Stow Maries Great War Aerodrome Limited Consolidated Financial Statements Incorporating the Trustees, and Independent Examiners, Reports Year ended 31 March 2022 Regbstered Company No. 07863395 Registered Chaiity No. 1151099
CONTENTS Pages Trustees, Report 3-13 Stalement of Trustees. Responsibililies 14 Independent Examiners, Report Consolidated Slaiement of Flnancial Aclivities 16 Consolidated Balance Sheel 17 Charlty Balance Sheet Consolldaled Statement of Cash Flows Noles to the Lonsolidated Financi81 Slatements 20-32 STOW MARIES GREAT WAR AERODROME LIMITED A Charrtable Comp8ny Llmlied by Guaran Reglstffed Ch8rlty No. 11 $1099
TRUSTEES, REPORT The Trustees are pleased to presenl their report on Ihe affalrs of Slow Maries Greal War Aerodrome Limited (SMGWA), together wilh the independently examined Financial Slatements of Ihe charilable company and its subsidiary company, SMGWA Trading Limited, for the year to 31 March 2022. The Consolidated Financial Statements have been prepared in accordance wilh the accounting policies set out in Note 110 the Consolidaled Financial Stalemenls and comply with Ihe Companies Act 2006. 1. OBJECTIVES AND ACTIVITIES Slow Marles Great War Aerodrome has the largest and most complete suNlving group of Royal Flying Corps buildings on a Flrst World War (WWI) aerodrome in the country. a rare suNiving example which shows the full layout and organisalion of a WW1 aerodrome. Eslablished in 1916 as a maln base for No 37 (Home Defence) Squadron, Royal Flying Corps (RFC), Ihe aerodrome was operational for two years during the First World War, playing a pivotal role in helping defend the Brltlsh mainland from attacks by German Zeppelin airships and Gotha fixed- wlng bombers. 37 Squadron transitioned from Ihe RFC to the newly formed independenl Royal Air Force (RAF) on l April 1918 and remained at Stow Maries untll 1919 when it transferred to RAF 8iggln Hill. The slte was largely unlouched after it went out of use and twenty-two Grade two (Star) bulldings remaln out of the original forty-nine. The freehold of Ihe slte was acquired by the charity In December 2013. The site also contains many ecological habitats capable of supporting a wide varleiy of species and plant life and is registered for the rehabilitation of endangered species. This comblnalion of historic and natural assets lends the site high signiflcance. The objects of the charity, as set out in its Articles of Association, are lo preserve the fabric of Stow Maries World War l Aerodrome for the public benefit, and to advance the education ofthe public in the history of Stow Maries World War l Aerodrome, Ihe Great War and the natural hlstory oflhe surrounding couniryside in such ways as may be deemed charitable in law.. With this in mind, the charity's aims are to.. Research, preserve and tell the stories of the men and women who lived, worked and died at SMGWA; Tell the story of London and the South East's home defence durlng the First World War, through the inlerpretation and display of previously dlsparate collections of the perlod Provide enjoyable educational, heritage and leaming opportunities for all audiences Deliver, wlth support from industry and training partners, vocatlonal skills development and volunleering opportunities. particularly for young people Champion and be an exemplar of aclive participation and lifelong volunteering at the site Make accessible ihe important nalural heritage and biodiversity of Ihe sile Deliver an exciting, engaging and varied programme of participatory events, such as air displays, talks and family activities. Conserve all struclures on the heritage al risk register In pursuing these alms, the charity takes Its Impacl on the local and regional communiiy very seriously, and ils officers regularly meet represenlatives ofthe communityto discuss matters of concern. STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Cornpany Limited by Guarantee Reglsteod Ch¥rlty No. 1151099
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ACHIEVEMENTS AND PERFORMANCE This section oflhe report summaiises the achievements and performance of SMGWA in the year to 31 March 2022 in relalion to the aims above. The Trustees have pald due regard to guidance from the Charity Commission on public benefit in deciding whal aclivities the charitable company should undertake, and the impact of the following achlevements, based on SMGWA'S aims, evidence that public benefit. R•spondlng io the Covid-19 Pandemic The Trust reacted strongly and wilh success to the challenges of 2020121. The year of 202112022 was no differenl. Shortly after Ihe year began on 12 April, the restrictions placed upon opening Ihe site were Ilfted. This enabled a controlled and Closely monitored period of visits from the public. Equally Importantly, it enabled the signif icant numbers of Volunteers engaged by the Trust to relurn lo slte and reconvene the malntenance and upkeep that Is so vilal to it. The Trusl has maintained COVID safeguards In line wlth the Governmental guidance, slowly lowering the restrlclions as time progressed. All volunteers returnlng io or joining the Trust are required to be vaccinated. By March 3181 2022, existing restrictions were represenled by the remaining one way-systems ihrough our exhibilions, hand hygiene stations at all entrances and screens on the Mess and Welcome Counters. All oiher restrictions are volunlary. Slte Restoratlon The Trusi has clear and stated alms to "Conserve all structures on the heritage at risk registe and "Make accessible the important natural heritage and biodiversity of the site". These alms are among ihose ralified Sn February 2017 by the Board of Trustees. The Board is also keen to reinslate structures presently missing from Iheir original locations on site - such as wooden barrack huls and alrcraft sheds - when fundlng and Plannlng Permlsslons allow. The following activities have taken place over the 2021122 year, largely due to the Volunteer cadre. Landscape work on Ihe envlrons of Building 33 (Officers Accommodatlon Block), enabling filming and behind-lhe-scenes lours. FollowSng the final colour choice of the Local Authority Planning Officer, the second coat of bespoke'sheltercoat, has been applied lo Building S (Communications Building). Thls coatlng is sacriflclal and wlll need repeatlng every 2-3 years. In addition to providing essential prolection for the building, this will also ielurn it lo its 1919 visual appearance. Two coats of bespoke 'Sheltercoat' have also been applied to Bullding 30 (Senior Non- Commissioned Officers Accommodalion Block). This coating is sacrificlal and will need repeating every 2-3 years. In addltlon to providlng essential prolection for the building, this will also relurn it lo ils 1919 visual appearance. Following the securing of funding from Hlstoric England. Iwo origlnal window frames have been fully conserved, repaired and reinstated as a tesl project by Dorothea Ltd. These are located in storage for inspection in our Curatorial Store and installed in Building 32 (Officers Accommodation block). Building 10 (The Mortuary) continues lo be monitored carefully. It is regularly checked by Chartered Buildlng Surveyor for the impacl of the Heave it suffers from. We have reinsiated Ihe vents, erroneously blocked by the previous owners and removed other non-fabric fixings. Building 46 (Generator Shed) has seen significant landscaping work. Further to this. the large amount of plant gromh and detritus has been removed. During December 2021, supports were introduced to mitigate Ihe risk of collapse due to a rotten roofing truss, discovered during our periodic Inspections. This buildlng is now much more secure. STOW MARIES GREAT WAR AERODROME LIMITED A Chorltsble Company Llmlted by Guarantee Reg5stsred Charlty No. 1151099
