Stow Maries Great War Aerodrome Llmited Consolidated Financial Statements Incorporating the Trustees, and Independent Examiners. Reports Year ended 31 March 2024 Registered Company No. 07863395 Registered Charity No. 1151099 'AOHDZ33Q' OPJ1212024 COMPANIES HOUSE A23
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STOW MARIES GREAT WAR AERODROME LIMITED A Ch•flt41kn Company um11 by Gu•rants• Year End•d 3111 M•r¢h 2024 CONTENTS Pages Trustees, Report 3-13 Statement of Trustees, Responsibilities 14 Independent Examiners. Report Consolldated Slatement of Flnancial Actlvitles 16 Consolidated Balance Sheet 17 Charliy Balance Sheel 18 Consolld8ted Statemenl of Cash Flow8 Notes to Ihe Consolidated Flnancial St8iemen18 20-32 21Page glsterqd Ch¥6ty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Chafitsbl• Company Llmited by Guar•nl•e Year Ended 314t Mar¢h 2024 TRiISTEES' REPORT The Trustees are pleased to present thelr report on the affairs of Stow Maries Great War Aerodrome Limited {SMGWA), together with the independently examined Financial Statements of the charitable company and its subsidiary company, SMGWA Tradlng Limiled, for Ihe year to 31 March 2024. The Consolidated Financial Stalements have been prepared in accordance with the accounting policies set out in Noie 1 to the Consolidated Financial Slatemenls and comply with Ihe Companies Act 2006. I. OBJECTIVES AND ACTIVITIES Stow Maries Great War Aerodrome has the largest and most complete suThlving group of Royal Flying Corps buildings on a First World War (WWI) aerodrome in the counlry, a rare surviving example which shows the full layout and organisation of a WW1 aerodrome. Establlshed In 1916 as a main base for No 37 (Home Defence) Squadron, Royal Flying Corps (RFC), the aerodrome was operational for two years during the First World War. playing a pivolal role in helping defend the British mainland from attacks by German Zeppelin airships and Gotha fixed-wing bombers. 37 Squadron iransitioned from the RFC lo the newly formed independent Royal Air Force (RAF) on l April 1918 and remained at Stow Maries unlil 1919 when rt transferred to RAF Biggin Hill. The site was largely untouched after it went out of use and twenty-two Grade Iwo (Star) buildings remain out of Ihe original forty-nine. The freehold of the site was acquired by the Charlty in December 2013. The site also contains many ecological habitats Capable of supporting a wide Variety of species and plant life and Is registered for the rehabilltalion of endangered species. Thls combinatlon of historic and natural assets lends the site high significance. The objects of the Charity, as set out in rts Articles of Associalion, are "to pieserve the fabric of Stow Maries World War One Aerodrome for the public benefit. and to advance ihe educalion of Ihe public In the history of Stow Maries World War One Aerodrome, the Great War and Ihe nalural hlstory of the surrounding countryslde in such ways as may be deemed charitable In law.. With Ihis in mind, the Charity's core vision is to eons•rve our unlque herltage site to enable It to play a vital contemporary role in the Ilv•s of our local and wlder communities and become a key part ol the natlon's cultural landscape. (ratified by the Board of Trustees. September 2022) The Charity's aims are to.. Research. preserve and tell the stories of Ihe men and women who lived. worked and died at SMGWA. Tell Ihe story of London and the Soulh East's home defence during the First Worfd War. through the interpretation and display of previously disparate collections of the period. Provide enjoyable educational, heritage and learning opportunities for all audiences. Deliver, with support frorn industry and training partners, vocallonal skills development and volunteering opportunilies, particularly for young people. Champion and be an exemplar of aclive participation and lifelong volunleerlng at the slte. Make accessible the important natural heritage and biodiversity of the site. Deliver an exciting, engaging and varied programme of participatory events. such as air displays. talks and family activlties. Conserve all structures on the heritage at risk register. In pursuing these aiffts. the Charily lakes ils irnpact on the local and regional community very seriously. and its officers regularly meet representatives of the community to discuss matters of concern. 31Page R•gl8*r•d Charity No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A CrIble Company Limited by Gl•ta0 Year Ended 31&t M•i¢h 2024 2. ACHIEVEMENTS AND PERFORMANCE This section of the report summarises the achlevements and perfonnance of SMGWA In the year to 31 March 2024 in relation lo the airns above. The Trustees have paid due regard to guidance from the Charity Commission on public benefit in deciding whal activities the charitable company should undertake, and the impact of the following achievernents, based on SMGWA'S aims, evidence that public benefft. Responding to the Covid-19 Pandemic The Charity has continued to operate in a challenging environment and has found thal its audiences have still not regained their full confidence during 2023124 and thls is reflecled in the income figures herein. That being sald, all elements of the organisatlon committed themselves lo delivering an excellent visitor or stakeholder experience, with the aim of slrengthening new or existlng relationships. This was done lo be in a positive as possible place when the aforementioned confidence did return. Site Restoration The Charity has clear and stated alms to "Conserve all structures on the herltage at risk registe and "Make accessible the important natural heritage and biodiversity of the site" These aims are among those ratifled In February 2017 by the Board of Trustees. The Board is also keen to reinstate structures presently rnlssing from their original locations on site such as wooden barrack huts and aircraft sheds - when funding and Planning Permlssions allow. The following activities have taken place over the 2023124 year, largely due to the volunteer cadre. Ongoing rnonitOTing and responsive maintenance lo the buih estate presently under renovation including Building 31, 32 & 33 (Officers. Accommodatlon Blocks), and Building l 0 (the Mortuary), enabling fulure planning for their return to use. Careful and sensltive clearance and upkeep of Bullding 46 (Generator Hut) Including preventing access to wildlife. Ongoing roof repairs to Building 6 (Royal Engineers Workshop), Building 9 (Molor Transport Sheds) and Building 17 (Pilots, Ready Room). Ongoing reinstatement of period painl schemes in Building 34 (Offlcer$' Mess) and Building 16 (Airman's Mess). Ongoing structural supporting WOTk for Officers Mess annex (Buildings 35) to mainlain presenl survlving elevalions. Curation The Curatorial Team continues to develop desplte the retirernent of some key volunteers. The f ollowing actlvltles, including some in the recent part of this f inancial year, have taken place: Successful installation of "Terror from Above" a temporary exhibilion highlighting the activities of Zeppelin airship over Great Britian 1917118. Successful piloting of the Head in the Clouds workshop$ throughoutAugust 2023.. funded exclusively by Essex Community Foundation. These workshops welcomed over 300 young people and helped them explore the slories of early aviati<)n, STEM and the history of Stow Maries Great War Aerodrome. Successful maintenance of Spectrurn 5 standards for the existing colleclion and over 20 new loans and donations. 