Fly Navy Heritage Trust Limited
(A Charitable Company Llmlted by Guarantee)
Annual Report and Financlal Statements
For the Year Ended 31 December 2024
Company Number: 05971284
Charity Reg5stered in England and Wales Number: 1117272
*AEC7818P¥
3010W2025
COMPANIES HOUSE
A52

Fly Navy Heritage Trust Limited
Contents
For the Year Ended 31 December 2024
Pa
Reference and Administrative Details
Trustee Directors, Report (including Statement of Trustees,
Responsibilities)
Independent Auditors, Report
8-11
Consolidated Statement of Financial Activities
12
Balance Sheet and Consolidated Balance Sheet
13-14
Statement of Cash Flows and Consolidated Statement
of Cash Flows
15
Notes to Financial Statements
16-29

Fly Navy Heritage Trust Limited
Reference and Administrative Details
For the Year Ended 31 December 2024
President
Admiral Sir George Zambellas GCB DSC ARC DL FRAeS
Trustee Directors..
Chalrman
Rear Admiral T A Cunningham CBE
Ex- Officlo
Rear Admiral S Moorhouse C8E
Asst Chief of Naval Staff (Aviation & Carriers) (resigned 6
February 2024)
Commanding Officer RNAS Yeovilton
Captain D Thomas
Elected
Rear Admiral S B Charller CBE FRAeS - Chairman FAA Officers. Association
Mr N Coleman
Market Development Leondardo Helicopters UK, UK Geographic
Helicopter Devision
Business Executive, aircraft owner
Business Executive. Lockheed Martin UK Limited
President, Kennet Aviation
Solicitor
Chartered Accountant
Deputy Chairman FNHT, Business Executive
Asst Chief of Naval Staff (Aviation & Carriers)
(Appointed 6 February 2024)
Commodore W M Covington C8E RN
Mr N Colbern
Mr T J Manna
Mr N R Smith
Mr M J F Strong
Rear Admiral I P G Tibbitt CBE
Rear Admiral Anthony Rimmington
Chief Executive Officer
Commodore R S Alexander OBE FRAeS
Company Secretary
Mr N R Smith
Charily Number
1117272.
Company Number
05971284
Prlnclpal Address and Reglsterod Offlce
Building 412, South Dispersal, RNAS Yeovilton, Yeovil, Somerset, BA22 8HT
Auditors
Albert Goodman LLP, Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA12PX
Bankers
Barclays Bank Plc, Klng George Slreet, Yeovil, Somerset, 8A20 1 PX
Page. 1

Fly Navy Heritage Trust Limlted
Twstee Directors, Report
For the Year Ended 31 December 2024
The Trustee Directors ("Trustees') present their report and accounts For the Year Ended 31 December
2024. The financial statements have been prepared in accordan￿ with the accounting policies set out in
Note 1 to the financial statements and comply with the Charity's governing document, applicable law and
the requirement of the Accounting and Reporting by Charities.. Statement of Recommended Practice

Fly Navy Heritage Trust Llmlted
Trustee Directors, Report
For the Year Ended 31 December 2024
Risk management
The Trustees routinely assess the risks to which the Charity is exposed to ensure that systems and
procedures are in place to mitigate exposure in these areas. A Risk Register is held in the Charity's Business
Plan and is reviewed at Management Group level and at each Trustees, meeling. Risk mitigation actions are
included as part of Ihe charity's annual Work Plan.
Objectlves
The Charity's objectives are set out in the Memorandum of Association as follows:
To educate members of the Royal Nawy and the public in the hlstory, traditions and exploils of the
Fleet Air Arm and the history of Royal Navy aviation generally.
To provide a memorial and tribute 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.
Activities
We have continued to maintain continuity at the Trust with the Chief Executive Officer, Commodore Jock
Alexander remaining at the helm since joining in February 2016. The aim, ensconced in the Charitable
Objectives, remains to reach as wide an audience as possible, supported by a continually evolving web-site.
social media engagement and a wide collection of aircraft. The Navy Wings Heritage Flight now consists of
all the ex-Royal Navy Historic Flight (RNHF) aircraft, including the second Swordfish ILS 326) along with a
Harvard, Wasp and Seafire, which have since been acquired.
We have now completed our busiest year ever in 2024, whereby we estimate we were seen by over 3M
people. The Trust achieved national coverage in the Press and on BBC1, as the central part of the Britain's
Great Railway show, with Michael Portillo flying in our Har¥ard. We displayed at many Air Shows across
England (including the Channel Islands). Wales, Scotland and Northern Ireland. which culminated in the
award of the prestigious British Air Display Association trophy for 2024. Importantly and as in 2023, no
planned sorties were lost through aircraft unserviceability. The Memorandum of Understanding agreed with
the Royal Navy continues to under-pin our business and we are currently nearing the end of the 2025 display
circuit, with all our planned flying activity met to date.
From a financial perspective, the Trust remains in good health. Although we have reached the end of a 4-
year investment programme, we have a healthy bank account and have now been able to acquire a
significant spares invenlory, which will set as well for the years ahead. We are now focussed on further
investment and have already secured a significant input from the Royal Navy as part of their support for
heritage.
Page. 3

