2021-03-31-accounts

Stow Maries Great War Aerodrome Limited Consolidated Financial Statements

Incorporating the Trustees Reports

Year ended 31 March 2021

Registered Company No. 07863395 Registered Charity No. 1151099

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

CONTENTS

	Pages
Trustee eport	1 - 11
Statement of Trustee	12
Independent Examiners eport	13
Consolidated Statement of Financial Activities	14
Consolidated Balance Sheet	15
Charity Balance Sheet	16
Consolidated Statement of Cash Flows	17
Notes to the Consolidated Financial Statements	18 - 30

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

TRUSTEE

The Trustees are pleased to present their report on the affairs of Stow Maries Great War Aerodrome Limited (SMGWA), together with the independently examined Financial Statements of the charitable company and its subsidiary company, SMGWA Trading Limited, for the year to 31 March 2021.

The Consolidated Financial Statements have been prepared in accordance with the accounting policies set out in Note 1 to the Consolidated Financial Statements and comply with the Companies Act 2006.

1. OBJECTIVES AND ACTIVITIES

Stow Maries Great War Aerodrome has the largest and most complete surviving group of Royal Flying Corps buildings on a First World War (WW1) aerodrome in the country, a rare surviving example which shows the full layout and organisation of a WW1 aerodrome. Established in 1916 as a main base for No 37 (Home Defence) Squadron, Royal Flying Corps (RFC), the aerodrome was operational for two years during the First World War, playing a pivotal role in helping defend the British mainland from attacks by German Zeppelin airships and Gotha fixed-wing bombers. 37 Squadron transitioned from the RFC to the newly formed independent Royal Air Force (RAF) on 1 April 1918 and remained at Stow Maries until 1919 when it transferred to RAF Biggin Hill.

The site was largely untouched after it went out of use and twenty-two Grade II listed buildings remain out of the original forty-nine. The freehold of the site was acquired by the charity in December 2013. The site also contains many ecological habitats capable of supporting a wide variety of species and plant life and is registered for the rehabilitation of endangered species. This combination of historic and natural assets lends the site high significance.

The objects of the charity, as set out in its Articles of Association, are to preserve the fabric of Stow Maries World War I Aerodrome for the public benefit, and to advance the education of the public in the history of Stow Maries World War I Aerodrome, the Great War and the natural history of the surrounding countryside in such ways as may be deemed charitable in law .

With this in mind, the

aims are to:

• Conserve a , and to restore the outside of every building so that it is stable and looks as it would have done in 1919;

• Research, preserve and tell the stories (through the interpretation and display of previously disparate collections of the period) of the men and women who lived, worked and died at the aerodrome and ;

• Provide enjoyable educational and heritage learning opportunities for all audiences;

• Deliver an exciting, engaging and varied programme of participatory events, such as air displays, talks and family activities;

• Deliver, with support from industry and training partners, vocational skills development, particularly for young people;

• Make accessible the important natural heritage and biodiversity of the site;

• Maintain the site as an operational aerodrome; and

• Champion and be an exemplar of active participation and lifelong volunteering at the site.

In pursuing these aims, the charity takes its impact on the local and regional community very seriously, and its officers regularly meet representatives of the community to discuss matters of concern.

2. ACHIEVEMENTS AND PERFORMANCE

This section of the report summarises the achievements and performance of SMGWA in the year to 31 March 2021 in relation to the aims above. The Trustees have paid due regard to guidance from the Charity Commission on public benefit in deciding what activities the charitable company should undertake, and the impact of the following achievements, based on SMGWA public benefit.

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STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

TRUSTEE continued

2. ACHIEVEMENTS AND PERFORMANCE - continued

Responding to the Covid-19 Pandemic

Prior to the onset of the Covid-19 pandemic, the Trustees were facing the 2020/21 financial year with confidence. Group bookings for the site were being made in significant numbers, a launch event for our new exhibition (St Omer: The Great War, developed in association with the RAF and the Municipality of St Omer, France) was scheduled for early April, a VE Day celebratory event was arranged for late May and new ventures, including wildlife tours and winter stargazing events, were also being planned. However, the onset of Covid-19 meant that all these plans had to be put into abeyance.

In compliance with government directives, the site was closed in mid-March. In order to ensure that decisions could be taken flexibly and at speed, the Board of Trustees immediately empowered its Finance & General Purposes Committee to take operational decisions on its behalf for the duration of the volunteers were stood down, two junior members of staff were placed on furlough and the Chief Executive Officer (CEO) and certain contractors were asked to take a temporary reduction in their pay. Only emergency building works were permitted to take place on site.

The charity received a £25,000 Retail & Hospitality grant from Maldon District Council in April and its first grant Job Retention Scheme in May. Notwithstanding these payments, it was clear that the charity would be losing significant amounts of income if it could not open over the busy summer period. As a result, the concentrate on a wideranging fund-raising drive. In the aftermath of this decision, the CEO was successful in securing £32,700 in emergency funding from the National Lottery Heritage Fund and £25,000 from charitable trusts and foundations.

and following intensive

efforts to make the site CovidBoard decided that the site could safely re-open to volunteers on 1 August and to the general public later in that month. A programme of re-scheduled events was drawn up to take advantage of the expected surge in the demand for domestic leisure activity. These events were safely delivered (see elsewhere in this report).

Following a resurgence in the number of cases of Covid-19, the site was once again closed to the public in mid-December. It stayed closed for the remainder of the 2020/21 financial year, further impacting the However, to mitigate this financial impact, the charity continued to benefit from further Retail & Hospitality grants and from reimbursements under the Job Retention Scheme (the two junior members of staff were again placed on furlough in December).

Throughout the year, in response to the Covid crisis, every effort has been made to engage with the public via social media platforms, culminating in the relaunch of membership scheme. As a result of regular communication and online presentations, club membership is steadily increasing.

Site Restoration

The Trustees have a vision to restore the twenty-two extant buildings on the Stow Maries site to as close to their original condition as possible. When funding permits, they also plan to reinstate the hangars missing from the site since the mid-20[th] Century.

Notwithstanding the significant operating constraints imposed by Covid-19 over the past year, it has still been possible for various works and specialist investigations to take place:

• Work on Building 33 (Officers Accommodation Block) has included the reconstruction of a gable end, diaphragm walls, repairs to brickwork and ground anchors to maintain stability. The building is

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2. ACHIEVEMENTS AND PERFORMANCE - continued

Site Restoration - continued

• Building 5 (Communications Building) has seen the careful removal of non-period pebble dash and in test sections. This coating process will continue through to the

• summer of 2021. In addition to providing essential protection for the buildings, this will also return them to their 1919 visual appearance.

• The windows on the buildings on site are believed to be almost unique in the UK, and the skills needed for their original, simple, construction method no-longer exist. However, if the buildings are to be wind and weather tight in the future, the windows will need to be restored or replaced. A specialist team from Dorothea Restorations has successfully removed test window frames for investigative work on their renovation/replacement.

• Building 10 (The Mortuary) is under a monitoring regime, with plans to introduce protective measures to the interior to safeguard the fabric of the brickwork. It has been assessed by a Chartered Building Surveyor for heave and cleared in advance of this work.