41Page R¢gl$i•rqd Chority No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charitsble Company Llmked by Gu¥anl•e Yoar Ended 3101 M•r¢h 2024 2. ACHIEVEMENTS AND PERFORMANCE- continued Natural & Envlronmental Conservation The Stow Maries site remains of considerable importance for its range of habitats and potential to support a wide varlety of specie5 including a number of protecled species. The ChaTIty Is corporate member of Essex Wildlife Trust. In 2023124, the Charity continued its membership of the Natural England Enlry- and Higher Level- Stewardships schemes iargeted at preserving the ecological well-being of the site. As part of our ongoing commitment to preservlng our ecology and to promote the biodiversity value of the site we started to plan for the introduction of wildlife walks. Taking advantage of nesting birds leaving the Generator Hut during the non-breeding season we have successfully relocated one of Iwo planned owl boxes to promote roosting birds of prey. Vocallonal Tralnlng & Education Abberton Rural Training, our onslte vocational training partner, continues the delivery of a number of vocational courses on landscape management and husbandry io upwards of thirty mature students who have mental health conditions or experience of isolation and loneline5S. The Charity successfully piloted a series of educational sessions wilh local schools, leading to confirmed uptake and repeat visits planned for 202312024. Over 25 schools and educational needs groups have attended the aerodrome in the year. The CANSATS Rockeiry Competition took place in March 2024, followed by ihe UK. Rocketry Regional finals due In May 2024 to be hosted on slle. Core Vi8ltor Offer In 2023124, the Charlty's visltor offer comprised.. Five perrnanent and one temporary exhibitlons.. Home Defence, 37 Squadron, Rule Britannia.. The Women's War, and MT: Molor Transport, Words without Wires and Terror fiom Above - all based In Of iglnal buildings. Introduclory tours as part of the admission price. Access to two hangars with display aircraft. A themed retail outlet: and A café setving refreshments. a range of full and light meals. cakes and snacks in Ihe orlglnal Alrmen's Mess. We recorded Circa 9.400 admissions in 2023124. This was overwhelmingly adull visilors and at evenls. Trip Advisor continues to rate the sste with 4.5 stars, and nearly 95% of reviews rated the experience as excellent orvery good. The site is currently ranked 2nd of 20 things to do in Maldon and it has a Trlp Advisor Certificate of Excellence. This performance is echoed on other social rnedla outlets such as Facebook. Public Events, Group Visits & Vern Hire The Charity's core visilor offer Is complemented by a serles of dlfferent public events, ranging from flying displays to Remembrance parades. handling sessions. talk programrnes and other events. 51Page R•gl$t•Md fth•rlty Mo. l 151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charltable Compwi Llmltsd by Guaiar•tee Year Ended 3111 M•rch 2024 2. ACHIEVEMENTS AND PERFORMANCE - contlnued .There were three major air events in the year- Wings and Wheels 2023, Prop Wash - a festlval of-'_" the air, and the Large Model Flying Show. Other events included a dog show. craft fayre and living history events. The Charlty saw continued engagement frorn fee paying speclal inierest groups such as U3A WI and local history enthuslasts. Venue Hire income was developed as an area of inlerest with business-to-business relationshlps being developed with local corporate partners. SMGWA a8 an Operational Aerodrome The aerodrome is still operational 8nd can accept flights from light aircraft by prior arrangement. A number of private owners base Ihelr replica and late production First World War airworthy aircraft in the two lemporary hangars on site. There are strict terms and conditions attaching to the use of the site for hangarage. There is not 24-hour access and owners have to comply wilh the security arrangements in place. The site has permission for 3,000 aircraft movements perannum (a landing or a takewoff counting as one movement), including exlra movements on eight specified days per year, allowing for f lying everbt days. During 2023124, the Charity only assigned three days for special public flylng events. The number of oveiall aircraft movements was slightly hlgher than in the prevlous year, bLrt still well withln Ihe allowance. vonIe•ring SMGWA presently has circa 125 registered volunteers. comprising a regular core group, occasional volunteers who support the core volunteer group, and the volunteer trustees. The volunleer roles are organised into five 'Flighls': l. Curatorial Flight, comprising guides, researchers, cataliyJuers, and conservationlsts that oversee the care of our curalorlal and ecological estate. 2. Estates Flight, undertaking landscaping Work. and bullding conservation and maintenance. 3. Mess Flight, serving refreshments In the Alrman's Mess café and at stands during events. 4. Welcome Flight, welcoming vlsitors, selling admission tickets. and runnlng ihe Shop and stands (during events). 5. Adrnln Fllght, volunteer management, and tralning; and provld5ng ad hoc support on event days, Including site set-up and marshalling. This overall number has remained broadly stable over the past couple of years. In an aveiage year, these volunteers give over 30,000 hours of Ihelr time for free. an average of over 600 hours per week and nearly 240 hours per volunteer. Volunteering commitment is slill recovering from Ihe Pandemic, so work continues to build confidence and atlendance. The valuable conlribution made by ihe Charity's volunteers was recognised in June 2020 when the Charity became the proud recipient of the Queen's Award for Volunteering Services, and therefore we maintain its strict standards In our volunteerin9 journey. 6jPage R•gls¢•r•d Ch•rl¢y No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charltabl• Company Llmitsd by Guarantee Year Ended 3111 March 2024 3. FINANCIAL REVIEW From a financial perspective, the Group's activities are sub-divided between Irading activities and charitable aclivities. In greater detail for 2023124.. 1. Tradlng actlvllies Trading activities are managed and accounted for through the trading subsidiary company. SMGWA Trading Ltd, and comprise admission fees, retail sales and catering (i.e.. the 'core visitor offerf), public evenls, private hire, hangarage and landing fees. Durlng the course of the year to 31 March 2024 these trading activitles generated income of £163,938 (2023-. £130.296). The direct costs associated with these activities amounled to £48,691 (2023.. £49,213), givlng a gross surplus of £1 15,247 (2023 surplug.. £81,083). After the allocation of a fair share oflhe Group's staff. consultancy and overhead costs (altogether referred to as 'support cosls,) of £88,379 (2023.. £76.462), these trading activities returned net surplus of £24,920 (2023 surplus.. £3,140). 2. Charilable aclivlttes These activities comprise site restoratlon, cur8tion, natural & enviionrnental conservatTron. vocatlonal training & education, and business development, Where the direcl costs associaled with Ihese activilies have been funded by grants donated for the purpose, they are accounted for as restrlcted charitable aclivities. To the extenl that these grants are not all defrayed in the year in question, they are carried forward in the Balance Sheei. In theyearto 31 March 2024thecharitablecompany received £49,772 (2023.. £13,609) in restiicted grants and expensed £22,603 (2023.. £8,377), leaving a carry forward of £76,364 (2023.. £49,195) for utilisalion in 2024125 and beyond. Note 12 to the Financial Statements provldes further detail. The remainder of the 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 to 31 March 2024. these costs tolalled lo £137,508 (2023.. £142,952). Because they were nol funded from grants speclfled for a particular restricted purpose, these costs are treated as unrestricted. In greater detail, the Charity's aforementloned unreslricted charitable activities were funded this year by a number of 9rant$, namely.. Garfield Weston Foundation Museums Essex Head In the Clouds - support cost 20,000 1,000 2,616 Total £23,616 The narratlve ln Section 2 of this Trustees, Report Is allgned with the headline activities outlined above, as a the Income and expenditufe disclosures in Notes 2 to 5 of theFinancial Statements. Aside from trading and charitable activities, Ihe Group also generaled Income from: a. Donation$ & Legxles - in the year to 31 March 2024 the Charty received donations (l.e., glfts made on a voluntary basis without any significant benefit to the donor) of £4.606 (2023: £3,607). b. Inveslm•nts- in the year lo 31 March 2024 the Charity received rental income from the Slow Maries site of £6,782 (2023.. £9,032) and bank interest of £2.554 (2023.. £827). The subsidiary company received bank intefesl of £Nil (2023.. £Nil). 7jPage Registsred Chffj No. l 151099
