REGISTERED COMPANY NUMBER: 07171728 (England and Wales) REGISTERED CHARITY NUMBER: 1136461
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2021
for
Airworld Aviation Museum Limited
Gwyn Thomas and Co Limited 1 Thomas Buildings New Street Pwllheli Gwynedd LL53 5HH
Airworld Aviation Museum Limited
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
Airworld Aviation Museum Limited
for the Year Ended 31 December 2021
Report of the Trustees
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. 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 charity's principle objectives as set out in its Memorandum of Association is for the benefit of the public, the collection, maintenance and display of aircraft artefacts, documents and exhibits, concerning flight, the history of flight and the history and place of RAF Llandwrog during the 1939-1945 war.
Significant activities
The charity is an Aviation Museum that provides an educational and historic service. It has strong links to the Mountain Rescue Service and RAF Llandwrog. The trustees intend to continue to develop the Museum's activities.
Public benefit
When planning activities for the year, the trustees have considered the Charity Commission's guidance on public benefit and in particular the trustees have considered how planned activities will contribute to the aims and objectives they have set.
FINANCIAL REVIEW
Investment policy and objectives
The trustees have considered the most appropriate policy for investing funds and have found that a building society or bank deposit account meets their requirements.
Reserves policy
It is the policy of the charity to maintain unrestricted reserves at a level to provide sufficient funds to administer the charity for a period of six months should no additional income be attained. Due to payroll and accommodation costs during the period and low income this level of reserves has not yet been achieved.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
The charity is operated by the trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07171728 (England and Wales)
Registered Charity number
1136461
Registered office
Caernarfon Airport Dinas Dinlle Caernarfon Gwynedd LL54 5TP
Trustees
P M Smith M A J Spiers
Page 1
Airworld Aviation Museum Limited
for the Year Ended 31 December 2021
Report of the Trustees
REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary
Independent Examiner
Gwyn Thomas and Co Limited 1 Thomas Buildings New Street Pwllheli Gwynedd LL53 5HH
Approved by order of the board of trustees on 29 March 2023 and signed on its behalf by:
P M Smith - Trustee
Page 2
Independent Examiner's Report to the Trustees of Airworld Aviation Museum Limited
Independent examiner's report to the trustees of Airworld Aviation Museum Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Gwyn Trewren Thomas Chartered Accountant Gwyn Thomas and Co Limited 1 Thomas Buildings New Street Pwllheli Gwynedd LL53 5HH
31 March 2023
Page 3
Airworld Aviation Museum Limited
Statement of Financial Activities
for the Year Ended 31 December 2021
| 31.12.21 | 31.12.20 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 31,702 | - | 31,702 | 4,513 | |
| Charitable activities | |||||
| Coronavirus Government Grants | 22,651 | - | 22,651 | 42,056 | |
| Other trading activities | 2 | 11,415 | - | 11,415 | 2,535 |
| Investment income | 3 | - | 1 | 1 | 7 |
| Total | 65,768 | 1 | 65,769 | 49,111 | |
| EXPENDITURE ON | |||||
| Raising funds | 7,759 | - | 7,759 | 877 | |
| Charitable activities | |||||
| Advertising and promotion | 170 | - | 170 | 1,345 | |
| Other | 49,265 | - | 49,265 | 46,536 | |
| Total | 57,194 | - | 57,194 | 48,758 | |
| NET INCOME | 8,574 | 1 | 8,575 | 353 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 20,147 | 18,688 | 38,835 | 38,482 | |
| TOTAL FUNDS CARRIED FORWARD | 28,721 | 18,689 | 47,410 | 38,835 |
The notes form part of these financial statements
Page 4
Airworld Aviation Museum Limited
Balance Sheet
31 December 2021
| 31.12.21 | 31.12.20 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible assets | 7 | 591 | - | 591 | 788 | |
| Heritage assets | 8 | - | 8,000 | 8,000 | 8,000 | |
| 591 | 8,000 | 8,591 | 8,788 | |||
| CURRENT ASSETS | ||||||
| Stocks | 9 | 5,441 | - | 5,441 | 6,348 | |
| Debtors | 10 | 505 | - | 505 | - | |
| Cash at bank and in hand | 29,590 | 10,689 | 40,279 | 39,426 | ||
| 35,536 | 10,689 | 46,225 | 45,774 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | 11 | (7,406) | - | (7,406) | (15,727) | |
| NET CURRENT ASSETS | 28,130 | 10,689 | 38,819 | 30,047 | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 28,721 | 18,689 | 47,410 | 38,835 | ||
| NET ASSETS | 28,721 | 18,689 | 47,410 | 38,835 | ||
| FUNDS | 12 | |||||
| Unrestricted funds | 28,721 | 20,147 | ||||
| Restricted funds | 18,689 | 18,688 | ||||
| TOTAL FUNDS | 47,410 | 38,835 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
Airworld Aviation Museum Limited
Balance Sheet - continued
31 December 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 March 2023 and were signed on its behalf by:
P M Smith - Trustee
The notes form part of these financial statements
Page 6
Airworld Aviation Museum Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.
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.