• Building 17 (The Pilots Ready Room) has been inspected by a Chartered Building Surveyor and a Conservation Engineer with a view to composing a feasibility study in support of a further funding application to Historic England.

In order to deliver this work, the charity, its architects and contractors have continued to work in partnership with key supporters and funders, including Historic England and Maldon District Council.

Curation

Due to Covid-

orial resources have been applied in three main areas this year:

• Collections Care - the curatorial team has worked hard to ensure are maintained to Spectrum 5 standards, and they have created video presentations on social media to evidence this.

• Museum Accreditation - work has been ongoing Working Towards (WTA) status application to Arts Council England for museum accreditation, activity in early 2021. It is anticipated we shall receive

• accreditation later in 2021.

• Exhibitions - the team have been Guiding, Motor Transport and Wireless Telegraphy.

The residency of heritage aircraft has been secured with WW1 Aviation Heritage Trust and with a number of private owners; and negotiations continue with the Bianchi Collection. Partnerships have been built with Huisdoorn in the Netherlands (home of the KLM museum), the Fokker Archive in Germany and the Military Aviation Heritage Network. Work with Aviation Heritage UK has continued, culminating in the bestowing of their award on CEO.

Natural & Environmental Conservation

The Stow Maries site is considered of local importance for its range of habitats and potential to support a wide variety of species including protected species. These species include a great range of raptors, finches and rare garden birdlife. The site is also registered for the rehabilitation of endangered species such as grass snakes, slow worms and lizards.

This year, the charity has extended its membership of the Natural England Entry- and Higher-Level Stewardship schemes targeted at preserving the ecological welldedicated volunteer wildlife team has continued to monitor, photograph and film the various species that abound the site.

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STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

TRUSTEE continued

2. ACHIEVEMENTS AND PERFORMANCE - continued

Vocational Training & Education

Because of Covid-19, Sto-KERS (STOw Maries Kids doing Engineering, Rocketry and Stuff), a prebookable once-athe site cater for group visits by schools or uniformed youth organisations such as cadet units, scouts and guides.

However, as a committed partner of Abberton Rural Training, the charity did facilitate the delivery of a number of vocational courses on landscape management and husbandry to upwards of thirty mature students who have mental health conditions or experience of isolation and loneliness.

Core Visitor Offer

Covid-secure visitor

offer comprised:

• Four permanent exhibitions: Home Defence, 37 Squadro ar, and St Omer: The Great War all based in original buildings;

• Curatorial tours as part of the admission price;

• Access to two hangars with display aircraft as part of the tours;

• A themed retail outlet; and

• A café serving refreshments, cakes and snack

Unsurprisingly, because of Covid-19, the charity only recorded some 3,000 admissions in 2020/21, a 70% reduction on the previous year. Nevertheless, Trip Advisor continues to rate the site with 4.5 stars, and nearly 95% of reviews rated the experience as excellent or very good. The site is currently ranked 2nd of 20 things to do in Maldon and it has a Trip Advisor Certificate of Excellence. This performance is echoed on other social media outlets such as Facebook.

Public Events & Private Hires

is ordinarily complemented by a series of different public events, ranging from full flying display days to Remembrance parades, Heritage Open Day tours, handling sessions, talk -19 to an airshow held in partnership with the Imperial War Museum, Duxford, a Wings & Wheels flying display (including the return of a Hurricane to Stow - the only previous occasion being a forced landing in World War 2) and a Model Aircraft Exhibition.

SMGWA as an Operational Aerodrome

The aerodrome is still operational and can accept flights from light aircraft by prior arrangement.

A number of private owners base their replica and late production First World War airworthy aircraft in the two temporary hangars on site. There are strict terms and conditions attaching to the use of the site for hangarage. There is not 24-hour access and owners have to comply with the security arrangements in place. This year the owners have also had to comply with the -secure guidelines.

The site has permission for 3,000 aircraft movements per annum (a landing or a take-off counting as one movement), including 8 extra movement public flying event days. During 2020/21, because of Covid-19, the charity only assigned 2 days for special public flying events and, unsurprisingly, the number of overall aircraft movements was significantly lower than in the previous year.

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2. ACHIEVEMENTS AND PERFORMANCE - continued

Volunteering

SMGWA presently has 160 registered volunteers, comprising a regular core group, occasional volunteers who support the core volunteer group, perhaps helping a few times a year, and the volunteer trustees.

The volunt

1. Curatorial Flight, comprising guides, researchers, cataloguers and conservationists;

2. Estates Fight, undertaking landscaping work, and building conservation and maintenance;

3. Mess Flight, serving drinks and snacks at stands during events as well as in the Mess;

4. Welcome Flight, welcoming visitors, selling tickets and running the shop and stands (during events);

5. Admin Flight, providing volunteer management and training, and ad hoc support on event days, including site set-up and marshalling;

6. Wildlife Flight, conducting wildlife tours and managing the natural environment.

This overall number has remained broadly stable over the past couple of years. In an average year, these volunteers give over 30,000 hours of their time for free, an average of over 600 hours per week and nearly 200 hours per volunteer. Because of the closure of the site due to Covid-19, the number of hours given by the volunteers was significantly less than the previous year.

In June 2020 the charity became the proud recipient of the Queens Award for Volunteering Services.

3. FINANCIAL REVIEW

-divided between trading activities and

charitable activities. In greater detail for 2020/21:

1. Trading activities

Trading activities are managed and accounted for through the trading subsidiary company, SMGWA Trading, and comprise events, private hire, hangarage and landing fees.

During the course of the year to 31 March 2021 these trading activities generated income of £69,868. The direct costs associated with these activities amounted to £26,763, giving a gross surplus of £43,105 staff, consultancy and overhead costs support costs £40,618, these trading activities returned a net surplus of £2,487.

2. Charitable activities

These activities comprise site restoration, curation, natural & environmental conservation, vocational training & education, and business development.

Where the direct costs associated with these activities have been funded by grants donated for the purpose, they are accounted for as restricted charitable activities. To the extent that these grants are not all defrayed in the year in question, they are carried forward in the Balance Sheet. In the year to 31 March 2021 the charitable company received £11,204 in restricted grants and defrayed £99,417, leaving a carry forward of £43,265 for utilisation in 2021/22 and beyond. Note 13 to the Financial Statements provides further detail.

The remainder of the staff, consultancy and overhead costs (ref. 1 above) is also allocated to one or more of the aforementioned charitable activities. In the year to 31 March 2021, these costs totalled to £121,853. Because they were not funded from grants specified for a particular restricted purpose, these costs are treated as unrestricted.

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3. FINANCIAL REVIEW - continued

1. Charitable activities - continued

In greater detail, t aforementioned unrestricted charitable activities were funded this year by a number of emergency Covid-19 grants, namely:

Source Essex County Council Maldon District Council (Retail & Hospitality Grants) National Lottery Heritage Fund HM Government (Job Retention Scheme Grants) Swire Charitable Trust Fowler Smith Jones Charitable Trust Essex Community Foundation Total	Amount £75,000 £42,486 £32,700 £16,392 £15,000 £5,000 £5,000 £191,578

The narrative in Section 2 of this Trustees is aligned with the headline activities outlined above, as are the income and expenditure disclosures in Notes 2 to 5 of the Financial Statements.

