REGISTERED COMPANY NUMBER: 06707945 (England and Wales) REGISTERED CHARITY NUMBER: 1127909
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
AVIATION HERITAGE FOUNDATION LIMITED
L M Griffiths & Co Limited Chartered Certified Accountants 1&2 Merlins Court Winch Lane Haverfordwest Pembrokeshire SA61 1SB
AVIATION HERITAGE FOUNDATION LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 13 |
| Detailed Statement of Financial Activities | 14 | to | 15 |
AVIATION HERITAGE FOUNDATION LIMITED
REPORT OF THE TRUSTEES for the Year Ended 31 December 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objectives are to advance the education of the public in national aviation history by the establishment and maintenance of a museum.
The Trustees confirm that they have complied with the duty of section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission. This guidance has been referred to when reviewing the Charity's aims and objectives and in planning future activities.
The charity aims to meets its objects by operating a working aviation museum in order to restore, preserve, maintain and display historic and classical aircraft and associated memorabilia to the public and to provide a venue for lectures, seminars and practical workshops on aviation history and development. To do this the charity will involve students of technical colleges and aviation engineers for the preservation work and to seek assistance of members of the public in general and schools in particular.
The charity has established a good working relationship with the Civil Aviation Authority and the Light Aircraft Association who would be involved in monitoring the preservation work and certifying the flying machines.
The public will be participating in this unique experience either by assisting directly with the project or having the option to visit the centre and flying displays.
Volunteers
The charity shops and museum are manned by volunteers. The value of any voluntary help is not included in the accounts.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity successfully applied for planning permission for a portacabin on Withybush Airfield, Haverfordwest. This portacabin was donated by Pembrokeshire County Council in order to help realise the charity's objectives. This facility was initially used as a workshop for restoration work with the intention of eventually converting it into a museum to house items of aviation interest. The conversion work began in the year to 31st December 2010 and the Welsh Spitfire Museum was officially opened on 27th May 2011.
A shop has been in operation since October 2008, manned by volunteers, to sell Spitfire related memorabilia as well as donated goods. A second shop was opened in August 2014. The opening of these shops has raised the profile of the charity and many donations were received thus making it a focal point for the charity's activities. In October 2015 many of the exhibits of the museum have been moved to the shop in Haverfordwest and this museum has become an attraction in the town to tourists and local people, further raising the profile of the charity whilst providing enjoyment to the public.
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AVIATION HERITAGE FOUNDATION LIMITED
REPORT OF THE TRUSTEES for the Year Ended 31 December 2020
FINANCIAL REVIEW
Reserves policy
The results for the year and financial position of the charity for the period ending 31 December 2020 are shown in the annexed financial statements. At the balance sheet date, there were reserves of £60,244 (2019 - £23,903).
The charity is reliant upon the support of trustees and continued donations without which it would be unable to continue in existence.
It is currently the policy of the charity to maintain reserves at a level which equates to at least six months expenditure in order that the charity can continue to function if income from current sources declines. This will enable the charity to identify other sources of funding.
All reserves have been classified as unrestricted reserves.
FUTURE PLANS
It is still hoped to carry out further restoration work on the Spitfire held in the museum. The Charity has now established a collection of over 12,500 books and magazines on military history and these will be indexed and form the basis of a reference library.
It also remains the intention to establish more shops in the county and to expand the sale of related memorabilia via a website which continues to be developed.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Aviation Heritage Foundation Limited charity was incorporated on 25th September 2008 under the Companies Act 2006 as a private company limited by guarantee (Company Number 06707945). It was also registered as a charity on 4th February 2009 with the Charity Commission for England and Wales (Charity Number 1127909). It is governed by its memorandum and articles amended by resolution on 29 January 2009.
Recruitment and appointment of new trustees
The Trustees welcome new trustees or members who can assist with the development of the company. New appointees receive support and guidance from their fellow trustees.