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ACHIEVEMENTS AND PERFORMANCE - continued The Clerestory on Building 16 (Airmen's Mess) has seen substantial renovation with replacemenl timbers and malntenance. In order lo deliver this work, the charity, Its architects and contractors have continued to work in partnership wilh key supporters and funders, including Historic England and Maldon Dislricl Council. Curatlon Despite there belng a late start to the year for the Visitors, it was the late start to the year for Curatorial Volunteers thai proved challenging. Hovvever, through hard work and commitment, the following activities, including some in the recent part of thls financlal year, have taken place: Following achlevlng the highest standards and after stringent scrutiny from Arts Council England appolnted Relationship Managers, SMGWA has achieved full Museum Accreditation. One of only cl,700 museums in England to do so, it is a filtlng iribute to the hard work of the team. It was awarded in March 2022, The Trust successfully ralsed funding from external sources (Fowler Smith Jones Trust) to augment its own investmenl in creating and installing the 'Guiding the Empire, exhlbition. This exhibition explores the little known, bul vital, conlribution made by the Guiding Association (known as 'The Girl Guides? to both the Great War - as well as ils direct conneclion to SMGWA itself. The exhlbitlon includes a busy schedule of planned activilles for young people, funded by Essex Community Foundation. The exhibition opened on April 16th 2022, featUTing objects on loan from Guiding Norfolk. The Trust successfully raised funding from external sources (Essex Heritage Trust) to augmenl its own inveslment in the Words Withoul Wires exhibillon. Featuring Object Loans from three collections, plus dioramas and a digilal interactive, Ihe exhibition explores the work done by the flrst-ever operational squadron to be equipped with wireless radio equipment in an alrcraft - 37 Sqn, RFC I RAF Stow Marles. The exhlbitlon opened on May 13, , 2022. On 13, April 2021 lust one day after restrictions lifted, the Trust look delivery of the flrst of two Ford Model T vehlcles Ihat would complete the MT Exhibition in Building 3. The second followed a few months later. These amazing vehicles, on permanent loan from Ford Molor Europe, are amongsl the rarest of iheir kind. On 20th January, the Trust look delivery of an original Avro 504K Aircraft, on pemianent loan form Ihe Royal Air Force Museum. The flrst of three planned loans from Ihe renowned national museum, il was a significant achlevement.11 now resides in Hangar One. Conslderable work has been done to progress the logging and photographing of the SMGWA colleclion on the MODES system. This is ongoing but is worthy of particular notlng due to Ihe complexity involved. Natural & Environmental Conservation The Stow Maries site remains of conslderable importance for its range of habitats and potential to support a wide variety of specles Including protected species. These species include a great range of rapiors, flnches and rare garden birdlife.11 is a corporate member of Ihe Essex Wildllife Trust. In 2021, the charity continued its membership of the Natural England Entry- and Higher Level- Stewardships schemes targeted ai preserving the ecological well-being of the site. To supplement this, the Trust successfully applied to the Associalion of Independent Museums (AIM) forfunding to supportlhe Nature.. Near and Now project. This has enabled 2thour wildlife STOW MARIES GREAT WAR AERODROME LIMITED A Charitsble Company Llmlted by Guarantee Rtglstered Charlty No. 1151099
camera5 to be installed and their outpul to be broadcast online. The next slep in this project involves developing paths, trails and activities to truly showcase our wonderful ecology. These funds were administered by AIM but provided by ihe National Lottery Heritage Fund under their 'New Stories, New Audiences. granl. Vocatlonal Tralnlng & Edueatlon Abberton Rural Training, our onsile vocational training partner. continues the delivery of a number of vocatlonal courses on landscape management and husbandry to upwards of thirty mature students who have mental health conditions or experience of isolatlon and loneliness. There are a number of Primary and Secondary school visits planned for the Summer of 2022. The regional finals for the UK Rockeiry Competition were planned in January 2021, but actually took place in May 2022. Core Vlsltor Offer In the truncated period thal the site was open to the public in 2021122, the charity's Covid-secure vlsitor offer comprised: Four permanent exhibitions.. Home Defence, 37 Squadron, Rule Brltannla: The Women's War, and St Omer.. The Great War - all based in original buildings- Curatorial tours as part of the admission prlce,. Access to Iwo hangars with dlsplay aircraft as part of the iours: A themed retall oullet; and A café serving refreshments, cakes and snacks in the orlglnal Aimien's Mess. As the couniry recovered from COVID, we had low vlsllor numbers in 2021122 - desplte opening three weeks earlier than usual in 2022. We recorded some c4,500 admlssions In 2021122, largely slmllar lo the previous year. Thls was overwhelmingly adults and at events. Trlp Advlsor continues to rate the sile 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 Ihings to do In Maldon and it has a Trlp Advisor Certificate of Excellence. This performance is echoed on other social media outlets such as Facebook. Publle Events & Prlvate Hlres The charlty's core visitor offer is ordinarily complemented by a series of dlfferent publlc events, ranging from full flying display days lo Remembrance parades, handling sessions, lalk programmes, events and full parades such as Amied Forces Day. This yearfs major Air events were reduced lo three- Wlngs and Wheels 2021, A Tlme for Essex (a multi-peiiod Living History Event and Air show) and the Large Model Flying Show. SMGWA as an Operatlonal Aerodrome The aerodrome is still operational and can accept flights from Ilghl alrcraft by prlor aTrangement. A number of private owners base Iheir replica and late production First World War airworthy aircraft in the two temporary hangars on site. There are strict lerms and condltions attaching to the use of the site for hangarage. There is not 24-hour access and owners have to comply wilh the securliy arrangements in place. This year, the owners have also had to comply with the site's Covid-secure guidelines. The site has permission for3,000 aircraft movements perannum (a landlng ora tak&off counling as one movement), including 8 extra movements on public flying event days. Durlng 2021122., the charity only assigned 3 days for special public flying evenls. The number of overall aircraft movements was slightly higher than in the previous year, but slill well within its allowance. STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Llmlied by Guarante¢ Regl$iered Charlty No. 1151099
- ACHIEVEMENTS AND PERFORMANCE - contlnued Volunteerlng SMGWA presentty has 160 registered volunteers, comprising a regular core group, occasional volunteers who support the core volunleer group, perhaps helping a few times a year, and the volunteer trustees. The volunteer roles are organised into six 'Flights':
- Curatorial Flight, comprising guides, researchers, cataloguers and conservalionists;
- Eslates Fight, undertaking landscaping work, and building conservation and maintenance,.
- Mess Flight, serving drinks and snacks al slands during events as well as in the Mess,.
- Welcome Flighl, welcoming visilors, selllng tickets. and running the shop and stands (durlng events);
- Admin Fllghl, Volunteer Managemenl and training. providlng ad hoc support on evenl days. Including sile set-up and marshalling;
- Wildlife Flight conductlng wildlife tours and managing the natural environment. Thls overall number has remained broadly slable 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 volLtnteer. Because of the closure of the slle due to Covid-19, the number of hours given by the volunteers was slgnlflcanlly less than the previous year. In June 2020 the charlty became the proud reclplent of the Queen's Award for Volunteerlng Services.
- FINANCIAL REVIEW From a financial perspectlve, the group's actlvftles are sub-dlvlded between trading activitles and charitable activilies. In grealer detall for 2021122:
- Tradlng actlvltle8 Trading activilies are managed and accounled for through the trading subsidiary company, SMGWA Trading, and comprise admisslon fees, retall sales and catering (i.e., the'core visitor offer,). public events, private hire, hangarage and landing fees. Durlng ihe course of the year to 31 March 2022 these trading actlvltles generated Income of £116,963 {2021: £69,868). The direct costs assoclated with these aclivilies amounled to £42,514 (2021.. £25,365), giving a gross surplus of £74,449 (2021Surplus'. £44.503). Afterthe allocailon of a fair share of the group's slaff. consultancy and overhead costs {altogether referred to as 'support costs,) of £68,923 (2021.. £42.016), these trading activities returned a net surplus of £5,526 (2021 Surplus.. £2.487).