Aside from trading and charitable activities, the group also generated income from:

• a. Donations & Legacies - in the year to 31 March 2021 the charity received donations (i.e. gifts made on a voluntary basis without any significant benefit to the donor) of £6,187.

• b. Investments - in the year to 31 March 2021 the charity received rental income from the Stow Maries site of £9,032 and bank interest of £622. The subsidiary company received bank interest of £10.

Pulling all 2021 prior

to any transfers between Restricted and Unrestricted Funds can be summarised as follows:

Restricted Charitable activities Unrestricted Charitable activities Trading activities Donations & legacies nvestments Total unrestricted Total		Income 11,204	Direct Costs (99,417)	Gross Surplus/(Deficit) (88,213)	Support Costs -	Net Surplus/(Deficit) (88,213)
	191,578 69,868 6,187 9,664		(2,794) (26,763) - (595)	188,784 43,105 6,187 9,069	(121,853) (40,618) - -	66,931 2,487 6,187 9,069
	277,297		(30,152)	247,145	(162,471)	84,675
	288,501		(129,569)	158,932	(162,471)	(3,538)

In addition to the income and expenditure summarised above, amounts totalling to £1,200 were transferred from Restricted Funds to Unrestricted Funds during the course of the year. These transfers were made in support of the activities outlined in Note 13 to the Financial Statements.

Reserves Policy

The Trustees recognise that it is necessary for the group to maintain a minimum level of reserves to enable it to provide working capital and to act as a contingency to meet any unforeseen needs. The imum unrestricted funds not invested in unrestricted activities. As of 31 March 2021 this equated to a minimum requirement of £55,311. The tual minimum unrestricted funds not invested in fixed assets or stock as at that date amounted to £340,829 see Note 14 to the Financial Statements.

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TRUSTEE continued

3. FINANCIAL REVIEW - continued

Fundraising & Donations Policy

The charitable company is committed to following the Code of Fundraising Practice laid down by the Fundraising Regulator (the independent, non-statutory body that regulates fundraising across the charitable sector in England, Wales and Northern Ireland). The charity will only accept donations and other financial support which can help it to fulfil its charitable objectives and aims, and will not accept donations and other financial support which arise from illegal or disreputable activities or which could t communication with donors and supporters about how their contributions are spent.

Investment Policy

The T surplus cash (over and above the G -term liquidity needs) in deposit accounts with the group Trustees perceive the residual risk associated with holding cash with Santander (cash which, from time to time, will exceed the - currently £85,000) to be minimal, and one that they are prepared to accept.

Risk Management

As part of its overall governance review, the Board has this year reviewed its overall risk management strategy, and has developed a new Strategic Risk Register to identify key risks, and to monitor progress in managing these risks. With five Board sub-committees now up-and-running (ref: Section 5 of this , each Committee will be reviewing those aspects of the group which fall within their remit, and will implement actions to eliminate or minimise the impact of the risks under their control. The major risks will then be taken to the subsequent Board meeting for further action, as necessary.

4. PLANS FOR FUTURE PERIODS

Site Reopening

-open to the public on 21 May 2021. The delay in opening has impacted upon our levels of trading income in the current year but, with ongoing financial support from central government, we anticipate being able to - bridge the short19 pandemic, and restrictions are re-imposed, the Trustees will assess the situation and act accordingly, with the health and safety of our visitors, volunteers and staff at the heart of our decision-making. We will maintain COVID-Security, as specified by central government, as appropriate, reviewing its efficacy regularly.

Tactical Opportunities

In terms of short-term tactical opportunities, we will be striving in the current year to:

• Build on our growing reputation for excellent curatorial exhibitions as part of a structured strategy for achieving our aims and, by extension, our vision;

• Grow our volunteer numbers and audience, making both as diverse and loyal as we can;

• Achieve Art Council England accreditation and continue to develop strong partnerships with national partners and, where possible, funders;

• Manage all the entries on our risk register, maintaining a strong focus on the financial sustainability of the charity.

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4. PLANS FOR FUTURE PERIODS - continued

Future Sustainability of the Trust

As can be seen elsewhere in this report, the charity has been fortunate over the past year in securing significant amounts of emergency Covid-19 funding both from government sources and from charitable institutions. It has also benefitted from Essex County Council agreeing to convert £75,000 of its outstanding loan into a grant. Paradoxically, therefore, notwithstanding Covid-19, the charity finds itself in a better financial position today than it was in one year ago.

However, the T financial position is still precarious. The Business Plan produced in 2019, as it is this that will drive the business forward in years to come. The key immediate aim of this work will be to decide what actions can be taken to abolish or at least minimise the annual deficits experienced in the years immediately preceding the last financial year. In addition to identifying initiatives to increase footfall and improve day-to-day operational profitability, the plan will need to include a viable fundraising plan to offset any remaining deficit.

In addition, i to find a partner who can provide additional heritage sector expertise, invest in the site and ensure its long-term financial sustainability. To this end, a Partnership Working Party has been formed and is initially producing a plan for the various steps needed to secure a partnering arrangement.

5. STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Stow Maries Great War Aerodrome Limited is registered as a private company limited by guarantee, incorporated in England and Wales with registered company number 07863395. The charity is constituted under its Memorandum of Association dated 26th February 2013 and is a registered charity, number 1151099.

In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. The registered office is Hackmans Lane, Purleigh, near Maldon, Essex CM3 6RN.

Trustees

The Board of Trustees meets bi-monthly. The Trustees who have held office during the year are as follows:

Mr J F Aldridge Mr M S Brown (resigned 30 April 2021) Ms P A Johnson Mr P J Martin MBE, DL (resigned 31 January 2021) Mr M E Platt Mr M A Sutherill (resigned 14 July 2020) Mr G C Surridge Mr H M Stuchfield MBE, JP, DL Ms S J Threlfall

The Trustees of the charitable company (under charity law) are also Directors of the charitable company under company law. The Trustees/Directors are responsible in law for all strategic and governance decisions made by the charitable company, and they receive ongoing training as required.

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STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

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5. STRUCTURE, GOVERNANCE AND MANAGEMENT - continued

Trustees - continued

The Articles of Association stipulate that Trustees can be appointed either by the charity at a general meeting or by a resolution of the other Trustees. There is no maximum number of Trustees. At each Annual General Meeting, one-third of the Trustees are required to retire and are then eligible for re-appointment. Those longest in office since their last appointment are required to retire first. A Trustee appointed by a resolution of the other Trustees must retire at the next general meeting and must not be taken into account in determining the Trustees who are to retire by rotation. All the Trustees appointed during the course of the year to 31 March 2021 were appointed by resolution of the other Trustees, following a formal vetting process.

New Trustees are provided with an information pack which includes copies of the Memorandum of Association, the latest Financial Statements and other relevant documentation.

Board Sub-Committees

The Board has established five sub-committees with delegated authority to exercise powers for certain functions and to take responsibility for making recommendations to the Board.

Each committee has its own terms of reference and comprises a number of Trustees and other members chosen for their expertise in that sphere of operation (see below). Each committee meeting is attended by members of the senior management team. The Chairman of the Board is an ex-officio member of all committees. Trustees are free to attend any meetings they wish.

