REGisfKRED COJfPAhY hiiifBER: •67•7945 (Etygl&nd •Dd W&Ies) REGISTERED CHARrrY NUMBER: 11279119 FOR TBI YEAR ENDKD 31 DF£EMBER 2124 AVJATION HERrrAGE FOUNDATJON LIMrrED LM Griffith8 & CA)Limited 1&2 MerliAs Court SA61 ISB
VJATION HERrrAGE FOilhrylATION LIMrrED for the Year Endtd 31 December 21124 RepDrt of the Trusttts I to 3 In(kpend¢nt B5•eV8 Rert Statement ofFhwtsl A¢tlvttles BaJDee Sheet 6 to 7 Nvte5 to the Ilnand*l Ststements &) 13 14
AVIAIION HERITAGE FOUNDATION LIMTfED REPORT OF THE TRUSTEF for the YeAr Ended 31 DeCeT 2OZ4 The treS who arr al) ithrcctors of th¢ for the pwK)5¢s of the Compmies Act 2006, Presfflt ther re[ with the fiDan¢ihl stat¢DWDts of the cjwity for the year ended 31 1)ecember 2024. ThE truske5 have lotrted the provisions of Acrountijjg and RKportiDg by Charitie5.' Statement of RxoMrnded Pra¢ti¢e wlicabk to ¢barities preparing their aounts in a¢Gordauc¢ Thith the Finan¢ial Il¢portiDg Slatmlard applicable in the UK attd R2public of Irclathd (FRS 102) (effe¢tivt I Jattuary2019). Objectives The charitys objcctivss are to adThce th¢ educatioll of the public in Jmtts) aviaty)n htstory by thc e5tsblishDJent niaintenaftce of a mU3¢UDL The Tru5tEes ¢onfirm tbat they h&ve nIp1]ed with the thty of section 4 of the altieS Art 2006 kn IMv¢ due regard to public beJcfft guidance pubIish¢d by the Charity Comrnism This 8uithll bas br rtre¢d to reviewi the Charitys alTr and objectives and in platining fikn activits¢& The Chity ain to mBet5 its objeas by ot¢rntillg a kIng museum in to restDre. prrserye. thaintaiti alld di8play bistoric attd classical air¢raft atKI a&s0¢iatEd m¢morabiliato the public alld ty provide a venue for lects¢S. Semi d practi1 workslK)ps on avialion history and d¢vclopllenL To do this tbc charity wilj involve students of t¢cknical college5 2nd aviation en8iDeers for the preservatM)n work and ts) seek TsIanCe of mcJnb¢rs of the pubIi¢ ID gal and schools inp8rts¢u]ar. The charity hès cstabjished a good WOTkitig r¢]ation5hip with the Cl1 AVI1011 Audwity thc Lisbt Airc4aft As$(Ki10n The public will be participaliDg it) uoique ¢1 eithcr by wistiiig dirowith thcproiect or haviDg the opkn to visit the c¢ntre and fyitig displayB. V0her1 'rh¢ charity shops and nws¢um ar¢ manned by voluot¢tts. The Val ofanyvo1uP is tyjt ioch¥kd in the a¢wunts. Chrit8bb Activl¢ies The ¢harity suce&4hlly appiia fijr plaDning permiss1 for a wrt%abin on WIthYb Airfjeld, Havrrfordwest. The conv¢rsiott wodt begaD in the year to 31st DevAnber 2010 and th6 W¢lsh Spith officially oP¢ll on 27th May 2011. Th¢ musewn was moved kn Bridge Stre¢t jHaVerf0rdWtstIll 2015 it op¢r•t¢5 today. A shop has be¢D in opention since October 2008. manttd by voluntm sell Spitfir¢ related te1]ll well as donated g(k)ds. A secoLd shop w&8 Aw 2014. The openi8 of these shops h&8 raiSEd th¢ profil¢ of the charity and dotiatiOll5 were received thS n)aknng it a focal point for the ch4ritys a¢tsviti¢s. ltt (ktober 2015 Dwly of thc exhibits of the rnllsrutD have been llVed to the shop in Hav¢rfordwEst and this become an attractiol) in th tOMTr to towists and local p¢opl¢, furtlw rniSiDg the proffle of th¢ dwity whilst prOvo84J0YMettO the publi¢.