STOW MARIES GREAT WAR AERODROME LIMITEO A Charltsble Comp•ny UM1t by Guaraffleè Year End•d 31•t March 2024 3. FINANCIAL REVIEW - continued Reserves Policy The Trustees recognise thal it is necessary forlhe Group to maintain a minimum level of reseDies to enable il to provide working capital and to act as a contingency to meet any unforeseen needs. The charltable companls Reserves Policy requlres Ihe Group's mlnlmum unrestricted funds not invested in fixed assets or stock to be sufficienl to enable the company to meet its next 3 rnonths, expenditure on its unrestricted activities. As of 31 Mafch 2024. this equated lo a minlmurn requirement of £65.542 (2023: £67,197). The Group's actual minimum unrestricted funds not invested in fixed assets or slock as at that date amounted to £127,408 (2023- £185,066) - see Note 13 to the Financial Stalemenls. Fundraisin9 & DonalSon$ Pollcy The charitable company is committed to following the Code of Fundraising Practice lald down by the Fundraising Regulator (the independent. non-statutory body ihal regulates fundraising across Ihe charitable sector in England. Wales and Northern Ireland}. The Charrty will only accept donations and other financial support which can help it to fulfil ris charitable objectives and aims and will not accept donalions and other financial support which arise from illegal or disreputable activities, or whlch could damage the Charity's reputatlon. The Stow Maries Gift Acceptance Policy rigidly adheres to the guidelines laid down above. The Chafity is committed to honest and Iransparent communlcation wlth dorr$ and supporters about how their contributions are spent. Inve•tmoni Pollcy The Trustees, Investment Policy is lo invest any surplus cash (over and above the Group's short- term liquidity needs) In deposlt accounts with Ihe Group's bankers, currenlly Santander. The Trustees perceive the residual risk associated with holding cash with Santander (cash which, from time to time, will exceed Ihe amount guaranteed by the UK government's deposit protection scherne - currently £85,000) to be minimal, and one Ihal they are prepared to accept. Rlsk Management As part of its overall governance review, Ihe Board has developed a Slralegic Risk Register to Identify key risks. and to monitor progress In managing these rlsks. With flve Board Sub- committees now up-and-running (ref.. Section 5 of Ihis Truslees, Report), each Committee will be regularly reviewing those aspecls of the Group's Strategic Risk Register which fall within their remil and will implement aciions to eliminate or minimise ihe impacl of the rlsks under their control. The major rlsks will then be laken to the subsequent Board meeling for further actlon. as necessary. 4. PLANS FOR FUTURE PERIODS Having improved the trading deficit in 2023124, the Charity has budgeted a further deficit In the 2024125 financial year. However, the Board of Trustees are keener than ever to build on the progress to date and work wlth the Charity's rnanagemenl tèam to reduce this deficil considerably. Like many other heritage sites, the Charity continues to operate In a challenging environment beset by ihe rislng cost of our operation on the one hand with falling disposable income of our audiences on the olher. We will continue to maintain stricl cost controls reduclng our expenditure to the lowesl appropriate level wherever we can. Self*vidently, without increased income, the Charity can only continue to run a deficlt for so long before it signlflcantly Impacts the level of our reserves. Therefore the Trustees have sel two overriding priorrties. which are to increase paying visitor numbers and Mess café and retail spend. and implementing an agTeed and robust fundTaising prograrnrne. The strategy that has adopted to attract higher foolfall to the museurn requires a committed approach from our volunteers. They are the lifeblood of our enlerprise and recognising their valuable contribution to the Charity's operation we have engaged them in a series of Trustee-led 8jPage Regl8tw•d Charfty No. 1151099
STOW MARIES GREAT WAR AERODROME UMITED A Charitabl• Company LlmSt¢d by Guarantee Ye•r Ended 3141 M•reh 2024 4. PLANS FOR FUTURE PERIODS - conlinued workshops. These, coupled with Trustee Board sessions, have enabled Ihe forming of sorne Guiding Prlnciples. Underpinning these Principles is a recognition that to offer a modern, lively, and vaned visitor experience it is necessary to embrace a more commercial stance. It is a fine balancing acl to salisfy Ihis aim while simultaneously maintalning the sile's Spirit of Plac•, visitor experience and authenticity. The Charity has budgeted for 11,250 visitors during the 2024125 financial year, and with Ihe support provided by Ihe National Lottery Heritage Funded 'Next Steps 2024" project, we are concentrating resource on marketing and promotion. aiming to reach wider and more diverse audiences. The award of the funding for this projecl was a strong springboard for our 2024 fundraising efforts, Stow Maries Greal War Aerodrome is a unique attraclion, and it is recogniséd that this Can sometimes reduce our audiences. This impacts on regular weekly footfall which has been identified as a PRI Profile issue. As part of a consideTed c8mpalgn, the strategy is to widen our appeal with broader marketing initiatives, prornotions and a bustling and varied events prograrnme. This will include flying display eventslo attracl bioad audiences, dog shows for pet- owning famllies, vintage events to encouiage nostalgia fans. large model aircrafl displays to attract technology and modelling fans as well as added value events such as craft shows, fly in .days and motorlclassic car events. We will promote our Escape Room. Hislorical Hammerings blacksmithlng courses as well as conlinue to develop our nalural environment offering ofguided wildlife and nalure rambles. We are also working hard to attracl Learning visits to the site, with young people and Life-Long Leaming groups being targeted directlywlth advertising and PR. The added benefll of these particular areas is Ihe nelwork promotlon and repeat vlsits they encourage as members of targei groups spread the word and retum wilh families and friends. The Board are reviewing very carefully Ihe financial perfomance of the organisation and are mindful of the diminlshing reserrfes on the balance sheet. They are fully committed to reviewing and implementlng all possible strategic options to ensure the long-lerm suslainabllity of the charity by way of monitoring performance against budget of visitor number, retail and catering spend-per-head KPIS. With the presenl difficulties of the charity funding landscape being we114ocufflented, and Top- Down in nature, all facets of the organisation are keenly aware of the challenges ahead, The dedication of Ihe management and volunteer team lo safeguard the site, its collections and its access for the public is strong. Advocacy by all levels of Ihe organisation. fundraising directly and indirectly and enthusiasm to succeed in preserving the site and achleving financial sustainability are undaunted by the task in hand and wlll contlnue and develop throughout the coming year. Certain facts, that help Immeasurably, refflain clear - the museum's online and analogue profile Is over-run with positive feedback, we have high level support from HM Government across to our village neighbours for our work and we have quantitative data that shows that when our visitors arrive, they spend at the level we need. The Charity simply needs lo increase vlsitor numbers. The Board of Trustees and the Charity are therefore dedicated to this aim. Constitution Slow Maries Great War Aerodrome Limlted is reglstered as a private company Ilmited by guarantee, incorporated in England and Wales with registered company number 07863395. The Charily is conslituled under ils Memorandum of Association dated 26th February 2013 and is a regislered Charity, number l 151099. In the event of the company being wound up. the Ilabllity in respeci of the guarantee Is lirnited to £10 permember ofthe company. The registered office is Hackman's Lane, Purleigh, near Maldon, Essex CM3 6RN. 91Page Rfjgl8l•r•d Chwlty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charltable Compony Limited by Guaraniee Year Endèd 31st March 2024 5. STRUCTURE, GOVERNANCE AND MANAGEMENT - continued Tru8t¢es The Board of Trustees meets