As at the date of approval of these Financial Statements, the membership of each of the five sub-committees comprises the following individuals (the anticipated minimum number of meetings for 2021/22 is shown in brackets):

Corporate Governance Committee (3 meetings per annum) Martin Stuchfield (Chairman) Sarah Threlfall Brad King (Independent member)

Curatorial Committee (5 meetings per annum) John Aldridge (Chairman) Gary Surridge Steven Morley (Hon. Curator)

Estate Management & Buildings Committee (4 meetings per annum) Sarah Threlfall (Chairman) Steven Morley (Hon. Curator)

Finance & General Purposes Committee (4 meetings per annum) Martin Stuchfield (Chairman) John Aldridge John Brown (Independent member) Fundraising Committee (4 meetings per annum) Gary Surridge (Chairman) John Aldridge Penelope Johnson Mark Platt Hayley Neal (Independent member)

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5. STRUCTURE, GOVERNANCE AND MANAGEMENT - continued

Table of Board & Sub-Committee Attendance 2020/21

----- Start of picture text -----
Name Board Corporate Curatorial Estate Finance and Fundraising
(6 meetings) Governance Committee Management General Committee
Committee (6 meetings) and Purposes (2 meetings)
(4 meetings) Buildings Committee
Committee (9 meetings)
(2 meetings)
BC Dickens (1) 6 4 9
PJ Martin (2) (3) 4 2 8
JF Aldridge 6 6 9
MS Brown (4) 5 5
PA Johnson 5
ME Platt 4
HM Stuchfield 6 4 9
GC Surridge 5 2
MA Sutherill (5)
SJ Threlfall 6 4 2
----- End of picture text -----

1 Chairman from 30 September 2020

2 Chairman to 30 September 2020

3 Resigned on 31 January 2021

4 Appointed to the Finance and General Purposes Committee on 26 August 2020 5 Resigned on 14 July 2020

The Chairman of the Board is an ex-officio member of all Committees.

The Executive

All operational decisions are made by the executive. The Chief Executive Officer is Ian Flint.

The organisation	structure	comprises:
Chief Executive Officer		Employee	Full time
Curator		Volunteer	Part time
Assistant Curator		Volunteer	Part time
Air Operations Manager		Contractor	Part time
Events & Marketing	Officer	Employee	Part time
Catering Officer		Employee	Part time
Retail Officer		Volunteer	Part time
Finance Manager		Contractor	Part time
Volunteer Co-ordinator		Volunteer	Part time

The Board of Trustees is responsible for the setting of executive pay. Pay for senior staff aims to reflect the market for comparable jobs in comparable organisations, the level of knowledge, skills and experience required and the responsibilities and accountabilities associated with each role. All employees, contractors and volunteers receive the training they need to allow them to discharge their duties.

Patrons

The patrons of the charity are Mrs Jennifer Tolhurst, HM Lord-Lieutenant of Essex, Fiona Clegg, Dr Saul David, Lord Petre KCVO and Dan Snow MBE.

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5. STRUCTURE, GOVERNANCE AND MANAGEMENT - continued

SMGWA Trading

SMGWA Trading Limited, incorporated in England and Wales, registered company number 09925613, is a wholly owned subsidiary of the charitable company.

and services associated with the aims of its parent charitable company. All the profits generated by SMGWA Trading Limited are gift aided to the parent charitable company (ref: Note 9 to these Financial Statements). The Directors are Mr J F Aldridge, Mr B C Dickens and Mr H M Stuchfield, who are also Trustees of the parent charitable company. An independent Director, Mr J J Brown, was appointed on 10 June 2020. Mr P J Martin resigned as a Director on 31 January 2021.

6. OTHER REFERENCE AND ADMINISTRATIVE DETAILS

Bankers

throughout the year were:

Santander Bank plc 9 Tindal Street Chelmsford Essex CM1 1ER

Independent Examiners

The Independent Examiner throughout the year was:

Moore Kingston Smith LLP Chartered Accountants Orbital House 20 Eastern Road Romford Essex RM1 3PJ

Moore Kingston Smith LLP has indicated its willingness to continue in office and will be proposed for reappointment at the Annual General Meeting in accordance with Section 485 of the Companies Act 2006.

Approved by Order of the Board of Trustees on 26 May 2021 and signed on its behalf by:

Barry C Dickens Chairman

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STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

STATEMENT OF TRUSTEE For the period 1 April 2020 to 31 March 2021

The Trustees (who are also the Directors of Stow Maries Great War Aerodrome Limited for the purposes of company law) are responsible for preparing the Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those Financial Statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and

• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

• there is no relevant information of which the charitable company's Independent Examiners are unaware; and

• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiners are aware of that information.

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STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

INDEPENDENT REPORT TO THE MEMBERS AND TRUSTEES OF STOW MARIES GREAT WAR AERODROME LIMITED

I report on the accounts of the Group for the year ended 31 March 2021 which are set out on pages 14 to 30.

Responsibilities and Basis of Report

As the Trustees (who are also the Group's Directors) of the Group 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 Group 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 Group'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

Since the Company's gross income exceeded £250,000 your examiner must be a member or a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

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:

• 1) accounting records were not kept in respect of the Group as required by section 386 of the 2006 Act; or

• 2) the accounts do not accord with those records; or

• 3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act considered as part of an independent examination; or

• 4) 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.

Karen Wardell FCCA For and on behalf of Moore Kingston Smith LLP Chartered Accountants

Orbital House 20 Eastern Road Romford Essex RM1 3PJ

13

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099 Registered Company No. 07863395

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expenditure Account) YEAR ENDED 31 MARCH 2021

Notes Unrestricted funds Restricted funds Total 2021 £ £ £ Note 13 Income from: Charitable activities 2 191,578 11,204 202,782 Trading activities 3 69,868 - 69,868 Donations & legacies 6,187 - 6,187 Investments Rents receivable 9,032 - 9,032 Interest receivable 632 - 632 ----------------------------------------------------- ----------------------------------------------------- ----------------------------------------------------- Total income 277,297 11,204 288,501 ----------------------------------------------------- ----------------------------------------------------- ----------------------------------------------------- Expenditure on: Charitable activities 4 124,646 99,417 224,063 Trading activities 5 67,381 - 67,381 Investment management costs 595 - 595 ------------------------- ------------------------- ------------------------- Total expenditure 192,622 99,417 292,039 ------------------------- ------------------------- ------------------------- Net income / (expenditure) before transfers 84,675 (88,213) (3,538) Transfers between funds 1,200 (1,200) - ------------------------- ------------------------- ------------------------- Net movement in funds 85,875 (89,413) (3,538) Total funds brought forward 2,135,554 132,678 2,268,232 ------------------------- ------------------------- -------------------------- Total funds carried forward £2,221,429 £43,265 £2,264,694 ========= ========= =========

Total 2020 £ Note 19 114,435 145,300 9,594 9,032 3,209 ----------------------------------------------------- 281,570 ----------------------------------------------------- 290,789 134,027 115 ------------------------- 424,931 ------------------------- (143,361) - ------------------------- (143,361) 2,411,593 -------------------------- £2,268,232

=========

The notes on pages 18 to 30 form part of these Financial Statements.

