Fly Navy Heritage Trust Limited (A Charilable Company Llmited by Guarantee) Annual Report and Financial Statements For the Year Ended 31 December 2022 Company Number: 05971284 Charity Registered in England and Wales Number: 1117272 "ACCUOD41" 2PJ09r2023 COMPANIE5 KJUSE A10 Fly Navy Herltage Trust Llmlted Contents For the Year Ended 31 D￿rnber 2022 Pa Reference and Administrative Details Trustee Directors, Report (including Statement of Trustees, Responsibilities) Independent Auditors, Report 8-11 Consolidated Statement of Financial Acts'vities 12 Balance Sheet and Consolidated Balance Sheet 13-14 Slatemenl of Cash Flows and Consolidated Statement of Cash Flows 15 Notes to Financial Statements 16-30 Fly Navy Heritage Trust Limited Reference and Administrative Details For the Year Ended 31 December 2022 Patron HRH the Duke of York KG GCVO (resigned 13 January 2022) President Admiral Sir George Zambellas GCB DSC ARC DL FRAeS Trustee Dlrectors: Chairman Rear Admiral T A Cunningham CBE Ex- Officio Rear Admiral M J Connell CBE Asst Chief of Naval Staff {Aviation & Carriers) {resigned 1 May 2022) Assl Chief of Naval Staff (Aviation & Carriers) (appointed 1 May 2022) - Commanding oificer RNAS Yeowlton Rear Admiral S Moorhouse CBE Commodore N R Grffin MBE RN Elected Rear Admiral S B Charlier CBE FRAeS - Chairman FAA Officers, Association MsSLCook Wice President. UK Government business Leonardo {MW) Business Executive. aircraft owner Business Executive. Lockheed Martin UK Limited President. Kennet Avialion Business Executive. aircraft owner (resigned 22 September 2022) Solicitor Chartered Accountant Deputy Chairman FNHT. Business Executive Comm¢)dore W M Cowngton CBE RN Mr E TTaylor MrT J Manna MrMJRyan Mr N R Smith Mr M J F Strong Rear Admiral I P G Tibbitt CBE Chief Exocutive Officer Commodore R S Alexander OBE FRAeS Company Secretary Mr N R Smith Charity Number 1117272 Company Number 05971284 Principal Address and Registered Office Building 412, South Dispersal, RNAS Yeovilton, Ilchesler. Somerset, BA22 8HT Auditors Albert Goodman LLP, Goodwood House. Blackbrook Park Avenue, Taunton. Somerset. TA12PX Bankers Barclays Bank Plc, King George Street. Yeovil. Somersel. BA20 1 PX Page. 1 Fly Navy Heritage Trust Limited Trustee Directors, Report For the Year Ended 31 December 2022 The Trustee Directors ('Trustees") present their report and accounts For the Year Ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the Charity's goveming documenl. applicable law and the requirement of the Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). References and Administrative Details Administrative infomiation is given in a separate section at the front of ihese accounts. Structure Govemance and Management The Fly Navy Heritage Trust was registered with the Charity Commission and is constituted and regulated by a Declaration of Trust dated 16 July 1991. In De￿rnber 2006 the Trust Iransfetred ils assets and undertakings. in accordance with the incorporation agreement dated 31 December 2006, to the Fly Navy Heritage Trust Limited. This company. limited by guarantee. (company registration number 05971284) was incorporated on 18 Oclober 2006,- it is registered with the Charity Commission (charity registration number 01117272). In accordance with the goveming document, the currenl truslees may appoinl additional trustees and have absolute discrets'on and unreslricted powers to invesl Irusl monies. Trustees may serve for up to three years before requiring re-appointment. Induction and training of trustees New Trustees are inducted and trained using infomation obtained from various sources, including the Charity Commission. attendance as required at specialist courses and by personal briefings. Organisational structure A full list of trustees and directors (all trustees are also directors of the company) who have served since 31 December 2021 is shown on page 1. The Trustees meet at least three times a year lo discuss and review the current and future position of the Charity. The Charity occupies office space within MOD owned buildings within RNAS Yeovilton and now. in accordance with the Trustees. diredive to increase Ihe fundraising capacity of the charity, employs 17 staff members. Related parties Navy Wings Heritage FI￿h1 Limited (NWHF) (company registration number 07052646) is a wholly owned subsidiary of the Charity and exists as the trading operation of the Charity. Activities include sales of aircpft displays. sales of souvenir merchandise and the operation of the Chipmunk Mk 22 (G-CNVHI. Key management personnel Remuneration for key management personnel is set by a Remuneration Committee comprising the Trust Chairman, Deputy Chaiman and the Financial Trustee (an accountant). In setting salary levels, market comparators for similar roles within the charities sector are taken into consideration. There is also the need to ensure that key posts are attractive lo personnel having the detailed knowledge, experience and skills demanded of both the charity and directing an aircraft operating company. Page. 2 Fly Navy Heritage Trust Limited Trustee Directors. Report For the Year Ended 31 December 2022 Risk managernent The Trustees routinely assess the risks to which the Charity is exposed to ensure that syslerns and procedures are in place to miligale exposure in these areas. A Risk Register is held in the Charity's Business Plan and is reviewed al Management Group level and at each Trustees, meeting. Risk mitigation actions are included as part of the charity's annual Work Plan. Objectives The Charity's objectives are set out in the Memorandum of Association as follows.. To educate members of the Royal Navy and the public in the history. traditions and exploits of the Fleet Air Arm and the history of Royal Navy aviation generally. To provide a memorial and lribule to the men and women who have flown. maintained or contributed in any way to the operation of aircraft within the fleet. To advance the effectiveness of the armed forces of the Crown by promoting the efficiency of aviation in the Royal Navy. This can be summed up as: To Educate, Inspire and Remember" this is articulated as a single aim as follows-. Inspiring future generations by bringing together the aircraft. people and the story of flying from ships. Actlvlties The Chief Executive Officer, Commodore Jock Alexander. joined the Trust in February 2016. following which the Charity was re-branded as 'Navy Wings. in July of the same year. The aim remains lo reach as wide an audience as possible. supported by a continually evolving web-site and a wide collection of aircraft. The core Flight has now been renamed as the Navy Wings Heritage Flight. which consists of the ex-Royal Navy Historic Flight {RNHF) aircraft. along with ones the Trust owned. The bulk of fflanagement activity in 2022 was spent getting the aircraft around various locations in the UK. so that we could be seen as 'active' again after the COVID years. Major fund-raising activities were re-started in the form of dinners in London and a charity Clay Pigeon Shoot in Berkshire. Most of the ex RNHF aircraft are now owned by the Trust. with the ex￿pIlon of Swordfish LS 326, which remains mired in paper- work and is now expected to be gifted to us in late 2023. That said, we have been given permission by the Royal Navy to conduct maintenance on her. in the full expectation that she will belong to us in the fulure. The Memorandum of Understanding agreed with the Royal Navy. has once again been refreshed and continues to under-pin OLJr bLssiness. We are ￿jrrentIY at the start of the 2023 display circuit and all our planned flying activity has so far been met. From a financial perspective. the Trust is in good health and we are wrrently in Year 3 of a 4 year investment programme to the tune of £1.25M per annurn. The stability of having £5M over four years cannot be underestimated and it has allowed us lo not only purchase our own training aircraft and helicopter. bul also to invest in a long-term plan for engine availability. along with a propèrly constituted engineering work- force. This enabled us to apply to the Civil Aviation Authority ICAA) for pem)ission to do our own engineering Maintenan￿ and we now hold all the required licenses to do so. Our weekly lottery. which we launched in May 2020. appears now to have peaked in tem)s of growth and so we are no longer investing in building Ihe numbers, but rather will now let it run and lake the income stream. Meanwhile. our continued investment in online presence continues lo pay dividends and our retails sales finished yel another year ahead of budget. We have also r￿W faunched our own YouTube channel to monetise some of our videos and we expect to see the annual income from this gently buikl up in the fulure. Page. 3 Fly Navy Heritage Trust Limited Trustee Directors, Report For the Year Ended 31 DeGember 2022 We ran three fund-raising events in the form of a Corporate dinner in London. a Clay Pigeon shool at the Royal Berks Shooting Ground and an Ambassador's Dinner in central