|---|---|---|
| 91,783 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2023.
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Farnborough Air Sciences Trust
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 July 2023 | |||
| 31.7.23 | 31.7.22 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 45,925 | 162,270 | |
| Gift aid | 8,782 | 2,729 | |
| Legacies | 86,865 | - | |
| Grants | 44,774 | 2,500 | |
| Subscriptions | 11,558 | 12,033 | |
| 197,904 | 179,532 | ||
| Other trading activities | |||
| Archive/Photo sales | 908 | 2,483 | |
| Tours | 37,078 | 15,880 | |
| 37,986 | 18,363 | ||
| Investment income | |||
| Deposit account interest | 2,092 | 47 | |
| Total incoming resources | 237,982 | 197,942 | |
| EXPENDITURE | |||
| Investment management costs | |||
| Exceptional items | - | 14,273 | |
| Support costs | |||
| Management | |||
| Insurance | 3,678 | 2,998 | |
| Light and heat | 18,443 | 14,694 | |
| Postage and stationery | 688 | 1,364 | |
| Sundries | 692 | 149 | |
| Bricks | 282 | 226 | |
| Waste | 2,868 | 2,723 | |
| Security | 2,314 | 3,240 | |
| Printing | 4,453 | 13,567 | |
| Cleaning | 4,608 | 3,577 | |
| IT | 2,509 | 5,935 | |
| Visits/Tours | 701 | 1,357 | |
| Advertising | 1,013 | 978 | |
| Office Costs | 1,181 | 3,672 | |
| Centrifuge | 6,764 | - | |
| Archive Photos | 7,676 | - | |
| Museum Displays | 13,530 | 5,888 | |
| Museum Maintenance | 60,563 | 50,251 | |
| FAST 30 | 281 | - | |
| Library Costs | 532 | 560 | |
| Workshop | 692 | 1,092 | |
| 133,468 | 112,271 |
This page does not form part of the statutory financial statements
Page 10
Farnborough Air Sciences Trust
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 July 2023 | |||
| 31.7.23 | 31.7.22 | ||
| £ | £ | ||
| Management | |||
| Finance | |||
| Paypal Fees | 14 | 33 | |
| Credit Card Charges | 887 | 696 | |
| 901 | 729 | ||
| Information technology | |||
| Repairs and renewals | 24,072 | 19,719 | |
| Governance costs | |||
| Accountancy and legal fees | 1,440 | 1,642 | |
| Depreciation of tangible fixed assets | 14,197 | 21,429 | |
| 15,637 | 23,071 | ||
| Total resources expended | 174,078 | 170,063 | |
| Net income | 63,904 | 27,879 |
This page does not form part of the statutory financial statements
Page 11