14

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099 Registered Company No. 07863395

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021
Notes 2021 £ Fixed assets Intangible assets 1vi 1 Tangible assets 7 1,819,693 Heritage assets 8 51,292 --------------------------------------------------- 1,870,986 --------------------------------------------------- Current assets Stock 19,361 Debtors 10 16,908 Cash at bank and in hand 403,708 --------------------------------------------------- 439,977 Creditors: amounts falling due within one year 11 21,269 --------------------------------------------------- Net current assets 418,708 --------------------------------------------------- Total assets less current liabilities 2,289,694 Creditors: amounts falling due after more than one year 11 25,000 --------------------------------------------------- Net assets 15 £2,264,694 ================== Restricted funds 13 43,265 Unrestricted funds 14 2,221,429 -------------------------------------------------- Total funds £2,264,694 ==================	2020 £ 1 1,824,588 51,292 --------------------------------------------------- 1,875,881 --------------------------------------------------- 21,455 21,101 547,522 --------------------------------------------------- 590,078 60,227 --------------------------------------------------- 529,851 --------------------------------------------------- 2,405,732 137,500 --------------------------------------------------- £2,268,232 ============== 132,678 2,135,554 -------------------------------------------------- £2,268,232
	==============

For the financial year ended 30 March 2021 the group was entitled to exemption from audit under section 477 of the Companies Act 2006. The Members have not required the group to obtain an audit in accordance with section 476 of the Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with requirements of the Act with respect to accounting records and the preparation of financial statements. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within part 15 of the Companies Act 2006.

Approved by Order of the Board of Trustees on and signed on its behalf by:

Barry C Dickens Chairman

The notes on pages 18 to 30 form part of these Financial Statements.

15

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099 Registered Company No. 07863395

CHARITY BALANCE SHEET AS AT 31 MARCH 2021

Notes 2021 £ Fixed assets Intangible assets 1vi 1 Tangible assets 7 1,819,693 Heritage assets 8 51,292 Investments 9 1 --------------------------------------------------- 1,870,987 --------------------------------------------------- Current assets Debtors 10 43,030 Cash at bank and in hand 395,814 --------------------------------------------------- 438,844 Creditors: amounts falling due within one year 11 20,137 --------------------------------------------------- Net current assets 418,707 --------------------------------------------------- Total assets less current liabilities 2,289,694 Creditors: amounts falling due after more than one year 11 25,000 --------------------------------------------------- Net assets £2,264,694 ================== Restricted funds 13 43,265 Unrestricted funds 14 2,221,429 --------------------------------------------------- Total funds £2,264,694 ==================

2020 £ 1 1,824,588 51,292 1 --------------------------------------------------- 1,875,882 --------------------------------------------------- 114,455 469,669 --------------------------------------------------- 584,124 54,274 --------------------------------------------------- 529,850 --------------------------------------------------- 2,405,732 137,500 --------------------------------------------------- £2,268,232 ============== 132,678 2,135,554 --------------------------------------------------- £2,268,232

==============

A separate Statement of Financial Activities (SOFA) is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of Companies Act 2006. The net movement in funds for the parent charity was a deficit of £3,538 (2020: £143,361).

Approved by Order of the Board of Trustees on 26 May 2021 and signed on its behalf by:

Barry C Dickens Chairman

The notes on pages 18 to 30 form part of these Financial Statements.

16

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099 Registered Company No. 07863395

CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2021

	Unrestricted	Restricted	Total	Total
	funds	funds	2021	2020
Net income/(expenditure) after transfers	£	£	£	£
as per the Consolidated Statement of
Financial Activities	85,875	(89,413)	(3,538)	(143,361)
Adjustments for:
Rents receivable	(9,032)	-	(9,032)	(9,032)
Interest receivable	(632)	-	(632)	(3,209)
Depreciation charges	4,895	-	4,895	5,458
Losses on the disposal of fixed assets	-	-	-	8,627
Heritage asset impairments	-	-	-	7,975
Decrease /(increase) in stock	2,094	-	2,094	(10,190)
Decrease in debtors	4,193	-	4,193	173,885
(Decrease) in creditors	(5,571)	(8,387)	(13,958)	(26,902)
Release of loan repayment	(75,000)	-	(75,000)	-
Net cash provided by / (used in)	-----------------------------------------------------	-----------------------------------------------------	-----------------------------------------------------	-----------------------------------------------------
operating activities	6,822	(97,800)	(90,978)	3,251
Cash flows from investing activities:	-------------------------	-------------------------	-------------------------	-------------------------
Rents received	9,032	-	9,032	9,032
Interest received	632	-	632	3,209
Purchase of tangible fixed assets	-	-	-	(5,180)
Net cash provided by investing	-----------------------------------------------------	-----------------------------------------------------	-----------------------------------------------------	-----------------------------------------------------
activities	9,664	-	9,664	7,061
Cash flows from financing activities:	-----------------------------------------------------	-----------------------------------------------------	-----------------------------------------------------	-----------------------------------------------------
Loan repayments	(62,500)	-	(62,500)	(37,500)
	-----------------------------------------------------	-----------------------------------------------------	-----------------------------------------------------	-----------------------------------------------------
Net cash (used in) financing activities	(62,500)	-	(62,500)	(37,500)
	-------------------------	-------------------------	-------------------------	-------------------------
Net change in cash	(46,014)	(97,800)	(143,814)	(27,188)
Cash balances brought forward	416,204	131,318	547,522	574,710
	-----------------------	------------------------	------------------------	------------------------
Cash balances carried forward	£370,190	£33,518	£403,708	£547,522
	========	=========	=========	=========

The notes on pages 18 to 30 form part of these Financial Statements.

17

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES

i. Basis of accounting and consolidation

These Financial Statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice (the Charities SORP) applicable to charities preparing their accounts in accordance with FRS102 (the Financial Reporting Standard applicable in the UK and Republic of Ireland). They consolidate the accounts of Stow Maries Great War Aerodrome and SMGWA Trading Limited and incorporated in England and Wales, and both have their registered office at Hackmans Lane, Purleigh, near Maldon, Essex CM3 6RN.

The charitable company is a public benefit entity as defined by FRS102. No separate Statement of Financial Activities has been presented for the charitable company, as permitted by Section 408 of the Companies Act 2006.

ii. Currency

These Financial Statements have been prepared in sterling, which is the functional currency of both the charitable company and the subsidiary company. Monetary amounts in these Financial Statements are rounded to the nearest pound.

iii. Going concern

The occurrence of the coronavirus is a global threat. However, in the opinion of the Board of Trustees, this threat is not considered to have had a material impact on the Financial Statements to 31 March 2021. Further detail on the impact of Covid-19 is included in the Trustees Report. While the spread of the coronavirus will have a negative impact on business activities going forward, it is currently not possible to make a reliable estimate on the depth of the impact on these activities. The Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for a minimum of 12 months from the date of approval of these Financial Statements. As a result, the Trustees continue to adopt the going concern basis of accounting in preparing these Financial Statements.

iv. Recognition and allocation of income and expenditure

All income is accounted for on a receivable basis, net of any applicable VAT. Expenditure is accounted for on an accruals basis. All income and expenditure is allocated to a particular activity where it relates directly to that activity.

