Stow Maries Great War Aerodrome Limited Consolidated Financial Statements Incorporating the Trustees. and Independent Examinerfs Reports Year ended 31 March 2025 •AECTP4YO' 091101)25 COMPANIES HOUSE A18
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Reglstered Company Na. 07863395 Registered Clwily No. 1131099
STOW MARIES GREAT WAR AERODROME UMITED Yw End•d 31it IAafth 21YIS CONTENTS Pag Trustees. Report 3-12 Statmnt of Trustees. Responsibilities 13 Independent Examinefs Report 14 consi51idat.éd Stateffiem Of Fifianeiai Aetlvifie& 15 cort8Olldatéd BalahÈè Shéèf 16 Charity Balance Sheet 17 COA&Olidatéd Slaféménf of Cash Flows 18 NOle& fo the" Cortsoridaied FihafiÈiai statements 19-30 21Page •d Ch4rfty 140. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Chafllable Compw Llmited by Guarantee Ended 311 Alarth 2025 TRUSTEES. REPORT The Trustees are pleased to present Iheir report on the affairs of Slow Maries Great War Aerodrome Limited (SMGWA), together with the independently examined Financial Statements of the charitable company and its subsidiary C(npanY, SMGWA Trading Limited, for the year to 31 March 2025. The Consolidated Financial siatements have been prepared in accordance with the accounting policies set out in Note 1 lo the Consolidated Financial Statements .and comply with Ihe Companies Act 2006. 1. OBJECTIVES AND ACTMnES Stow Maries Great War Aerodrome has the largttt and most complete surviving group of Royal Flying cOS buildings on a First World War (WW1) aeiodrome in the country, a rare surviving example which shows the layout and organisation of a WWI aerodrome. Established in 1916 as a main base for No 37 (Home Defence) Squadron, Royal Flying Corps (RFC), the aerodrome was operational for two years during the First World War. playing a pivotal role in helping defend the British mainland from attacks by German Zeppelln airships and Gotha fixed-wing bombers. 37 Squadron transitioned from Ihe RFC to'the newly formed independent Royal Air Force (RAF) on 1 April 1918 and remained at Stow Maries until 1919 when it transferred to RAF Biggin Hill. The site was largely untouched after it went out of use and twenty-two Grade two (Star) buildings remain out of the original forty-nine. The freehold of the site was acquired by the Charity in Deeembéf 2013. The sile also contains many ecological habitats capable of supporting a wide variety of species and plant life and Is reglstered for the rehabilitaiion of endangered species. This combination of histotic and natural assets Jends the site high significance. The objects of the Charity, as set out in its Articles of Associatlon. are lo preserve the fabrfc of Stow Maries World War One Aerodrome for the public benefit. and to advance the educatlon of the public in the history of Stow Maries World War One Aerodrome. the Great War and the natural history of the surrounding countryside in such ways as may be deerned chafTtable in law.. With this in mind. the Charitys core vision is lo consrn our 1que herltage slte to enable it to playa vltal witemp¢>rary role in the lives of ow local and wlder communlties and beeome a k•y The Charitys aims are to: Research, preserve and tell the stories of the men and women who INed. worked and died at SMGWA. Tell the story of London and the South East's hofne defence during the First World War, through the InteretatIOn and display of previously disparate collections of the period. Provide enjoyable educational. hefitage and leaming opportunities for all audiences. Deliver. with support from industry and training partners, vocational skllls development and volunteering opportunities, particularly for young people. Champion and be an exemplar of active participation and lifelong volunteering at the site. Make accessible the important natural heritage and biodiversity of the site. Deliver an exciting. engaging and varied programme of participatory evts, such as air displays. talks and family activities. Conserye all strurtures on the Heritagat.Risk register. In pursuing these aims. the Charity takes ils impact on the local and regional community very seriously. and its officers regularly meet rewesentatives of the community to discuss matters of coritern. 31Page R•gisievEd Ch*lty 1151099