Tangible fixed assets
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
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation 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.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 7
Airworld Aviation Museum Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
2. OTHER TRADING ACTIVITIES
| 31.12.21 | 31.12.20 | ||
|---|---|---|---|
| £ | £ | ||
| Shop income | 11,415 | 2,535 | |
| 3. | INVESTMENT INCOME | ||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Deposit account interest | 1 | 7 | |
| 4. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Depreciation - owned assets | 197 | 262 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.21 | 31.12.20 | |
|---|---|---|
| General | 2 | 2 |
| No employees received emoluments in excess of £60,000. | ||
| TANGIBLE FIXED ASSETS | ||
| Plant and | ||
| machinery | ||
| £ | ||
| COST | ||
| At 1 January 2021 and 31 December 2021 | 2,489 | |
| DEPRECIATION | ||
| At 1 January 2021 | 1,701 | |
| Charge for year | 197 | |
| At 31 December 2021 | 1,898 | |
| NET BOOK VALUE | ||
| At 31 December 2021 | 591 | |
| At 31 December 2020 | 788 |
7. TANGIBLE FIXED ASSETS
continued...
Page 8
Airworld Aviation Museum Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 8. | HERITAGE ASSETS | |||
|---|---|---|---|---|
| Total | ||||
| £ | ||||
| MARKET VALUE | ||||
| At 1 January 2021 and 31 December 2021 | 8,000 | |||
| NET BOOK VALUE | ||||
| At 31 December 2021 | 8,000 | |||
| At 31 December 2020 | 8,000 | |||
| 9. | STOCKS | |||
| 31.12.21 | 31.12.20 | |||
| £ | £ | |||
| Stocks | 5,441 | 6,348 | ||
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.12.21 | 31.12.20 | |||
| £ | £ | |||
| Trade debtors | 260 | - | ||
| Prepayments | 245 | - | ||
| 505 | - | |||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.12.21 | 31.12.20 | |||
| £ | £ | |||
| Trade creditors | 3,679 | 11,545 | ||
| Accrued expenses | 3,727 | 4,182 | ||
| 7,406 | 15,727 | |||
| 12. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.1.21 | in funds | 31.12.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 20,147 | 8,574 | 28,721 | |
| Restricted funds | ||||
| RAF Covenant Grant | 18,688 | 1 | 18,689 | |
| TOTAL FUNDS | 38,835 | 8,575 | 47,410 |
continued...
Page 9
Airworld Aviation Museum Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement |
|---|---|---|
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 65,768 |
(57,194) | 8,574 |
| Restricted funds | ||
| RAF Covenant Grant 1 |
- | 1 |
| TOTAL FUNDS 65,769 |
(57,194) | 8,575 |
| Comparatives for movement in funds | ||
| Net | ||
| movement | At | |
| At 1.1.20 | in funds | 31.12.20 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 18,456 |
1,691 | 20,147 |
| Restricted funds | ||
| RAF Covenant Grant 20,026 |
(1,338) | 18,688 |
| TOTAL FUNDS 38,482 |
353 | 38,835 |
| Comparative net movement in funds, included in the above are as follows: | ||
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 49,104 |
(47,413) | 1,691 |
| Restricted funds | ||
| RAF Covenant Grant 7 |
(1,345) | (1,338) |
| TOTAL FUNDS 49,111 |
(48,758) | 353 |
continued...
Page 10
Airworld Aviation Museum Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.20 | in funds | 31.12.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 18,456 | 10,265 | 28,721 |
| Restricted funds | |||
| RAF Covenant Grant | 20,026 | (1,337) | 18,689 |
| TOTAL FUNDS | 38,482 | 8,928 | 47,410 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 114,872 | (104,607) | 10,265 |
| Restricted funds | |||
| RAF Covenant Grant | 8 | (1,345) | (1,337) |
| TOTAL FUNDS | 114,880 | (105,952) | 8,928 |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 11
Airworld Aviation Museum Limited
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| Detailed Statement of Financial Activities for the Year Ended 31 December 2021 |
||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Admissions | 31,702 | 4,513 |
| Other trading activities | ||
| Shop income | 11,415 | 2,535 |
| Investment income | ||
| Deposit account interest | 1 | 7 |
| Charitable activities | ||
| Grants | 22,651 | 42,056 |
| Total incoming resources | 65,769 | 49,111 |
| EXPENDITURE | ||
| Other trading activities | ||
| Purchases | 7,759 | 877 |
| Charitable activities | ||
| Advertising and promotion | 170 | 1,345 |
| Support costs | ||
| Management | ||
| Wages | 18,307 | 19,712 |
| Pensions | 297 | 169 |
| Insurance | 366 | 378 |
| Postage and stationery | 61 | 471 |
| Sundries | 527 | 363 |
| Rent | 15,000 | 15,000 |
| Repairs and renewals | 2,026 | 605 |
| Plant and machinery | 197 | 262 |
| 36,781 | 36,960 | |
| Finance | ||
| Bank charges | 1,406 | 596 |
| Governance costs | ||
| Accountancy | 1,728 | 1,680 |
| Bookkeeping | 9,350 | 7,300 |
| 11,078 | 8,980 | |
| Total resources expended | 57,194 | 48,758 |
| Net income | 8,575 | 353 |
This page does not form part of the statutory financial statements
Page 12