- Charllable actlvllles These activities comprise sile restoralion. curallon, natural & environmental conservation. vocational training & education, and buslness development. Where Ihe direct co$ associated with these activities have been funded by grants donated for the purpose. they are accounted for as reslricted charilable aclivities. To Ihe extent Ihat these grants are not all defrayed in Ihe year in question, they are carried forward in Ihe Balance Sheet. In Iheyearto 31 March 2022 the charilablecompany received £24.080 (2021= £11.204) in restricted grants and defrayed £29,477 (2021-. £99,417), leaving a carry forward of £37,868 (2021: £43,265) for utilisation in 2022123 and beyond. Nole 12 10 ihe Flnanclal Statements provides further detail. STOW MARIES GREAT WAR AERODROME LIMITED A Charltable Company Llmlied by Guarantee Reglst•red Char5ty No. 1151099
The remainder of Ihe group's staff, consultancy and overhead cosls (ref. 1 above) is also allocated to one or more of the aforementioned charitable activities. In the year lo 31 March 2022, these costs totalled lo £128,000 (2021.. £121.853). Because they were nol funded from grants specified for a particular reslricted purpose, these costs are treated as unrestricted. 2. Charitabl• activltles- continued In greater detail, the charity's aforementioned unrestricted charitable aclivilies were funded this year by a number of granls, namely: mount 1,000 5.000 2,500 20,000 17,740 Essex Communlty Foundatlon Essex Herilage Trust Fowler Smith Jones Charitable Trusl Garfield Weston Foundation Maldon Dlstrlct Councll (Covld buslness Interruption grants) Museums Essex Natural England Total 500 3,449 £50,189 The nafratlve In Sectlon 2 of Ihls Trustees, Report Is allgned with the headline activities outlined above, as are the Income and expendlture dlsclosures in Noles 2 10 5 of the Financlal Stalements. Aslde from trading and charltable aclivities, the group also generated Income from: a. Donatlon$ & Lega¢le$- in the year to 31 March 2022 the charity received donations (i.e., glfts made on a voluntary basis without any slgnlflcant benefii to Ihe donor) of £4,439 (2021.. £6.187). b. Investments- In the year to 31 March 2022 the charity received rental Income from the Stow Maries site of £9,032 (2021.. £9,032) and bank interesl of £121 (2021.. £632). The subsidiary company received bank interesl of £Nil (2021: £10). Pulling all the above together, the group's Income and expenditure for the yearto 31 March 2022 prlor to any transfers belween Restrlcled and Unrestricted Funds can be summarlsed as follows.. Gross Net R•4trlct Charitable actlvities 35,280 (29,477) 5,803 5,803 Unr•8trl¢tsd Charitable aclivities Tr8dlng actlvltles Donations & legacles Inveslments Total unrestricted 50,189 (128,715) (78.526) (128,000) (206,526) 116,963 4,439 (111,437) 5,526 4,439 (68,923) (63,397) 4.439 9,153 180.744 216.024 182 240,334 (269.811) 8,971 59,590 53,787 8,971 256,513 250,710 196,923 196,923 Total In addilion lo Ihe income and expendilure summarised above, amounts totalling io £Nil (2021- £1,200) were transferred from Restricted Funds to Unrestricted Funds during the course of the year. These transfers were made in support of Ihe aclivities outlined in Note 13 to Ihe Financial Slalements. STOW MARIES GREAT WAR AERODROME LIMITED A Charhable Company Llmlied by Guarantee Reglstwed Charlty No. 1151099
Reserves Policy The Trustees recognise that it is necessary for Ihe group to maintain a minimum level of reserves to enable il to provide working capital and to act as a contingency to meet any unforeseen needs. The charitable company's Reserves Policy requires the group's minimum unrestricted funds not invested in fixed assets or stock lo be sufficient to enable Ihe company to meet Its next 3 months. expenditure on its unrestricted aclivities. As of 31 March 2022, this equaled to a minimum requirement of £58,807 (2021.. £55,311). The group's actual minimum unrestricled funds not invested in fixed assets or stock as at that dale amounled to £285,340 (2021.. £340,829) - see Note 14 to Ihe Financial Statements. Fundraising & Donalions Policy The charitable company is committed to following the Code of Fundralsing Practice laid down by the Fundraising Regulalor (Ihe independenl, non.statutory body Ihat regulates fundraising across the charitable sector In England, Wales and Northern Ireland). The charity will only accept donations and other financial support whlch can help It to fulf51 its charltable objectives and aims and will not accept donatlons and other financial support which arise from Illegal or dlsreputable activlties, or whlch could damage the charity's reputation. The charity is commltted to honest and transparent communication wilh donors and supporters about how their contrlbutlons are spent. Investment Pollcy The Trustees, Investment Policy is lo invesl any surplus cash (over and above Ihe Group's short-lerm liquidiiy needs) In deposit accounts wilh the group's bankers, Santander. The Trustees percelve the resldual risk associated with holding cash with Santander (cash whlch, from time to time, will exceed the amouni guaranteed by ihe UK government's deposit protection scheme- currenlly £85,000) to be mlnlmal, and one that they are prepared lo accept. Rlsk Management As part of its overall governance review, Ihe Board has Ihis year reviewed its overall risk managemenl strategy and has developed a new Strategic Risk Regisler to identify key risks, and to monitor progress in managing ihese rlsks. Wllh five Board sub<ommittees now up-and- running (ref: Section 5 of this Trustees, Report), each Committee will be reviewlng those aspects of the group's Strategic Risk Register whlch fall wllhin iheir remit and will implemeni aclions lo eliminale 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 The reduction in our deflclt In the last Flnancial Year is most welcome and has bought us some more lime to ensure the Trust remains a going concern. There have been some exceptional factors which contribuled to the improved deficit figure which will not come to our aid in this and future years. So we musi be assiduous in acting upon the Management Information we are now receiving to take informed decisions on the future direction of our main revenue streams.. the Airmen's Mess Café, Retail and visitor entrance fees. We refreshed our Business Plan last November and will do so agaln In the Autumn. This will result in necessary close scruliny of all elements of our cost base, so essential in current inflationary times. One of our main costs is staff remuneration. We have taken a conscious decision to take on more part-time staff to release the CEO to concentrate on more strategic issues and fundraising in which in the past year, thanks mainly to his efforts, the Trust met its largel. The Trust must ensure ils current level of staff costs can be justified by meetlng f undraising and revenue targets. STOW MARIES GREAT WAR AERODROME LIMITED A Charltable Company Llml*d by Guaraniee Reglstered Charlty No. 1151099
In the immediate future the Trust will have to devole ils energies to two areas in particular. These are fundraising - so thal the CEO does not carry this on his shoulders alone- and exploiting ihe potential of the wildlife experience on the aerodrome site as an offer lo the visitor. We are convinced there is a burgeoning desire amongst the public to engage with the natural environment for their wellbeing and in some cases mental health. There is a small nucleus of our volunleers who want to be involved in our wildlife offer. However, we have struggled to find anyone to lead the enterprise and so it is yet to gel off Ihe ground other than on an ad ho¢ basis. We are hopeful of getting a new Trustee who can lake on Ihis importani diverslficatlon of our offer to the visitor. On the matter of Truslee recruitment and retention we have had an up and down year. We lost two Trustees during the course of the year and atthough we recruited replacements, as is our standard practice on a probationary basis, neither fell they were able to give us the necessary commitment and so withdrew. However, a recenl Trustee recruitment drive has been very successful and we have 3 new Trustees who have just been elecled to the Board. We also have the services of an independent advlser on marketing, PR and communications who has joined our other advisers, Richard Tufnell (who supports us on financial matters) and Peter McGee (who supports us on Curatorial matters). We are having to r&examine our volunteering model. Post£ovld, we are finding11 dlfflcull to malntain Ihe necessary slaff coverage for 3.day opening in the visitor-facing areas. While we enjoy a very good response from our volunteers for our 3 annual Event Days Ihere is no such rush to cover rouline opening through Ihe summer