London, all of which were very well supported and returned a healthy profit. Finally, we have commissioned a bNo-part documentary on the History of UK Naval Aviation. which we expect to be ready for launch in Q4 of 2023 and which should retum a profit in years to come from downstream sales of DVD'S and digital dt)wn-loads. Volunteers and Sponsorship The Trust and Naval Aviation Ltd, together trading as 'Navy Wings,, ￿ntInueS wilh ils well established Volunteering Policy, which concentrates on a crttical nudeus who provtde the core of this support. This network of volunteers is drawn from the Navy Wings Supporter base who provide their time free in order to promote. develop and support various activities that aim to deliver required funds to conlinue operation. Volunteer support is invaluable and is particularly useful in sales of merchandise and aircraft support operations. The latter encompasses aircraft stores. documentation and admin support alongside supervised aircraft mechanical engineering tasks. All volunteers receive induction and training and. as necessary. health and safety briefings and workplace clothing. In addition, we have a small team of high profile Supporters who volunteer to promote 'Nawy Wings, and the heritage aircraft as 'Ambassadors'. Corporato Support The Trust continues lo enjoy support from some key playets in industry. including some excitin9 new companies who have been attracted by our Corporate package programme and net-working opportunities. Our Corporate dinner in March 22 was a huge success and was completely sold out a few weeks ahead of the event, which demonstrates that this has now become the 'go to, heritage aviation dinner as we planned it should be. Grant making policy to Naval Wings Heritage Flight Ltd {NWHF> The Truslees (Jecided that our sole beneficiary should be re-named from Naval Aviation Lld. to Navy Wings Heritage Flight Ltd (NWHF) in order to ensure coherence of the Navy Wings brand. This was changed fomally with Companies House to date 1 Jan 23. The overall Business Plan for Navy Wings is to ensure NWHF becomes profitable. where the key drivers will be the diversificalion and growth of income streams, as well as generating income from aircraft. Although Air Shows have largely recovered from the Covid years, rnany of the smaller ones have simply ceased to exist and we expect this income stream lo remain low for some years to come. That said, we expect CAA permission to conduct paid flights in our Swordfish from early summer 23 and this should prove to be a regular new income stream. Sales of merchandise remain very strong and continue to show year on year growth. Achlevements and Perforniance The main achievement of the Charity was to get all of our aircraft either back into the air, or on a long temi, fully costed trajectory to get them there. We have used our high level of donations to invest in our future and we now have a long-term plan for engine sustainability. which should ensure succes5 for at least the next five years. All our planned displays were conducted without incident and the only lost events were due to inclemenl weather, which was out with our control. Our financial achievements are covered separately, but to summarise, we remain in an excellent financial position arKI we have a highly motivated and professional work-force properly constituted to take us forward. Page. 4 Fly Navy Heritage Trust Limited Trustee Directors, Report For the Year Ended 31 De¢ember 2022 Reserves policy Since there can be no guaranlee of the quantum of future income streams. the Trustees. policy is lo retain funds in eX￿sS of the current needs lo meet unanticipated expenditure which is an inherenl feature of maintaining historic airuaft. In addition, Trustees continue to ensure that available free reserves are adequate to cover in excess of 6 months operating costs of £779,646. At 31 sl December 2022 the group held £1,821.256 of free reserves. The eX￿s$ reserves are to provide funding for future projects. Planned expenditure for 2023 includes some £230k for Pegasus engine overhauls. a bill of £160K for a Pratt & Wilney engine for the Sea Fury and £80K for work on the Seafire Griffon engine. 