REGISTERED CHARITY NUMBER: 1134981 ort of the Trustees and Unaudited Financial Stalements for the Year Ended 31 March 2024 for The Herita e Aircraft Trust Peter Hodgson & Co. Chartered AccounLgnts Shadwell House 6$ Lower CFreen Rnad Tunbridge Wells Kent TN4 8TW
The Herita e Aircraft Trust Contents of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Slatement of Financial Position Noles to the Financial Statements 6 to 11 Detailed Statement of Financial Activities 12
The Herit e Aircrafl Trusl ort of lhe Trustees for the Year Ended 31 March 2024 The trustees present their report with the financial slatements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounling and Reporting by Chariiies.. 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 l January ?019). OBJECTIVES AND ACTIVITIES Objeelives and aims The objects of the Charitable Trust are to prot¢ct and preserve Gnat and other historic aircraft for the benefit of the public and to demonstrate and display such aircraft at public events and io conserve them as heritage assets. As the aircraft are complex heritage assets, the Trust has to invest significant resources on their mainlenance and repair so as to ensure they are kepi in airworthy ¢ondiiion and are available for display and demonstration at airshows and events. The Trustees are continually exploring opportunities to displa), the aircraft at as many airshows and other events as possible in order to continue to achieve the Trust's charitable objecrives. The Trust has one wholly owned subsidiary. Heriiage Aircraft Limiied. Its principal activity is the promotion of historic aircraft displays at airshows. The company receives the majority of its fLmding 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 in¢urred for charitable purposes and consistent with the charity's objectives. Public benefit The trustees confinn that they have complied with the duty in Section 17 of the Charities Act 201 I 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 meei these principles. Granlmaking All of the charity's income is used to achieve ils objective of preserving and protecting hisioric aircraft. The rnajority of ils income is passed to its wholly owied subsidiary, Herithge Aircraft Limite4 to enable it to carry out its charitable objectives. The charity made grant payments of £138,012 to Heritage Aircraft Limited during the year. ACHIEVEMENT AND PERFORMANCE Charitable activities During the year, the charity g¢nerated incoming resources of £136,535 (2023 . £160.206). It contributed £138.012 (2023 £148,873) iowards 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 5UPPOrt costs. management and administrdttve 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 prolection of historic aircraft and continue to display the aircraft ai public air displays. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Heritage Aircrdft Tst was regisiered with the Charity Commission (No. 1134981) on 17 March 2010 and Constituted by Deed of Trust dated 18 Novetnber 2009. amended 7 October 2012 and 26 Febrnary 2018. Page I
The Herita e Aircraft Trusl Re ort of the Truslees ror the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1134981 Principal address The Heriiage Aircrdft Trust Hangar 4A North Weald Airfield Epping Essex CM16 6HR Trustees E A T M Brenninknieyer O Wheeldon M W Fitzgerald R S Partridge-Hicks (resigned 7.12.23) Independent Examiner Aidan sMh Peter Hodgson & Co. Chartered Accountants Shadwell House 65 Lower Green Road Tunbridg¢ Wells Kent TN4 8TW Bankers HSBC Bank PIC 281 Chiswick High Road London W4 4HJ Approved by order of the board of trustees on............................................. and signed on its behalf by.. M W Fitzgerdld - Trustee Page 2
Inde endent Examiner's Re ort to the Trustees of The Herita e Aircrafi Trust Independent examiner's report to the Irustees of The Heritage Aircraft Trust I report to the charity trustees on my examination of the accol15 of The Heritage Aircrdft Trust (the Trust) for the year ended 31 March 2024. Responsibilities and basis of report As the charity trustees of the Trust you ar¢ r¢sponsible for the preparation of the accounts in accordance with th¢ 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 confirni 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 ihe applicable requirements concerning the forni 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 oiher 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 Date: Page 3
The Herita e Aircraft Trust Statement of Financial ActiF'ities for the Year Ended 31 March 2024 2024 Unrestricled fund 2023 Total funds Not¢s INCOME AND ENDOWMENTS FROM Donations and legacies 136,535 156.956 Other income 3,250 Totsl 136.535 160,206 EXPENDITURE ON Raising funds 1.416 1,416 Charitable activities Aircraft displays and airshows 138,073 148.933 Total 139.489 150,349 NET INCOMEI(EXPENDITURE) (2.954) 9,857 RECONCILIATION OF FUNDS Total funds brought forward 792,826 782,969 TOTAL FUNDS CARRIED FORWARD 789,872 792,826 The notes fonn part of these financial statetncTJts Page 4
The Herita e Aircraft Trust Statement of Financial Position 31 March 2024 2024 Unrestricted nd 2023 Total nds Notes FIXED ASSETS Tangible assets Heritage assets Investments 2,832 725,169 100 4,247 725,169 100 728,101 729,516 CURRENT ASSETS Debtors Cash at bank 51,837 9,934 60,008 3,302 61.771 63.310 NET CURRENT ASSETS 61,771 63,310 TOTAL ASSETS LESS CURRENT LIABILITIES 789,872 792,826 NET ASSETS 789.872 792,826 FUNDS Unrestricted funds io 789.872 792,826 TOTAL FUNDS 789,872 792,826 The financial statements were approved by the Board of Trustees and authorised for issue and were signed on its behalf by: on M W Fitzgerald - Trustee The notes forni part of these financial statements Page 5
The Herita e Aircraft Trust Notes to the Finaneial Slatements for the Year Ended 31 March 2024 CHARITY INFORMATION The Heriiage Aircraft Trust was registered with the Chariry 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. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entlty 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 l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and R¢public 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 Cuent 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 15 probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon Is 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 reliabl>. Expenditure is accounted for on an accruals basis and has been classified under headings that awegate all cost related io ihe 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 ai the following annual rdtes in order to lte 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. Heritsge 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 mainlained and ther¢fore are considered to have an indefinite useful life. Heritage assets are held under the revalualion model and are caled al their revalued amount which is considered lo be their fair value less any accumulated impainnent losses. The fair value of heritsge assets is considered by the tnlstees to be market value. Revaluation gains and losses are recoyised in other recognised gains and losses and accumulated in the unrestricted general fund. Any gains or losse5 are recognised through the statement of financial activities and therefore are part of the overall surplus or deficil for the year. Page 6 coniinued...