bi-monthly. The Truslees who have held office during the year are as follows". Mr fvl J Gill (Chair as of 24 October 2023) Mr J F Aldridge Air Cdre B C Dickens RAF (Ret'd) (Chairman) (Resigned 18 October 2023) Mr P l Hewitt (Appolnled 9 March 2024) (Reslgned 28 May 2024) Ms P A Johnson Mr C J Macgowan OBE (Appointed 15 February 2024) Mr D Mack Mr A J McQulggan (Appointed 28 November 2023) Mr M E Platt (Resigned 24 June 2023) Mr A R Pluck MBE (Resigned S January 2024) Ms S J Threlfall The Trustees of the charitable company (under Charity law) are also DIreorS of the charitable company under company law. The TrusleeslDirectors are responslble in law for all strateglc and governance decisions made by the charitable company, and Ihey receive ongoing training as required. The Articles of Association stlpulate that Trustees can be appolnted either by the Charity at general meeting or by a resolulion of the other Trustees. There is no maximum number of Trustees. Al each Annual General Meeting, one-thlfd of the Truslees are required to retire and are then ellglble for re.appointmenl. Those longest in office slnce thelr last appointment are required to retire first. A Trustee appointed by a resolution of the other Truslees must retire al the nexl general meeling and must not be taken into account in determining the Trustees who are to retire by rolation. All the Trustees appointed during ihe course of the year to 31 March 2024 were appointed by resolution of the other Trustees, following a formal vetting process. As part of their induction new Trustees are provided wllh an information pack which includes copies of the Memorandum of Assoclatlon. the latest Flnancial Statements and other relevant documentation. Board Sub-Commltt•e8 The Board has established five sub<ornmittees with delegated authorlty lo exercise powers for certaln functions and lo take responsibility foi making recornmendations to the Board. Each committee has ils own Terrns of Reference and comprises a number of Trustees and oiher members chosen for Iheir expertise in that sphere of operation. Each committee meeling is attended by members of the senior management team. The Chair of the Board is an ex-officio member of all committees. Trustees are free to attend any rneetings they wish. As at the Balance Sheet date of these Financ181 Statements, the membership of each of Ihe Ilve sulTrcommillees comprise the following individuals (Ihe anticipated minimum number ot meetings for 2024125 is shown in brackets).. Corpofale Governance Comrnitt¢• (3 meetings per annum) Penelope Johnson (Chair) Sarah Threlfall Anthony M¢Quiggan 10IPage R•gl8ter•d Ch•rlty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charltabl• Company Limlkd by Guarwthe Year Ended 31èt March 2024 5. STRUCTURE, GOVERNANCE AND MANAGEMENT - contlNed Curatorial Committee (5 meetings per annum) John AldTidge (Chair) Irene Allen (Minute Secretary) Mick Broad Peter McGee (Independent Advisor) Doug Shorter John Thacker Suzanne Wood Estate Management & Buildlngj Commlttee (4 meetings per annum) Sarah Threlfall (Chair) Matt Bartlett Jarl Jansen Ross Marland lan Richrnond Doug Shorter Paul Wilson Finance & Audlt Commlttee (4 meetings per annum) Dave Mack (Chair) Anthony McQuiggan Richard Tufnell (Inclependenl Advisor) Fundralsing Commill•• (4 meetings per annum) Penelope Johnson (Chair) John Aldridge Sarah Threlfall Tabl• of Board & Sub.Commlttee Attendance 2023124 Nome Boird 19 me¢rfng81 Corporate Govern4nce C¢mmltt 5 m••tln 2 (Chalf to Oct 20231 Flnane•and Audlt Cofflmltt {4 rne•llnp) FuDdr•l8lng Commlllee (4mv•llngs) C¢mmltt¢• IS mM¢lnq81 M•nagem•bi Ind 8ulldlng$ Commltt•e 6 rn11n e c ckIn9 4 {Ch•lr to Chalf to Q¢1 20fJl 2023 9 (Chalr M J Glll121 2023 J F Aid PIHew c1r P A Johnson S (Chair from Nov 2023 4 Icthalf li Feb 2024 Mac ¢M4n D Mack 4 ICh•lf from Nov 2023 AJ MeQuhagan MEW• A R Pluck (7) 4 {Chali to Jan 2024 S J Thrtlfall I ArqAed•S f 18Qciobtt2QT3 2CTholiof Trusl44#&101240ciOb•i203) 3 Apptsthted 14l•lda(¢h 74 Ctslr SApptynIayQf?6NOvkner2fj24 6R5vJnedD$of24thJni2023 glt•ll4p2Bm1y2O24 Registered Charlty N 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Chartt•ble Cofflphny Llmfted by Gts•r•nt•e Y•ar End 3161 m¢h 2024 5. STRUCTURE, GOVERNANCE AND MANAGEMENT- ¢ontlnu•d The Executive All operatlonal decisions are made by Ihe executive. The Chief Executive Officer is lan Flinl. The organisation's executive slructure comprises.. Chief Executive Officer Employee Curator Volunteer Assistant Curator Volunteer Finance Officer Employee Administrative Assistant Employee Operations Supervisor Employee Welcome Supervisor Employee Bookings Officer Employee Volunteer Co-ordinalor Volunteer Catering Supervisor Employee Catering Assistant Employee The Board of Trustees is responsible forthe setting of executive pay. Pay for senior slaff aims to reflect Ihe market for comparable jobs in comparable organisations, the level of knowledge, skills and experience required and the responsibilities and accounlabilities associated wtth each role. All employees, contractors and volunteers receive the training they need to allow Ihem to discharge their duties. Patrons Full time Vacant role Part time Part time Vacant role Part time Part tlme Part time Part tirne Part time Part tlme The Patrons of the Charity are led by Lead Patron Mrs Jennifer Tolhurst (HM Lord-Lieutenant of Essex). Other Patrons include Lord Pelre KCVO, DL, The Rt Hon Slr John Whittingdale OBE MP, Dr Saul David, Dan Snow MBE and Mrs Fiona Clegg. SMGWA Tradlng SMGWA Trading Lirniled, incorporated in England and Wales, regislered company number 09925613, is a wholly owned subsidiary of the charitable company. The company's primary activity Is to sell goods and services associated wilh the aims of Ils parent charitable company. All the profits generated by SMGWA Trading Limited are gift aided lo the parent charitable company (ref.. Note 9 to these Financial Statements). The Directors are Mr J F Aldridge, Mr B C Dickens (retired 18 October 2023) and Mr M J Gill, who are also Trustees oflhe parent charitable company and Mr M E Platt (appointed 10 Febnjary 2024). 121Page R•glst¢red Charfty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A chlIable Company Llmlled by Quar•nt•e Year Ended 31$1 March 2024 6. OTHER REFERENCE AND ADMINISTRATIVE DETAILS Bankers The company's bankeis throughout ihe year were.'....-- . Sanlander Bank plc 9 Tindal Street Chelmsford Essex CMI I ER Independent Examiners The Independent Examiner throughout the year was.. Moore Kingston Smilh LLP Chartered Accountanls Orbilal House 20 Easlern Road Romford Essex RMI 3PJ Moore Kingston Smith LLP has indicated its willingness to continue in office and will be proposed for reappointment at Ihe Annual General Meetlng in accordance with Section 485 of the Companies Act 2006. Approved by Order of the Board of Trustees on 20 November 2024 and signed on Its behalf by.. Mr Martyn Gill, Chalr ol the Board of TNstee$ 131Page R•gi$tered ¢h•rlty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charltsble Company Llmit•d by Guarantee Year End•d 31 It M•r¢h 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES For Ihe period 1 April 2023 to 31 March 2024 The Trustees (who are also the Dlrectors of Stow Maries Great War Aerodrome Limiled for the purposes of company law) are responsible for preparing the Trustees. Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Truslees io prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those Financial Statements, the Trustees are required to: selecl suitable accounting policies and then apply them consistently; observe ihe methods ar)d principles in the Charity SORP,. make judgments and estimates that are reasonable and prudent; stale wheiher applicable UK accounting standards have been followed, subjeci io any material departures dlsclosed and explained ihe Financial Stalemef)ts; and prepare the Financial Slatements on the going concern basis unless it is inappropriate to presume Ihat the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time Ihe flnancial position of the charitable company and 10 enable them to ensure Ihal the Financial Statements comply with the Cornpanles Acl 2006. They are also responsible for safeguarding the assets of the charilable company and hence for laking reasonable steps for the prevention and delection of f raud and other irregularitles. In so far as the Truslees are aware: Ihere is no relevanl informallon of which Ihe charilable company's Independent Examiners are unaware.. and the Trustees have taken all Sieps that they ought to have taken to make themselves aware of any relevanl informalion and to establish that Ihe independent examiners are aware of Ihat informalion, 141Page Reglstwed ChaTIty No. l 151099