Fly Navy Heritage Trust Limitèd
Trustee Directors, Report
For the Year Ended 31 December 2024
Our successful weekly lottery continues to produce a steady income stream, while our on-line presence has
now overtaken many of our contemporaries, which has itself enabled retail sales to continue to flourish. We
also gained a license to sell alcohol and some of our specialist and highly collectable bottles have added to
the sales figures. Major fund-raising activities were conducted in the form of a Corporate dinner in London in
February and a charity Clay Pigeon Shoot at the Royal Berkshire Shooting Ground, both of which were very
well supported and returned healthy profits. We also decided to re-invigorate our high-end Ambassadors
Ball, which was held in Raffles London at the Old War Office in Nov and which proved to be a resounding
success with a net profit of almost £1 OOK on the night; it was so successful we are planning to do the same
this year.
Volunteers and Sponsorship
This remains much the same as last year in thal the Trust and Navy Wings Heritage Flight Ltd, together
trading as 'Navy Wings,, continues with its well-established Volunteering Policy, which concentrates on a
critical nucleus who provide 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 promole, develop and support various activities
that aim to deliver required funds to continue 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 supen4ised aircraft mechanical engineering tasks. All volunteers
receive induction training and, as necessary. health and safely briefings and workplace clolhing, In addition,
we have a small team of high-profile Supporters who volunteer to promote 'Navy Wings. and the heritage
aircraft as 'Ambassadors'.
Corporate Support
The Trust continues to enjoy support from a wide spread of key players in Industry, including some new
companies who have been attracted by our Corporate package programme and net-working opportunities.
Our Corporate dinner in London in February 24 was once again a huge success and was completely sold out
ahead of the event, which demonstrates that this has now become the 'go to, heritage aviation dinner as we
planned it should be.
Grant maklng pollcy to Naval Wlngs Herltage Fllght Ltd (NWHF)
The overall Business Plan for Navy Wings is to ensure Navy Wings Heritage Flight Ltd (NWHF) becomes
profitable, where the key drivers will be the diversification and growth of income streams, as well as
generating income from aircraft. Sadly, the Air Show circuit has much diminished post the Covid crisis and
as reported last year, we expect this income stream to remain low for some years to come. We have
decided that in order to preserve precious aircraft flying hours, we will not be conducting regular paid flights
in our Swordfish, but rather restricting these to bespoke flights as approved by the Board. Sales of
merchandlse remain very strong and continue to show year on year growth.
Achievements and Performance
Having reported 2023 as the busiest year ever, 2024 has surpassed even that. with all our operational aims
having been achieved without incident and with no loss of aircraft displays from unsep4iceability. This is a
remarkable achievement with a fleet of vintage aircraft. We now have a long tem, costed plan for the next
five years, with an outline plan for ten years and we have built in resilience in the form of spare engines, or
parts for most of our fleet, Our financial achievements are covered separately, but to summarise, we remain
in a sound excellent financial position and 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 December 2024
Reserves pollcy
Since there can be no guarantee of the quantum of future income streams, the Trustees. policy is to retain
funds in excess of the current needs to meet unanticipated expenditure which is an inherent feature of
maintaining historic aircraft. In addition, Trustees continue to ensure that available free reserves are
adequate to cover in excess of 6 months operating costs of £777,493. At 31 st December 2024 the group
held £1,549.300 of free reserves and excess reserves to provide future funding for aircraft.
Review of financlal posltlon
From a financial point of view. 2024 was a successful year providing a surplus when a deficit was budgeted
for. This is mostly down to unexpected Legacy donations received and also savings were achieved in direct
and overhead costs as well.
The total consolidated income included £118.933 of restricted income (5°kn) and £2,364,121 of unrestricted
income (950/0). Restricted income was applied to the purposes for which it was provided. Income from grants,
donations and legacies decreased this year by £517,902 to £1.662,800.
Navy Wings Heritage Flight Ltd Revenue (covering merchandising and aircraft displays> provided £219,835
of income which is an decrease of £21,138 on the prior year.
Total consolidated expenditure in 2024 totalled £2,798,898, an increase on the prlor year with additional
fundraising costs and consultancy fees. The Group held £nil (2023: £70,553) restricted funds at the year end
and £7,169,500 in unrestricted funds.
Cash and short term investments totalled £1.277,282 at 31 December 2024 compared with £1,650,717 at the
previous year end. Capital expenditure totalled £485,423 during the year. It included purchases of aircraft,
aircraft engines, operational equipment (Survival Gear & Helmets) and IT equipment(Laptops, Printer).
Plans for future periods
The Board has now agreed a long-term plan for our aircraft and englne availability and we have continued to
stream-line our Fleet, with the aim of having an aircraft available to cover as many epochs of naval aviation
as we can. Our Sea Fury FB11 should return to the skies this autumn, although our Seafire Mk XVII has
been delayed due to emerging engine issues. We now have the last two flying Swordfish in the world, which
are supported by three engines to give resilience and we will aim to have at least one of these iconic aircraft
on the display circuit every year. We aim to build on our financial success by continuing to investigate
alternative income streams, whilst we have also attracted some considerable positive PR with several
national rd and newspaper appearances. The Trust continues to plan for a sustainable programme and
anticipates eventually operating a core flying fleet of two Swordfish, either a Sea Fury or a Seafire, the Wasp
helicopter and, if finances allow. one Sea Hawk jet.
Golng concern
The Trustees have, as always, given careful conslderation to the cashflow forecasts of the charity covering
the period of at least twelve months from the date of signing the accounts. They are satisfied that the charity
has sufficient working capital resources in place over that 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 2024
Auditors
The auditors, Albert Goodman LLP are deemed to be reappointed under section 487{2) of the Companies
Act 2006.
Small company provlsions
. This report has been prepared in accordance with the small companies regime under section 487{2) of the
Companies Act 2006.
Page. 6