The Herila e Aircraf¢ Trusl Notes lo Ihe Financial Stalements- continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- eonlinued 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 ihe discretion of the trustees. R¢stricled 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 fvnd is included in the notes to the financial statements. Researeh and development Expenditure on research and development is WTitten off in the year in which it is incurred. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted fijnd INCOME AND ENDOWMENTS FROM Donations and legacies 156,956 Other income 3,250 Total 160,206 EXPENDITURE ON Raising funds .416 Charitable activities Aircraft displays and airshows 148,933 Total 150,349 NET INCOME 9,857 RECONCILIATION OF FUNDS .1 otal tunds brought forward 782,969 TOTAL FUNDS CARRIED FORWARD 792.826 Page 7 Continued...
The Herila e Aireraft Trust Note5 to the Financial Statements- eontinued for lh¢ Year Ended 31 March 2024 STAFF COSTS There were no staff costs incurred in the current or previous year. TANGIBLE FIXED ASSETS Plant and machinery COST At I April 2023 and 31 March 2024 77,264 DEPRECIATION Ai l April 2023 Charge for year 73,017 1,415 At 31 March 2024 74,432 NET BOOK VALUE At 31 March 2024 2.832 At 31 March 2023 4,247 HERITAGE ASSETS Total MARKET VALUE At l April 2023 and 31 March 2024 725,169 NET BOOK VALUE At 31 March 2024 725,169 At 31 March 2023 725.169 FIXED ASSET INVESTMENTS Shares in group undertakings MARKET VALUE At l April 2023 and 31 March 2024 100 NET BOOK VALUE At 31 March 2024 loo At 31 March 2023 100 There were no investment assets outside the UK. Page 8 continued...
The Herila e Aireraft Trust Note5 to the Financial Statements- eontinued for the Year Ended 31 March 2024 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Due from group company 51,837 60,008 io. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 792,826 (2.954) 789.872 TOTAL FUNDS 792,826 (2,954) 789,872 Net movement in funds. included in the above are as follows: Incoming resources Resource5 expended Movement in funds Unrestricted funds General fund 136.535 (139,489) (2,954) TOTAL FUNDS 136,535 (139,489) (2,954) Comparatives for movemen¢ in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 782,969 9,857 792,826 TOTAL FUNDS 782.969 9,857 792,826 Comparative net movement in fimds. included in the above are as follows: Incoming T¢sources Resources expended Movement in funds Unrestrieted funds General tund 160,206 (150.349) 9.857 TOTAL FUNDS 160.206 (150,349) 9,857 Page 9 continued...
The Herita e Aircrafl Trusl Notes to the Financial Statements- continued for Ihe Year Ended 31 March 2024 io. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.24 At 1.4.22 Unrestrieted funds General fund 782.969 6,903 789.872 TOTAL FUNDS 782,969 6,903 789,872 A cutTent year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 296,741 (289,838) 6,903 TOTAL FUNDS 296,741 (289,838) 6,903 CAPITAL COMMITMENTS 2024 2023 Contracted but not provided for in the financial staiements 12. RELATED PARTY DISCLOSURES The Heritage Aircraft Trust owns l 00 % of the shares in Heritage Aircraft Limited. During the year, The Heritage Aircraft Trust paid grants of £138,012 to Heritage Aircraft Limited. At the year end, The Heriiage Aircraft Trust was owed £51,837 by Heritage Aircraft Limited. 13. ULTIMATE CONTROLLING PARTY The charity is controlled by the trustees aciing as a single body. Page 10 ontinued.
The Herita e Aircraft Trust Notes to the Financial Slatemenls- conlinued for the Year Ended 31 March 2024 14. GENERAL FUND Included in the general fund balance of £789.872 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 Herila e Aircrafl Trusl Detailed Statement of Financial ActiTr'ities for the Year Ended 31 Mareh 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations & legacies 136,535 156,956 Other ineome Sale of aircraft hull 3,250 Total incoming resources 136.535 160,206 EXPENDITURE Raising donations 9nd legacies Depreciation of tangible fixed assets .416 1,416 Charitable aetivilies Grants to Heritage Aircrdft Limited 138,012 148.873 Support Costs Finanee Bank charges 61 60 Total resources expended 139,489 150,349 Net (expenditure)lincome (2.954) 9,857 This page does not forni part of the statutory financial statements Page 12