STOW MARIES GREAT WAR AERODROME LIMITED A Chorltable Company Limited by GraThte¢ Year Ended 31•1 March 2024 INDEPENDENT EXAMINERS. REPORT TO THE MEMBERS AND TRUSTEES OF STOW MARIES GREAT WAR AERODROME LIMITED I report on the accounls of the Group for Ihe year ended 31 March 2024 which ale set out on pages 16 to 32. Responsibilities and Basis of Reporl As the Trustees (who are also the Group's Directors) of the Group you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 Cthe 2006 Act.). Havlng satlsfled myself that the accounts of the Group are not required to be audited undèr Part 16 of the 2006 Act and are eligible for independent examinalion, I report in respect of rny examination of your Group's accounts as carrled out under seclion 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the directions given by the Charity Comrnlsslon under section 145(5) (b) of the 2011 Act. Ind•p•nd•nt Examln•¢$ Slat•ment Since the Company's gross incorne exceeded £250.000 your examiner must be a member or a body listed in seclion 145 of the 2011 Act. I confirrn that l arn qualified to undertake the examination because l am a member of ICAEW, whlch is one of the listed bodies. I have completed my examination. I confirm thal no matters have Come to my attention In connection with the examination giving me cause to believe.. 1) accounting records were not kept in respecl of the Group as required by section 386 of the 2006 Act., or 2) the accounts do nol accord with those records; or 3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that Ihe accounts give a 'true and fair, view which is not a rnatter considered as part of an independent examination.. or 4) the accounts have not been prepared in accordance with the methods and princlples of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing iheir accounts In accordance with the Financial Reporting Standard applicable inlhe UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in conneclion with the examination to which attention should be drawn in thls report in order to enable a proper understanding of the accounts to be Teached. Karen Wardell FC For and on behalf of Moore Klngston Smlth LLP Chartered Accountants Orbilal House 20 Ea5tem Road Romford Essex RM13PJ 1SIPage RegI81¢r Charlty No. 1 IS1099
STOW MARIES GREAT WAR AERODROME LIMITED A Charitablt Compwy Llmiled by Guar8nte• Year Ended 3141 Mar¢h 21)24 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expendlture Account) YEAR ENDED 31 MARCH 2024 Unrestrl¢ted Reslricted funds funds Total 2024 Total 2023 Descrlptlon Income from: Charltable aclivities Note 2 23,616 163,938 4,606 49,772 73.388 163.938 4.606 34.210 130,296 3.607 Tradlng actlvltles Donations & legacles Not• 3 Inve8tm•nts Renls ieceivable Interest receivable 6,782 2,554 6.782 2.554 9.032 827 Total Income 201.496 49,772 251.268 177,972 Expendliure on: Charltable aclivitles Nole 4 Not• 5 122,637 139,020 510 22,603 145,240 139,020 510 149,749 127,756 258 Tradlng activili•8 Inve8tment managemenl co8t8 Total •xp•ndbtuie 262,167 22,603 284,770 277, 7 63 Not In¢ome l (•xp•ndllur•) before transfers (60,671) 27,169 (33,502) (99.197) TMn8fer8 between funds Net movement in funds (60,671) 27.169 (33.502) (99. 797) Total funds brought fonv•id 1062,521 49,195 2.111,716 22YO,907 Total funds carrl•d forward £2,001,850 £76,364 £2,078,214 £Zl17.716 The notes on pages 20 10 32 form part of Ihese Financial Stalement5. Approved by Order of the Board of Trustees on 26 November 2024 and slgned on its behalf by.. Mr Martyn Gill Ch8lf of the 8o&rd ol Tru$tè•s 161Page Reglslered Charlty No. 11 $1099
STOW MARIES GREAT WAR AERODROME LIMITED Achafltsble Company Llmhed by Guarafttse Year Ended 31•t M•f¢h 2024 CONSOLIDATED BALANCE SHEET- AS AT 31 MARCH 2024 Deserlption Noles 2024 2023 Flxed assets Intangible assets Tangible assets Heritage assets lvl 7.816,281 51,292 1,822.057 . 57.292 1,867.574 7,873.344 Curr•nl ass•ts Stock Debtors Cash at bank and in hand 14,115 17.958 203,881 73,858 23.755 244.082 10 235,954 281.695 Credltors: amounts lalling within one year 25,314 43,323 Nel current 488et8 210,640 238,372 Total ass•ts less current Ilabllltl•8 2,078,214 2.111,716 Credltors.. arnounls falling due after rnore than one year Net a$8ets £2.078,214 £2,111,716 Restrlcted funds 76,364 49.195 Unre8trlcted fund8 2,001,850 2,062,521 Tolal fund8 £2.078,214 £2,111.716 For the financial year ended 31 March 2024 the Group was entitled lo exemptlon from audit under seclion 477 of the Companles Act 2006. The Members have not requlred the Group to obtain an audit in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibilrties for complying with the requirements of the Acl with respect to accounting records and the preparalion of financial statements. These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies. regime within part 15 of ihe Companies Act 2006. Approved by Order of the Board of Trustees on 26 November 2024 and Signed on Its behalf by: Mr Martyn Chair of the Board of Trustees The notes on pages 20 to 32 form part of ihese Financial Statements. 17jPage Reglstered Ch¥lty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Clthrftable Ct)mpany Llmited by Guarantse Year Ended 31•1 March 2024 CHARITY BALANCE SHEEf- AS AT 31 MARCH 2024 Des¢riptlon Notes 2024 2023 Flxed ass•ts Intangible assets Tangible assets Heritage assets Investments Ivi 1.816.281 51.292 7,822051 51.292 1,867,575 7.873,345 CuNent assets Debtors 10 52,479 42,050 Cash at bank and in hand 171167 228,748 224.646 270,798 Credltor8: amounts falling due withln one year 14.007 37,827 Nel current as8•ts 210,639 238,371 Totsl As8•1$ cuir•nt Ilabllltle• 2,078.214 2.777,716 Cfeditors: amounts falling due after more than one year 11 Net a88ets 14 £2,078,214 £2,171,716 R•strlet•d fund¥ 12 76,364 49,795 Unr•8tr1Cl fund8 2.001.850 2062.521 Tolal lund8 £2,078,214 £2,111,716 The notes on pages 20 to 32 fom part of these Financlal Statemenls. A SlOt•n*ni ol Flnoneial Actlvltles (SOFA) IB n¢)t pre$•Thted b¢cau8e thè ch4rrt•bh ¢w•ny t4ken •d¥anty ol the exemptrons Blloréed by 3ectlon 408 of Companles 2CQ6. The net movemem In fvnd8 l¢y th8 palent Cherliy was a deficot of £33,$0212023". defich of £99,191). Approved by Order of Ihe Board of Trustees on 26 November 2024 and slgned on Ils behalf by: Mr Martyn Chalr of ihe Board of TrLfr8tees 181Page Regl8ter¢d Charity No. 1151099
STOW MARIES GREAT WAR AEIIODROME LIMITED A Ch¥rit*ble Company Limlted by Guar•ntee Year Ended 31it Mareh 2024 CONSOLIDATED STATEMENT OF CASH FLOWS - YEAR ENDED 31 MARCH 2024 Unreslrlcled Restrlcted funds funds Total 2024 Total 2023 Net incomel(expendlture) afler transfers as per the Consolidated Ststement of Financial Activities (60,671) 27.169 (33,502) (99.197) Adjustments for.. Rents receivable Interest receivable Depreciation charges Heritage asset impairrnents Decrease in slock (Increase) Idecrease in debtors Increase l (decrease) in creditors Release of loan repayment Net cash provided by l (u¥ed In) operating aclivlties (6,782) (2,554) 6,230 (6,782) {2,554) 6,230 (9.032) (827) 5.944 (257) 5.797 (18,009) (257) 5,797 (18,009) 5.329 (6,569) 12763 (76,246) 27,169 (49.077) (97,583) Cash flows from Inve8llng •ctivitlès: Renls received Interest recelved Purchase of tangible fixed assets Nel cash provlded by Inve8llng Actlvllles 6,782 2,554 (460) 6,782 2,554 (460) 9,032 827 (7.124) 8,876 8,876 2,735 Cash flow$ from flnanclng activllles: Loan repaymenls (25,000) Net cash (used In) financlng acllvitie8 (25.000) Nel change In cash (67,370) 27.169 (40.201) (773.848) Cash balances brought forward 204,634 39.448 244.082 357.930 Cash balance8 carrled forward Met incomel{expendlture) after transfers £137,264 £66.617 £203,881 £244.082 The notes on pages 20 to 32 form part of Ihese Financial Stalements. 