Fly Navy Herltage Trust Llm5ted
Trustee Directors. Report
For the Year Ended 31 Decemb6r 2024
Stalement of trustees. responslbilities
The tnJstees (who are directors of the Fly Navy Heritage Tnjst Llmiled for the purpDse5 Of company law) are
responsible for preparing the Trustee Directors, Report and the financial stalemenls in accordance with
applicable law and United KlngdDm Accounting Standards, including Financial Reporting Standard 102, the
Financial Reportlng Standard appllc8bl8 In the UK and the Republic of Ireland {Unlted Kingdorn Generally
Accepted Accountlng Practice).
Company law requires the trustees to prepare financial Statements for each financial year wh5ch give a tiue
and fair view of the state of affalrs of the charitable company and the gmup and of the incoming resources
and application of resources, including the Income and expenditure of the charitable group for that period. In
praparlng these financial ststements, the trustees are required to..
Selecl suitable accounting policie5 and then apply them conslstently;
ObseNe the methods and principles in the Charstles SORP;
Mak6 Judgements and accountlng estimates that are reasonable and prudent.,
State whether applicable UK Accountlng Standard have been followed. subjact to any materlal
departures disclosed and explained in the financial ststements, and
Prepare the financial statements on the golng concern basls unless it is 5napproprlate to presume that
the charitable company will continu8 in business.
The trustees are responsible fer keeplng adequate accounting r8cords that disclose wlth reasonable
accuracy at any time the financlal position of the charitable company and enablè them to ensur8 that the
. finandal statements comply with the Companies Act 2006. They are also responsible for safeguarding the
assets of the charitable company and the group and hence for taklng reasonabla steps for the pr8V8ntlon
and deleciion of fraud and other i￿agularItIeS
The trustees are responsible'for the maintenance and integrity of the corporat6 and financial information
included on the charltable company's website. Leglslation in the United Klngdom governing the preparation
and di5seminatiDn of financial statements may éiffer from legislation in otherjurisdictions.
Statement as lo disclosure to our auditors
In so far as the trustees are aware 8t the tlme of approving our trustees, annual report:
There is no relevant Information, being information needed by the auditor in connection with preparing
their report of whlch the group's audltor is unaware: and
The truslees have each taken all the steps that they ought to have taken to make thern5elves aware of
any relevant audit information and to establ.
h that the audhor is aware of the infoimation
Approved by the Trustees on
and slgned on their behalf by:
Rear Admiral T A Cun
Chairman and Trustee
Ingham CBE
Page. 7

Fly Navy Heritage Trust Limited
Independent Auditors, Report to the Trustees and Members
For the Year Ended 31 December 2024
Opinion
We have audited the financial statements of the Fly Navy Heritage Trust Limited For the Year Ended 31
December 2024, which comprise the consolidated Statement of Financial Activities, the consolidated and
parent charitable company Balance Sheets, the consolidated and parent charltable company Statement of
Cash Flows, and Notes to 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 Practice),
In our opinion the financial ststements:
give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31
December 2024, and of the group's incoming resources and application of resources, including its
income and expenditure, for the year then ended,,
have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting
Practice: and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audit in accordance with International 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
audit 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.
Concluslons relatlng to going concern
In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of
accounting in the preparation of the financia5 statements is appropriate.
Based on the work we have perfomied, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, May cast slgnificant doubt on the charitable company's ability to
continue as a going concern for a period of at least twelve months from when the original financial
statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees wilh respect to going concern are described in the
relevant sections of this report.
Other information
The trustees are responsible for Ihe other information. The other information comprises the information
included in the Trustees. Report, other than the financial statements and our auditor's report thereon. Our
opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated 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 December 2024
Opinlon on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustee Directors, 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.
In connection with our audit of the financial statements, our responsibility is to read the other infomiation and,
in doing so, consider whether the other information is materially inconsistent with the 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 misstatement in the financial statements or a material misstatement of the other infonnation. If,
based on the work we have performed, we conclude that there is a materlal misstatement of thls other
information, we are required to report that fact.
We have nothing to report in this regard.
Matters on whlch we are requlred to report by exceptlon
In the light of the knowledge and understanding of the group and parent charitable company and their
environment obtained in the course of the audit, we have not identified material misstatements in the
Directors, Report included within the Trustee Directors, Report.
We have nothlng to report in respect of the followlng matters In relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent charitable company, or returns
adequate for our audit have not been received from branches not visited by us: or
the parent company financial statements are not in agreement with the accounting records and
returns: or
certain 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 to prepare the financial statements in accordance with the small
companies, regime and take advantage of the small companies, exemptions in preparing the
Trustees. Report and from the requirement to prepare a Strategic Report.
Rosponsibilitles 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 parent charitable company for the purposes of company law) are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view. and for
such internal control as the trustees determine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error,
In preparing the financial statements, the trustees are responsible for assessing the group and parent
charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the trustees either intend to liquidate
the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Page. 9