All staff and consultancy costs are apportioned across the activities that the particular functions support. Overhead costs (including site overheads, administrative costs and consumables, information technology and insurances) are similarly apportioned. Taken together, all these costs se Financial Statements. Income and expenditure from trading activities (including related bank interest and a share of the see above) is accounted for in the subsidiary company, SMGWA Trading Limited. All other income and expenditure is accounted for in the charitable company.

v. Fund accounting

Unrestricted funds comprise trading income, donations, contract income and other income receivable or generated for the objects of the charitable company and its subsidiary company without further specified purpose. Restricted funds are grants or other donations which are required to be used for specific purposes laid down by the donor.

18

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES - continued

vi. Intangible fixed assets

prior to its purchase by the charitable company. The value of this goodwill was arrived at by the solicitors acting for the charitable company on the purchase of the site.

vii. Freehold property

The freehold of the Stow Maries site was acquired in December 2013. All the costs of restoring and conserving the freehold land and buildings, including associated consultancy fees, are written off as they are incurred. As of the date of approval of these Financial Statements, the Board of Trustees does not consider it practicable to provide a more up-to-date estimate of the value of the freehold land and buildings, owing to the multifarious and complex conservation orders and consents which would necessarily have an impact upon such an estimated value.

Located regulated tenancy. set by a rent officer at the Valuation Office Agency. This rent is lower than the market rent. The remainder of the Stow Maries site is held for operational use as a tangible fixed asset but, from time to time, parts of the site may be rented out on short-term operating leases.

Because there is no long-term intention to hold the site for investment purposes, and because the fair value of all the rented buildings is very small relative to the value of the site as a whole and cannot be measured reliably without undue cost, it is the charitable for the entire site as freehold property within tangible fixed assets. The freehold property is not depreciated because it is deemed to have an unlimited useful life.

In accordance with FRS102, the rental income from the site is separately disclosed in the Statement of Financial Activities. The future minimum rental receipts are disclosed in Note 16 to the Financial Statements.

viii. Other tangible fixed assets & depreciation

Assets costing in excess of £1,000 are capitalised as tangible fixed assets.

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Consequently, the useful economic lives and residual values are re-assessed annually.

In these Financial Statements, depreciation is provided at the following annual rates in order to write off each tangible fixed asset over its estimated useful life:

Plant & Machinery - 15% on reducing balance Motor Vehicles - 15% on reducing balance Fixtures, Fittings & Equipment - 10% on cost ICT Equipment - 20% on cost

ix.

Heritage assets

Heritage assets are initially capitalised at historic cost. Their values are reviewed annually and any impairment is accounted for as a charge to the Income & Expenditure account.

x.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

19

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES - continued

xi. Financial instruments

defined in Section 11 of FRS102. The group consideration expected to be received, and the group's financial liabilities are measured at the loans are not discounted back to their present value as the time value of money is considered by the Board to be immaterial.

xii. Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and deposits held at call with banks.

xiii. Defined contribution pension scheme

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the defined contribution scheme are held separately from those of the company in an independently administered fund. Employer contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.

xiv. Taxation

Stow Maries Great War Aerodrome Limited is a charity within the meaning of section 506(1) of the Taxes Act 1988. Accordingly, it is potentially exempt from taxation in respect of income or capital gains received within the categories covered by Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

xv. Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

xvi. Key sources of estimation uncertainty

Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Other than in relation to the value of the freehold property (see Note 1vii), the Trustees do not consider there to be any material estimates or judgements contained within these Financial Statements.

20

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

2 INCOME FROM CHARITABLE ACTIVITIES

			Unrestricted	Restricted	Total
			funds	funds	funds
			£	£	£
	2021
	Site Restoration		73,111	-	73,111
	Curation		24,371	-	24,371
	Natural &	Environmental Conservation	16,247	11,204	27,451
	Vocational Training & Education		8,124	-	8,124
	Business Development		69,725	-	69,725
			-------------------------------	-------------------------------	--------------------------------
			£191,578	£11,204	£202,782
			=============	=============	=============
	2020
	Site Restoration		-	81,470	81,470
	Curation		-	26,000	26,000
	Natural &	Environmental Conservation	-	898	898
	Vocational Training & Education		6,067	-	6,067
			-------------------------------	-------------------------------	--------------------------------
			£6,067	£108,368	£114,435
			=============	=============	=============
				2021	2020
	Source			£	£
	Essex County Council			75,000	-
	Maldon	District Council		42,486	-
	National Lottery Heritage Fund			32,700	31,103
	HMRC	furlough grants		16,392	-
	Rural Payments Agency			11,204	1,264
				------------------------------	------------------------------
				£177,782	£32,367
				===========	========
3	INCOME	FROM TRADING ACTIVITIES
				2021	2020
				£	£
	Activity
	Core Visitor Offer			27,022	93,698
	Public Events & Private Hires			31,252	36,940
	SMGWA as an Operational Aerodrome			11,594	14,662
				------------------------	------------------------
				£69,868	£145,300
				===========	========

21

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

4 EXPENDITURE ON CHARITABLE ACTIVITIES

	Direct	Support	Total	Total
	costs	costs	2021	2020
	£	£	£	£
Activity
Site Restoration	89,226	73,111	162,337	203,433
Curation	9,666	24,371	34,037	57,992
Natural & Environmental Conservation	3,318	16,247	19,565	13,799
Vocational Training & Education	-	8,124	8,124	15,565
	--------------------------	--------------------------	--------------------------	--------------------------
	£102,210	£121,853	£224,063	£290,789
	===========	===========	===========	=========

The method of apportionment each of trading activities is explained in Note 1iv to these Financial Statements.

5 EXPENDITURE ON TRADING ACTIVITIES

	Direct	Support	Total	Total
	costs	costs	2021	2020
	£	£	£	£
Activity
Core Visitor Offer	9,432	16,247	25,679	74,196
Public Events & Private Hires	14,429	16,247	30,676	46,811
SMGWA as an Operational Aerodrome	2,902	8,124	11,026	13,020
	-------------------------	--------------------------	--------------------------	--------------------------
	£26,763	£40,618	£67,381	£134,027
	===========	===========	===========	=========

trading activities is explained in Note 1iv to these Financial Statements.

6 SUPPORT COSTS

The to these Financial Statements. They include £4,895 for depreciation (2020: £5,458) and £587 for interest on the loans from Essex County Council and Maldon District Council (2020: £4,672 on-costs are also included in support costs, as follows:

		2021	2020
		£	£
Wages and salaries		81,833	113,136
		3,656	9,712
	defined contribution pension scheme	1,435	1,739
		----------------------------	----------------------------
Total salary and on-costs		£86,924	£124,587
		===========	========

No employee earned more than £60,000 per annum (2020: none) and no employee received any other benefits from the company (2020: none).

22

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

6 SUPPORT COSTS continued

The average number of staff employed during the year was 3 (2020: 5). The average number of volunteers over the course of the year was in excess of 150. It is not practical to place a value on the time volunteered by these individuals.