191Page R¢gI$tsr Ch•rfty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Ch•ritable Compthy Llmlted by Guarantee Year Ended 3111 Ma¢ch 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES 8asls of accounting andconsolidatlon These Financlal Statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006. the Charities Act 2011 and the Statement of Recommended Practice (the Charities SORP) applicable to charfties preparing their accounts in accordance with FRS102 (the Financial Reporting Standard appllcable In the UK and Republic of Ireland). They consolidate the accounts of Stow Maries Great War Aerodrome Limited ('the charitable company), a private company limiled by guarantee, and SMGWA Trading Limited (Ihe subsidiary company.), a privale company limiled by shares. Both companies are dorniciled and incorporated in England and Wales, and both have their registered office at Hackman's Lane, Purleigh, near Maldon. Essex CM3 6RN. The charilable company is a public benefit entity as defined by FRS102. No separate Statement of Financial Actlvities has been presented for the charitable company, as pemiitted by Section 408 of the Cornpanies Act 2006. Curr•ncy These Financial Statements have been prepared in slerling, which Is the functional currency of bolh the charitable company and the subsidiary company. Monetary amounts in these Flnancial Statements are rounded to the nearest pound. 111. Golng concem The Trustees have a reasonable expectation thal the charltable company has adequate resources lo continue in operational exislence fora rninirnum of 12 monlhs frorn the date of approval of these Financlal Statements. As a result. the Trustees continue to adopt the golng cancern basis of accounting in preparing these Financial Statements. Recognltion and allocallon ol Iorne and expenditurn All income Is accounled for on a receivable basis, net of any applicable VAT. Expenditure Is accounted for on an accruals basis. All income and expendlture is allocated to a particular activity where rt relates directly to that activity, All staff and consullancy costs are apportioned across the activities that the partlcular functions support. Overhead costs (including site overheads, administrative costs and consumables, information technology and insurances) are simllarly apportioned. Taken logether, all Ihese costs are refeiFed to as 'Support Costs, in Note 6 to these Financial Statements. Income and expenditure from tiading activities (including related bank interest and a share of the Group's support costs see above) is accounted for In the subsidiary company, SMGWA Trading Limited. All other income and expendilure is accounted for in the charitable company. 201Page Regl8t•T•d Charity No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Ch•rltable Company Limited by Gwantee Year End•d 3151 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES - contlnued Fund accounting Unrestricted funds comprise trading Income, donations, contract income and other income receivable or generated for the objects of the charitable company and rts subsidiary company without further specified purpose. Restricted funds are granls or other donations which are requlred to be used for specific purposes laid down by the donor. Intangibl• fixed a•ts The Group's intangible fixed assets comprise the goodwill generated on the Stow Marles site prior to its purchase by the chariiable company. The value of this goodwill was arrived at by the solicilors acting for the charitable company on the purchase of the site. vll. Freehold heritage pmperty The freehold of ihe Slow Maries site was acquired in December 2013. All the costs of restoring and conserying the freehold land and buildings. Including associated consultancy fees. are written off as Ihey are incurred. As of the date of appraval of these Financial Statements, the Board of Truslees does not consider rt practicable to provide a rnore up-lo-date estimate of ihe value of the freehold land and buildings, owing to the multifarious and complex conservation orders and consents which would necessarily have an impact upon such an estlmaled value. Located on the site is a property, 'Broad Acres., which has a secured tenant in residence on a regulated tenancy. Under the regulated tenancy. the tenant is paying a 'fair rent, set by a rent officer at the Valuation Office Agency. This rent is lower Ihan the market rent. The remainderof the Stow Maries site is held foroperatlonal use as a tangible fixed asset bul, from time to time, parts of the site may be rented out on short-lerm operating leases. Because Ihere Is no long-term Intenllon lo hold the site for Investment purposes. and because the falr value of all the renled buildings is very small relative lo the value of the site as a whole and cannot be measured reliably without undue cost, it is the charitable compeny's pollcy to account for the enlire slte as freehold property within tangible fixed assets. The freehold property is not depreclated because it is deemed to have an unlimited useful life. In accordance wilh FRS102, the rental income from the site is separately dlsclosed in Ihe Statement of Flnancial Activities. The future minimum rental receipts are disclosed in Note 15 to ihe Financial Staiemenls. Other tanglble flxed ossetg & depreci•tlon Assets costing in excess of £1,000 are capitalised as tangible fixed assets. The annual depreciation charge for tanglble fixed assets is sensltive to changes in the estimated useful economic lives and residual values of the assets. Consequently, the useful economic lives and residual values are re-assessed annually. In Ihese Financial Stalements, depreclation is provided at the following annual rates in order to write off each tangible fixed asset over its estimaled useful life: Plant & Machinery 15% on reducing balance Motor Vehicles 15% on reducing balance Fixtures, Fittings & Equipment -10%oncost ICT Equipment - 20% on cost 11. 211Page R•gl2t•r•d Chwlty No. 11S1099
STOW MARIES GREAT WAR AERODROME UMITED A Ch•rithble company Llmiied by Guar•ntee Y•4r Ended 31M M•r¢h 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POUCIES- continued Herftag• assets Heritage assets are initially capitalised at historic cost. Thelrvalues are reviewed annually and any impairrnent is accounted for as a charge to the Income & Expenditure account. Stocks Slock5 are valued at the lower of cost and net realisable value. after making due allowance for obsolele and slow-moving items. Financial Instruments All the Group's financial assets and financlal liabillties are 'Basic Flnancial Instruments,, as defined in Section 11 of FRS102. The Group's financial assets are measured at the cash consideration expected lo be received, and Ihe Group's financial liabilities are measured at Ihe cash consideration expected lo be paid. The amounts falling due on the charilable company's loans are nol discounted back to their present value as the time value of money is considered by the Board to be immalerial. xll. Cash and cash •qulv•lents Cash and cash equivalents comprise cash in hand and deposils held al call wilh banks. xlll. Deflned contrlbutlon penslon scheme The company operates a defined contribution pension scheme for all qualifying employees. The assets of the defined contribution scheme are held separately from those of the company in an Independenlly administeTed fund. Ernployèr conlributions are charged In Ihe accounts as they become payable in accordance with the rules of the scheme. xlv. Taxation Slow Maries Great War Aerodrome Limited is a Charity within the meaning of secllon 506(1) of Ihe Taxes Act 1988. Accordingly. it is potentially exempt from taxalion in respect of income OT capital gains received within the categories covered by Secllon 505 of the Taxes Act 1988 Of Section 256 of the Taxation of Chargeable Gains Act 1992 to the extenl that such income or gains are applied to exclusively ch8ritable purposes. GovernnnI Grnnts Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be mel and the grants will be receNed. Government grants are recognlsed as income over the perlods when Ihe related costs are incurred. Grarrts relating to an asset are recognised in income systemalically over Ihe assel's expected useful life. If part of such a grant is deferred it is recognised as deferred Income rather than being deducted from the asset's carrying amount. 221Page R•glItsr Chmtty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charltable Company Limltqd by GuaY*nte• Year End•d 31Bt M•r¢h 21Y24 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024.....__..- _ 1 ACCOUNTING POLICIES - conlinu•d xvl. K•y sources of •stlm4tion uncertalnty In the application of the Group's accounting policies, the Trustees are required to make judgements, eslimates and assumptions about the carrying amounl of assets and liabilities that are not readily apparent from other sources. The estimales and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results rnay differ from these estimates. These esllmates and underlying assumptlons are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the perlod in which the estimate is revised where the revision affects only that period, or in the period ol the revision and future periods where the revision affects both current and future periods. Other Ihan in relation lo the value of the freehold property (see Nole 1vii), the Trustees do not considerlhere to be any material estimates orjudgements contained within these Financial Statements, 231Page Re9l•t•r•d Ch•rlty No. I IS1099