Fly Navy Heritage Trust Limited
Independent Auditors, Report to the Trustees and Members
For the Year Ended 31 December 2024
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAS (UK) will always detect a material misstatement when It exists.
Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate,
cic nf
aoÈ3

Fly Navy Heritage Trust Limited
Independent Auditors, Report to the Trustees and Members
For the Year Ended 31 December 2024
In response to the risk of irregularities and non-compliance with laws and regulations we designed
procedures which included, but were not limited to;
Agreeing financial statements disclosures to underlying supporting documentation;
Reading the minutes of meetings of those charged with governance:
Enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-
compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws
and regulations to enquiry of the directors and other managernent and the inspection of regulatory and legal
correspondence, if any.
Materlal misstatements that arise due to fraud can be harder to detect than those that arise from error as
they may involved deliberate concealment or collusion.
A further description of our responsibilitles for the audlt of the financlal statements is located on the Financial
Reporting Council's website at www.
rc.or
.uklauditorsres
onsibilities. This description fonns part of our
auditor's report.
Use of our report
This report is made solely to the group and parent charitable company's members, as a body. in accordance
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might
state to the group and parent charitable company's members and trustees those matters we are required to
state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibilily to anyone other than the group and parent charitable company and the
group and parent charitable company's members as a body and the parent charitable company's trustees as
a body, for our audit work, for this report, or for the opinions we have formed
Robert Oram BFP FCA (Senior Statutory Audltor)
for and on behalf of Albert Goodman LLP, Statutory Auditor
Goodwood House
Blackbrook Park Avenue
Taunton
TA12PX
2fi1.01.l.Qc>2f
Page. 11

Fly Navy Heritage Trust Limited
Consolidated Statement of Financial Activities (including income and expenditure account)
For the Year Ended 31 December 2024
Unres.
tricted
Res.
tricted Total 2024
Unres-
tricted Res-tricted Totsl 2023
Notes
Income:
Grants, donations and legacies
Other trading activities
Interest receivable
2 1,543,867
787,211
33.043
118,933
1,662,800 1,844,885
787,211
521,741
33,043
29,108
335.817 2,180.702
521,741
29,108
Total income
2,364.121
118,933
2,483,054 2,395,734
335.817 2,731,551
Expenditure:
Costs of raising funds
Charitable activities
5 1,042,843
6 1,566,569
1,042,843
754,527
1,756.055 1.138,348
754.527
552,423 1,690,771
189,486
Total expendllure
2,609.412
189,486
2,798,898 1,892,875
552,423 2,445,298
Net (expenditure)lincome for
the year before transfers and
galns and losses
(245,291) (70,553) (315,844) 502,859
(216,6061
286,253
Transfers between funds
Realised and unrealised gains
and losses
Tax charge
17
(98,340)
{98,340)
1,491
1,491
Net incomel{expenditure) and
net movement in funds for the
year
7 (343.631) (70,553) (414,184) 504,350
(216,606)
287,744
Reconclliation of funds
Total funds brought fotward
7.513.131
70,553
7,583,684 7,008,781
287,159 7,295.940
Total funds carrled forward
7,169.500
7,169,500 7,513,131
70,553 7,583.684
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Page. 12

Fly Navy Heritage Trust Limited - Company Number 05971284
Balan￿ Sheet and Consolidated Balance Sheet
As at 31 December 2024
2024
2023
Notes
Group
Charity
Group
Charity
(as restated)
Fixed assets
Tangible fixed assets
Investments
11
12
5,620,200
5,127,030
5.178,416
5,124,567
5,620,200
5.127.031
5,178.416
5,124,568
Current assets
Stock
Debtors
Cash at bank and in hand
13
14
300,057
371,847
1,277,282
175,000
536,484
1,171,203
224,988
760.545
1,650,717
50,000
732,555
1,638,563
1,949.186
1,882.687
2,636,250
2,421,118
Llabllltles:
Creditors falling due within one year
15
(297,084)
(143,974)
(226,520)
{75,925)
Net current assets
1,652,102
1,738,713
2.409,730
2,345,193
Provision for liabilltles
16
(102,802)
(4,462)
Total net assets
7,169.500
6,865.744
7,583,684
7,469,761
The funds of the charlty:
Restricted funds
Unrestricted funds
Revaluation reserve
17
17
17
70,553
7.477,133
35,998
70,553
7,399.208
7,145,095
24.405
6,865,744
Total charlty funds
7,169,500
6,865,744
7,583,684
7,469.761
The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and
section 138 of the Charities Act 2011. These accounts are prepared and delivered in accordance with the
special provisions of Part 15 of the Companies Act relating 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 Companies 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 outgoing resources for the year of £604,017 (2023 £234,722
incoming resources) based on income of £2,259,710 (2023- £2,495.853).
Page. 13

