**Farnborough Air Sciences Trust Chairman’s Report 2023-24** This was an exceptional and significant year for FAST as we celebrated our 35[th] Anniversary. This was a special occasion, and the opportunity was taken to celebrate all that had been achieved since FAST was created by the original Trustees, Finn Gordon, Laurence Pesketh and Charlie Fraser-Fleming in 1993. FAST was created with the aim of preserving and safeguarding Farnborough’s unique aviation and research heritage, and this remains at the heart of all that we do to this day. FAST has continued to operate successfully on an entirely volunteer basis, made possible by the commitment of the Trustees and the selfless and dedicated support from our many individual volunteers, who work tirelessly on maintaining the museum, together with archiving the many historical artefacts, films, slides and documents. Throughout the year a team of volunteers also planned and implemented an ongoing maintenance program for the aircraft and exhibits on display within the Museum grounds. The Trustee Board maintained oversight of the Trust’s governance, financial strategy and ongoing sustainability and the Trust’s overall financial position remains sound. Work progressed on the review of the Trust’s vision and governance which is scheduled for completion during the year ahead. The Trust’s educational (STEM) program was maintained and developed further throughout the year, building on the strong relationships with local schools and colleges. Efforts to maintain the extensive tour program of Farnborough’s historic Wind Tunnels and Centrifuge continued, highlighting their significance in the area's unique history. FAST continued to collaborate closely with our local authority partners, whose support and encouragement is greatly appreciated. Finally, I would like to thank our landlords, Frasers Property, for their continued support and encouragement. REGISTERED CHARITY NUMBER: 1040199 Report of the Tru¥tees and Unaiidited Financial Statements for the Year Ended 31 July 2024 for Farnborough Air Sciences Trust Graliam Best & Co 189 Lynchford Road Farnborough 14ampshire GU14 6HD Farnborough Air Sciences Trust Contents of the Financial Statements for the Year Ended 31 July 2024 Page Report of thc Trustees Independent Examlner's Report Statement of Financial Activities Balance Sheet Notes to the Finunclal Sitatements Detailed Statement of Financial Aetivitics Farnborough Air Seiences Truqt Report of the Trustees for the Year Eiided 31 July 2024 The trusteLS present Ilieir report with tlie financial statements of the charity for the ycar ended 31 .Vuly 20?4. Thc trustees havc adopted the provisions of Accounting aT]d Reportin(r by Charities.. Statem¢nl of R¢¢omTnended Practice appliLable to charities preparing their accouni8 in accordance witli the Financial Reportin<7 Standard applicable in the UK and Republic of Ireland (FRS 102) (effcctive l January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The cliarity 15 controlled by its governin&y docuiment, a deed ol trust and constitutes an unincorporaled charity. Rclated parties Ten ol, the Trusiets of the Charily are each the holder of 10 shares in I'ren¢hard I'rading Limited a retail trading company. A number of the Charity Truste¢s are directors ot tli¢ coinpany. REFERENCE AND ADMIYL ISTRATIVE DETAILS Registered Charity number 1040199 Principal address Trenchcird House 85 farnborough Road Farnborougyh l-lampshire GI114 6TF Triistees R Gardiier L Peskcll Dr G M Rood Secretary B LutTMuseuin Curator D F M (iordon D Wi15011 Sir Donald Spiers Vice Chairman M .1 Hordley P O Buukroyd A Lloyd Chairnian Mrs S L AdLock ndLpeiident Exaniiner Graham Best & Co CJra11ani Best & Co 189 LyiiLhfrord Road Farnborough Harnpshir¢ GU14 6HD Approved by order of the board of trnstecs on 20 October 2024 and signed on its behalff by: A Lloyd- Trustee Page I Illdcpendent E.Yaminer'5 Report to the Trustees or Farllborough Air Sciences Trust Independent ¢¥aminer's report to the trustees of Farnborough Air Sciences Trust I report to the charity trustees on my examination of tlie accounts of Farnborough Air