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 2024
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 2024
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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
DRAFT
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Airworld Aviation Museum Limited
Report of the Trustees for the Year Ended 31 December 2024
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 2024. 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.
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an educational and historic service.
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year, the trustees have considered the Charity Commission's how planned activities will contribute to the aims and
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most appropriate policy for investing funds and have found maintain unrestricted reserves at a level to provide sufficient should no additional income be attained. Due to payroll
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governing document, a deed of trust, and constitutes a
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
Report of the Trustees
for the Year Ended 31 December 2024
REFERENCE AND ADMINISTRATIVE DETAILS
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 ............................................. 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 2024.
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 - matters of concern identified
I have completed my examination.
I was advised that the trustees had not met to discuss and approve the operation of the charity. There was no policy for managing conflicts of interest and lack of formal governance is a matter of concern .
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come to my attention in connection with the examination
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with the accounting requirements of Section 396 of the give a true and fair view which is not a matter considered prepared in accordance with the methods and principles
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for accounting and reporting by charities (applicable to charities matters to which your attention should be drawn to enable
I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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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
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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; and
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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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Gwyn Trewren Thomas
Gwyn Thomas and Co Limited 1 Thomas Buildings New Street Pwllheli Gwynedd LL53 5HH
Date: .............................................
Page 3
Airworld Aviation Museum Limited
Statement of Financial Activities
for the Year Ended 31 December 2024
| DRAF Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 75,882 Other trading activities 2 35,087 Investment income 3 - Total 110,969 EXPENDITURE ON Raising funds 17,063 Charitable activities Advertising and promotion 3,631 Other 72,802 Total 93,496 NET INCOME 17,473 RECONCILIATION OF FUNDS Total funds brought forward 59,394 TOTAL FUNDS CARRIED FORWARD 76,867 |
T Restricted fund £ - - - - - - - - - 18,416 18,416 |
31.12.24 31.12.23 Total Total funds funds £ £ 75,882 78,446 35,087 31,644 - 52 110,969 110,142 17,063 19,940 3,631 5,274 72,802 68,463 93,496 93,677 17,473 16,465 77,810 61,345 95,283 77,810 |
31.12.24 31.12.23 Total Total funds funds £ £ 75,882 78,446 35,087 31,644 - 52 110,969 110,142 17,063 19,940 3,631 5,274 72,802 68,463 93,496 93,677 17,473 16,465 77,810 61,345 95,283 77,810 |
|---|---|---|---|
| 110,142 | |||
| 19,940 5,274 68,463 |
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| 93,677 | |||
| 16,465 61,345 |
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| 77,810 | |||
The notes form part of these financial statements
Page 4
Airworld Aviation Museum Limited
Balance Sheet
31 December 2024
| 31.12.24 | 31.12.23 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible assets | 7 | 3,178 | - | 3,178 | 641 | |
| Heritage assets | 8 | - | 8,000 | 8,000 | 8,000 | |
| 3,178 | 8,000 | 11,178 | 8,641 | |||
| CURRENT ASSETS | ||||||
| Stocks | 9 | 7,022 | - | 7,022 | 3,424 | |
| Debtors | 10 | 1,080 | - | 1,080 | 1,243 | |
| Cash at bank and in hand | 68,743 | 10,416 | 79,159 | 88,607 | ||
| DRAFT 76,845 10,416 87,261 93,274 CREDITORS Amounts falling due within one year 11 (3,156) - (3,156) (24,105) NET CURRENT ASSETS 73,689 10,416 84,105 69,169 TOTAL ASSETS LESS CURRENT LIABILITIES 76,867 18,416 95,283 77,810 NET ASSETS 76,867 18,416 95,283 77,810 FUNDS 13 Unrestricted funds 76,867 59,394 Restricted funds 18,416 18,416 TOTAL FUNDS 95,283 77,810 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the yea ended 31 December 2024. The members have not required the company to obtain an audit of its financial statements for the year ende |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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
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continued...
Airworld Aviation Museum Limited
Balance Sheet - continued
31 December 2024
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 ............................................. 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 2024
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.
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as expenditure as soon as there is a legal or constructive it is probable that a transfer of economic benefits will be can be measured reliably. Expenditure is accounted for that aggregate all cost related to the category. Where they have been allocated to activities on a basis
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the following annual rates in order to write off each asset - 25% on reducing balance of cost and net realisable value, after making due allowance for particular restricted purposes within the objects
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.
2. OTHER TRADING ACTIVITIES
Shop income
31.12.24 31.12.23 £ £ 35,087 31,644
continued...