Fly Navy Heritage Trust Llmlted - Company Number 05971284
Balance Sheet and Consolidated Balance Sheet
As at 31 December 2024
The notes from pages 16 - 29 form part of these accounts.
Approved by the 8oard on
and signed on thelr behalf by:
Rear Admlral T A Cunnlngham CBE
Trustee Dlrector
Mr M J F Strono
Trustee Director
Page. 14

Fly Navy Heritage Trust Limited
Statement of Cash Flows and Consolidated Statement of Cash Flows
For the Year Ended 31 December 2024
Total 2024
Total 2023
Notes
Group
Charity
Group
Charity
Cash flows from operatlng activities
Net movements in funds for the year
Adjustments to cash flows from non-cash items
Depreciation
Impairment
Interest receivable
Deferred tax provision
(414,184) (604,017)
287,744
234.722
17,639
11,583
(33,043)
98,340
6,121
21,326
4,926
(33,043)
{29,1081
1,491
(29,108)
(319,665) {630.939)
278.471
210.540
Working capital adjustments
(Increase)Idecrease in stocks
Decreasel(increase) in debtors
Increasel(decrease) in creditors
13
14
15
(75,069) (125,000)
388,698
196,071
70,564
68.049
{21,755}
{308,748) {146,853)
(37,400)
(16,926)
Net cash flow from operations
64,528
(491,819)
(89,432)
46.761
Cash flows Irom Inve8tlng actlvltles
Interest receivable
Proceeds of tangible assels
Acquisitions of tangible assets
33,043
14.417
(485.423)
33,043
29,108
4.000
(16.217)
29,108
(8,584)
{5,781)
Net (decrease)lincrease In cash and cash equivalenls
(373,435) (467,360)
(72,541)
70,088
Cash and cash equivalents at Ihe beginning of
the reporting period
1.650,717
1,638,563
1,723,258
1,568,475
Cash and cash equivalents at the end of the
reporting period
1,277,282
1,171,203
1,650,717
1,638.563
Cash & Cash equivalenls reconciliation..
Cash at bank
1.277,282
1,171,203
1,650,717
1,638,563
Total cash & cash equivalents at the end of the
reporting period
1,277,282
1,171,203
1,650,717
1.638,563
Page. 15

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 31 De￿rnber 2024
Accounting Policies
The principal accounting policies adopted in the preparation of the financial statements are as follows..
Basls of accounting
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard
applicable in the UK and Republic of Ireland {FRS 102) and the Companies Acl 2006.
Fly Navy Heritage Trust Limited Meets the definition of a public benefit entity under FRS 102. Assets
and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in
the relevant accounting policy note(s) and 811 amounts are presented in £ sterling.
These financial statements consolidate the results of the Charity and its wholly owned subsidSary,
Naval Avlalion Limited, on a line by line basis. The "Group" heading within the balance sheet refers to
the consolidated accounts of the Fly Navy Heritage Trust Limited and Naval Aviation Limited.
In the parent company financial statements the investment in the trading subsidiary is accounted for
at cost less impairment.
There are no material uncertainties about the charity's ability to continue as a going concern. Taking
into account current trading and reserves. the trustees believe that the charity remains a going
concern and no adjustments to the accounts are necessary.
Legal status of the Trust
The Trust is a company limited by guarantee and has no share capital. In the event of the charity
being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
The company Is Incorporated in England and Wales and the company registered office is detailed on
page 1, reference and administration details.
Incomé
Income from grants and donations is recognised in the year in which they are receivable when there
is evidence of entitlement, receipt is probable and the amount can be reliably measured.
For legacies, entitlement is taken as the earlier of the date on which either.. the charity is aware that
probate has been granted, the estate has been finalised and notification has been made by the
executor(s} to the Trust that a distribution will be made, or when a distribution is received from the
estate. Receipt of a legacy. in whole or in part, is only considered probable when the amount can be
measured reliably and the charity has been notified of the executor's intention to make a distributlon.
Where legacies have been notified to the charity, or the charity is aware of the granting of probate,
and the criteria for income recognition have not been met, then the legacy is a treated as a contingenl
asset and disclosed if material.
Income from other trading income is included in the period in which the group is entitled to receipt, it
is probable that economic benefits will flow to the entity and the amount can be reliably measured.
Page. 16

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Donated goods and services
Donated services and donated facilities are recognised as income when the charity has control over
the item. any conditions associated with the donated item have been met, the receipt of economic
benefit from the use by the charity of the item is probable and that economic benefit can be measured
reliably.
On receipt, donated services and donated facilities are recognised on the basis of the value of the gift
to the charity which is the amount th¢ charity would have been willing to pay to obtain services or
facilities of equivalent economic benefit on the open market. a corresponding amount is then
recognised in expenditure in the period of receipt. Income is recognised within grants, donations and
legacies and expenditure within costs of raising funds and charitable activities.
Interest recelvable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the charity. this is normally upon notification of the interest paid or payable by the Bank.
Expendlture and Irrecoverable VAT
Resources expended are recognised on the accruals basis to match the period in which the
expenditure was incurred,
Costs of raising funds are expenditure incurred in generating the trading subsidiary funds and In
generating the charity fundraising event income funds.
Charitable activities expenditure comprises costs incurred in by the charity in the delivery of its
charitable purposes for beneficiaries including grants payable to other institutions.
Grants payable are at'the discretion of the Trustees. They are in furtherance of the charity's objects,
to support and promote the 8fficiency of aviation in the Royal Navy and to educate the members of
the public in the history, Iraditions and exploits of the Fleet Air Arm and the history of Royal Naval
Aviation.
Operating leases
Rental charges are charged on a straight line basis over the term of the lease.
Fund accountlng
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
Restricted funds are donations which the donor has specified are to be solely used for particular
areas of the Trust's work or for specific artistic projects being undertaken by the Trust.
Page. 17