Governance Costs

Support costs include the following amounts in respect of governance costs for the group:

		2021	2020
		£	£
Salary and on-	-costs)	5,700	5,930
		2,970	2,900
Statutory audit and tax fees		535	3,225
		---------------------------	---------------------------
		£9,205	£12,055
		===========	========

7 TANGIBLE FIXED ASSETS (of the Group and the Charity)

	Freehold	Plant &	Fixtures, fittings	Fixtures, fittings	Motor
	land	machinery	& equipment		vehicles	Total
	£	£	£		£	£
Cost / Valuation
At 1 April 2020	1,795,630	18,787	28,990		5,897	1,849,304
	-----------------------------------	---------------------------------	----------------------------------	---------------------------------		---------------------------------
At 31 March 2021	1,795,630	18,787	28,990		5,897	1,849,304
	-----------------------------------	---------------------------------	----------------------------------	---------------------------------		---------------------------------
Depreciation
At 1 April 2020	-	7,273	13,639		3,804	24,716
Charge for period	-	1,727	2,854		314	4,895
	-----------------------------------	---------------------------------	----------------------------------	---------------------------------		---------------------------------
At 31 March 2021	-	9,000	16,493		4,118	29,611
	-----------------------------------	---------------------------------	----------------------------------	---------------------------------		---------------------------------
Net book value
At 31 March 2020	£1,795,630	£11,514	£15,350		£2,093	£1,824,588
	==============	=============	=============	=============		============
At 31 March 2021	£1,795,630	£9,787	£12,497		£1,779	£1,819,693
	==============	=============	=============	=============		============

8 HERITAGE ASSETS (of the Group and the Charity)

HERITAGE ASSETS (of the Group and the Charity)
	2021	2020
	£	£
Cost and Valuation as at 1 April	51,292	63,791
Reclassifications as tangible fixed assets	-	(4,524)
Impairments	-	(7,975)
	------------------------	------------------------
Cost and Valuation at 31 March	£51,292	£51,292
	==========	=======

23

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

9 INVESTMENTS (of the Charity)

Investment in SMGWA Trading Limited

2021	2020
£1	£1
==========	==========

SMGWA Trading Limited is a wholly owned subsidiary of the charity. The Financial Statements of SMGWA Trading Limited for the year to 31 March 2021 are summarised below:

	2021	2020
Profit & Loss Account	£	£
Turnover	69,868	145,300
Cost of sales	(25,365)	(54,793)
	--------------------------	--------------------------
Gross profit	44,503	90,507
Administrative expenses	(42,016)	(79,234)
	--------------------------	--------------------------
	2,487	11,273
Interest receivable	10	47
	--------------------------	--------------------------
Profit for the financial year	2,497	11,320
Gift aided profits to Stow Maries Great War Aerodrome Limited	(2,497)	(11,320)
	--------------------------	--------------------------
Reserves carried forward	£-	£-
	==========	==========
	2021	2020
Balance Sheet	£	£
Current assets	27,802	100,090
Current liabilities	(27,801)	(100,089)
	-------------------------	-------------------------
Total net assets	£1	£1
	==========	==========
Represented by share capital	£1	£1
	==========	==========

10 DEBTORS

10 DEBTORS
		Group		Charity
	2021	2020	2021	2020
	£	£	£	£
Trade debtors	546	694	-	-
Amounts due from subsidiary company	-	-	26,668	94,136
Value added tax	2,255	5,902	2,255	5,814
Other debtors	-	-	-	-
Prepayments	14,107	14,505	14,107	14,505
	-----------------------------	-----------------------------	----------------------------	----------------------------
	£16,908	£21,101	£43,030	£114,455
	===========	===========	===========	=========

24

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

11 CREDITORS

CREDITORS
		Group		Charity
	2021	2020	2021	2020
	£	£	£	£
Amounts falling due within one year
Trade/other creditors	2,669	9,152	2,522	5,252
Income received in advance	450	1,185	-	-
Accruals	3,880	10,320	3,345	9,452
Loan capital instalments	12,500	37,500	12,500	37,500
Pay-as-you-earn tax (PAYE)	1,770	2,070	1,770	2,070
	----------------------------	----------------------------	----------------------------	----------------------------
	£21,269	£60,227	£20,137	£54,274
	===========	===========	===========	===========
Amounts falling due after one year
Loan capital instalments	£25,000	£137,500	£25,000	£137,500
	===========	===========	===========	===========

Pension liabilities

Included within creditors at the year-end are outstanding pension contributions of £nil (2020: £nil).

Loan capital instalments

SMGWA received two loans in September 2013 to enable it to purchase the freehold of the Stow Maries site: £200,000 from Essex County Council and £100,000 from Maldon District Council. Under the terms of the loan agreements, SMGWA was required to repay the loans in equal annual instalments of £25,000 and £12,500 respectively over the 8-year period ending in 2023. Following a successful negotiation, and a final payment of £50,000, Essex County Council agreed, in September 2020, to convert the remaining £75,000 of their loan into a grant.

12 FINANCIAL INSTRUMENTS

Group Charity 2021 2020 2021 2020 £ £ £ £ Financial Assets Debtors (Note 10) 16,908 21,101 43,030 114,455 Less: value added tax / prepayments (16,362) (20,407) (16,362) (20,319) ------------------------------ ------------------------------ ------------------------------ ------------------------------ Carrying value of financial assets £546 £694 £26,668 £94,136 ============ ========= ============ ========= Financial Liabilities Current and long-term creditors (Note 11) 46,269 197,727 45,137 191,774 Less: income received in advance (450) (1,185) - - ------------------------------- ------------------------------- ------------------------------- ------------------------------- Carrying value of financial liabilities £45,819 £196,542 £45,137 £191,774 ============ ========= ============ =========

25

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

13 RESTRICTED FUNDS (of the Group and the Charity)

	As at				As at
	1 April	Incoming	Resources		31 March
	2020	resources	expended	Transfers	2021
	£	£	£	£	£
Emergency Building Works Fund	95,627	-	(89,226)	-	6,401
Ideal Interpretations Fund	19,022	-	(6,872)	(1,200)	10,950
Magnox Socio-Economic Fund	4,691	-	(300)	-	4,391
Natural England Environment Fund	3,591	11,204	(3,019)	-	11,776
	-----------------------	-----------------------	-----------------------	-----------------------	-------------------
	122,931	11,204	(99,417)	(1,200)	33,518
Restricted Heritage Asset Fund	9,747	-	-	-	9,747
	-----------------------	-----------------------	-----------------------	-----------------------	-------------------
Total Restricted Funds	£132,678	£11,204	(£99,417)	(£1,200)	£43,265
	=======	=======	=======	=======	=======

Emergency Building Works Fund

Historic England has been funding emergency works to the buildings on the Stow Maries site since 2013, and match funding has been generously provided by a number of charitable trusts. Rounds 1 and 2 of the emergency works were concluded during the preceding year to 31 March 2020. However, work under Round 3 continues. Further information on the work so far undertaken in the year to 31 March 2021 under Round 3 is provided in Section 2 of the Trustees Report.