season. Our locatlon is not served by public transporl and with rising fuel costs some volunteers are finding it too expensive to come to Ihe aerodrome on a regular basis. We have formed a Trustee-led working party to look al our volunteer model and how we mlght further incentivise existing volunteers and attract new ones. Before any further work can be done on restoring and conservlng our buildings, we have to approach the Natlonal Lottery Heritage Fund (NLHF) for financlal support to carry out a slle- wide condition survey and an electrical power requirements appraisal. The NLHF are comfortable in funding this work based on il being part of a wlder survey involvlng audlence engagement and development. While finding consultant support for the condition survey has not been difficult that cannot be said for Ihe audience survey where consultants have been prepared to scope foi the work bul not carry It out. Resolving this could well mean a bid to the NLHF this year is unlikely. We are keen to further develop our Ilnks wlth the Royal Air Force (RAF). To thal end we are liaising with the RAF Directoiale of Flying Training about our lolnt intention to have visits to the aerodrome by serving personnel. Our aerodrome is almost certainly the sole survlving unchanged flylng station which was on operalions on the 1st Aprll 1918 when the RAF was founded. The RAF acknowledge Ihe importance of the appreciatlon of Its origins and heritage as a fighling Service by its people, especlally those undergoing initial trainlng. We continue to explore, build and grow strong partnerships lo safeguard the fulure sustainability of the Trust. We have built strong relationships with the Imperial War Museum and RAF Museum. Our quest continues in this regard and recently we have had dlscussions at senior management level with the National Trust. io STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limiteil by Guarantee Reglstered Charlty No. l 151099
- STRUCTURE. GOVERNANCE AND MANAGEMENT Constitution Slow Maries Great War Aerodrome Limited is registered as a private company Ilmlted by guarantee, incorporated in England and Wales with registered company number 07863395. The charity is constituted under its Memorandum of Associalion dated 26th February 2013 and is a registered charlty, number 1151099. In the evenl of the company being wound up, the liability in respect of the guarantee is limited to £1 O permemberofthe company. The registered office is Hackman's 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- Alr CdTe B C Dickens RAF (Ret'd) (Chalrman) Mr J F Aldridge Mr M S Brown (resigned 30 April 2021) Ms P A Johnson Mr M E Plati Mr A R Pluck MBE, BSc(Hons) (appointed 29 September 2021) Mr G C Surridge (resigned 23 November 2021) Mr H M Stuchfield MBE, JP, DL Ms S J Threlfall BA The Trustees of the charitable company (under chariiy law) are also Directors of the charitable company under company law. The Trustees/Direclors are responsible in law for all slrategic and governance decislons made by the charilable company, and they receive ongolng training as required. The Artlcles of Associalion sllpulate Ihat Trustees can be appointed either by the charity at a general meellng or by a resolution of the olher Trustees. There is no maxlmum number of Trustees. Al each Annual General Meeting, one-third of the Trustees are required to retire and are Ihen eligible for re-appolnlmenl. Those longesl In offlce since their last appointmenl are required lo retire flrst. A Trustee appointed by a resolutlon of the olher Truslees must retire at the next general meetlng and must not be taken into accounl in determlnlng ihe Trustees who are to retire by rotatlon. All the Trustees appointed durlng the course of the year to 31 March 2021 were appointed by resolution of the other Trustees, followlng a fomial vetting process. New Truslees are provlded with an Informatlon pack whlch includes copies of ihe Memorandum of Association, the latest Financial Statements and olher relevant documentaiion. Board Sub-comrnlttees The Board has established five sub-committees with delegated authority to exercise powers for certaln fLJnctlons and to take responslblllty for making recommendations lo the Board. Each commiltee has its own terms of reference and comprises a number of Trustees and other members chosen for their expertise in that sphere of operalion (see overleafj. Each committee meeting is attended by members of the senior management team. The Chairman ofthe Board is an ex-officio member of all committees. Trustees are free to attend any meelings they wish. As al the date of approval of these Financial Stalements, the membership of each of the five suIFcommittees comprise the following individuals (the anticipated minimum number of meetings for 2022123 is shown in brackets).. li STOW MARIES GREAT WAR AERODROME LIMITED A Charrtable Company Limiied by Guaranteè Reg1gt¢red Charlty No. 1151099
Corporate Goveman¢e Commlttee (3 meetings per annum) Martin Stuchfield (Chairman) Penelope Johnson Sarah Threlfall Beth Wilkey (Independent Advisor) Curatorial Committoe15 meelings per annum) John Aldridge (Chalrman) Trevor Neale Doug Shorter John Thacker Suzanne Wood Peter McGee (Independenl Advlsor) Melanie Potter Estate Management & Bulldlngs Commlttee (4 meelings per annum) Sarah Threlfall {Chairman) Dave Flower Jarl Jansen Doug Shorter Denis Stretton Paul Wllson Flnance & General Purpo8e$ Committe• (4 meetings per annum) Martin Sluchfield (Chairman) Juliii Aldi i(Jy Richard Tufnell (Independent Advisor) Fundraising Commlttee (4 meetings per annum) John Aldridge Penelope Johnson Mark Plalt Steve Heyward Hayley Neal (Independent Advisor) Table of Board & Sub-Commltte• Attendance 2021122 The Executlve All operational decislons are made by the executlve. The Chlef Executive Offlcer Is lan Fllnl. The organlsalion's executive structure comprlses.. Chief Executive Officer Employee Curator Volunleer Asslstant Curator Volunleer Air Operalions Manager Contractor Flnance Off icer Conlraclor Administrative Asslstant Employee Operations Supervlsor Employee Welcome Supervisor Employee Bookings Clerk Volunieer Volunteer Co-ordlnalor Volunleer Full lime Part tlme Part time Part time Part time Part lime Part lime Partlime Part lime Part lime The Board ofTrustees is responsible forthe setting of executive pay. Pay for senior staff aims to ref lect the market for comparable jobs in comparable organisations, the level of knowledge, skills and experience requlred and Ihe responsibilities and accountabllities assoclated with each role. 12 STOW MARIES GREAT WAR AERODROME LIMITED A Charltsble Company Llmlted by Guarantee Reglstered Charlty No. 1151099
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-Lieutenanl of Essex, Fiona Clegg. Dr Saul David, Lord Petre KCVO and Dan Snow MBE. SMGWA Tradlng SMGWA Trading Limited, incorporated In England and Wales, registered company number 09925613, Is a wholly owned subsidiary of the charitable company. The company's primary activity Is to sell goods and servlces assoclaled wlth Ihe aims of its parenl charitable company. All the profits generaled by SMGWA Trading Limiled are gifl aided to the parent charitable company (ref.. Note 9 10 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 charilable company. An independent Direclor, Mr J J Brown resigned as a Director on 18 February 2022. 6. OTHER REFERENCE AND ADMINISTRATIVE DEfAILS Banker9 The company's bankers Santander Bank plc 9 Tindal Streel Chelmsford Essex CM11ER throughoul the year were.. Independenl Examlner8 The Independent Examiner throughout the year was: Moore Kingslon Smith LLP Chartered Accountants Orbilal House 20 Easlern Road Romford Essex RM13PJ Moore Kingslon Smith LLP has indicated ils willingness to continue in offlce and wlll be proposed for reappolnlment at the Annual General Meeling in accordance with Sectlon 485 of the Companies Act 2006. Approved by Order of he Board of Trustees on 21July 2022 and signed on its behalf by.. Air Commodore Barry Dickens RAF (Reld), Chaimian of the Board of Twstee$ 13 STOW MARIES GREAT WAR AERODROME LIMITED A Charlrable Company Llmlted by Guarantee Reglstered Charlty No. 1151099