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Tanglble flxed assets and depreclatlon
Aircraft, excluding engines, are initially recorded at cost and are then revalued at the year end. The
Trustees review the assets for impairment each year. Donated aircraft are brought in at fair value.
Computer equipment is stated at cost less depreciation. Depreciation is provided at rates calculated
to write off the cost or valuation less estimated residual value of each asset over its expected useful
life as follows:
Plant and machinery
Office equipment
Computer equipment
3 years straight line
3 years straight line
330/0 reducing balance
Aircraft are not depreciated. The aircraft are continuously maintained and repaired and as a result of
this. the directors have considered that they do not depreciate. The aircraft are reviewed for
impairment each year. Engines included under the Aircraft heading will be depreciated once they
come into use.
1.10 Investments
Investments in equity shares which are publicly traded or where the fair value can be measured
reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Investments in equity shares which are not publicly traded and where fair value cannot be measured
reliably are measured at cost less impairment.
1.11 Stock
Stock consists of merchandise for resale and is valued al the lower of cost and net realisable value,
after due regard for obsolete and slow moving stocks.
1.11 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.12 Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar
account.
1.13 Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that
will probably result in the transfer of funds to a third party and the amount due to settle the obligation
can be measured or estimated reliably. Creditors are normally recognised at their settlement amount
after allowing for any trade discounts due.
1.14 Defined contribution penslon
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension
fund and the company has no legal or constructive obligation to pay further contributions even if the
fund does not hold sufficient assets to pay all employees the benefits relating to employee service in
the current and prior periods.
Contributions to defined contribution plans are recognised as staff pension expense through the profit
and loss when they are due.
Page. 18

Fly Navy Heritage Trust Limited
Notes lo the Financial Statements
For the Year Ended 31 December 2024
1.15 Taxatlon
As a registered charity, the company is not liable to corporation tax or capital gains tax lo the extent
that its income and gains are applicable to charitable purposes only. Value Added Tax is not
recoverable by the company, and is therefore included in the relevant costs in the Statement of
Financial Activities. The charity subsidiary is able to recover Value Added Tax and therefore it is not
included within the relevant costs in the Statement of Financial Activities.
1.16 Financial instruments
The charity only holds basic financial instruments as defined by FRS 102. The financial assets and
financial liabilities of the company are as follows;
Financial assets
trade and other debtors, accrued income, amounts owed by group undertaklngs
and other debtors are basic financial instruments. and are debt instruments measured at amortised
cost. Prepayments are not financial instruments.
Cash at bank - classified as a basic financial instrument and is measured at face value.
Financlal liabillties
trade creditors, amounts owed to group undertaklngs, bank loans, accrued
expenses and other creditors are financial instruments, and are measured at amortised cost. Taxation
and social security and corporation tax creditors are not included in the financial instruments
disclosure definition.
Grants, donations and legacles
Unres.
tricteded
R8s-
tricted Total 2024
Unres-
tricteded
Res-
.tricted Total 2023
Grants, donations and
legacies
1.543,867
118.933 1,662,800
1,844,885
335,817
2,180.702
1,543,867
118,933 1,662,800
1,844,885
335,817
2,180,702
Other trading incorne
Unres-
tricted
Res-
trlcted Total 2024
Unres.
trlcted
Res.
tricted Total 2023
Display fees
Merchandise
Fundraising event income
Other income
51.956
167,879
563,867
3,509
51,956
167,879
563.867
3,509
51,008
189,965
276,043
4,725
51,008
189,965
276.043
4,725
787,211
787,211
521.741
521,741
Page. 19

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Interest receivable
Unres-
tricted
Res-
tricted Total 2024
Unres-
tricted
Res-
tricted Total 2023
Bank interest
33,043
33.043
29.108
29,108
Costs of raising funds
Unres-
tricted
Res-
trlcted Total 2024
Unres-
trlcted
Res-
trlcted Total 2023
Fundraising costs
PR and advertising
Trading costs
356,804
9,903
676,136
356,804
9,903
676,136
123,308
10,824
620,395
123,308
10,824
620,395
1,042,843
1,042,843
754,527
754,527
Charltable actlvities
Unres-
trlcted
Res-
trlcted Total 2024
Unres-
tricted
Res-
tricted Total 2023
Aircraft maintenance
Insurance
Payroll fees
Staff costs
Consultancy
Other administration
Depreciation
Impairment
Governance costs
8ad debts
295,996
21.497
1.697
773,477
264,684
177,293
17,639
11,583
2.703
189,486
485.482
21,497
1,697
773,477
264,684
177,293
17,639
11,583
2,703
11,829
19,875
2,023
714,908
1 $6,273
138,375
21,012
536.921
548,750
19.875
2.023
714,908
171,775
138.375
21.012
15,502
65,753
8,300
65,753
8,300
1,566,569
189.486 1,756,055
1.138,348
552,423
1,690,771
Page. 20

