**REGISTERED CHARITY NUMBER: 1134981** **Report of the Trustees and** **Unaudited Financial Statements** **for the Year Ended 31 March 2025** **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 2025** |||**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 2025** The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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 £204,917 to Heritage Aircraft Limited during the year. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** During the year, the charity generated incoming resources of £250,965 (2024 : £136,535). It contributed £204,917 (2024 : £138,012) 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. Page 1 **The Heritage Aircraft Trust** **Report of the Trustees for the Year Ended 31 March 2025** ## **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. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1134981 ## **Principal address** The Heritage Aircraft Trust Building 385, Aerospace Business Park Llantwit Road, Bro Tathan South St. Athan Barry CF62 4AN ## **Trustees** E A T M Brenninkmeyer O Wheeldon M W Fitzgerald ## **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 Approved by order of the board of trustees on ............................................. 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 2025. ## **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** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 Date: ............................................. Page 3 **The Heritage Aircraft Trust** ## **Statement of Financial Activities** ## **for the Year Ended 31 March 2025** |2025
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
250,965
**EXPENDITURE ON**
Raising funds
1,416
**Charitable activities**
Aircraft displays and airshows
204,977
**Total**
206,393
**NET INCOME/(EXPENDITURE)**
44,572
**RECONCILIATION OF FUNDS**
Total funds brought forward
792,826
**TOTAL FUNDS CARRIED FORWARD**
837,398|2024
Total
funds
£
136,535
1,416
138,073
139,489
(2,954)
792,826
789,872| |---|---| The notes form part of these financial statements Page 4 **The Heritage Aircraft Trust** ## **Statement of Financial Position** ## **31 March 2025** |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**|2025
Unrestricted
fund
£
1,416
725,169
100
726,685
43,119
67,594
110,713
110,713
837,398
837,398
837,398
837,398|2024
Total
funds
£
2,832
725,169
100
728,101
51,837
9,934
61,771
61,771
789,872
789,872
789,872
789,872| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 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 2025** ## **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 Building 385, Aerospace Business Park, Llantwit Road, Bro Tathan South, St. Athan, Barry, CF62 4AN. ## **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. continued... Page 6 **The Heritage Aircraft Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **2. ACCOUNTING POLICIES - continued** ## **Heritage assets** 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. ## **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 2025 nor for the year ended 31 March 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. ## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and legacies|136,535| |**EXPENDITURE ON**|| |Raising funds|1,416| |**Charitable activities**|| |Aircraft displays and airshows|138,073| |**Total**|139,489| |**NET INCOME/(EXPENDITURE)**|(2,954)| |**RECONCILIATION OF FUNDS**|| |Total funds brought forward|792,826| continued... Page 7 **The Heritage Aircraft Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** |**4.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -**|**continued**| |---|---|---| |||Unrestricted| |||fund| |||£| ||**TOTAL FUNDS CARRIED FORWARD**|789,872| |**5.**|**STAFF COSTS**|| ||There were no staff costs incurred in the current or previous year.|| |**6.**|**TANGIBLE FIXED ASSETS**|| |**4.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**4.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**| |---|---| |Unrestricted
fund
£
**TOTAL FUNDS CARRIED FORWARD**
789,872
**5.**
**STAFF COSTS**
There were no staff costs incurred in the current or previous year.
**6.**
**TANGIBLE FIXED ASSETS**|| |**COST**
At 1 April 2024 and 31 March 2025
**DEPRECIATION**
At 1 April 2024
Charge for year
At 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024
**7.**
**HERITAGE ASSETS**
**MARKET VALUE**
At 1 April 2024 and 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024|Plant and
machinery
£
77,264
74,432
1,416
75,848
1,416
2,832
Total
£
725,169
725,169
725,169| continued... Page 8 **The Heritage Aircraft Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **8. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1 April 2024 and 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024
There were no investment assets outside the UK.
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Due from group company
**10.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.24
£
792,826
792,826
Incoming
resources
£
250,965
250,965|Shares in
group
undertakings
£
100
100
100
2025
2024
£
£
43,119
51,837
Net
movement
At
in funds
31.3.25
£
£
44,572
837,398
44,572
837,398
Resources
Movement
expended
in funds
£
£
(206,393)
44,572
(206,393)
44,572| |---|---|---| continued... Page 9 **The Heritage Aircraft Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **10. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.23
£
792,826
792,826|Net
movement
in funds
£
(2,954)
(2,954)|At
31.3.24
£
789,872
789,872| |---|---|---|---| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
136,535
136,535|Resources
Movement
expended
in funds
£
£
(139,489)
(2,954)
(139,489)
(2,954)| |---|---|---| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.23
£
792,826
792,826|Net
movement
in funds
£
41,618
41,618|At
31.3.25
£
834,444
834,444| |---|---|---|---| 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**|Incoming
resources
£
387,500
387,500|Resources
Movement
expended
in funds
£
£
(345,882)
41,618
(345,882)
41,618| |---|---|---| continued... Page 10 **The Heritage Aircraft Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **11. CAPITAL COMMITMENTS** Contracted but not provided for in the financial statements |2025||2024|| |---|---|---|---| |£||£|| ||-||-| ## **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 £204,917 to Heritage Aircraft Limited. At the year end, The Heritage Aircraft Trust was owed £43,119 by Heritage Aircraft Limited. ## **13. ULTIMATE CONTROLLING PARTY** The charity is controlled by the trustees acting as a single body. ## **14. GENERAL FUND** Included in the general fund balance of £837,398 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 income/(expenditure)**|**Detailed Statement of Financial Activities**
**for the Year Ended 31 March 2025**|2025
£
250,965
250,965
1,416
204,917
60
206,393
44,572|2024
£
136,535
136,535
1,416
138,012
61
139,489
(2,954)| |---|---|---|---| ||||| This page does not form part of the statutory financial statements Page 12