STATEMENT OF TRUSTEES, RESPONSIBILITIES For the perlod 1 April 2021 to 31 March 2022 The Trustees (who are also the Direclors of Stow Maries Great War Aerodrome Limited for the purposes of company law) are responsible for preparing the Truslees, Report and the Financial Statements in accordance wlth appllcable law and Uniled Kingdom Accounling Standards (United Kingdom Generally Accepied Accounting Practice), Company law requires the Trustees to prepare Flnanclal Stalements for each f inancial year which give a true and fair view of the state of affairs of Ihe charltable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for thai period. In preparing those Financlal Statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. observe Ihe methods and principles in the Charity SORP; make judgments and estlmates that are reasonable and prudent; state whether applicable UK accounting slandards have been followed. subject to any material departures disclosed and explalned In the Financlal Statements., and prepare the Financial Slalemenls on the golng concern basis unless il is Inappropriate to presume that Ihe charilable company will continue in business. The Trustees are responsible for keeping proper accounting records whlch disclose wlth reasonable accuracy al any lime the financial posilion of the charitable company and to enable them lo ensure Ihat Ihe Financial Statements comply with the Companles Acl 2006. They are also responslble for safeguarding the assets of the charilable company and hence for taking reasonable steps for Ihe prevention and delection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant information of which the charitable company's Independenl Examiners are unaware; and the Truslees have laken all steps that they ought lo have taken lo make themselves aware of any relevanl information and to establish that the independent examlners are aware of thal information. 14 STOW MARIES GREAT WAR AERODROME LIMITED A Charftoblè Company Llmiied by Guaront Reglsiered Charlty No. 1151099
INDEPENDENT EXAMINERS. 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 2022 which are set oul on pages 16 10 32. Responsibilities and Basis of Report As the Truslees (who are also the Group's Directors) of the Group you are responsible for the preparalion of the accounts in accordance wilh Ihe requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Group are not required to be audSted under Part16ofthe 2006 Acl and are eligible for independent examination, I report In respect of my examination of your Group's accounts as carried oul under section 145 of the Charities Act 2011 ('the 2011 Act')- In carrying out my examination I have followed the directions given by the Charliy Commission under section 145(5) (b) of the 2011 Act. Independent Examlnerf8 Stalement Slnce the Company's gross income exceeded £250,000 your examiner musl be a member or a body listed In secllon 145 of the 2011 Act. I conflrm that l am qualif led to undertake Ihe examlnalion because l am a member of ICAEW. whlch Is one of the listed bodies. I have compleled my examinalion. I conflrm Ihat no matters have come to my attentlon in connection with Ihe examination giving me cause to believe.. l ) accounting records were not kept in respect of Ihe Group as requlred by seclion 386 of the 2006 Act., or 2) the accounts do not accord wilh those records., or Ihe accounts do nol comply wlth Ihe accounllng requlrements of section 396 oflhe 2006 Acl olher Ihan any requirement that Ihe accounls give a 'true and fair, vlew whlch is not a matter considered as part of an independent examinallon., or 4) the accounts have not been prepared In accordance wilh the methods and principles ofthe Slatement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable In Ihe UK and Republlc of Ireland (FRS 102). I have no concerns and have come across no other matlers In connection with the examlnatlon to which attention should be drawn in this report In order lo enable a proper understanding of Ihe accounts to be reached. Karen Wardell F For and on behalf of Moore Kingslon Smith charter Aceountants Orbital House 20 Eastern Road Romford Essex RMI 3PJ 15 STOW MARIES GREAT WAR AERODROME LIMITED A Charhable Company Llmlied by Guorontee R•glstered Chartty No. l 151099
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expendituro Account) YEAR ENDED 31 MARCH 2022 Unrestricted Restricted funds funds Total 2022 Total 2021 Descrlpiion Note to refer to- Nole13 Note 19 Income from: Charftable actlvltles Note 2 50,189 116,963 4,439 35.280 85,469 116,963 4,439 202,782 69,868 6,787 Tradlng actlvlties Donations & legacies Inveslments Rents receivable Interesl receivable Note 3 9.032 121 9,032 121 9,032 632 Total Income 180,744 35,280 216,024 288,501 Expendlture on: Charltable a¢tlvllles Trading activiti•s Investment management cost8 Note 4 123,610 111,437 182 34,582 158,192 111,437 182 224,063 67.387 595 Note 5 Total expendlture 235,229 34,582 269,811 292.039 Net Income l (expendlture) before transfers (54,485) 698 (53,787) (3.538) Transfers between funds Net movement In funds (54,485) 698 (53,787) (3,538) Total funds brought forward 2,221,429 43.265 2,264,694 2,268,232 Total funds rArrled fOard £2,166,944 £43,963 £2,210,907 £2,264,694 The notes on pages 20 to 30 form part of these Flnanclal Slatements. Approved by der f the Board of Trustees on 21July 2022 and signed on its behalf by.. Air Commodore Barry Dickens RAF {Reld), Chairman of the Board of Trvstees 16 STOW MARIES GREAT WAR AERODROME LIMITED A Charltsble Company Llmlted by Guarantee Reglslered Charlty No. 11 $1099
CONSOLIDATED BALANCE SHEEf- AS AT 31 MARCH 2022 Descriptlon Notes 2022 2021 Flxed assets Inlangible assets Tangible assets Heritage assets 1vi 1,820,871 51,292 7,879,693 57,292 1,872,164 7,870,986 Current assets Stock Debtors Cash at bank and in hand 19,187 17,186 357,930 19,367 16,908 403,708 io 394,303 439,977 Credftors.. amounts falllng due wlthln one year 30,560 21,269 Net Current assets 363,743 418,708 Totsl assels le88 cuirent Ilabllllles 2,235,907 2,289,694 Credltors.. amounts falling due after more than one year 25,000 25,000 Net assets £2,210,907 £2,264,694 Restrlcled fund8 43,963 43,265 Unrestrl¢ted fund9 14 2,166,944 2,221.429 Total funds £2,210,907 £2,264,694 Forlhe financlal yearended 31 March 2022the Group was entitledlo exemption from audit under secllon 477 of the Companies Act 2006. The Members have not requlred the Group to obtaln an audit in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibililles for complying with the requirements of Ihe Acl with respect to accounling records and the preparalion of financial statements. These accounts have been Prepared in accordance with the provisions applicable to companies subject to sm811 companies, regime ithin part 15 of the Companies Act 2006. Approved by O the Board of Trustees on 21 July 2022 and signed on its behalf by.. Air Commodore Barry Dickens RAF (Retd), Chairman of the Board of Truslees The notes on pages 20 to 30 form part of Ihese Financial Slaternerrts. 17 STOW MARIES GREAT WAR AERODROME LIMITED A Charitsble Company Limited by Guarwrtee Re9lstered Chorlty No. 1151099
CHARITY BALANCE sHE- AS AT 31 MARCH 2022 Descrlptlon Notes 2022 2021 Fixed assets Intangible assels Tangible assets Heritage assets Investments lvl 1,820,871 51,292 1,819,693 57,292 1,872,165 1,870,987 Current assets Deblors 10 71,455 43,030 Cash al bank and In hand 316,687 395.814 Credltors: amounts falllng due wlthln one year 388,142 438.844 24,400 20,137 Net current assets 363,742 418,707 Totsl as$et8 less current Ilabllltles 2,235,907 Z289,694 Creditors.. amounts falling due after more Ihan one year 25,000 25,000 Net a$sel8 £2.210,907 £2,264,694 Restrlcted fund8 13 43,963 43.265 Unrestricted funds 14 2.166,944 Z221,429 Totsl fund$ £2210,907 £Z264,694 The noles on pages 20 to 30 form part of these Financial Slatemenls. A 5eparote Statemenl of Financlal Activities ISOFAI is not presented because the charrtable company has taken advaniage of the exempiion$ afforded by se ion 408 of Cornpanies Aci 2006. The nei movement In funds for the parent charlty ¥vas a deflclt ol £53,78712021.. defich of £3, 81. Approved by flhe Board of Truslees on 28 July 2022 and slgned on its behalf by: Air Commodo rry Dickens RAF (Retd), Chairman of the Board of Trustees 18 STOW MARIES GREAT WAR AERODROME LIMITED A Charltable Company Limited by Iarantee Reglstered Charlty No. 1151099
CONSOLIDATED STATEMENT OF CASH FLOWS- YEAR ENDED 31 MARCH 2022 Unreslricted Restrlthed funds funds Tolal 2022 Total 2021 Nel Incomel(expendlture) after transfers as per the Consolidated Ststement of Flnanclal Actlvltleg (54,485) 698 (53,787) (3,538) Adjustments for.. Renls receivable Interest receivable Depreclation charges Herilage asset impairments Decrease in sloek (Increase) /decrease In debtors Increase I Idecrease) In credltors Release of loan repayment Net cash provlded by l (used In) op•raling activiti•$ (9,032) (121) 4.014 (9,032) (121) 4,014 (9,032) (632) 4,895 174 (277) 9,291 174 {277) 9,291 2,094 4.193 (13,958) (75,000) (50,436) 698 (49.738) (90,978) Cash flows from Investing aclivities: Rents received Interest received Purchase of langlble flxed assets 9,032 121 (5,193) 9,032 121 (5,193) 9,032 632 Net ea$h provkl•d by Investlng Actlvltles 3,960 3,960 9,664 Cash flows from flnanclng acllvltles: Loan repaymenls (62500) Net cash (used In) flnanclng actlvltles (6Z500) Net change in cash (46,476) 698 (45.778) (743,814) Cash balances brought forward 370,190 33,518 403,708 £547,522 Cash balances carrled fonvard Mel In¢omel(expendlture) after Iransfers £323,714 £34,216 £357,930 £403,708 The noles on pages 20 10 30 form part of these Flnancial Statemenls. 19 STOW MARIES GREAT WAR AERODROME LIMITED A Charltable Company Llmlted by Guarantee Reglster•d Charlty No. 1151099