STOW MARIES GREAT WAR AERODROME UMITED Yw Ended 31d la•r¢h 2025 2. ACHIEVEMENTS AND PERFORMANCE This section of the report summarises ihe achievements and performance of SMGWA in the year to 31 March 2025 in relation to the aims above. The Trustees have paid due regard to guidance from ihe Charity Commission on public benefit in deciding what activities the charitable company should undertake, and the impact of the following achievements. based on SMGWA'S aims, evidence that public benefit. Shè Réstoraiioh The Charrty has clear and staled aims to "Conserve all structures on the HerItagt-Risk registerf and "Make accessible the important natural heritage and biodiversity of the site". The Board Is keen to reinstate structuies presently missing from their original locations on site - such as wooden barrack huts and aircraft sheds - when funding allows. The following activities have taken place over the 2024125 year. Ongoing monitoring and responsive maintenance to the built estate presently under renovation including Building 31, 32 & 33 (Officers. Accommodation Blocks). Building 10 (Ihe Mortuary). and Building 17 (Pilots, Ready Rooms) enabling future planning for their widei use. Careful and sensitive clearance and upkeep of Building 46 (Generat Hut) including preventlng access to pests. Ongoing roof repairs to Building 16 {AlMn.$ Mess) and Building 5 (Communication Shed). Ongoing reinstatement of period paint schemes in Building 34 (Officers, Mess) and Building 16 (Airman's Mess). Completed structural supporting WO for Officers Mess annex (Buildlngs 35) to mainiain present surviving elevations. Cleaced and maintained significant drainage ditches throughout the site. Installed temporary habitsts for various bird species. including raptors. across the site at various locations. ctsyatlofi The Curatorial Team has benefitted from new volunteers. The following activitles have taken place-. Successful installation of "Feeding the Nation" a temporary exhibition hIlightIng the activities of the stte during its tenure as a farm in World War 2. Successfully established strong relationships with 2 new museum ambassadors leading to book signings. articles in the press and talks on site covering key parts of the Stow Maries story. Successful maintenance of Spectnjm 5 standards for the existing Collelon, new loans and donations. RLNestablished relationships with a nwnber of museums ranging from the Wilkin & Sons archive (Tiptree) and RHS Hyde Hall to RAF Museum and Imperial War Museum. Naturdl & Envlronmental Conservion The Stow Maries slte remains of considerable importance for its range of habrtats and potential to support a wide variety of species including a number of protected species. The Charity is cOrpoe munber of Essex Wildlife Tfust In 2024125. the Chaiity cominued its membership of the Natural England Entry and Higher Level- Stewardships schemes targeted at preserving the ecological well-being of the site. As part of our ongoing commitment io preserving our ecology and io promote the biodiversity value of the site we have introduced regular wildlife walks and are planning for wildliftrfocused events for families in summer 2025. We have also installed arKI mainlained pathways through the wooded area. including a picnic area for families. 41Page R•glslered Chlty 14D. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED End•d 3111 March 202S 2. ACHIEVEMENTS AND PERFORMANCE. contirnRd Vocalional Trainlng & E(10n The Charity successfully continued a series of key stage 2 leaming visits with local schools. leading to confirmed uptake and repeat visits planned for 202512026. Over 23 schools and educational needs groups have visited the aerodrome in the year from a variety of local schools across the region. including students wilh complicated special needs. The CANSATS Rocketry Competition returned in March 2025 with double the amount of school groups. followed by an equally successful retum of the UK Rockety Regional finals in the same mofith. Cm Wisitor Off Ift 2024125. the Charity's Visitor offer Comprised: Five penThinent and one temporary exhibitions: Home Defence. 37 Squadron. Rule Britannia.. The Women's War, MT.. Motor Transport, Words without Wires and Terror from Above (until February 2025) - all based in original buildings. Introductory tours as part of the admission pr?ce. Access to two hangars with display aircraft. A themed retail outlet. and A café serving fefreshmems. a range of full and light meals. cakes and snacks in the original Airmen's Mess. We recorded circa 8.000 admissions in 2024125. These were overwhelmingly aduft visitors and at events. Oue to the unprecedented renctionS impacting our main access road as a result of roadworks undertaken by Essex and Suffolk Water l Essex Highways, our visitor journey from horne to admission was catastrophically impacted. A great deal of work was undertaken by staff and volunteer4 as well as extemal stskeholders. to bolster visitor footfall and false our profile during thls time in the face of this direct challenge to our survival. Once full access was possible. visitors begaTr to retum, althjgh our visitor numbers clid not fulty recover in this year. Thanks to the Heritage Lottery Fund eendIng OUT °Nexl Steps 2024" project, we will deliver significant promotional work in Spring / Summer 2025 which we hope will go towards returning our visitor numbers to projected levels. SMGWA continues to occupy position 2 of 29 things to do in Maldon. as well as holding