Fly Navy Heritage Trust Limited
Notes to the Financial Staternents
For the Year Ended 31 December 2024
Net incomel(expenditure) for the year
This is stated after charging:
Charlty
2023
Subsldlary
2023
Total
2023
2024
2024
2024
Depreciation of owned
assets
Auditors remuneration
Audit services
Other services
accounting
17,639
21.326
16,400
23,737
.37.726
53,700
7,650
2,600
5.200
710
2,300
2,190
2,300
1.466
7,500
2.900
6,250
1,466
Trustee dlrectors
The charity trustees were not paid or received any other benefits from employment with the Trust or
its subsidiary in the year (2023 £nil). No trustees were reimbursed expenses (2023 £nil) during
the year. No charity trustee received payment for professional or other services supplied to the charity
(2023- £nil).
The charity has paid £3,048 (2023 - £3,052) for directors and officers indemnity insurance.
Deflned contrlbulion pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year
represents contributions payable by the company to the scheme and amounted to £12,T40 (2023
£12,340).
Contributions totalling £3,218 (2023 - £3,123) were payable to the scheme at the end of the year.
Page. 21

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
10
Employees
Number of employees
The average monthly number of employees during the year was:
2024
2023
Chief execulive officer
Management and administration
17
16
18
17
Employment costs
2024
2023
Wages and salaries
Social security costs
Pension costs
688,524
67,514
12,653
632,201
65,687
12,340
768,691
710,228
The number of employees whose annual emoluments were £60,000 or more were..
2024
number
2023
number
£110,000- £120,000
No pension costs were paid to this individual during the year (2023- £nil)
The key management personnel of the group comprise those of the Trust and its wholly owned
subsidiary Navy Wings Heritage Flight Limited. The key management personnel of the Trust comprise
the trustees and the Chief Executive Officer. Navy Wings Heritage Flight Llmited does not have
remuneration costs as all staff are paid by the Trust.
The total employee benefits including employers national insurance and employers pension costs of
the key management personnel of the Trust were £131,665 (2023 - £124.200).
Page. 22

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
11
Tangible fixed assets
Aircraft
& Engine
Plant &
Office
Machinery Equipment
Computer
Equlpment
Total
At 1 January 2024
Additions
Disposal
Impairment
5,149,000
474,469
{14,417)
(11,583)
81,380
2.370
15,662
70,023
8,584
5,316,065
485,423
{14,417)
{11,583)
At 31 December 2024
5,597,469
83,750
15,662
78,607
5,775,488
Depreciatlon
Al 1 January 2024
Charge for the year
64,184
11,140
15,009
378
58,456
6,121
137,649
17,639
At 31 December 2024
75.324
15,387
64,577
155,288
Net book value
At 31 December 2024
5.597,469
8,426
275
14,030
5,620,200
At 31 December 2023
5,149,000
17,196
653
11,567
5,178,416
The year end open market value of the aircraft has been considered by the Trustees and the
revaluation reflected in in the accounts. The value of the aircraft donated has been bought in al the
insurance value, which is considered to be a fair reflection of the market value of the aircraft. The
historical cost of the aircraft & engines is £474,471. Included in the above are engines with an
estimated value of £746k.
Charity
Aircraft
Computgr
Equipment
Total
Cost
Al 1 January 2024
Additions
5,113,000
70,023
8,584
5.183,023
8,584
At 31 December 2024
5,113,000
78.607
5,191,607
Depreciation
At 1 January 2024
Charge for the year
58.456
6,121
58,456
6,121
At 31 December 2024
64,577
64,577
Net book value
At 31 December 2024
5,113.000
14,030
5,127.030
At 31 December 2023
5,113.000
11,567
5,124,567
The year end open market value has been considered by the trustees and the revaluation reflected in
the accounts. The value of the aircraft donated has been bought in at the insurance value, which is
considered to be a fair reflection of the market value of the aircraft.
Page. 23

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
12
Investments
Charity
2024
2023
Na￿ Wings Heritage Flight Limited - 1 ordinary shares of £1 each
Navy Wings Heritage Flight Limited (company no. 07052646) was incorporated in England and Wales
on 21 October 2009 as a wholly owned trading subsidiary of Fly Navy Heritage Trust Limited. The
parent charity holds 100 /0 of the issued share capital and voting rights of the subsidiary.
The principal activity of the company is the operation of commercial activity on behalf of Fly Navy
Heritage Trust Limited. The subsidiary gift aids its taxable profits to Fly Navy Heritage Trust Limiled,
and files audited accounts wlth the Registrar of Companies.
A summary of the trading results is shown belo.w:
2024
2023
Turnover
Cost of sales
1.607,204
(1,156,948)
1,319,044
(1,169,145)
Gross profit
Administrative expenses
Other operating income
450,256
(162.083)
149,899
(98,443)
75
Net loss before tax
Taxation
288,173
{98,340)
51,531
1.491
Retained in subsidiary
The assets and liabilities y￿re.
Fixed assets
Current assets
Curreni liabilities
Provisions
189,833
53,022
493,170
443,012
(529,624)
(102,802)
53,849
489,327
(424,791)
(4,462)
Total nel assets
303,756
113.923
Called up share capital
Revaluation reserve
Profit and loss account
24,415
279,340
35,998
77.924
303,756
113,923
Page. 24