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 1 ACCOUNTING POLICIES Basis of accountlng and consolldatlon These Financlal Statements have been prepared under the historical cost convention and in accordance wlth Ihe Companies Act 2006, the Charities Act 2011 and Ihe Statement of Recommended Practice (the Charities SORP) applicable lo charities preparing their accounts in accordance with FRS102 (the Financial Reporting Slandard applicable in the UK and Republic of Ireland). They consolidate the accounls of Stow Maries Greal Wai Aerodrome Limiled ('the charitable company,), a private company limiled by guaranlee, and SMGWA Tradlng Limited ('the subsidiary company), a private company limited by shares. Both companies are domiciled and incorporated in England and Wales, and both have their reglstered offlce at Hackman's Lane. Purleigh. near Maldon, Essex CM3 6RN. The charltable company is a public beneflt entity as deflned by FRS102. No separate Statemenl of Flnancial Activities has been presenled for the charitable company, as permitted by Section 408 of the Companies Act 2006. Currency These Flnanclal Statements have been prepared in sterllng, which Is the functional cuirency of boththe charitable company and the subsidiary company. Monetary amounts in Ihese Financlal Statements are rounded lo the nearest pound. 111. Golng conewn The Trustees have a reasonable expectation that the charitable company has adequate resourcesto conllnue In operational existence fora minimum of12 months fromthe date of approval of these Financial Statements. As a result, the Truslees continue to adopt the going concern basis of accounting In preparing these Financial Statemenls. Recognltlon and allocatlon of Income and expendlture All income is accounted for on a receivable basis, net of any applicable VAT. Expenditure Is accounted for on an accruals basls. All Income and expendlture Is allocaled to a particular activiiy where it relates direclly lo that activity. All slaff and consultancy costs are apportioned across the activities Ihat the partlcular functions support. Oveihead cosls (including sile overheads, administrative costs and consumables, informalion technology and insurances) are similarly apportioned. Taken together, all these costs are referred to as 'Support Costs, in Nole 6 to Ihese Financial Statements. Income and expenditure from trading activities (including relaled bank interest and a share of the group's support costs see above) is accounted for in the subsidiary company. SMGWA Trading Limiied. All other income and expenditure Is accounted for In the charitable company. 20 STOW MARIES GREAT WAR AERODROME LIMITED A Charltsble Company Llmlted by Guararrtee Reglstered Charlty No. 11 $1099
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 1 ACCOUNTING POLICIES - continued Fund accountlng Unrestricted funds comprise trading Income, donatlons, contract income and other income receivable or generated for Ihe objects of the charitable company and its subsidiary company wSthout further speclfled purpose. Restricted funds are granls or other donations whlch are required to be used for specific purposes lald down by the donor. Intanglble flxed assets The group's intangible flxed assets comprise the goodwill generaled on the Stow Marles site prior lo its purchase by the charitable company. The value of this goodwill was arrived at by the solicilors acting for the charitable company on the purchase of the sile. vii. Freel1dprOpertY The freehold of the Stow Marles slte was acqulred In December 2013. All the costs of restoring and conservlng the freehold land and buildings. Includlng associated consultancy fees. are wr6tten off as they are incurred. As of Ihe date of approval oflhese Financial Statements, the Board of Tnjstees does not consider it practicable lo provide a more up-to-date estimate of Ihe value of the freehold land and buildings, owing to the multifarious and complex conservation orders and consents whlch would necessarlly have an impact upon such an estlmated value. Localed on the site is a property, '8road Acres,, which has a secured tenant in residence on a regulated tenancy. Under the regulated tenancy, the lenant is paying a 'falr renl, set by a renl officer at the Valualion Office Agency. This rent is lower Ihan Ihe market rent. The remainder of the Slow Maries site is held for operational use as a langible fixed asset but, from lime to lime, parts oflhe site may be rented out on short-term operating leases. Because there is no long-term Intentlon to hold the sile for inveslment purposes, and because ihe fair value of all the rented buildings is very small relalive to ihe value of the slte as a whole and cannot be measured reliably without undue cost, it is the charltable company's policy to account for the enlire sile as freehold property within langible fixed assels. The freehold property is not depreciated because it is deemed lo have an unlimited useful Ilfe. In accordance with FRS102, the rental Income from Ihe slte Is separately disclosed In the Slatement of Flnanclal Activlties. The future minimum rental receipts are dlsclosed In Note 16 to the Financial Staiements. Other tanglble fixed assets 8 depreclatlon Assets costing in excess of £1,000 are capitallsed as tangible fixed assets. The annual depreciation charge foi tangible fixed assets is sensitive to changes in the esiimated useful economic lives and residual values of the assets. Consequenlly, the useful economic lives and residual values are re-assessed annually. In these Financial Slatements, depreciation is provided at the fo51ovving annual rates in order to write off each langlble flxed asset over Its esllmated Ljseful Ilfe: Plant & Machinery 15% on reducing balance Motor Vehicles 15% on reducing balance Fixtures, Fittings & Equipmenl 10% on cosl ICT Equipment - 20% on cost 21 STOW MARIES GREAT WAR AERODROME LIMITED A Charltsble Cc+mpany Llmfted by Guarantee Reglster8d Charlty No. I IS1099
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 1 ACCOUNTING POLICIES - continued Ix. Heritage assets Heritage assets are initially capitalised at historic cost. Their values are reviewed annually and any impairmenl is accounted for as a charge to Ihe Income & Expenditure account. Stocks Stocks are valued at the lower of cost and nel realisable value, after making due allowance for obsolele and slow-moving items. xl. Financlal Instruments All the group's financial assets and financial liabllities are 'Basic Financial Instruments,, as defined in Section I l of FRSI 02. The group's financial assets are measured at the cash consideralion expected lo be received, and the group's flnanclal liabililies are measured al the cash conslderallon expected lo be paid. The amounls falling due on the charitable company's loans are nol discounted back to thelr present value as Ihe time value of money Is considered by the Board lo be immaterlal. xll. Cash and cash equlvalents Cash and cash equivalenls comprise cash in hand and deposits held at call with banks. xlll. Deflned contrlbutlt)n penslon xheme The company operates a defined contribution pension scheme for all qualifying employees. The assets of Ihe deflned contribulion scheme are held separately from those of the company in an independently administered fund. Employer conlributions are charged in the accounts as they become payable In accordance wlth the rules of ihe scheme. xlv. Taxatlon Stow Maries Great War Aerodrome Limited is a charity within the meanlng of sectlon 506(1) of Ihe Taxes Act 1988. Accordingly, It Is potentially exempt from taxatlon In respect of income or capital gains received within the calegories covered by Section 505 of the Taxes Acl 1988 or Secllon 256 of the Taxation of Chargeable Gains Act 1992 to the exlent ihat such Income or gains are applied lo exclusively charilable purposes. Governm•nt Grants Government grants are recognised at the fair value of Ihe asset received or receivable when Ihere is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants are recognised as income over the periods when Ihe related costs are incurred. Grants relaling to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducled from the asset's carrying amount. 22 STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Llmlted by Guarantee Règlsterèd Charlty No. 1151099
