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 T￿st 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 sM￿h
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 accol￿15 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 Cu￿ent 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 ca￿led 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