2024 is expecled to include £200k for the Griffon overhaul and circa £280K for Pegasus spares, whilst 2025 is expected lo see a further £450k of Pegasus work and circa £195K of Wasp spares. Review of financial position From a financial point of vrew. 2022. was a successful year and a complete tumaround from a budgeted deficil due to Slgnificanl Grant & Legacy donations unexpectedly received in Ihe year. The previoLFsIy secured, significant funding that is set to continue for a further couple of years continues to provide sustainability to aid in the success in the Charity's long-term future. The total consolidated income included £860,462 of restricted income 127.9Yo) and £2,226.045 of unreslricted income 172.1%). Restricted income was applied to the purposes for which it was provided. Income from grants, donations and legacies decreased this year by £4.714.827 10 £2.432.036. The decrease was expected given the large donation of aircraft received in the prior year. NWHF Retail Sales (covering merchandising and aircraft displays) provided £207.588 of income. Merchandising continues lo grow year on year spurred on this year by post covid era air show sales. FNHT Events, which fom a large part of most income streams, provided a sizeable contribution of £444,095. Total consolidaled expenditure in 2022 totslled £2.567.859. which although an increase on prior year was a direct result of restricted expenditure for which funds were provided for. The Group held £287,159 of restriGled funds at the year end and £7,008.781 in unrestricted funds. Cash and short temi investments totalled £1.723.258 at 31 December 2022 compared with £1.223.110 at the previous year end. Capital expenditure totalled £2,023,836 during the year. comprising of operational and IT equipment and a Seafire Mk XVII. Plans for fulure poriods The Charity is now able to invest in a long-temi strategy for the production and refurbishment of engines, which has always been a Critical line of support. We are stream-lining our Fleet by disposing of the Sea Vixen. which would have been too costly to retum to flight and investing some time and effort in bringing our Sea Hawk back to flight. We continue to investigate alternalive income streams such as the lottery. our own YouTube channel and the forthcoming (locumentary. whilst we have also attracted some considerable positive PR interest with several cameo rv appearances lined up. The Trusl continues to plan for a sustainable programme and antI￿pateS eventually operating a core flwng fleet of one Swordfish. either a Sea Fury or a Seafire. the Wasp helicopter and one Sea Hawk jel. Golng concorn The Trustees have. as always. given careful consideration to the cashflow forecasts of Ihe charity covering Ihe period of at least tsvelve months from the date of signing the accounts. They are satisfied that the charity has sufficient WOTking capital resources in place over Ihat period and therefore the accounts are drawn up on the going concern basis. Page. 5 Fly Navy Heritage Trust Limited Trustee Directors, Report For the Year Ended 31 December 2022 Auditors The auditors. Albert Goodman LLP are deemed to be reappointed under section 487(2} of the Companies Act 2006. Small company provisions This report has been prepared in accordance with the small companies regime under sedion 487(2) of the Companies Act 2006. Page. 6 Fly Navy Herllage Trust Llmlted Trustee Directors. Report For the Year Ended 311)ecember 2022 Statement of trustees, responsibililies The trustees (who are direcaors of the Fly Navy Fknge Twst Limrted for the pwposes of company law) are responsible for preparing the Trustee DireL*or5' Report and the finanaal slatements in accordance with applicable law and United Kingdom Accounting Standards, irLdudirKJ Fm￿ncIal Rem'ng Sland* 102. the FinanGial Reporting Standard ap￿t* in Ihe UK afKI the Repubk d Irel￿d (United Kiwdom G￿er81 Accepted Acc(MJnting Practice). Company law requi￿ the trustees to prepa￿ financial slatements for each financial year which gNe a tn and faw view of the state of affairs of Ihe charitable company aThJ the group and of the incoming resources and application of resources. indudng the income and expenditure of the tharilable group for that period. In prepanng these financial slatsments. Ihe are requred to: Select surtabk accountsNJ polic4es appty them consi•.' ObseNe the methods arrfl wincrjles in the Charknes SORP: Make jUdg￿nts and accounting estirnatesthat are reasonable and prudent. State whether applicable UK Accoun15ng StaTrtsrd have been follty4￿d. suLy"e(* to arby material departures disclos&d and explained in the ffinancial statements. and Prepare the finanoal statements on 1he going concem basis unless it is itwppropriate to Presume that the chartlable company will continue in bu￿n￿. The tnJstee5 are responsible lor keeprg adquate accounling records that