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 1 ACCOUNTING POLICIES- continued xvi. Key sources of estlmation uncertainty In the applicatlon of the group's accounting policies, the Trustees are required to make Judgements, estimates and assumptions aboul the carrying amount of assels 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 esllmates and underlying assumptions are reviewed on an ongoing basis. Revlslons to accounting estimates are recognlsed in the period in which the estimate is revised where the revision affecls only that period. or in Ihe period of the revision and future periods where the revision affects bolh currenl and future periods. Olher than in relation to the value of the freehold property (see Note I vii), the Trustees do not consider Ihere lo be any materi81 eslimates orjudgements contained within these Financlal Statements. STOW MARIES GREAT WAR AERODROME LIMITED A Charltsble Ci)mpany Llmlted by Guarantee Regi8lered Charlty No. 1151099
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 2 INCOME FROM CHARITABLE ACTIVITIES Unreslrlcted Restricted Funds funds Total funds 2022 Site Restoration Curalion Nalural & Environmental Consetvalion Vocational Training & Education Business Development 17,740 8,000 3,449 15.000 32,740 8,000 7,529 4,080 21.000 16,200 37.200 £50,189 £35,280 £85.469 2021 Site Restoration Curallon Natural & Environmental Conservation Vocalional Training & Educalion Business Development 73,777 24,371 76,247 8,724 69,725 73,777 24,377 27,457 8,724 69,725 77,204 £797,578 £11,204 £202,782 Income frem Charitable A1VItIeS Includes the following'government grants,: 2022 2021 Essex Couniy Councll M8ldon Dlstrict Councll National Loilery Heritage Fund HMRC furlough granis Rural Payments Agency 75,000 42,480 32,700 76,392 7 1,204 16,000 1,740 3,449 £21,189 £7 77,782 3 INCOME FROM TRADING ACTIVITIES 2022 2021 Aoiiy (as defined in Sectlon 2 of the Trustees. Report) Core Visitor Offer Publlc Events & Private Hires SMGWA as an Operational Aerodrome 70,993 32,938 13,032 27,022 31,252 77,594 £116,963 £69,868 24 STOW MARIES GREAT WAR AERODROME LIMITED A Ch8rhoble Company Llmfied by Gu*anteè Reglstered Charlty No. 1151099
4 EXPENDITURE ON CHARITABLE ACTIVITIES Dlrect cosls Support costs Total 2022 Total 2021 Sile Restoration Curation Natural & Environmental Conservation Vocational Training & Education Business Development 19,372 8,896 1,925 57,242 8,000 3,449 76,614 16,896 5,374 762,337 34,037 79,565 8,724 59.309 59.309 £30,193 £128,000 £158,193 £224,063 The method ofapportionmentofthegroup's support costslo each oflhe group's charitable and trading activities Is explained in Note l iv to these Financial Slatements. 5 EXPENDITURE ON TRADING ACTivrriES Dlrect costs Support C08tg Totsl 2022 Total 2021 Core Visitor Offer Public Events & Private Hires SMGWA as an Operational Aerodrome 22.523 15,268 4,723 29,538 29,538 9,847 52,061 44,806 14,569 25,679 30,676 7 7,026 £42,514 £68,923 £111,437 £67,381 The method of apportionment ofihe group's support costs to each of the group's charitable and trading actlvilies Is explained in Note l iv to Ihese Financial Statements. 6 SUPPORT COSTS The constituenl elemenls of the Group's support cosls are outlined in Nole liv to Ihese Financial Statemenls. They include £4,014 for depreciation (2021.. £4,895) and £600 for inlerest on the loans from Maldon District Council (2021.. £587). All the Group's salary and on-costs are also Included in support costs, as follows.. 2021 2020 Wages and salaries Employer's national insurance contrlbutions Employerfs contribullons - deflned contribulion pension scheme 85,475 3,476 1,412 87,833 3,656 7,435 Tolal salary and on-costs £90363 25 STOW MARIES GREAT WAR AERODROME LIMITED A Charltable Company Llmlted by Guarante• Reglster8d Charlty No. 1151099
6 SUPPORT COSTS - continued The average number of staff employed during the yearwas 3 (2021.. 3). The average number of volunteers over the course of the year was in excess of l 50. 11 is not practical to place a value on the time volunteered by these individuals. ov rn Costs Support Costs include the following amounts In respect of governance costs for the Group: 2022 2021 Salary and on<osts (10% of the CEO'S salary and on<osts) Independenl examiners, fees Statutory audit and tax fees 5,794 3,770 580 5, 700 2,970 535 £10,144 £9,205 7 TANGIBLE FIXED ASSEfs (of the Group and the Charlty) Freehold larKI Plant & Flxtures, flttlngs Motor machinery & equlpment vehlcles Total Cost I Valuatk)n At l April 2021 Additions 1,795,630 18,787 28,990 5,193 5,897 1,849,304 5,193 At 31 March 2022 1,795,630 18,787 34,183 5,897 1,854,497 Depreclatlon At l April 2021 Charge for period 9,000 1.468 16,493 2,280 4,118 267 29,611 4.015 10,468 18,773 4,385 33,626 Net book value At37 March 2027 £7,795.630 £9,787 £12,497 £1,779 £1,819,693 At 37 March 2022 £7,795,630 £8,319 £15,410 £1,512 £1,820,871 8 HERITAGE ASSEfs (of the Group and Ihe Charlty) 2022 2021 Cost and Valuatlon as at 1 April Reclassif ications as tangible fixed assets Impairments 51.292 51,292 Cost and Valuation al 31 March £51,292 £51,292 26 STOW MARIES GREATWAR AERODROME LIMITED A Charitable Company Limited by Gu8ramee R•gISter Charlty No. 1151099
9 INVESTMENTS (of the Charity) 2022 2021 Investmenl In SMGWA Trading Limited £1 £7 SMGWA Trading Limited is a wholly owned subsidlary of the charily. The Flnanclal Statemenls of SMGWA Trading Limiled for the year to 31 March 2022 are summarlsed below.. 2022 2021 Profit & Loss Account Turnover Cost of sales 116,963 69,868 (42,514) (25,365) Gross proflt Administrative expenses 74,449 44,503 (70,543) (42,076) 3,906 2.487 70 Inlerest receivable Profit for the financial year Glft alded proflls to Stow Maries Great War Aerodrome Limited 3,906 (3,906) 2,497 (Z497) Reserves carried forward 2022 2021 Balance Sheet Current assets Current liabilities 62,813 27,802 (62,8121 (27,807) Total net assets £1 £1 Represented by share capltal £1 £7 27 STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Limited by Guarnntee RegI•d Charlty No. 1151099
I O DEBTORS Group 2021 Charlty 2021 2022 2022 Trade deblors Amounls due from subsidiary company Value added lax Other debtors Prepayments 2.,383 546 56,653 2,017 20,668 2,255 2,017 2255 12,786 74,707 12,785 74.707 £17,186 £76,908 £71,455 £43,030 11 CREDITORS Group Charlty 2022 2021 2022 2021 Trade/other creditors Income received in advance Accruals Loan capital instalmenls Pay-as-youearn tax (PAYE) 6,091 4,904 4,924 12,500 2,141 2,669 450 3,880 12,500 7.770 5.415 2,522 4,344 12,500 2,141 3.345 72,500 1,770 £30,560 £21,269 £24,400 £20,737 IA Loan capital instalments £25,000 £25,000 £25,000 £25,000 Included wlthin creditors at the year-end are oulstandlng penslon contribullons of £nil (2021: £nil). SMGWA received two loans in Sepiember 2013 to enable it to purchase the freehold of the Stow MaTies site.. £200,000 from Essex County Council and £100,000 from Maldon Dlslricl Council. Under the terms of the loan agreemenls, SMGWA was required lo repay Ihe 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 Councll agreed, in September 2020, to convert the remaining £75.000 of their loan into a grant. The loan agreement with Maldon District Council is still in place. 28 STOW MARIES GREAT WAR AERODROME LIMITED A Ch8rlt8ble Company Llmlted by Guarantee Reglstsred Charlty No. 1151099
12 RESTRICTED FUNDS {of the Group and the Charity) Asat 1 Aprll In¢omlng Resources 2021 r•sourcos expended Transfers Asat 31 March 2022 Emergency Building Works Fund Ideal Interpretalions Fund Magnox Socio.Economic Fund Natural England Envlronment A.l.M. (Nature Near and Now) SEAF Fund 6,401 10,950 4.391 11,776 15,000 (19,372) (8.180) 2,029 2,770 4,391 14,106 6,095 4,825 4,080 11,200 5,000 (1,750) (5,105) (175) 33,518 9,747 35,280 (34,582) 34,216 9,747 Restricted Heritage Asset Fund Total Restricted Funds £43,265 £35,280 (£34,582) 43,963 IA in Hisloric England has been fundlng emergency works to the bulldlngs on the Slow Marles slle since 2013, and match fundlng has been generously provided by a number of charllable trusls. Rounds l and 2 ofthe emergency works were concluded during the year to 31 March 2020. Further informalion on the work so far undertaken in the year to 31 March 2022 under Round 3 is provided in Section 2 of ihe Truslees, Report. A new project, Ideal Interprelations, was launched inlhe summer of2020, Funded by a varlety of tiusls and foundations (led by the Essex Community Foundation), the aim of the project is lo make high impacl changes lo Ihe existing exhibition space at the aerodrome, including the provision of improved access for disabled vlsitors. The first element of the project, to create a new exhibltlon space for hosting ihe visiting St Omer exhibition, was completed in the yearto 31 March 2020. In accordance wlth the underlying socio-economic funding agreement with Magnox Limited, a wholly-owned subsidlary of the Nuclear Decommissioning Authorlly, thls grant contlnues lo be used to develop the site's wildlife areas. ur IEn nvir Thls funding from Nalural England (received via the Rural Payments Agency) conlinues 10 be used lo maintain the site's grasslands and to enhance the natural environment to make it more allractlve to wlldllfe and insects. nm No This funding from Association of Independent Museums, is applied lo the Nalure Near and Now Project, an ecological project aimed al bringing more families on to Stow Maries. 29 STOW MARIES GREAT WAR AERODROME LIMITED A Charltable Cornpany Llmbted by Guarantee Regi8tsred Charity No. 1151099
