REGISTERED CHARITY NUMBER: 1134981
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2022
for
The Heritage Aircraft Trust
Peter Hodgson & Co. Chartered Accountants Shadwell House 65 Lower Green Road Tunbridge Wells Kent TN4 8TW
The Heritage Aircraft Trust
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
The Heritage Aircraft Trust
Report of the Trustees for the Year Ended 31 March 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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 objects of the Charitable Trust are to protect and preserve Gnat and other historic aircraft for the benefit of the public and to demonstrate and display such aircraft at public events and to conserve them as heritage assets.
As the aircraft are complex heritage assets, the Trust has to invest significant resources on their maintenance and repair so as to ensure they are kept in airworthy condition and are available for display and demonstration at airshows and events.
The Trustees are continually exploring opportunities to display the aircraft at as many airshows and other events as possible in order to continue to achieve the Trust's charitable objectives.
The Trust has one wholly owned subsidiary, Heritage Aircraft Limited. Its principal activity is the promotion of historic aircraft displays at airshows. The company receives the majority of its funding from the charity and uses this to maintain the historic aircraft and to enable it to display at airshows.
All of the company's expenditure is incurred for charitable purposes and consistent with the charity's objectives.
Public benefit
The trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regards to the public benefit guidance published by the Charity Commission.
The trustees are satisfied that that the activities of the charity meet these principles.
Grantmaking
All of the charity's income is used to achieve its objective of preserving and protecting historic aircraft. The majority of its income is passed to its wholly owned subsidiary, Heritage Aircraft Limited, to enable it to carry out its charitable objectives.
The charity made grant payments of £156,878 to Heritage Aircraft Limited during the year.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, the charity generated incoming resources of £157,277 (2021 : £68,359).
It contributed £156,878 (2021 : £96,516) towards the preservation and protection of historic aircraft, by way of heritage grants.
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity to maintain unrestricted funds at a level so as to meet annual expenditure and support costs, management and administrative costs.
This level of reserves has been maintained throughout the year,
FUTURE PLANS
It is the trustees intention to continue to use its funds for the preservation and protection of historic aircraft and continue to display the aircraft at public air displays.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Heritage Aircraft Trust was registered with the Charity Commission (No. 1134981) on 17 March 2010 and constituted by Deed of Trust dated 18 November 2009, amended 7 October 2012 and 26 February 2018.
Page 1
The Heritage Aircraft Trust
Report of the Trustees for the Year Ended 31 March 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1134981
Principal address
The Heritage Aircraft Trust Hangar 4A North Weald Airfield Epping Essex CM16 6HR
Trustees
E A T M Brenninkmeyer O Wheeldon M W Fitzgerald R S Partridge-Hicks
Independent Examiner
Aidan Smyth Peter Hodgson & Co. Chartered Accountants Shadwell House 65 Lower Green Road Tunbridge Wells Kent TN4 8TW
Bankers
HSBC Bank Plc 281 Chiswick High Road London W4 4HJ
COVID-19
The trustees have considered the impact of of the Covid-19 pandemic that started in early 2020 on the charity's activities and those of its subsidiary, Heritage Aircraft Limited. The pandemic has impacted the charity's ability to display their aircraft at airshows throughout the year with some events being cancelled.
The pandemic has not though had a significant impact on the charity's financial position or its funding sources. It is expected that funding will continue at prior year levels going forward and will not be significantly affected by Covid-19.
Approved by order of the board of trustees on 20 December 2022 and signed on its behalf by:
M W Fitzgerald - Trustee
Page 2
Independent Examiner's Report to the Trustees of The Heritage Aircraft Trust
Independent examiner's report to the trustees of The Heritage Aircraft Trust
I report to the charity trustees on my examination of the accounts of The Heritage Aircraft Trust (the Trust) for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Aidan Smyth Peter Hodgson & Co. Chartered Accountants Shadwell House 65 Lower Green Road Tunbridge Wells Kent TN4 8TW
21 December 2022
Page 3
The Heritage Aircraft Trust
Statement of Financial Activities
for the Year Ended 31 March 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 157,277 EXPENDITURE ON Raising funds 1,888 Charitable activities Aircraft displays and airshows 156,898 Total 158,786 NET INCOME/(EXPENDITURE) (1,509) RECONCILIATION OF FUNDS Total funds brought forward 784,478 TOTAL FUNDS CARRIED FORWARD 782,969 |
2021 Total funds £ 68,359 2,517 96,516 99,033 (30,674) 815,152 784,478 |
|---|---|
The notes form part of these financial statements
Page 4
The Heritage Aircraft Trust
Statement of Financial Position
31 March 2022
| Notes FIXED ASSETS Tangible assets 6 Heritage assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund £ 5,663 725,169 100 730,932 49,532 2,505 52,037 52,037 782,969 782,969 782,969 782,969 |
2021 Total funds £ 7,551 725,169 100 |
|---|---|---|
| 732,820 51,656 2 |
||
| 51,658 | ||
| 51,658 | ||
| 784,478 | ||
| 784,478 | ||
| 784,478 | ||
| 784,478 |
The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2022 and were signed on its behalf by:
M W Fitzgerald - Trustee
The notes form part of these financial statements
Page 5
The Heritage Aircraft Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
1. CHARITY INFORMATION
The Heritage Aircraft Trust was registered with the Charity Commission (No 1134981) on 17 March 2010 and constituted by Deed of Trust dated 18 November 2009. The charity's registered office is Hangar 4, North Weald Airfield, Epping, Essex CM16 6HR.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Changes in accounting policies
There have been no changes to the accounting policies adopted by the charity in either the current or previous financial year. The results for the current year are therefore directly comparable with those of the previous year.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Fixed asset investments
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixed assets investments relate to the charity's investment in its trading subsidiary, Heritage Aircraft Limited. The investment is shown at cost in the financial statements.