AVIATION RERrrAcE FOUNDAIION LIMED REPORT OF IHE IRUSTEES ror the Year Ended 31 Derember 21124 Reseryu p0CY The rr5uIts for the year attd finaTh¢iaI position of the Ghzrity for the puitsd cnding 31 December 2024 are showD in d att12d fin0Cial statCD]eDts. At thc balaoGe sheet datc. thwr w¢r¢ resrn of £52.744 {2023 - U8.186). The Ghority is reliant upon the Sup of trustees contillu witknut7whKh it Wll1d bc UDabk fr> LY)Dtinue in exiStCn. It is eurr¢ntty the Folicy of the Gharity to maintsin res¢rve8 at a levd vthich equates ts at ie&8t Stx th5 exdith i order that th¢ chaTity ¢aD coDÉiDue kn fi]n¢tion if incomB from (lurent llre¢S declxtits. This will enable the clwity to idetitify otlA¢rsourc¢s of fimdin& It is still boped to carry out fortllcr restoration on the Spitfir¢ held in the mu4euttL Th¢ Charity has now ¢stsbIished colle¢tii)n of ovu 7,IK>O books 8t magazi$ on rnilitsry history 8ndthese will be idex¢d end forni the b&8is of a r6fer¢nce library. It also remains the int10n to e8t8blish rtN)re slw in the (wty and to cx1w the 5th of rEiated menuthilia via a website svbich cOntiTu to be devclop¢d. sTrucruRE. GOVEIINANCE AND hlANAGEMENr Governlllg documeut The AVI]ll Heritage FoundalAon limitrd charity Th incozYr?knj oll 25th Swkmkr 2% under the cmpaleS A 2006 as a privats cornpally limttal by guarantee (Compary NumbrE 06707945). It was as & djarity on 4th February 2009 with the Clwity Commission for EDgtaaJd and Waks {(knity Nwnber 1127909). It i5 Eoverne41 by its m¢morattdum atsj articles an(d by rttOIL1on OD 29 Janwry 2009. The Trustees welcome ]Th tnte¢S or membth5 Twkn G8Q asyiqt with th¢ dlopIc£t of the New appointe¢8 re1ve support and Buidao¢c from th¢Arfdiowtrwste¢& Rlsk The Tntstses have c4)nsideted th2 major risks hcing the thjity. lTrry are confidcnt thjt appro risk hatidkng Regr8t¢r¢d COMnY nwrAber 06707945 (England and Wales) Reystered Cbarity ttmber 1127909 Rwstered offxo l Hall Parkclose Preter8$t Haverfordwe Pembrokeshir¢ SA612QZ MrR Burge85 Ms L ReyrK)Ids
AVIATION llERAGE FOtJNDATION LllrrED REPORTOF THE TRUSTEES forthe Year Ended 31 Dtceth2O24 Comp4lly Setretary Jndependent EuDther L M Griffiths & Co Limited Cbart¢TedC¢rtified Ac¢(A]nlaDts 1&2 Merbns Court Haverfordwcst P¢mbrokcshir¢ SA61 ISB Approved byorder ofthe board of truste¢s on....... .... alld sisd on its bel4lf ty. Mr RBurg¢ss- rnste¢
INDEPENDENT EXAMLYER'S REPORTTO THE IRusfEFS OF AVIATION HERITAGK FOLThDATIOh' LLMTfED tndep¢]Mfrnt exiJDThePi report ts th¢ trn¥teeJ of Aviatioa HeritEe FouDdatlon Litte ethe Company,) I report tD the charity tri on my exarnin of the accouDts of the Company fortheyear ended 3 1 Dccen 2024. Re8pDns1Thililks and bwls of rew)rt As the chHritys trusttes of the Coropany {8nd akn its dIrEd0 fi)r the PWFrf of )MpY Iaw) yoll are rr5poThsibie for the preparatM)ll ofth¢ a¢c%>unL3 in ac¢ord8nce the requirements ofthe comp1 Act 2W6 (Yhe 2 A¢fJ. Having sisfKd myself tbat the accounts of the Con]pa4y ar¢ Mt qUIred to be alted Part 16 of the 2006 Act and arr cligible for