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 2. 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 2. 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 2. 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': 1. Curatorial Flight, comprising guides, researchers, cataloguers and conservalionists; 2. Eslates Fight, undertaking landscaping work, and building conservation and maintenance,. 3. Mess Flight, serving drinks and snacks al slands during events as well as in the Mess,. 4. Welcome Flighl, welcoming visilors, selllng tickets. and running the shop and stands (durlng events); 5. Admin Fllghl, Volunteer Managemenl and training. providlng ad hoc support on evenl days. Including sile set-up and marshalling; 6. 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. 3. FINANCIAL REVIEW From a financial perspectlve, the group's actlvftles are sub-dlvlded between trading activitles and charitable activilies. In grealer detall for 2021122: 1. 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). 2. 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 subC|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|