an average of 4.6 out of 5 for all reviews. (Trip Adviser- March 2025). Publlc Events, Gnwp Vlslts & Venue H The Chafitys core visitor offer is complemented by a series of differem W1C everrts. fanging flom flying displays to Remembrance pacades. historic object handling sessions, talk programmes and olher events. There were three major air events in the year - Wings and Wheels 2024. Prop Wash - a Festival of the Ali, and the Large Model Flying Show. Other events included a dog show. craft fayre and living history events. The Charity saw continued engagement from fee paying special interesi gupS such as Ir3A WI and local history enthusiasts. Venue hire income was developed as an area of irrterest with business-to&Jsiness relationships being developed with local corporate partners. SIPage Reglsternl Chty Ilo. 1151099
STOW mARs GREAT WAR AERODROME LIMITED Year Énded 31# Mah 2025 2. ACHIEVEMEKfs AND PERFORMANCE. continued SMGWA as an Opwational Affodron The aerodrome is still operational and accepts flights from light aircraft by prior arrangemem. A number of private owners base their contemporary, reproduciion and late production historic aiTcraft on siie. There afe st[t terms and conditions attaching lo the use of the site for hangarage. irKluding no 24-hour access and owners have to comply with the security arrangements in place. The site has permission for 3.000 aircraft movements per annum {a landing ataktroff counting as one movement). including extra movements on eight specified days per year, allowing foi flying event days. During 2024125, the" Charity assig1d four days for these extra movements. The number of overall aircraft movements was well within the annual allowance. Volunteffl SMGWA presently has circa 110 registered volunteers, comprising a regular core group. occasional volunteers who support the'core volunteer group. ancl the volunteer Twstees. The volunteef roles are organised into five 'Fllghts': 1. Curatorial Flight comprising guides, researchers. cataloguers. and consepiationists that oversee the care of our curatorial and ecological estate. 2. Estate Flight. undertaking landscaping wo¥K and building conservation and maintenance. 3. Mess Flight, serving refreshments in the Airman's Mess café arKI'at stands during events. 4. Welcome Flight, welcoming visitor& selling admission tickets. and funning the shop and event stands. 5. Admin Flight. volunteer management. and training: and providing ad hoc support on event days. including site set-up and marshalling. This overall nurnber has remained broadly stable over the past couple of years. In an average year. these volunteers give over 26,000 hours of their time for free. an average of over 500 hours per week and nearly 250 hours per volunteer. Volunteering Irends within the UK continue to change and the Charity recognises this. We are committed to ongolng development of our volunteering offerto reflect Ihe diffefing needs ofthe volUntring community as well as our own. The Charity corrtinues to. maintain the high standards of sensitivity and professionalism in. its volunteer operalions that led to it gaining the Queen's Award for Volunteering Services in June 2020. 3. FINANCIAL REVIEW Ffom a financial perspective. the Group's activilies are sthlivided between tradingactivities and charitable activities. In greater detail for 2024125: 1. Tradlng activfties Trading activities are managed and accounted for through Ihe trading subsidiary comparry. SMGWA Trading Ltd, and comprise admission fees. retail sales and catering (i.e.. Ihe 'core visitor offerf). public everrts. privale hire, hangarage and lartding fees. During the course of the year to 31 March 2025 these trading activities generaled income of £178,918 (2024: £163,938). The direct costs associated with these activities amounted to £49,854 (2024: £48.691). giving a gross surplus of £129.064 (2024 . £115247). After Ihe allocation of a fair share of the Group's staff, consultancy and overtad costs (altogether referTed to as 'support costs.) of £79.746 (2024: £88.379). these trading activilies returned net surplus of £47.085 (2024 . £24.920). 61Page R•qlgl•rnd Chrlty Nth 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charilable Company LIMit by Gwantee Yw Ended 3111 2025 3. HNANCIAL REVIEW. continued 2. Charltablé a1•$ These activities comprise site restoration. curation, natural & environmental conservation. vocational training & education. and business development. Where the direct costs associated with these activities have been funded by grants donated for the purpose, they are accounted for as restricted charitable activities. To the extent that these grants are not all defrayed in the year in question. they are carried forward in the Balance Sheet. In the yearto 31 March 2025 the charitable company received £31.630 (2024.. £49,772) in restricted grants and expensed £46.611 (2024: £22.603). leaving a carry forwaid of £61,385 (2024: £76.364) for utilisation in 2025126 and bryond. Note 12 10 the Financial Statemenis provides further detail. The remainder of the Group's staff. consullancy ar overhead costs (ref. l above) is also allocated to one or more of the aforementioned charitable activities. In the year 10 31 Marth 2025, these cOS tolalled to £158,445 (2024: £137,508). Because they were not funded from grarrts specified for a particular restricted purpose. these costs are treated as unrestricted. In greater detail, the Charity's aforementioned unrestricted charitable activities were funded this year by the following grant: The Garfield Weston Foundation 50,000 . Total £50.000 The narrative in Section 2 of this Trustees. Report is aligned with the headline athivities outlined above, as are Ihe income and expenditure disclosures in Notes 2 to 5 of the Financial Statements. Aside from trading and chaiitable activities. the Group also generaled incorne froTn: Doftath)ns & Legades- in the year to 31 March 2025 the Charity received donations (i.e., gifts made on a voluniary basis without any significanl benefit to the donoi) of £46,898 (2024. £4,606). b. Investm¥ts- in the year to 31 Mafch 2025 the Charity received rental income from the Stow Maries site of £6,032 (2024: £6.782) and bank interest of £1,570 (2024: £2,554). The subsidiary company received bank interest of £Nil (2024: £Nil). Reserves Pollcy The Trustees recognise that it is necessary forthe Group to maintain a minimum level of reserves to enable it to provide working capital and to act as a contingency to meet any unfofeseen needs. The charitable company's Reserves Policy requires the Group's minimum unrestricted funds not invested in fixed assets or stoekto be sufflclent to enablethe company to meet its next 3 montlis. expenditure on its [eStricted activities. As of 31 Marth 2025. this equated to a minimum requirement of £62,053 (2024: £65.542). The Group's actual minimum unrestricted funds not invested in fixed assets Of Ock as ai thai date amounted to £176.243 (2024: £127.408) - see Note 13 to the Financial Statemerrts. 71Page Regklwed Ch¥rftyNth 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charltabla Company Umlled by Guaran1•• Y•ar Ended 31t ma 20ZS 3. FINANCIAL REVIEW- c(Mrflnwd Fundralsing & Donations Pdky The charitable company is committed to following the Code of Fundraising Practice laid down by the Fundraising Regulator (the independent non-statutory body that regulates fundraising across the charttable sector in England, Wales and Northern Ireland). The Charity will only accept donations and other financial support which can help il to fulfil rts chairtable objectives and airns and will noi accept donations and olhef financial support which arise from illegal or disreputable activities, or which could damage ihe Charity's reputation. The Slow Maries Gift Acceptance Policy rigidly adheres to the guidelines laid down above. The Charity is committed to honest and transparent communication Wilh donors and supporters about how their contributions are spent. Investmert Policy The Trusiees. Investrnent Pdicy is to invest any surplus cash (over and above the Group's short- term liquidity needs) in deposit accounts with the Group's bankers. currentjy Santander. The Tiustees perceive the fesidual risk associated with holding cash with Santander (cash which, from time to time. will exceed the amount guaranteed by the UK govemmeni's deposit protection scheme - currentty £85,000) lo be minimal. and one that they are prepared to accept. Rlsk Management As part of its overall govemance review. the Boafd has developed a Strategc Risk Register to identify key risks, and to monitor progress in managing these risks. With four Board Sub- Committees now up-andrfunning (ref: Section S of this Trustees. Report), each Committee will be regularty reviewing those aspects of the Group's Strategic Risk Register which fall wtthin their remit or influenced by the activities of the sUcOMmIttee. and will implemeni actions to eliminate or minimise the impacl of the risks under their control. The major risks will then be taken to Ihe subsequent Board meeting for furthw action, as necessary. 