## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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