12 RESTRICTED FUNDS (of the Group and Ihe Charlty Continued) Herita e Asset F nd The Restricted Heritage Asset Fund represents the cosl of heritage assets acquired from restricted funds. SEAF Fund The Soclal Enterprise Accelerator Fund, administered by Maldon District Council, was set up by the South East Local Enterprise Partn8rship {SELEPI lo fund business recovery from the COVID-19 Pandemic. SMGWA was successful in its application for funding to cover the costs of new external, temporary Marquees. These are to be used to provide covered spac8s 8xlemally for visitors not yet Comfortable in the reduction of Social Distancing within the Café area,. thereby enabling catering sales to grow. 13 UNRESTRICTED FUNDS (of the Group and the Charlty) 2022 2021 Unrestricled funds as at 1 April Nel movement in unrestrlcled funds 2,221,429 (54,485) 2735,554 85,875 Unrestrlcted funds as al 31 March £2,166,944 £2,227,429 Stow Maries Great War Aerodrome- site freehold Other f ixed assels & stock Cash and cashequivalent assets 1,795,630 7,795,630 85,975 285,339 84,970 340,829 £2,166,944 £Z227,429 The Trust's Reserves Pollcy requlres the group's cash and cash equlvalent assets to be siiffir.ip.nt lo p.nAblp. thp. grciijp lo mpp.t its ne.xt 3 months. expendlture on its unrestricted aclivities. As of 31 March 2022, thls equated to a minlmum requirement of £60,084 (2021.. £55,311). 14 ANALYSIS OF GROUP NET ASSEfs BEfwEEN FUNDS Unrestrlcted Funds Restrlcted Funds Total FurKIs As at 31 March 2022 Intangible fixed assets Tanglble fixed assets Heritage assets Current assets - slock Current assets - debtors Current assets ~ cash at bank and In hand Current liabilities Long-term liabilities 1,820,872 41,545 19.187 17,185 323,714 (30,560) (25,000) 1,820,872 51,292 19,187 17,185 357,930 (30,560) (25,000) 9.747 34,216 Nel assels at 31 March 2022 £2,166,944 £43,963 £2,210,907 30 STOW MARIES GREAT WAR AERODROME LIMITED A Charliable Company Llmlted by Guarantsè Reglstered Chartty No. 1151099
15 AMOUNTS RECEIVABLE UNDER OPERATING LEASES The chailtable company and group's minimum future rental income is as follows.. 2021 2020 Receivable within 1 year £503 £503 Located on the Stow Maries site is a propety, 'Broad Acies., which has a secured lenant In residence on a regulated tenancy. Under the regulaled tenancy, the tenant is paying a 'fair rent, set by a rent officer at the Valuation Office Agency. This rent is payable in monthly Instalmenls of £503. The tenant is only required lo give one monlh's nolice to sever the lenancy,. hence, at any point in Ilme. the minimum future rental is £503. 16 FINANCIAL COMMITMENTS The charity employs the services of architecls and contractors lo deliver the building restoratlon works oullined in Section 2 of the Truslees, Report. The form of conlract used to regulate Ihe provision of these services is Ihe JCT Minor Works Building Contract with Contractors Design, 2016, issued by the Joint Contract Tribunal. Under the lerms of Ihis JCT conlracl, Ihere is no obligation, al any point In time, for the charily lo pay any cosls beyond the total value of work properly executed and the cost of materials or goods ordered for the works. As al 31 March 2022, all such costs were recognised in these Financial Slatemenls, and there were no additional financlal commltments (2021: none). 17 RELATED PARTIES SMGWA Is controlled by Its Board of Truslees. No member of the Board of Trustees recelves remuneratlon from Ihe company. All Trustees are required to declare any potential conflicts of Interesl at meetings of the Board and its sub.committees. The tradlng activities of the charlty are carried OLrt Ihrough a wholly owned subsidlary, SMGWA Trading Limiled. All the profits generated by SMGWA Tradlng Limiled are gift aided lo the charity (ref: Nole 9 to these Flnanclal Statements). During the course of the year the charlty recharged lo SMGWA Trading, on an arm's length basis, support costs of £68,923 (2021- £40,618). A balance of £56,653 (2021.. £26,668) was owing by SMGWA Trading at the year end. SMGWA Tradlng Llmlled's Board of Directors comprises Ihree Dlrectors who are also Trustees of the charily. None of the Directors of SMGWA Trading Limited received any remuneralion from SMGWA Trading Limited during the year (2021.. none) and none had any expenses reimbursed to them (2021.. none). 31 STOW MARIES GREAT WAR AERODROME LIMITED A Charftoblè Company Llmlted by Guarani•e Reglstered Charlty No. l 151099
18 COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expend1• Account) Unrestrict•d funds R•$trict•d funds Year ended 31 March 2022 Total Income from: Charitable activities Trading activities Donatlons & legacies Investments Rents receivable Interest receivable 797,578 69,868 6,787 7 7.204 2s02,782 69,868 6,187 9,032 632 9.032 632 Total income 277,297 7 7,204 288,507 Expenditure on.. Charitable actlvllies Trading activities Inveslment managemenl costs 724,646 67,387 595 99,477 224.063 67,387 595 Total expendlture 792622 99,477 292,039 Net Income / (expendilure) before transfers 84,675 (88,273) (7,200) (3,538) Transfers between funds 7.200 Nel movement funds 85,875 (89,473) (3,538) Tolal funds brought forward Z735,554 732,678 2.268.232 Tolal funds carrled forward £Z227,429 £43,265 £2,264,694 32 STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Llmlied by Guaramee R8glster•d Charlty No. 1151099
| Pages | |
|---|---|
| Directors'Report | 3 |
| Statementoflncome& RetainedEarnings | 4 |
| BalanceSheet | 5 |
| Notesto theFinancial Statements | 6-9 |
| Notes | 2022 C |
2021f | |
|---|---|---|---|
| Turnover | 116,963 | 69,868 | |
| Costofsales | (42,514) | (25,365) | |
| Grossprofit | 74,449 | 44,503 | |
| Administrativeexpenses | (70,543) | (42,016) | |
| Operatingprofit | 3,906 | 2,487 | |
| lnterestreceivableandsimilarincome | 10 | ||
| Profit before taxation | 3,906 | 2,497 | |
| Taxation | |||
| Profit for the financialyear | 3,906 | 2,497 | |
| Distributiontoparentcharitablecompany | 5 | (3,906) | (2,497) |
| Retainedearningsforthefinancial year | |||
| Retainedearnings broughtforward | |||
| Retainedearnings carried forward | Ê- | Ê | |
| The notes on pages6to9formpart of thesefinancial | statements |
| Notes | 2022 | 2021 | |
|---|---|---|---|
| C | C | ||
| Gurrentassets | |||
| Stock | 19,187 | 19,361 | |
| Debtors | 2 | 2,383 | 546 |
| Cashatbank andin hand | 41,243 | 7,895 | |
| 62,813 | 27,802 | ||
| Greditors:amountsfallingdue withinoneyear |
3 | (62,812) | (27,801) |
| Netcurrentassets/(liabilities) | 1 | 1 | |
| Totalassetslesscurrentliabilities | f1 | f1 | |
| Gapitalandreserves | |||
| Called up share capital | 4 | 1 | 1 |
| Totalfunds | f1 | e1 |
| 2 | DEBTORS | ||
|---|---|---|---|
| 2022 | 2021 | ||
| f | € | ||
| Amounts fallingduewithinoneyear | |||
| Trade debtors | 2,383 | 546 | |
| î2,383 | e546 | ||
| 3 | CREDITORS:Amountsfallingduewithinoneyear | ||
| 2022 f |
2021t | ||
| Tradecreditors | 676 | 148 | |
| Amountsduetoparentcharitablecompany | 56,653 | 26,668 | |
| Othercreditors | 5,483 | 985 | |
| î62,812 | 827,801 | ||
| 4 | CALLEDUPSHARECAPITAL | ||
| 2022 | 2021 | ||
| f | € | ||
| Ordinary sharecapital | |||
| lssuedandfullypaid | |||
| 1ordinary shareoff1each | f1 | r1 |
| ETAILED TRADINGANDPROFITANDLOSSAC EARENDED3l MARCH2022 |
COUNT | |
|---|---|---|
| 2022 | 2021 | |
| f | € | |
| Turnover | ||
| Retail shop | 14,383 | 7,176 |
| Retail mess | 33,360 | 11,758 |
| Aviation fuelandhangarage | 12,955 | 11,594 |
| Eventsandvenue hire | 31,376 | 31,252 |
| Other income | 24,889 | 8,088 |
| 116,963 | 69,868 | |
| Costofsales | ||
| Openingstock of finishedgoods Retailshop |
19,361 8,335 |
21,455 2,098 |
| Retail mess | 12,016 | 3,997 |
| Aviationfuel | 4,304 | 2,164 |
| Eventsandvenue hire | 12,448 | 12,111 |
| Closingstock of finishedgoods | (19,187) | (19,361) |
| Marketingandothertrading costs | 5,237 | 2,901 |
| (42,514) | (25,365) | |
| Grossprofit | 74,449 | 44,503 |
| Administrativeexpenses | ||
| Memberships Communications |
472 416 |
257 432 |
| Accountancy&taxfees Bank charges |
580 152 |
535 174 |
| Support costs | 68,923 | 40,618 |
| (70,543) | (42,016) | |
| Operatingprofit | 3,906 | 2,487 |
| lnvestmentrevenues | ||
| Bankinterestreceived | 10 | |
| Profitbefore taxation | 3,906 | 2,497 |