disclose wfth reasonable aecura¢y at any time the financial posrtion of the tharitsble ¢ompany and enable Ihem to ensure that the financial statements compty with the compan￿ Act 2006. They are atso responsible for safeguarding the assels of the charitable company and the group and hen￿ for taking reasonabk steps for the wevention and detection of fraud and ottrw rnjularit￿s The trustees are resp¢x)sible for Ihe rnaintenan￿ and ntegrity of tre corporate and finanaal irrformation included on the Charitab￿ company's website. Legislation in the Vnrted KirwJdcKn goveming the preparats.on aThJ disseminatiOD of ffinancHI statements may drffer from kgislalion in ott*r juiisdiclions. statement as to di$¢losure to our audltors In so far as the trustees are aydre at the tNne clapproving our 1ntstees' annual reporL' The￿ no rdevant infomlation. bewry U)fOrmati￿ needed by the auditor in ¢onnedion with preparing their report of which the group's audiky 15 un¥wwe", and The trustees have each taken all the steps that tly ou9M to hab* taken to make themse5ves Wware of any relevant audrt infonnation and to establish that the auditor is aware of tro wknation Approved by the Tru&ees on ... . swjned ¢)n Ihwr behaff by: Rear Admiral T A Cunningha Chairman and Trustee C8E Page. 7 Fly Navy Heritage Trust Limited Independent Auditors, Report to the Trustees and Members For the Year Ended 31 December 2022 Opinion We have audited the financial stslements of Ihe Fly Navy Heritage Trusl Lirniled For the Year Ended 31 December 2022, which comprise the consolidated Slatemenl of Financial Aclivities, the consolidated and parent charitable company Balan￿ Sheets, the consolidated and parent charitable company Statement of Cash Flows. and Notes lo the Financial Statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted Accounting Practice. including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi￿). In our opinion the financial statements.. give a true and fair wew of the state of the group's and Ihe pa￿nI charitable company's affairs as at 31 December 2022, and of the group's incoming reSoUr￿S and application of reSoUr￿s. including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We conduded our audit in accordance with Intemational Standards on Auditing (UK) (ISAS {UK)} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our. audil of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the finanaal statements. we have concluded thal the Trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material Un￿rtaIntieS relating to events or onditions thal, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least tsvelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going COn￿M are described in the relevant sections of this report. Other infomiatiorb The trustees are responsible for the other information. The other informath)n comprises the informalion included in the Trustees. Report. other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statement5 does not cover the other information and. except to the extent otherwise explicitly ststed in our report. we do not express any form of assurance conclusion thereon. Page. 8 Fly Navy Heritage Trust Limited Independent Auditors, Report to the Trustees and Members For the Year Ended 31 De￿mber 2022 In conneGtion with our audit of the financial statements. our reS￿nsIbIlity is to read the other information and. in doing so. consider whether the other information is materially inconsistent with thè financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misslalement in the financial statements or a material misstatement of the other infomialion. If, based on the work we have perfomied. we Gondude that there is a material misslatement of thi5 Other informats'on. we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the informalion given in the Trustee Direclors. Report. which includes the Directors, Report prepared for the purposes of company law for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Directors. Report included within the Trustee Directors, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge arKI understanding of the group and parent charitable company and their environment obtained in the course of the audit, have not identified material misstatements in the Directors, Report included wilhin the Trustee Directors, Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you rf. in our opinion: adequate accounting records have not been kept by the pa￿nt charitable company, or retums adequate for our audit have not been