STOW MARIES GREAT WAR AERODROME LIMITED A Charitable Company Llmlted ty Gu¥•rth• Ye•r Ended 3111 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 2 INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted Funds Reslricted funds Total funds 2024 Site Restoration Curation Natural & Environmental Conservation Vocational Training & Educalion Buslness Developmenl 1.000 1.000 1.072 7,116 64,200 1,072 4,500 44,200 2,616 20,000 £23.616 £49,772 £73.388 2023 Site Restoratlon Curation Natural & Environmental Conservatlon Vocational Training & Education Business Developrnent 4,560 4,049 4.560 4,049 20,601 5.000 25,607 £20.607 £73,609 £34,270 Income from Charltable Aclivllle8 kncludes ihe lollowing'g)vemmenl grants,: 2024 Natlonal Lottery Herltage Fund 44,200 Rural P8ymenls Agency 4,on 4.049 C48.272 £4,049 3 INCOME FROM TRADING ACTIVITIES 2024 2023 Jiyilx (as defined in Secrion 2 of the TFustees' Report) Core Visilor OffeT Publlc Events & Private Hlres SMGWA as an Operational Aerodrome 100,413 49,636 13,889 69,474 42.784 18.638 £163,938 £130,296 241Page RegS$twed Charity No. 7151099
STOW MARIES GREAT WAR AERODROME UMITED A Ch•rllable Company Llmited by Guarantee Year Ended 3111 Mirch 21124 4 EXPENDITURE ON CHARITABLE ACTIVITIES Direct costs Support costs Total 2023 2024 Site Restoration Curation Natural & Environmental Conservalion Vocational Training & Educalion Business Development 6,433 1,299 13.646 15,322 1 S.703 20,079 16,621 15,703 37,057 78,747 7, 778 4.229 88,608 4,229 88.608 86,767 £7,732 £137,508 £145,240 £749.749 The method of apportionrnent of the Group's support cosls lo each of the Group's charitable and trading aclivities is explained in Note l iv to these Financial Statements. 5 EXPENDITURE ON TRADING ACTIVITIES Dlrect costs Support costs Total 2024 Total 2023 li Core Visitor Offer Publlc Events & Private Hires SMGWA as an Operational Aerodrome 29,872 18,453 2,316 37,876 37.876 12,627 67,748 56,329 14.943 59,766 48,422 19.568 £50,641 £88,379 £139,020 £727,756 The rnethod of apportlonment of the Group's support costs to each of the Group's charitable and trading activities is explained in Note 1 iv to these Financial Statements. 6 SUPPORT COSTS The constituent elements of Ihe Group's support cosls are ouillned in Note liv to these Financial Statements. They include £6,230 for depreclation (2023.. £5.944) and £nil for interest on the loans from Maldon District Council (2023.. £813). All the Group's salary and related costs are also included in support costs. as follows.. 2024 2023 Wages and salawies Employer's national insurance contrlbulions Employerfs eonlrlbutlons - defined contrlbutlon pension scheme 130,428 4,772 3,216 775,070 4,431 2,338 Total salary and related cost 13 251Page Regl$tered Charlly No. l 151099
STOW MARIES GREAT WAR AERODROME UMITED A Ch•rll•ble Company Umlted by Guarantèè Year Ended 31•t March 2024 6 SUPPORT COSTS - conlinued The average number of staff employed during the year was 4 (2023.. 4). The average number of volunleers over the course of the year was in excess of 125. It Is not practical to place a value on the tlme volunteered by these Individuals. Support costs include the followlng amounts in respect of govemance costs for the Group.. 2024 2023 Salary and on¢osts (10% of the CEO'S salary and on*osts) Independenl examiners, fees Statutory accounts and tax fees 6.209 4,000 650 6.073 4,000 650 £10,859 £70.663 7 TANGIBLE FIXED ASSETS (ol th• Group and the Charlty) Freehold land Plant & Fixtures, flttings Motor mathin•ry & equipment v•hide8 Total Cost I Valuation At 1 April 2023 Additlon5 1.795,630 18.787 41.307 460 5.897 1,861.621 460 At 31 March 2024 1,795,630 18.787 41.767 5.897 1.862.081 Depreclatlon At l Aprll 2023 Charge for period 11,716 1,061 23,242 4.976 4.612 193 39.570 6,230 12,777 28,218 4,805 45.800 Net book valu• At 37 March 2023 £7,795,630 £7,071 £18,065 £1,285 £1,822,051 At 37 March 2024 £1,795,630 £6.010 £13,549 £1,092 £1,816,281 HERITAGE ASSETS (of the Group and the Chaflty) 2024 2023 Cost and Valuation as at l April 23 Reclassifications as tangible fixed assets lrnpairments 51,292 51.292 Cost and Valuallon at 31 March 24 £51,292 £51,292 261Page R•glsttred Charfty No. 11510
STOW MARIES GREAT WAR AERODROME UMITED A ChaTitsbl• Company Llmited by Guar•n Ye•r Ended 318t M•r¢h 2024 9 INVESTMENTS (of the Charity) 2024 2023 Investmenl In SMGWA Trading Limited £1 £1 SMGWA Trading Limited is a wholly owned subsidiary of the Charity. The Financial Statements of SMGWA Trading Lirnited for the year to 31 March 2024 are summarised below: 2024 2023 Profft & Loss Account Turnover Cost of sales 163,938 130.296 (48,691) (49.213) Gross profit Administrative expenses 115.247 87.083 (90,327) (77.943) 24.920 3.740 Interest recelvable Prof11 for the financial year Gift aided profits lo Stow Maries Great War Aerodrome Lirnited 24,920 (24,920) 3.740 (3.740) Reserves carried forward 2024 2023 Balance Sh•¢t Current assets Current Ilabililies 52,186 38,094 (52,185) (39.093) Total net assels £1 £7 Represented by share capltal £1 £7 10 DEBTORS Group 2023 Charlty 2023 2024 2024 Trade debtors Amounts due from subsidiary company Other debtors Prepayments 7.488 5, 759 40,878 26.597 2560 7Z893 1,484 14.986 3,233 74,763 11,601 £17.958 £23.755 £52,479 £42050 271Page R•gl$tw¢d Charlty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Ch8rltable Cornpany Lknited by Guarant•e Year Ended 3111 March 2024 11 CREDITORS Group Charlty 2023 2024 2023 2024 Trade/other creditors Income received in advance Accruals Loan capital Instalments VAT Salary relaled creditors 6.315 9.248 6,432 70,773 8,623 5,656 72,500 2.675 3.696 5,037 8.025 5,651 4,931 72500 2,675 3,696 296 3.023 296 3,023 £25,314 £43,323 £14.007 £31.827 Loan capilal instalmenls Included within creditors at the year*nd are outstanding pension contrlbutiong of £542 (2023.. £942) SMGWA received two loans in September 2013 to enable il to purchase the freehold of the Stow Maries site.. £200,000 from Essex Couniy Council and £1 00,000 from Maldon District Council. Under the terms of the loan agreements. SMGWA was required to repay the loans in equal annual instalmenls of £25,000 and £12.500 respectively over the 8-year period ending in 2023. Following a successful negotiation, and a final payment of £50,000, Essex County Council agreed, in September 2020, to convert the remaining £75,000 of their loan into a grant, The loan agreement with Maldon Districl Council was discharged in the year. 12 RESTRICTED FUNDS (of the Group and the Charity) A•at 1 April Incoming 2023 resour$ Resources expered 31 March 2024 Emergency Building Works Fund Ideal Interpretations Fund Magnox Socio-Economic Fund Natural England Environment A.l.M. (Nature Near and Now) SEAF Fund Essex Community Foundation Go Fund Me -"Sopwith lo Stow" Head in Ihe Clouds H.L.F Next Steps 2,029 650 4,391 16,398 6,095 4,825 2,500 2,560 (1.316) (650) (3.674) (2,153) (5,835) 713 717 18.318 260 4.825 4,073 (2.500) (2.046) (4,229) (3.201) 514 271 4,500 44.200 39,448 9,747 52,773 (25,604) 66,617 9,747 Restricted Herftage Asset Fund Total Restrlcled Funds £49,195 £52,773 (£25.604) 76,364 281Page Reglstrfed