Sciences Trust (the Trust) for the year ended ) l July 2024. Responsibilities and basis of report As the charity trustees of the TrLlSt you are responsible for the preparation of tlie a¢counls in accordance wkth the requirements of the Charities Act 2011 ('Ihe Act,). I report tn respect olmy examination of the Trust's accounts carried our under Section 145 of the Act and in carrying out my exarnination I have followed all applicable Directions given by the Charity Commission under Sectioii 145{5){b) of the Acl. Independent examiner's statement Siiicc your charity's gross iiicome exceeded £250,000 your exaininer Lnust be a menil)er of a listed body, I can confirm that l ain qualitied lo uiidcrtak¢ tli¢ examination l)eLause l ain a member of thc ** r,REiOR - relevanl pr()fc5sional body Inust bc cornpl¢ted* * which is one ol th¢ listed bodies. I have cotnpleted niy examination, I confirin that no matcrial mutters have comc I'o my attention in connection with the examin¢1tion giving me Lause to believe that in any material respect.. accounting record% wero not kept in respeci ol: Ihe TrLlSt d5 re(iuired by Section 130 of the Act,. or the accounl's do not accord with those rccords,. or Ihc accounts do not comply witli thc applicable requirements conuLrnin(y the form and content of accounts sei oul in the Charities (Accolints and Reports) Regii11L lions 2008 oth¢r tlian any rcquirement that the accounts give truL and fciir view wliich is iiot a maLILr coiisider¢d as part ot- an indepeiident examiiialion. I have llo concerns and hdve conie across no oiher matters in connection witli the examination to which attention should be drawn in ihis I'¢PQrt in order to en¢ible a proplr iinderstanding ot'ihe accounls to be reached. Grahani Besl & Co Grahani Bcst & Co 189 Lynchford Road Farnborough Flinip.%hire GU146HD 20 October 2024 Page 2 Farnborough Air Sciences Trust Statement of Financial Activities for the Year Ended 31 July 2024 31.7.24 Total funds 31.7.23 Total funds Unrestricted fullds Restricted tunds Notes INCOME AND ILYDOWMENTS FROM Doiiations and legacies 34C),405 346.405 197,904 Other trading activities Investment incom¢ 33,463 15,776 33,463 15.776 37.986 2,092 Total i95,644 395,644 237,982 EXPENDITURE OIY Raibing lunds 211,844 211,844 159,881 Other 14.197 Total 211,844 211,844 174,078 NEI T INCOME 183,¥00 183,8QO RECONC.ILIATION OF FUNDS Toicil luiid5 brought fonvard 447,598 447,598 383,694 TOTAL FUNDS CAIIIIIED FORWARD 631,398 631,398 447,598 The notes form part of these financial statements Page 3 Farnborough Air Scienees Trust Balance Shcet 31.luly 2024 31.7.24 Total funds Uiiresli'icted funds 31.7.23 Total funds Re5ts'icted funds FIXED ASSETS -raiitFible a55ets Heritage assets 80,574 247 80,574 247 88,819 8n,8?1 90,850 CURRENT ASSETS Dlbiors C<15h at bank and in hand 20,505 531,021 20,505 531,021 20,786 336,899 f51,526 551526 357,685 CREDITORS Amounts fallinsi due withiii one year 10 (949) (949) (()3 7} NET CURRENT ASSiE'rs 550,577 550,577 3f6,748 TOTAL ASSETS LESS CURRENT LIABILITIF.S 631,398 631,398 447,598 NET ASSETS 631,398 631,398 447,598 Unrestricted funds 631,398 447,598 TOTAI, FUNDS 631.398 447,598 The fiiilK IILial .%l¢lteiMen15 were approved by rlie Board of Trustecs and aLiihoriscd for issue on 20 OLtober 20?4 and were signed on ilb behalf by,, A Lloyd - Truslee The notes form part of Ihese financial statements Page 4 Farnboroutyh Air Sciences Trust Note.$ to the Finijncial Statements for the Year Ended 31 July 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The finaiicial stateinents of Ihe charily, which is a PLiblic benefit entity under FRS 102, liave been prepared in accordaiice wilh the ChariliLS SORP (FRS 102) 'Accounting and Reponing by Charities.. Statement of RLL()nimended Practice applicablL to chaiitie5 prepai'in¥ their accounts in accordaiice willi Ilie Financial Reporting Siandard appliLablc in th¢ UK and Republic of Ireliind (FRS 102) (cffective l Jaiiuary ?019)', Fi1l)tives for movemeiit iii funds Net movemeiit in tunds At 31.7,23 At 1.8.22 Unrestricted funds Geiierl)t aiid lieclt PosldbJ¥ ai)d stationery Sundi-ies Bricks Waste Security