received from branches not ViSlted by us. or the parent company financial statements are not in agreement with the accounting records and returns.. or rtain disclosures of trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled lo prepare the financial statements in accordance WFlh the small companies. regime and lake advantage of the small companies. exemplions in preparing the Trustees. Report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities (set out on page 7). the trustees {who are also the directors of the parenl charitable company for the purposes of company lawl are responsible for the preparation of the finanoal statements and for being satisfied thal they give a true and fair view. and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements Ihdl dre free from material niisstrdtement. wlielli¥i due lu fr and net movamont in funds for the ygar 7 2.189.663 (1,712,841) 476.822 4.514.576 1,903.591 6.418.167 Reconclllatlon of funds Total funds brought forward 4.819.118 2.IXIO.000 6.819.118 304.542 96.409 400.951 Total funds carriod forward 7.008.781 287.159 7.295.940 4,819,118 2,000.000 6,819.118 The statement of financial activities includes all gains and losses recognised in the year. All inwrne and expenditure derive from continuing activities. Page. 12 Fly Navy Heritage Trust Limited - Company Number OS971284 Balance Sheet and Consolidated Balance Sheet As at 31 December 2022 2022 2021 Notes Group Charity Group Charlty Flxod assets Tangible fixed assets Investments 5,187,525 5,123.712 3.253.652 3,126,670 12 5,187.525 5.123.713 3.253.652 3.126.671 Current assets Stock Deblors Cash at bank and in hand 13 14 203,233 451,797 1.723.258 50.000 585.702 1,568.475 178.318 2.412.285 1.223,110 50.000 2.336.529 629.685 2.378.288 2.204,177 3.813,713 3.016.214 Liabllltles.. Creditors falling due wthin one year 15 (263.920) (92,851) (224.120) (105.718} Net CUTrent assets 2.114.368 2.111.326 3.589.593 2,910,496 Provision for liabilities 16 (5.953} 124,127) Tolal n•t assels 7.295.940 7.235,039 6,819,118 6.037.167 The funds of the charlty: Restricted funds Unrestricted funds Revaluation reserve -17 17 17 287.159 6,968,783 39.998 287.159 6,947.880 2.000.000 4.719.120 99.998 2,000,000 4,037,167 Total charity funds 7,295,940 7,235.039 6.819.118 6,037.167 The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Acl 2011. These accounts are prepared and delivered in accordance with the special provisions of Part 15 of the Companies Act relats'ng to small Companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. The charity has taken advantage of Section 408 of the CompanTres Act and has not included its own Income and Expenditure Account or separate Statement of Financial Activities. The Fly Navy Heritage Trust Limited has net incoming resources for the year of £1.197,872 {2021 £5,607,985 incoming resource5) based on income of £3.560,746 (2021- £7,385.278). Page. 13 Fly Navy Heritagè Trust Limited _ coM￿nY 14umb•r 05971284 Balan￿ Sheet and Consolidated Balance Sheet As at 31 De￿mber 2022 The notes from pages 16- 30 form part ofthese accounts. Approved bytheBoardon............. ...................... and 5i9ned ￿ tlw behalf ty: Rear Admiral T A Cunni Tfustee Director ham CBE MrMJFStrory Trustee Director Page. 14 Fly Navy Heritage Trust Limited Statement of Cash Flows and Consolidaled Statement of Cash Flows For the Year Ended 31 December 2022 Total 2022 Total 2021 Notes Group Charity Group Charity Cash flows from operating aclivities Nel m¢)vemenls in funds for the year Adjuslmenls lo ￿$h flows from non 8,395 88.014 500 2,0￿,000 2,000.000 429.182 7.385,278 (1,777.2931 6,037.167 Page. 28 Fly Navy Heritage Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2022 18 Analysis of assets between funds Tangible Flxed Assets Invostments Net Currgnt Assets Provisions Total Group Unrestricted funds Restricted funds 5.187.525 1.827.209 287.159 (5,953} 7,008.781 287.159 As at 31 December 2022 5.187.525 2.114.368 {5.953) 7.295.940 As at 31 Oecember 2021 3.253.652 3.589.593 (24.127) 6.819.118 Tangible Fixed Assets Investments Net Currenl Assels Provisions Total Charity Unrestricted funds Restricted funds 5.123.712 1.824,167 287.159 6.947.880 287.159 As at 31 December 2022 5.123.712 2.111.326 7,235.039 As at 31 December 2021 3,126.670 2,910.496 6.037,167 Page. 29 Fly Navy Heritage Trust Limited Notes to the Financial Staternents For the Year Ended 31 December 2022 19 Related parties There are no related party transactions in the reporting period that require disclosure. Page. 30