Char•ty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charitable C¢mpany Llmlied by Guar•nllé Year Ended 31Bf March 2024 12 RESTRICTED FUNDS (of the Group and the Charlty). Conlinu•d Historic England has been funding emergency works to thebuildings onthe Stow Maries site slnce 2013, and match fundlng has been generously provided by a number of charitable trusts. Rounds l and 2 of the emergency works were concluded durlng the yearto 31 March 2020. There has been £1,316 spent in the year. A new project. Ideal Inlerpretations, was launched inthe summerof2020. Funded bya variety of trusts and foundations (led by the Essex Community Foundation), the aim of the projeci is to make high impact changes lo the existing exhibition space al the aerodrorne, including the provision of improved access for disabled visitors. The first elernent of the project, to create a new exhibition space for hosting the vislting St Omer exhibition. was completed in the yearlo 31 March 2020. In 202312024 expendtture was for curatorial interpretation within our exhibition spaces which completed the fund. In accordance wilh Ihe underlying socitreconomic funding agreement wilh Magnox Limited, wholly-owned subsldlary of the Nuclear Decommissioning Authority, this grant contlnues lo be used lo develop the site's wlldlife areas. There has been £3,674 expendlture from thls fund in 202312024. This funding from Natural England (received via the Rural Payments Agency) continues to be used to rnaintain the sile's grasslarlds and to enhance the natural environment to make it more attraclive to wildlife and insects. This funding from Association of Independent Museurns, is applied to the Nature Near and Now Project, an ecological project aimed at bringing more famllies on lo Stow Maries. There was £3,007 income retumed to the funder and £2,834 expenditure from thls fund In 202312024. The Social Enlerprise Accelerator Fund, adfflinistered by Maldon District Councll, was set up by ihe South E8sI Loc81 Enterprise P8rtn8rship ISELEP) lo fund business recovery from the Cov119 Pandemic. SMGWA was successful in ils application for funding to cover Ihe costs of new exlernal, temporary Marquees. These are to be used lo provide covered spaces externally for visilors not yet comfortable in the reduction of Social Distancing within the Café area: thereby enabling catering sales to grow. There has been no expendlture from this fund in 202312024. The purpose ofthis grant is to develop a new website for a VIW Aerodrome of hislorical and educational importance. The websile was completed during 2023/2024. To facilitate the installation of the Sopwith Tabloid 168 at SMGWA. The majority of this fund has been spent during the year and the Sopwith Tabloid 168 is now in place. 291Page R•glstsr•d Charity No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charltable Compony Limit•d by Guarantee Year Ended 3111 M•r¢h 2024 12 RESTRICTED FUNDS (of the Group and the Charlty). Contlnued Essex Community Foundation provided funding for revenue and materlal cosls for a series of workshops that welcomed over 300 young people and helped them explore Ihe stories of early aviation, STEM and the hlstory of Stow Maries Greal War Aerodrome. National Lottery Heritage Fund (NLHF) have awarded circa £88,000 to cover a variety of expenses. The 18 month Next Steps 2924 project is designed to drive footfall lo meet or miiigate our income shortfall on ourjourney towards sustainability post pandefflic. The approved purposes for this funding range from promotional materials through to event costs and stafflng. The Restricted Herilage Assel Fund represents the cost of heritage assets acquired from restrlcted funds. There has been no expenditure from thls fund In 202312024. 13 UNRESTRICTED FUNDS (of th• Group and the Charlly) 2024 2023 Unrestricted funds as at 1 April Net movement in unrestricted funds 2,062,521 (60,671) 2. 766,944 (104.423) Unrestricted funds as at 31 March £2,001,850 £Z062.521 Stow Maries Great War Aerodrome - site freehold ' Other fixed assets & stock Cash and cash-equivalent assels 1.795,630 7, 795,630 78,812 127,408 87.825 785,066 £2,001,850 £Z062.527 14 ANALYSIS OF GROUP NEf ASSEfs BETWEEN FUNDS Unre8tricted Fund8 R¢$trict Funds Total Funds A8 at 31 March 2024 Intangible fixed assetg Tangible fixed assets Heriiage assels Current assets - stock Current assets- debtors Current assets - cash at bank and in hand Current liabllilies Long-term liabililies 1.816.281 41,545 14,115 17,958 137264 (25,314) 1,816,281 51,292 14,115 17,958 203.881 (25.314) 9.747 66,617 Net assets al 31 March 2024 £2,001,850 £76,364 £2,078,214 301Page R•glit•r•d ¢Ity Mo. 1151099
STOW thrtARIES GREAT WAR AERODROME LIMITED A Charltable Company Umlted by Guarant• Yèar Ended 311t March 21124 15 AMOUNTS REC&VA8LE UNDER OPERATING LEASES The charilable company and Group's minimum fulure rental ineorne is as follows: 2024 2023 Receivable wlthin l year £503 £503 Located on the Slow Maries site is a property. 'Broad Acres,. which has a secured tenant in residence on a regulated tenancy. Under the regulated lenancy, the tenant is paying a 'fair rent, set by a rent officer at the Valuation Offlce Agency. Thls rent is payable in rnonthly instalments of £503. The tenant is only required to give one month's notice to sever the tenancy,. hence, at any point in tirne, the minimum fulure rental is £503. 16 FINANCIAL COMMITMENTS The Charity employs the services of architects and conlractors to deliver the building restoralion works outlined in Section 2 of Ihe Truslees, Report. The form of contract used to regulate the provision of these services is the JCT Minor Works Building. Conlracl with Contraelors Design, 2016. issued bythe Joint Contracl Tribunal. Under the terms of this JCT contracl, there is no obllgation, at any point in lime, for the Charily lo pay any cosls beyond the total value of work properly executed and the cosl of materials or goods ordered for Ihe works. As at 31 March 2024, all such costs were recognised in these Financial Staternents, and there were no additional flnancial commitments (2023.. none). 17 RELATED PARTIES SMGWA is controlled by ils Board of Trustees. No member of Ihe Board of Trustees receives remuneration from the company. All Trustees are required to declare any potenlial conflicts of interest at meetings of the Board and its sub.committees. SMGWA Limited's Board of Trustees comprises eight Trustees. None of Ihe Trustees of SMGWA Limited received any remuneration during the year and none had expenses reimbursed {2023'. £584). The trading activities of the Charliy are carried out through a wholly owned subsidiary, SMGWA Trading Limited. All Ihe profits generaled by SMGWA Trading Limited are gift aided lo the Charity (ref.. Nole 9 to these Financial Statemenls). Ouring the course of the year Ihe Charily recharged to SMGWA Trading, on an arm's length basis, support costs of £88,379 (2023.. £76,462). A balance of £40,878 (2023.. £26,597) wa5 owing by SMGWA Trading at the year end. SMGWA Trading Limited's Board of Direclors comprises three Directors, two of whom are also Trustees of the Charity. None of the Directors of SMGWA Trading Limited received any remuneration from SMGWA Tradlng Lirnited during the year (2023.. none) and none had any expenses reimbursed to them {2023.' none). Registsr•d Chwtty No. 1151099
STOW MARIES GREAT WAR AERODROME UMITED A Charliabl• Camp*ny Urn5t by Guar8nts• Year Ended 3141 Mar¢h 2024 18 COMPARATIVE CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES (Ilding Income & Exp•ndlttir• Account) Unre8lrlcled fund8 Re#trlcled funds Year ended 31 March 2023 Total Income from., Charrtable activitles 20,607 130,296 3,607 13,609 34,210 730.296 3,607 Trading actlvitles Donations & legacies Investments Rents receivable Interest receivable 9,032 827 9,032 827 Total income 164,363 13,609 177.972 Expenditure on., Charitable actlvilies Trading activities Investment management costs 147.372 727,756 258 8,377 149,749 127.756 2S8 Total expendrture 268,786 8,377 277.163 Net Income / (expenditure) before Iransfer8 (104.423) 5.232 (99,191) Transfers between funds Net movernent in funds (104,423) 5,232 (99.191) Total funds brought forward Z166,944 43,963 1270,907 Total funds carried forward È2062,521 £49,795 £2,777.716 321Page Regbitff•d Ch•rfty No. 1151099