indewdcnt examitidio4 l T¢P)rt in resm of my examin0 of your Charit8 accounts as ¢arriwl out idcr sectio 145 of the Charities Act 2011 Cthe 2011 A¢r). ttl canying out my exzmiwtioll I have foiknved the DireCtioS given by tk Charty under Scction 145(5) (b) of th¢ 2011 AL Independent examlDer's ststellrt giving me ¢au8e to believe: acwuntin8 records Thrre not kept in resp¢¢t of tb¢ Cornpany as requircd by )n 386 of th¢ 2006 Act or the accrjuttts th not xcord with tknse re¢ord&' or accounts dLI ]t comply wlth the a¢couttting T¢qu[reM of Section 396 of the 2006 AGt other thw) requireme tbat the xcounts give a truc aDd fwi vicw whi¢h is Thit a matlez withred part of au ithpendent th¢ a¢Gounts bav¢ AKrt b¢¢n prepllTEd in accordCt with the methoth and winciples of the statennt of R0mended Practice for accoLting and reting by chariiies (appliGable k) ¢barities prepar5ng their in Gordznce with th¢ Financial Re[ting Statyjard appliLxbl¢ itt the UK andRwublic of Irel&nd IFRS 102)). I have no conc¢rns and have come acr055 no other matters in o)leG0 with tbe ex10 to whrch attetrtion should be dravrn in this rcport in order to enable apropcr uthstaLditig of th¢ x¢ounts to be ttxl)¢d. Paul MUTW L M Griffiths & Co LitDit¢d Chartered Certified A¢couDtsnts 1&2 McTiin5 Court WinchLane HaverfoTdwest Pembroke5hir¢ SA61 ISB ,(12S....................... Page 4
AVIATION BIRTfAGE FOUhYPAIION IIMTTED srATE.MEhT OF FINANC AcrnrmKs f•r the Year Ended 31 DuYmb¢r2024 2024 2023 INCOME AND EfiDOlVMEs VROM DOnl00S and Icgaci¢5 32ffi49 28268 31713 28.292 EXPENDrruRE ON Raising fdS 335 Cb&rltsble 8rtivitl Charitabk activities 155 30,450 Totsl 4155 30,785 ET INCoMKI(EXPENDuRE) {2.493) RECONCIUATION OF FUNTXS Total fund5 brought forward A86 50.679 52,Y44 48,186 Page 5
AVIA0 HEBnAGE FOUNDAT(ON LIMrrED 31 Ilecewber 21)24 21n4 Unrt8tricted fu*d 2023 FLKED ASSETS Tangiblc L8srts lo62 12.205 DebtOTS Cash at bank 200 879 42.454 36,772 43J33 37.698 Amounts falliti8 due withtn olle year (1051) (1,717) 44182 35,981 TOTAL ASSETS IISS CL'BIIENT 51744 48,186 Nrf A&gETS 51744 186 FiIIYDS Unrestrided fuJMIs io S2,744 48.186 TOTAL FUNDS 51744 48.186 The Charitable comp2lly is ¢ntitl¢d to fidit Sedion 477 of the CoryaDi&% Act 2006 fDrth¢yetr eThlEd 31 De¢enther2024. Th¢ mernbers have tKJt rrquir¢d the ClbtllpaDy kn obtaitt aD 8JIt of its firlle1 statements for the Irar roded 31 Dec¢mber2024 in accordance with Se¢tion 476 ofthe Compatii¢s Act2006. Th¢ trust¢es a¢knowl¢dge their Tc5poMillTt1¢S for (a) ¢D$uriDg tbat the th8ritable cotnpany k¢¢ps Utillg re4xrds &)mply pith Sertiow 386 aud 387 of the Compallies Act2006 and ptEparing fjnanciai Stat¢rnts Fknich givo a kne end fair vi¢w of the state of affairs of tho charitabk company as at the end of fla1 year alld of tts surplu5 or deficit for e&ch finanGial ye4r inacGOrdat withthe rqutrem¢nts of Sections 394 and 395 and which otherwise comply with the re4w]r of the CDmpgDies Act 21106 r¢lakng to fiD8ncial stat¢Jllents, so faras appliGabl¢ to the charitable company. (b) n¢Inl...