Prinliniy Cleaiiing IT 3,766 ?0,231 952 3,678 18,443 688 692 282 2,868 215 1,709 3,885 5,376 5,984 ,325 255 4,208 6,000 83,519 15,409 31,273 7,730 I,l88 3,308 4,453 4,608 2,509 701 1,013 1.181 Vi%itslTour5 Advertising ottlLe Costs Centri fu¥¢ Archive Photos MuseLim Displays Museum Maintenclnce FAST 30 Library Costs Workshop 7,676 13,530 60,563 281 532 692 199,662 133.468 Thts page does not fortn part of the statutory fjnancial statements Paoe 10 F2rnborough Air Sciellce5 Trust Detailed Statement of Fiiiancial Activities for the Yeur Ended 31 July 2024 31.7.24 31.7,23 Management Finance Paypal Fees Credit Card Chargyes 14 887 1,024 1,024 901 I nformation teLhllology Repairs and renewals 24,072 Governance coyts Accountancy and legal t'ees Depreciation of tangible tixed assels 1,129 l 0,0?9 1,440 14,197 15,637 Tol'al resources expended 211,844 l74,078 Net Income 183,800 63,904 This parJe does not form part of the Sta￿tOry f￿anCIal statements Page 11 REGISTERED CHARITY NUMBER: 1040199 Report of the Tru¥tees and Unaiidited Financial Statements for the Year Ended 31 July 2024 for Farnborough Air Sciences Trust Graliam Best & Co 189 Lynchford Road Farnborough 14ampshire GU14 6HD Farnborough Air Sciences Trust Contents of the Financial Statements for the Year Ended 31 July 2024 Page Report of thc Trustees Independent Examlner's Report Statement of Financial Activities Balance Sheet Notes to the Finunclal Sitatements Detailed Statement of Financial Aetivitics Farnborough Air Seiences Truqt Report of the Trustees for the Year Eiided 31 July 2024 The trusteLS present Ilieir report with tlie financial statements of the charity for the ycar ended 31 .Vuly 20?4. Thc trustees havc adopted the provisions of Accounting aT]d Reportin(r by Charities.. Statem¢nl of R¢¢omTnended Practice appliLable to charities preparing their accouni8 in accordance witli the Financial Reportin<7 Standard applicable in the UK and Republic of Ireland (FRS 102) (effcctive l January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The cliarity 15 controlled by its governin&y docuiment, a deed ol trust and constitutes an unincorporaled charity. Rclated parties Ten ol, the Trusiets of the Charily are each the holder of 10 shares in I'ren¢hard I'rading Limited a retail trading company. A number of the Charity Truste¢s are directors ot tli¢ coinpany. REFERENCE AND ADMIYL ISTRATIVE DETAILS Registered Charity number 1040199 Principal address Trenchcird House 85 farnborough Road Farnborougyh l-lampshire GI114 6TF Triistees R Gardiier L Peskcll Dr G M Rood Secretary B LutTMuseuin Curator D F M (iordon D Wi15011 Sir Donald Spiers Vice Chairman M .1 Hordley P O Buukroyd A Lloyd Chairnian Mrs S L AdLock ndLpeiident Exaniiner Graham Best & Co CJra11ani Best & Co 189 LyiiLhfrord Road Farnborough Harnpshir¢ GU14 6HD Approved by order of the board of trnstecs on 20 October 2024 and signed on its behalff by: A Lloyd- Trustee Page I Illdcpendent E.Yaminer'5 Report to the Trustees or Farllborough Air Sciences Trust Independent ¢¥aminer's report to the trustees of Farnborough Air Sciences Trust I report to the charity trustees on my examination of tlie accounts of Farnborough Air Sciences Trust (the Trust) for the year ended ) l July 2024. Responsibilities and basis of report As the charity trustees of the TrLlSt you are responsible for the preparation of tlie a¢counls in accordance wkth the requirements of the Charities Act 2011 ('Ihe Act,). I report tn respect olmy examination of the Trust's accounts carried our under Section 145 of the Act and in carrying out my exarnination I have followed all applicable Directions given by the Charity Commission under Sectioii 145{5){b) of the Acl. Independent examiner's statement Siiicc your charity's gross iiicome exceeded £250,000 your exaininer Lnust be a menil)er of a listed body, I can confirm that l ain qualitied lo uiidcrtak¢ tli¢ examination l)eLause l ain a member of thc ** r,REiOR - relevanl pr()fc5sional body Inust bc cornpl¢ted* * which is one ol th¢ listed bodies. I have cotnpleted niy examination, I confirin that no matcrial mutters have comc I'o my attention in connection