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 #55 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 C￿rI￿ble Company Limited by G￿l•￿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. vo￿nIe•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 dor￿r$ 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 DIre￿orS 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