AVIATION HERfTAGE FOIrn)ATION iJMfTED BNCE SHEET. eoBtinued 31 Deceuther 2024 These fjThaDcial statemeots hwve becn PTep8red in XIXJrd with tk provis aFpIl to charitable wnJpatiieB subject to thc small conwanies regimB. attd were sigAedon its iEhalf by.. hfrRBws- Trust¢¢
AVIATION UERfTAGK FOiJNDATION LIMrrED for the yurEId 31 IkreM 2024 AccoirNTING POLfCIF3 Basls 0[prerIng the fjnalld•l gttem¢nts The finaTt¢ial ststem¢nts of the thwitsble Mpatty, Trtiich is a public bmefit entity uoder FRS 102, have be¢n prepared ID accordan¢e with th¢ Charities SORP (FRS 102) 'AccouDting R¢poitiDg by Charities: Statemellt of Recommended Practice appltcabl¢ to ¢haritiC5 prep9r1 thcir pcoutJts in ac&)rdan¢e with thc Financia] ReporttD Standard applicablc the UK atKI Republic of Irelatml IFRS 102) (eff]ve l January 2019),, Financiat Reporting Standard 102 The Finan¢iai R¢porttD8 stsd applicabk ID th¢ UK arml R¢pvb]i¢ of bEland' afid th¢ Componics Act 2006. Tr financial statrynts have beenpttparrd wklerthe hithric costconveDtiO]L Tbe chartty ts dep¢ndent upoty the levrl of dorAions re¢eived. The dire¢ton of any mAtcrial i]D¢ertainties in JnakiD8 their ass¢ssmeAtt of goTng c¥m(rn. As a Tesutt Iky have pted ts going c4)ncem bas&8 of Income All in¢ome is T¢guised in the Ststrment of FiDaD¢ial Actsvitrs thc has eotidem¢nt to the ffimth. it is probable tttthe inGome will b¢ receAved and the aDWt¢an be meased rdiabty. peRdithTe Liabxiities ar¢ recogtiised &8 expetiditiue a% S)n there is a legal or consttth obligation Conlg the cblty to that expenditure. it is probable that a troDsfrr of tMi¢ benefits will t¢ requtred ID settIement atsd the amount of the obtigatiOD be rn¢a$d reliably. EXpd1th is &couDt&l for on JD b&gis and hR5 becn ¢116ed under ILeadin8s that aEgrr8at¢ ail cost relat¢d to tbe category. Where trsts c4unot be dittGtly attrIbut to parti¢u]ar TaDgfble fixed Deprcciation 15 provided atthc foIiowAng r8trs in ord¢rtO TrTAt¢ off eak awtove¥ its estim efUl Iif Improvemeats to propety Pknt and machinery Stocks 8ks are valu¢d at the of cost lIS vahK after maknrg th allow fi)r obsolet¢ attd slow movingitejns. IO% un Tluci8 balawe 15%otsT¢duGing ba]anL% Tlzalion Fund 8ecoiiiitillg Unr¢stricted fjJnds w be wed iti accA>rdw withthe charitabl¢ obje¢tivu atth disttetioll of the trustees. Restrftctsd fw¥Js onfy be for particar restri(t pur[ within objeGts of the clwity. Rthirtiotts Hire purthase aDd1•95ing Rentsls paid under oporoting leases ar¢ dwged to th¢ Stst¢mEn¢ ofFJttanCj Activitie5 on & strdight line basis over th¢p¢TityI ofthe leas¢. The cothpty5 lumov¢r repres¢nts the sak of goods alowide donth Ttttivod from the gernrnl publi¢. donation. Pag¢ 8 continued..