with the examin¢1tion giving me Lause to believe that in any material respect.. accounting record% wero not kept in respeci ol: Ihe TrLlSt d5 re(iuired by Section 130 of the Act,. or the accounl's do not accord with those rccords,. or Ihc accounts do not comply witli thc applicable requirements conuLrnin(y the form and content of accounts sei oul in the Charities (Accolints and Reports) Regii11L lions 2008 oth¢r tlian any rcquirement that the accounts give truL and fciir view wliich is iiot a maLILr coiisider¢d as part ot- an indepeiident examiiialion. I have llo concerns and hdve conie across no oiher matters in connection witli the examination to which attention should be drawn in ihis I'¢PQrt in order to en¢ible a proplr iinderstanding ot'ihe accounls to be reached. Grahani Besl & Co Grahani Bcst & Co 189 Lynchford Road Farnborough Flinip.%hire GU146HD 20 October 2024 Page 2 Farnborough Air Sciences Trust Statement of Financial Activities for the Year Ended 31 July 2024 31.7.24 Total funds 31.7.23 Total funds Unrestricted fullds Restricted tunds Notes INCOME AND ILYDOWMENTS FROM Doiiations and legacies 34C),405 346.405 197,904 Other trading activities Investment incom¢ 33,463 15,776 33,463 15.776 37.986 2,092 Total i95,644 395,644 237,982 EXPENDITURE OIY Raibing lunds 211,844 211,844 159,881 Other 14.197 Total 211,844 211,844 174,078 NEI T INCOME 183,¥00 183,8QO RECONC.ILIATION OF FUNDS Toicil luiid5 brought fonvard 447,598 447,598 383,694 TOTAL FUNDS CAIIIIIED FORWARD 631,398 631,398 447,598 The notes form part of these financial statements Page 3 Farnborough Air Scienees Trust Balance Shcet 31.luly 2024 31.7.24 Total funds Uiiresli'icted funds 31.7.23 Total funds Re5ts'icted funds FIXED ASSETS -raiitFible a55ets Heritage assets 80,574 247 80,574 247 88,819 8n,8?1 90,850 CURRENT ASSETS Dlbiors C<15h at bank and in hand 20,505 531,021 20,505 531,021 20,786 336,899 f51,526 551526 357,685 CREDITORS Amounts fallinsi due withiii one year 10 (949) (949) (()3 7} NET CURRENT ASSiE'rs 550,577 550,577 3f6,748 TOTAL ASSETS LESS CURRENT LIABILITIF.S 631,398 631,398 447,598 NET ASSETS 631,398 631,398 447,598 Unrestricted funds 631,398 447,598 TOTAI, FUNDS 631.398 447,598 The fiiilK IILial .%l¢lteiMen15 were approved by rlie Board of Trustecs and aLiihoriscd for issue on 20 OLtober 20?4 and were signed on ilb behalf by,, A Lloyd - Truslee The notes form part of Ihese financial statements Page 4 Farnboroutyh Air Sciences Trust Note.$ to the Finijncial Statements for the Year Ended 31 July 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The finaiicial stateinents of Ihe charily, which is a PLiblic benefit entity under FRS 102, liave been prepared in accordaiice wilh the ChariliLS SORP (FRS 102) 'Accounting and Reponing by Charities.. Statement of RLL()nimended Practice applicablL to chaiitie5 prepai'in¥ their accounts in accordaiice willi Ilie Financial Reporting Siandard appliLablc in th¢ UK and Republic of Ireliind (FRS 102) (cffective l Jaiiuary ?019)', Fi1l)tives for movemeiit iii funds Net movemeiit in tunds At 31.7,23 At 1.8.22 Unrestricted funds Geiierl)t aiid lieclt PosldbJ¥ ai)d stationery Sundi-ies Bricks Waste Security Prinliniy Cleaiiing IT 3,766 ?0,231 952 3,678 18,443 688 692 282 2,868 215 1,709 3,885 5,376 5,984 ,325 255 4,208 6,000 83,519 15,409 31,273 7,730 I,l88 3,308 4,453 4,608 2,509 701 1,013 1.181 Vi%itslTour5 Advertising ottlLe Costs Centri fu¥¢ Archive Photos MuseLim Displays Museum Maintenclnce FAST 30 Library Costs Workshop 7,676 13,530 60,563 281 532 692 199,662 133.468 Thts page does not fortn part of the statutory fjnancial statements Paoe 10 F2rnborough Air Sciellce5 Trust Detailed Statement of Fiiiancial Activities for the Yeur Ended 31 July 2024 31.7.24 31.7,23 Management Finance Paypal Fees Credit Card Chargyes 14 887 1,024 1,024 901 I nformation teLhllology Repairs and renewals 24,072 Governance coyts Accountancy and legal t'ees Depreciation of tangible tixed assels 1,129 l 0,0?9 1,440 14,197 15,637 Tol'al resources expended 211,844 l74,078 Net Income 183,800 63,904 This parJe does not form part of the Sta￿tOry f￿anCIal statements Page 11