Heritage assets
The charity owns 4 Folland Gnat aircraft.
These are used to achieve and promote the charitable activities of the charity. No depreciation is provided as they are well maintained and therefore are considered to have an indefinite useful life.
Heritage assets are held under the revaluation model and are carried at their revalued amount which is considered to be their fair value less any accumulated impairment losses. The fair value of heritage assets is considered by the trustees to be market value.
Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in the unrestricted general fund. Any gains or losses are recognised through the statement of financial activities and therefore are part of the overall surplus or deficit for the year.
Page 6
continued...
The Heritage Aircraft Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
2. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from 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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 68,359 |
| EXPENDITURE ON | |
| Raising funds | 2,517 |
| Charitable activities | |
| Aircraft displays and airshows | 96,516 |
| Total | 99,033 |
| NET INCOME/(EXPENDITURE) | (30,674) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 815,152 |
| TOTAL FUNDS CARRIED FORWARD | 784,478 |
continued...
Page 7
The Heritage Aircraft Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
5. STAFF COSTS
There were no staff costs incurred in the current or previous year.
6. TANGIBLE FIXED ASSETS
| 6. | TANGIBLE FIXED ASSETS | |
|---|---|---|
| Plant and | ||
| machinery | ||
| £ | ||
| COST | ||
| At 1 April 2021 and 31 March 2022 | 77,264 | |
| DEPRECIATION | ||
| At 1 April 2021 | 69,713 | |
| Charge for year | 1,888 | |
| At 31 March 2022 | 71,601 | |
| NET BOOK VALUE | ||
| At 31 March 2022 | 5,663 | |
| At 31 March 2021 | 7,551 | |
| 7. | HERITAGE ASSETS | |
| Total | ||
| £ | ||
| MARKET VALUE | ||
| At 1 April 2021 and 31 March 2022 | 725,169 | |
| NET BOOK VALUE | ||
| At 31 March 2022 | 725,169 | |
| At 31 March 2021 | 725,169 | |
| 8. | FIXED ASSET INVESTMENTS | |
| Shares in | ||
| group | ||
| undertakings | ||
| £ | ||
| MARKET VALUE | ||
| At 1 April 2021 and 31 March 2022 | 100 | |
| NET BOOK VALUE | ||
| At 31 March 2022 | 100 | |
| At 31 March 2021 | 100 | |
| There were no investment assets outside the UK. |
continued...
Page 8
The Heritage Aircraft Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Due from group company 10. MOVEMENT IN FUNDS At 1.4.21 £ Unrestricted funds General fund 784,478 TOTAL FUNDS 784,478 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 157,277 TOTAL FUNDS 157,277 Comparatives for movement in funds At 1.4.20 £ Unrestricted funds General fund 815,152 TOTAL FUNDS 815,152 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 68,359 TOTAL FUNDS 68,359 |
2022 2021 £ £ 49,532 51,656 Net movement At in funds 31.3.22 £ £ (1,509) 782,969 (1,509) 782,969 Resources Movement expended in funds £ £ (158,786) (1,509) (158,786) (1,509) Net movement At in funds 31.3.21 £ £ (30,674) 784,478 (30,674) 784,478 Resources Movement expended in funds £ £ (99,033) (30,674) (99,033) (30,674) |
|---|---|
continued...
Page 9
The Heritage Aircraft Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.20 £ 815,152 815,152 |
Net movement in funds £ (32,183) (32,183) |
At 31.3.22 £ 782,969 |
|---|---|---|---|
| 782,969 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS 11. CAPITAL COMMITMENTS Contracted but not rovided for in the financial statements |
Incoming resources £ 225,636 225,636 |
Resources Movement expended in funds £ £ (257,819) (32,183) (257,819) (32,183) 2022 2021 £ £ - - |
Resources Movement expended in funds £ £ (257,819) (32,183) (257,819) (32,183) 2022 2021 £ £ - - |
|---|---|---|---|
| (32,183) | |||
| 2021 £ - |
Contracted but not provided for in the financial statements
12. RELATED PARTY DISCLOSURES
The Heritage Aircraft Trust owns 100% of the shares in Heritage Aircraft Limited.
During the year, The Heritage Aircraft Trust paid grants of £156,878 to Heritage Aircraft Limited.
At the year end, The Heritage Aircraft Trust was owed £49,532 by Heritage Aircraft Limited.
13. ULTIMATE CONTROLLING PARTY
The charity is controlled by the trustees acting as a single body.
continued...
Page 10
The Heritage Aircraft Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
14. GENERAL FUND
Included in the general fund balance of £782,969 is the sum of £143,989 relating to the revaluation of heritage assets.
The sum of £143,989 is therefore not available to expend on charitable activities as it is an unrealised.gain.
Page 11
The Heritage Aircraft Trust
| INCOME AND ENDOWMENTS Donations and legacies Donations & legacies Total incoming resources EXPENDITURE Raising donations and legacies Depreciation of tangible fixed assets Charitable activities Grants to Heritage Aircraft Limited Support costs Finance Bank charges Total resources expended Net expenditure |
Detailed Statement of Financial Activities for the Year Ended 31 March 2022 |
2022 £ 157,277 157,277 1,888 156,878 20 158,786 (1,509) |
2021 £ 68,359 68,359 2,517 96,516 - 99,033 (30,674) |
|---|---|---|---|
This page does not form part of the statutory financial statements
Page 12