Risk management
The Trustees have considered the major risks facing the charity. They are confident that appropriate risk handling procedures are in place following discussions with the Aerodrome Inspector. The trustees aim is to review risk management at least annually and particularly to cover all aspects of work carried out within the confines of the airfield.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06707945 (England and Wales)
Registered Charity number
1127909
Registered office
16 Bridge Street Haverfordwest Pembrokeshire SA61 2AD
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AVIATION HERITAGE FOUNDATION LIMITED
REPORT OF THE TRUSTEES for the Year Ended 31 December 2020
Trustees
Mr R Burgess Ms R H Burgess Mr L Pyle Mr S F Chaplin Mrs P T Dennis
Company Secretary
Independent Examiner
L M Griffiths & Co Limited Chartered Certified Accountants 1&2 Merlins Court Winch Lane Haverfordwest Pembrokeshire SA61 1SB
Approved by order of the board of trustees on 1 September 2021 and signed on its behalf by:
Mr R Burgess - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AVIATION HERITAGE FOUNDATION LIMITED
Independent examiner's report to the trustees of Aviation Heritage Foundation Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Murray FCCA L M Griffiths & Co Limited Chartered Certified Accountants 1&2 Merlins Court Winch Lane Haverfordwest Pembrokeshire SA61 1SB
1 September 2021
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AVIATION HERITAGE FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 11,610 | 21,346 | |
| Charitable activities | |||
| Charitable activities | 40,000 | - | |
| Total | 51,610 | 21,346 | |
| EXPENDITURE ON | |||
| Raising funds | 688 | 370 | |
| Charitable activities | |||
| Charitable activities | 14,581 | 22,149 | |
| Total | 15,269 | 22,519 | |
| NET INCOME/(EXPENDITURE) | 36,341 | (1,173) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 23,903 | 25,076 | |
| TOTAL FUNDS CARRIED FORWARD | 60,244 | 23,903 | |
The notes form part of these financial statements
Page 5
AVIATION HERITAGE FOUNDATION LIMITED
BALANCE SHEET 31 December 2020
| 2020 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 8,374 CURRENT ASSETS Stocks 6 200 Debtors 7 253 Cash at bank 56,528 56,981 CREDITORS Amounts falling due within one year 8 (5,111) NET CURRENT ASSETS 51,870 TOTAL ASSETS LESS CURRENT LIABILITIES 60,244 NET ASSETS 60,244 FUNDS 9 Unrestricted funds 60,244 TOTAL FUNDS 60,244 |
2019 Total funds £ 9,076 200 489 17,529 18,218 (3,391) 14,827 23,903 23,903 23,903 23,903 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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AVIATION HERITAGE FOUNDATION LIMITED
BALANCE SHEET - continued 31 December 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 1 September 2021 and were signed on its behalf by:
Mr R Burgess - Trustee
The notes form part of these financial statements
Page 7
AVIATION HERITAGE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The charity is dependent upon the level of donations received. The directors are unaware of any material uncertainties in making their assessment of going concern. As a result they have adopted the going concern basis of accounting.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance Plant and machinery - 15% on reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
continued...
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AVIATION HERITAGE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Revenue recognition
The company's turnover represents the sale of goods alongside donations received from the general public. The company recognises the revenue as soon as the customer has purchased the goods from the shop or made the donation.
2.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 1,147 | 1,234 |
| Rent | 2,256 | 3,184 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustee's expenses paid during the year (2019 - £nil)
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
|---|---|
| Donations and legacies | 21,346 |
| EXPENDITURE ON | |
| Raising funds | 370 |
| Charitable activities | |
| Charitable activities | 22,149 |
| Total | 22,519 |
| NET INCOME/(EXPENDITURE) | (1,173) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 25,076 |
continued...