AVIATION HERrrAGE FoUATION IIMTfED
NOTES TO ThE FIliANCIAL STATFMEhTS.eo]thMe41
forth¢ YearEn
VIATtON HERITAGE FOiJNDAIION LIMrrBD NOTFS TO THE FLWAliCIAL sfATEMEN7S.eoxthil for the YeAr Endtd31 Iletwber2024 COMPAR&TIVES FOR ThE &rATE}IKr OF FINAliCIALAcrJvrriFS.eoAthill¢d Unr¢stri¢ted ftuhd 48,186 TANGIBLE FIXED AETs PknDt ar Totals COST At l Jattury 2024 and 31 DeceDthtt2024 15152 21J53 37,11•5 DEPRECIAoN At l Jllry 2024 Char8e foryear lia66 13,434 1378 24JIHI 1,643 At3 1 Dernber2024 11.731 14,712 26843 NET BOOK VALUE At 31 DeCeber 2024 3J21 7341 IOJ62 At3 1 DeceM1r 2023 8J19 12,20S 2(124 2023 stocks 2011 200 KBTOR8.. AMOUTh FAILING DiJE wn.0r VEAR 2024 2023 Page io e4mtinued...
AVlaTION HERTTACE FOiJNDATION LIMfTED NOTES TO ThE FJNLYCL4L STATEMEYTS.tontiDued for the Year Ended 31 DeeembtT 2024 2023 lJ51 1.717 io. Net movemetrt At 31.1224 At 1.124 unwertttcd fundry 4&1 4558 52,744 48,186 4558 51744 Nct rnovemenl xti fijll illcludcd in theabove are &% follows: ¢xpcnded itifund3 Unrogtrleted 3L713 (28J55) 32,713 (28.155) 558 C•mpAratives foT IIIDveiiient in fDMds Net At 31.12.23 At 1.123 ULretrl¢ted 50.679 (2.4931 48,186 50,679 (2,493) 48,186 Ptge li
AVIATION HEAGE FOilIATION LU¥IITED for the Yexr Ended 31 December 2Q24 io. CompaTativenetmovementin funds, iti thE above #rcas follows: UnrEstsicted fvmds General fid 28,Y2 {30.785) 11493) TOTAL Ft7NDS 28292 (30.785) (2,493) A cwrentyear 12 8Dd priotyE4r 12 corobitied posity)tt i8 a5 6)ll0. 'et At 1.123 31.12.24 Unrestricted IUD GBn¢ral fimd 50.679 1065 51744 TOTAL FUNDS 50,679 2.065 52.744 A CUTr¢nt year 12 months aThq prior year 12 nM)nttL4 combtr•J net ID)Ve in fi, itsclud¢d Att the above are as folloME: CAPYMled in funds Unrestrirted Gmeral fund 61.5 (58.940) 1065 TiYfAL FUNDS 61.(M15 (58940) 2,065 Po8¢ 12
AVIATIONHERrrAGE IYJUNDATION IIMrrED NOTIS TO THE FIANCIAL sfATEMENTS.cDmtinved ror the YEar EDd¢d 31 Detember 2024 li. Pagc 13
AVIATION llRAGE FOUNDAITON lJh(rrED for tle Yt4r Ettded 31 December 2124 2024 2023 COME ANDXThDOWMENTS Dollations aDd legaci Don&ions and sale of doDat¢d goods Gift aid 32A•6 28.268 3209 28268 Investment Income D¢posit accomnt ittterest 64 31713 282 xPE1MIB Rllskng donatiOk4 and kgacies Purchases 335 Cknrltab]E acthill ReDt ItDprovements to property dePrlatiOll Plant andmathin¢ry depreciation 15.•M 366 1378 15.000 410 1,503 16.913 Other Rates and v 97 1,811 4.364 2.611 774 237 l.LOI Light and hcat TElepho Postage andstationery Sundrir5 1319 3,110 Motor and tsavel SubSlpt1o Computer ewscs Accountoncy Bank charges ProfessiotMI fe<$ 32• 71 630 213 1.080 365 47 11,511 13537 155 30,785 Net incomel(exp¢Mlithrn) 4JS8 (1493) Page 14