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Airworld Aviation Museum Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
| 3. | INVESTMENT INCOME | ||||
|---|---|---|---|---|---|
| 31.12.24 | 31.12.23 | ||||
| £ | £ | ||||
| Deposit account interest | - | 52 | |||
| 4. | NET INCOME/(EXPENDITURE) | ||||
| Net income/(expenditure) is stated after charging/(crediting): | |||||
| 31.12.24 | 31.12.23 | ||||
| £ | £ | ||||
| Depreciation - owned assets | 1,059 | 214 | |||
| 5. 6. 7. |
DRAFT TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees' expenses There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. STAFF COSTS The average monthly number of employees during the year was as follows: 31.12.24 31.12.23 General 4 3 No employees received emoluments in excess of £60,000. TANGIBLE FIXED ASSETS Plant and machinery £ COST At 1 January 2024 2,901 Additions 3,596 |
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| At 31 December 2024 | 6,497 | ||||
| DEPRECIATION | |||||
| At 1 January 2024 | 2,260 | ||||
| Charge for year | 1,059 | ||||
| At 31 December 2024 | 3,319 | ||||
| NET BOOK VALUE | |||||
| At 31 December 2024 | 3,178 | ||||
| At 31 December 2023 | 641 |
continued...
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Airworld Aviation Museum Limited
| Notes to the Financial Statements-continued | Notes to the Financial Statements-continued | ||
|---|---|---|---|
| for the | Year Ended 31 December 2024 | ||
| 8. | HERITAGE ASSETS | ||
| Total | |||
| £ | |||
| MARKET VALUE | |||
| At 1 January 2024 and 31 December 2024 | 8,000 | ||
| NET BOOK VALUE | |||
| At 31 December 2024 | 8,000 | ||
| At 31 December 2023 | 8,000 | ||
| 9. | STOCKS | ||
| 31.12.24 | 31.12.23 | ||
| 10. 11. 12. |
DRAFT £ Stocks 7,022 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 £ Other debtors 798 Prepayments 282 1,080 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 £ Bank loans and overdrafts (see note 12) 11 Trade creditors 845 Accrued expenses 2,300 3,156 LOANS An analysis of the maturity of loans is given below: 31.12.24 |
£ 3,424 31.12.23 £ - 1,243 1,243 31.12.23 £ - 14,910 9,195 24,105 31.12.23 |
|
| £ | £ | ||
| Amounts falling due within one year on demand: | |||
| Bank overdrafts | 11 | - |
continued...
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Airworld Aviation Museum Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
13. MOVEMENT IN FUNDS
| DRAFT At 1.1.24 £ Unrestricted funds General fund 59,394 Restricted funds RAF Covenant Grant 18,416 TOTAL FUNDS 77,810 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 110,969 TOTAL FUNDS 110,969 Comparatives for movement in funds At 1.1.23 £ Unrestricted funds General fund 42,929 Restricted funds RAF Covenant Grant 18,416 TOTAL FUNDS 61,345 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 110,142 TOTAL FUNDS 110,142 |
Net movement At in funds 31.12.24 £ £ 17,473 76,867 - 18,416 17,473 95,283 Resources Movement expended in funds £ £ (93,496) 17,473 (93,496) 17,473 Net movement At in funds 31.12.23 £ £ 16,465 59,394 - 18,416 16,465 77,810 Resources Movement expended in funds £ £ (93,677) 16,465 (93,677) 16,465 |
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continued...
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Airworld Aviation Museum Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.23 | in funds | 31.12.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 42,929 | 33,938 | 76,867 |
| Restricted funds | |||
| RAF Covenant Grant | 18,416 | - | 18,416 |
| DRAFT TOTAL FUNDS 61,345 33,938 95,283 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 221,111 (187,173) 33,938 TOTAL FUNDS 221,111 (187,173) 33,938 RELATED PARTY DISCLOSURES The charity operates from premises owned by Air Caernarfon Limited a company in which one trustee is employed . Rent paid was £16,000 (£16,880 2023) . |
14. RELATED PARTY DISCLOSURES
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Airworld Aviation Museum Limited
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| 31.12.24 | 31.12.23 | ||
|---|---|---|---|
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 891 | 50 | |
| Admissions | 74,991 | 78,396 | |
| 75,882 | 78,446 | ||
| Other trading activities | |||
| Shop income | 35,087 | 31,644 | |
| Investment income | |||
| Deposit account interest Total incoming resources EXPENDITURE Other trading activities Purchases Charitable activities Advertising and promotion Support costs Management Wages Insurance Postage and stationery Sundries Rent Repairs and renewals Plant and machinery Finance Bank charges |
DRAFT - 110,969 17,063 3,631 43,780 445 164 271 16,000 4,056 1,059 65,775 1,667 |
52 110,142 19,940 5,274 33,345 414 164 1,321 16,880 4,918 214 57,256 1,797 |
|
| Governance costs | |||
| Accountancy | 2,960 | 2,460 | |
| Bookkeeping | 2,400 | 6,950 | |
| 5,360 | 9,410 | ||
| Total resources expended | 93,496 | 93,677 | |
| Net income | 17,473 | 16,465 |
This page does not form part of the statutory financial statements
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