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AVIATION HERITAGE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | |||
|---|---|---|---|
| fund | |||
| £ | |||
| TOTAL FUNDS CARRIED FORWARD | 23,903 | ||
| TANGIBLE FIXED ASSETS | |||
| COST | Improvements to property £ |
Plant and machinery £ |
Totals £ |
| At 1 January 2020 | 15,052 | 12,277 | 27,329 |
| Additions | - | 445 | 445 |
| At 31 December 2020 | 15,052 | 12,722 | 27,774 |
| DEPRECIATION | |||
| At 1 January 2020 | 9,434 | 8,819 | 18,253 |
| Charge for year | 562 | 585 | 1,147 |
| At 31 December 2020 | 9,996 | 9,404 | 19,400 |
| NET BOOK VALUE | |||
| At 31 December 2020 | 5,056 | 3,318 | 8,374 |
| At 31 December 2019 | 5,618 | 3,458 | 9,076 |
| STOCKS | |||
| Stocks | 2020 £ 200 |
2019 £ 200 |
|
5. TANGIBLE FIXED ASSETS
6.
continued...
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AVIATION HERITAGE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Prepayments and accrued income | 253 | 489 | |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| Accrued expenses | 2020 £ 5,111 |
2019 £ 3,391 |
|
| 9. | MOVEMENT IN FUNDS | ||
| Unrestricted funds | Net movement At 1.1.20 in funds £ £ |
At 31.12.20 £ |
|
| General fund | 23,903 36,341 |
60,244 | |
| TOTAL FUNDS | 23,903 36,341 |
60,244 | |
| Net movement in funds, included in the above are as follows: | |||
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|
| General fund | 51,610 (15,269) |
36,341 | |
| TOTAL FUNDS | 51,610 (15,269) |
36,341 | |
| Comparatives for movement in funds | |||
| Unrestricted funds | Net movement At 1.1.19 in funds £ £ |
At 31.12.19 £ |
|
| General fund | 25,076 (1,173) |
23,903 | |
| TOTAL FUNDS | 25,076 (1,173) |
23,903 | |
continued...
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AVIATION HERITAGE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 21,346 | (22,519) | (1,173) | |
| TOTAL FUNDS | 21,346 | (22,519) | (1,173) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds | At 1.1.19 £ |
Net movement At in funds 31.12.20 £ £ |
|---|---|---|
| General fund | 25,076 | 35,168 60,244 |
| TOTAL FUNDS | 25,076 | 35,168 60,244 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 72,956 (37,788) |
35,168 |
| TOTAL FUNDS | 72,956 (37,788) |
35,168 |
continued...
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AVIATION HERITAGE FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
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AVIATION HERITAGE FOUNDATION LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations and sale of donated goods | 11,610 | 21,346 |
| Charitable activities | ||
| Grants | 40,000 | - |
| Total incoming resources | 51,610 | 21,346 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Purchases | 488 | - |
| Advertising | 200 | 370 |
| Charitable activities | 688 | 370 |
| Rent | 1,500 | 1,500 |
| Improvements to property depreciation | 562 | 624 |
| Plant and machinery depreciation | 585 | 610 |
| 2,647 | 2,734 | |
| Support costs | ||
| Other | ||
| Rent | 756 | 1,684 |
| Rates and water | 108 | 174 |
| Insurance | 573 | 646 |
| Light and heat | 3,055 | 4,912 |
| Telephone | 1,125 | 984 |
| Postage and stationery | 1,701 | 1,126 |
| Sundries | 15 | 110 |
| Repairs and renewals | 661 | 1,959 |
| Motor and travel | - | 572 |
| Subscriptions | 103 | - |
| Computer expenses | 561 | 148 |
| Volunteer welfare | 38 | 398 |
| Carried forward | 8,696 | 12,713 |
This page does not form part of the statutory financial statements
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AVIATION HERITAGE FOUNDATION LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Other | ||
| Brought forward | 8,696 | 12,713 |
| Accountancy | 990 | 990 |
| Bank charges | 830 | 820 |
| Property repairs | - | 4,892 |
| PPE | 1,418 | - |
| 11,934 | 19,415 | |
| Total resources expended | 15,269 | 22,519 |
| Net income/(expenditure) | 36,341 | (1,173) |
This page does not form part of the statutory financial statements
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