Ideal Interpretations Fund

A new project, Ideal Interpretations, was launched in the summer of 2020. Funded by a variety of trusts and foundations (led by the Essex Community Foundation), the aim of the project is to make high impact changes to the existing exhibition space at the aerodrome, including the provision of improved access for disabled visitors. The first element of the project, to create a new exhibition space for hosting the visiting St Omer exhibition, was completed in the preceding year to 31 March 2020. A summary of the work undertaken in the year to 31 March 2021 is provided in Section 2 of

Magnox Socio- Economic Fund

In accordance with the underlying socio-economic funding agreement with Magnox Limited, a wholly-owned subsidiary of the Nuclear Decommissioning Authority, this grant continues to be used .

Natural England Environment Fund

This funding from Natural England (received via the Rural Payments Agency) continues to be used to maintain the grasslands and to enhance the natural environment to make it more attractive to wildlife and insects.

Heritage Asset Fund

The Restricted Heritage Asset Fund represents the cost of heritage assets acquired from restricted funds.

26

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

14 UNRESTRICTED FUNDS (of the Group and the Charity)

	2021	2020
	£	£
Unrestricted funds as at 1 April	2,135,554	2,300,558
Net movement in unrestricted funds	85,875	(165,004)
	--------------------------------	--------------------------------
Unrestricted funds as at 31 March	£2,221,429	£2,135,554
	=============	=============
Group unrestricted funds are represented by:
Stow Maries Great War Aerodrome - site freehold	1,795,630	1,795,630
Other fixed assets & stock	84,970	101,706
Cash and cash-equivalent assets	340,829	238,218
	--------------------------------	--------------------------------
	£2,221,429	£2,135,554
	=============	=============

Reserves Policy requires the cash and cash equivalent assets to be sufficient to enable the group 2021 this equated to a minimum requirement of £55,311 (2020: £77,700).

15 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

	Unrestricted	Restricted	Total
	Funds	Funds	Funds
	£	£	£
As at 31 March 2021
Intangible fixed assets	1	-	1
Tangible fixed assets	1,819,693	-	1,819,693
Heritage assets	41,545	9,747	51,292
Current assets stock	19,361	-	19,361
Current assets debtors	16,908	-	16,908
Current assets cash at bank and in hand	370,190	33,518	403,708
Current liabilities	(21,269)	-	(21,269)
Long-term liabilities	(25,000)	-	(25,000)
	-------------------------------	-------------------------------	--------------------------------
Net assets at 31 March 2021	£2,221,429	£43,265	£2,264,694
	=============	=============	=============
As at 31 March 2020
Intangible fixed assets	1	-	1
Tangible fixed assets	1,824,588	-	1,824,588
Heritage assets	41,545	9,747	51,292
Current assets stock	21,455	-	21,455
Current assets debtors	21,101	-	21,101
Current assets cash at bank and in hand	416,204	131,318	547,522
Current liabilities	(51,840)	(8,387)	(60,227)
Long-term liabilities	(137,500)	-	(137,500)
	-------------------------------	-------------------------------	--------------------------------
Net assets at 31 March 2020	£2,135,554	£132,678	£2,268,232
	=============	=============	=============

27

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

16 AMOUNTS RECEIVABLE UNDER OPERATING LEASES

			2021	2020
			£	£
Receivable within	1	year	£503	£503
			= ===========	= ===========

by a rent officer at the Valuation Office Agency. This rent is payable in monthly instalments of point in time, the minimum future rental is £503.

17 FINANCIAL COMMITMENTS

The charity employs the services of architects and contractors to deliver the building restoration form of contract used to regulate the provision of these services is the JCT Minor Works Building Contract with Contractors Design, 2016, issued by the Joint Contract Tribunal. Under the terms of this JCT contract, there is no obligation, at any point in time, for the charity to pay any costs beyond the total value of work properly executed and the cost of materials or goods ordered for the works. As at 31 March 2021, all such costs were recognised in these Financial Statements, and there were no additional financial commitments (2020: none).

18 RELATED PARTIES

Trustees

SMGWA is controlled by its Board of Trustees. No member of the Board of Trustees receives remuneration from the company, but travel and accommodation expenses of £nil were reimbursed to the Chairman of the Board during the year (2020: £1,416).

With regard to third parties

Trustees have an interest:

1. Up until September 2020, SMGWA held a loan at a commercial rate of interest from Essex County Council (see Note 11 to these Financial Statements). Mr J F Aldridge and Mr M E Platt are elected councillors of Essex County Council.

2. During the course of the year, SMGWA made a payment to Visit Essex, on standard terms, of £257 (2020: £435). Visit Essex is a private/public sector partnership promoting tourism in the ebsite. Mr G C Kieffer

was a Board member of Visit Essex up until 21 September 2019. Mr Kieffer resigned from the SMGWA Board of Trustees on 13 June 2020.

1. During the course of the year to 31 March 2021, SMGWA received a £5,000 grant from the Essex Community Foundation (2020: £5,000). Mr P J Martin is a trustee of the Essex Community Foundation. Mr P J Martin resigned from the SMGWA Board of Trustees on 31 January 2021.

All Trustees are required to declare any potential conflicts of interest at meetings of the Board and its sub-committees.

28

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

18 RELATED PARTIES continued

Chief Executive Officer

During the course of the year, SMGWA made a payment to Visit Essex, on standard terms see above. has been a Board member of Visit Essex since 3 October 2019.

SMGWA Trading Limited

The trading activities of the charity are carried out through a wholly owned subsidiary, SMGWA Trading Limited. All the profits generated by SMGWA Trading Limited are gift aided to the charity (ref: Note 9 to these Financial Statements). During the course of the year the charity recharged to 40,618 (2020: £76,383). A balance of £26,668 (2020: £94,136) was owing by SMGWA Trading at the year end.

SMGWA Trading Limited Directors comprises three Directors who are also Trustees of the charity, and one independent Director. None of the Directors of SMGWA Trading Limited received any remuneration from SMGWA Trading Limited during the year (2020: none) and none had any expenses reimbursed to them (2020: none).

29

STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited By Guarantee Registered Charity No. 1151099

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

19 COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expenditure Account)

	Unrestricted	Restricted
Year ended 31 March 2020	funds	funds	Total
	£	£	£
Income from:
Charitable activities	6,067	108,368	114,435
Trading activities	145,300	-	145,300
Donations & legacies	9,594	-	9,594
Investments
Rents receivable	9,032	-	9,032
Interest receivable	3,209	-	3,209
	-----------------------------------------------------	-----------------------------------------------------	-----------------------------------------------------
Total income	173,202	108,368	281,570
	-----------------------------------------------------	-----------------------------------------------------	-----------------------------------------------------
Expenditure on:
Charitable activities	195,184	95,605	290,789
Trading activities	134,027	-	134,027
Investment management costs	115	-	115
	-------------------------	-------------------------	-------------------------
Total expenditure	329,326	95,605	424,931
	-------------------------	-------------------------	-------------------------
Net income / (expenditure)
before transfers	(156,124)	12,763	(143,361)
Transfers between funds	(8,880)	8,880	-
	-------------------------	-------------------------	-------------------------
Net movement in funds	(165,004)	21,643	(143,361)
Total funds brought forward	2,300,558	111,035	2,411,593
	-------------------------	-------------------------	--------------------------
Total funds carried forward	£2,135,554	£132,678	£2,268,232
	=========	=========	=========

30