Fly Navy Heritage Trust Limited
Notes to the Financial Staternents
For the Year Ended 31 December 2024
13
Stocks
2024
Charity
2023
Charity
Group
Group
Goods for resale
300,057
175,000
224,988
50.000
14
Debtors
2024
Charity
2023
Charity
Group
Group
Trade debtors
Other debtors
Prepayments and accrued income
Amounts owed by group undertakings
61.003
100,246
210.598
57,050
18.540
36,663
705.342
13,970
240
444,150
274.195
102,921
376,513
371,847
536,484
760,545
732,555
15
Credltors.. Amounts falling due wlthin one year
2024
Charity
2023
Charity
Group
Group
Trade creditors
Accruals
Deferred income
Taxation and social security
128,867
51,612
93,174
23,431
19.869
7,502
93,174
23,429
65.613
103,904
32.799
24,204
12,420
6.502
32.799
24,204
297,084
143,974
226,520
75,925
Page. 25

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
16
Provlsion for liabllities
Group
Deferred tax
Total
At 1 January 2024
Increase (decrease) in existing provisions
At 31 December 2024
4.462
98,340
102.802
4.462
98,340
102,802
Deferred tax
Deferred tax assets and liabilities..
Asset
Liability
2024
Other timing drfferences
102,802
102,802
2023
Other timing differences
4.462
4,462
Page. 26

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 310ecember 2024
17
Summary of movement in funds
Opening
Balance
Incoming
Resources
Outgolng
Resources
Transfers
Closing
Balance
Group
Unrestricted funds
General
Revaluation reserve
7,477,133
35,998
2,364,121
{2,707.752)
11,593
(11.593)
7,145.095
24,405
Restricted funds
Transitional funds
RNVR Naval Club
118,933
(118.933)
(70,553)
70,553
7,583,684
2,483,054
(2,897,238)
7,169,500
Openlng
Balance
Incoming
Resources
Outgolng
Resources
Transfers
Closing
Balance
Charlty
Unrestricted funds
General
7.399,208
2,140,777
(2.674,241)
6,865,744
Restricted funds
Transitional funds
RNVR Naval Club
118,933
(118,933)
(70,553)
70,553
7.469,761
2,259,710
(2,863,727)
6,865,744
Unrestrlcted funds
The Trustees general funds that have been received with no specific purpose other to be used for the
organisations charitable objectives.
Restricted funds
The Swordfish W5856 fund represents monies received from HM Treasury's LIBOR Fines Fund
specifically for the provision of onward funding to the Royal Navy Historic Flight for the essential
maintenance, repair and operation of Swordfish W5856.
Transitional funds relates to income received for the maintenance of aircraft transferred to the charlty.
The transfer of funds relates to transitional funds used to purchase fixed assets.
The funds received from the Culture recovery fund were to cover overhead costs to support the
charity through the pandemic.
The RNVR Naval Club fund represents monies received from a donation towards Swordfish and
Chipmunk projects.
The Seafire fund represents monies received from a donation for the purchase and upkeep of a new
Seafire aircraft.
Page. 27

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Summary of movement in funds - 2023
Opening
Balance
Incoming
Resources
Outgoing
Resources
Transfers
Closing
Balance
Group
Unrestricted funds
General
Revaluation reserve
6,968,783
39.998
2,395,734
(1,891,384)
4,000
(4,000)
7,477,133
35,998
Restricted funds
Transitional funds
RNVR Naval Club
Seafire
335,817
(335,817)
(216,606)
287,159
70,553
T,295,940
2,731,551
(2,443,807)
7.583.684
Opening
Balance
Incoming
Outgoing
Resources
Resources
(as restatedl {as restated}
Transfers
Closlng
Balance
(as restated)
Charity
Unrestricted funds
General
6,947,880
2,150,036
(1,698,708)
7,399,208
Restricted funds
Transitional funds
RNVR Naval Club
335,817
(335,817)
(216,606)
287,159
70,553
7,235,039
2,485,853
(2,251,131)
7,469,761
The restricted funds for the charity should have matched the group in the prior year. The comparative
note has been updated to reflect this.
Page. 28

Fly Navy Heritage Trust Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
18 Analysis of assets between funds
Tangible
Flxed Assats Investments
Net Current
Assets
Provisions
Total
Group
Unrestricted funds
Restricted funds
5,620,200
1,652,102
(102,802)
7,169,500
As at 31 December 2024
5,620,200
1,652,102
(102.802)
7,169,500
As at 31 December 2023
5.178,416
2,409.730
(4,462)
7,S83,684
Tangible
Fixed Assets Investments
Net Current
Assets
Provislons
Total
Charlty
Unrestricted funds
Restricted funds
5,127.030
1,738,713
6,865,744
As at 31 December 2024
5,127,030
1,738,713
6,865.744
As al 31 December 2023
5,124,567
2,345,193
7,469,761
19
Related parties
There are no related party transactions in the reporting period that require disclosure.
Page. 29