4. PLANS FOR FUTURE PERIODS Havlng delivered a better-thanxpected result in 2024125. the CharFty intends lo build on this success going fopNard. focussing on driving up visttor numbers. achieving strong spend per head figures (in retail and hospitality areas). developing alternative income streams vthere appropriaie and building on extemal relalionships. We recognise that the year ended 2025126 will be the first effectively "clear -of the impact of the Covid 19 pandemic and associated closures. We anticipate a growing return to fonn with the museum-visiting communrty. and we intend to have a welcome and professional visitor experience ready to offer. This will be augmented by incr&ed cornmercial activity on the siie. Whil working hard to secure the consistent opening hours that we have established with our audiences. Having piloted a number of events in our increased program we will aim to strike a balance between aspiration and resource as we ty io maintain audience MOmrtum. The Charity has budgeted for 10.000 visitors during the 2025/26 financial year. and this we believe is attainable bearing ni mind the key poims already raised in ihis section. This stralegy has a key reliance on our ability to communicate and engage with our audiences. In the closing months of this year we have ideniified a business need for restructurlng to make better use of our resources and as such will be appointing an Engagement Officer and Marketing and Communication Officer. both of which will directly influence the delivery of our plans, whilst dissolving the vacant Bookings Officer arKI Admin Assistant foles. These steps are directly supporting OUT Strategy of growth. 8IPage RgleTed 4*ity No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charilabl• Company Llmiled by Guara8 Y8v Éd31ffi Marth 202S 4. PLANS FOR FimiRE PERIODS . e(xitltiued Stow Maries Great Waf Aerodrome Limiled is registered as a private company limfted by guarantee, In[pOlated in England and Wales wrth registered company nUrnb 07863395. The Charity is Co$titUted under its Articles of Association dated 26th February 2013 and is registered Charty, number 1151099. In the event of the company being wound up. the liability in respect of the guarantee is limited to £10 per member of the company. The registered office is Hackman's Lane. Purleigh, Chelmsford. E$Sex CM3 6RN. 5. STRUCTURE GOVERNANCE AND MANAGEME[ The Board of Twstees meets binrthty. The Trustees who have held Off during the year are as followg: Mf M J Gill (Chair) Mr J F Aldridge Mr P l Hewitt (Resigned 28 May 2024) Ms P A Johnson Mr C J Macgowan OBE Mf D Mack Mr A J McQuiggan Ma S J ThrÉlfall The Trustees of the charitable company (under Charity law) are also Directors of the charitable company under company law. The Trustees/Directors are responsible in law for all strategic and governance decisions made by the charitable company, and they receive ongoing trainlng as required. The Articles of Association stipulate that Trustees can be appointed either by the Charity at general meeting or by a resolution of the oiher Trustees. There is no maximum number of Trustees. At each Annual General Meeting, ontrthird of the Trustees are required to retire and are then eligible for r*appointment. TIK)se longest in office SIntheir last appoinlment are required to retire first. A Trustee appointed by a resolution of the other Trustees must retire at the next general meeting and must not be tak into account in determining the Trustees who are to retire by rotation. As part of their induction new Tiustees are provided with an information pack which includes copies of the Articles of Association. the latest Financial Statements and other relevanl documenti10Th. The Board has established four Sub£ommittees with delegated authority to exercise powers for certain functions and to take responsibility for making recommendations to the Board. Each committee has its own Terms of Reference and comprises a number of Trustees and other mernbeis chosen for their expertise or knowledge in that sphere of operation. Each Committee meeting is attended by members of the executive team. The Chair of the Board is an ex-officio mwnber of all Committees. Trustees ale free to attend any meetings they wish. 91Page RWor•d Clwlty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMrrED A ClwltsWe Comwy Umiled by Guaranlee Yw Énded 3111 March 2tr25 5. STrUCTINIE GOVERNANCE AND MANAGEMENT. continued As at the Balance Sheet date of Ihese Financial Statements. the membeTthip of each of Ihe four Sub(ommittees comprise Ihe following individuals (the anticipated minimum number of meetings for 2025126 is sIM in brackets): Corporate Governance Comrrikn {3 meetings w annum) Penelope Johnson (Chair) Chrislopher Macgowan Anthony McQuiggan Sarah Thcelfaii Curat1x Committee (5 meetings per annum) John Aldridge (Chair) Irene Allen (Minute Secfetary) Mick Broad Petei Keam Dale Lljek Christopher Macgowan Peter McGee (Independeni Advisor) Doug Shorter Suzanne Wood Estate and Bulldlngs COMTr (4 meetings per anNm> Sarah Threlfall (Chair) Jarf Jansen ROSS Matland Doug Shorter Pats"I Wilson Flnance and Au(rrt Committee (4 meetings per ann) Dave Mack (Chair) Chrlstophef Macgowan Anthony McQulggan Richard Tufnell (Independent Advisor). Table of Board & Sub-commltteeAttendae 2024125 E5we and £aaa FiAaKeaNf 18moeW) {3 MJGIII J FAldthd P l Hewitt11 PAJohnson Cjma D Mack Cha5rl Chai 6( S ICh4irl 5 J Thre1 l Resydas of28My2024 IOIPage Rwored Charlty 1151099
STOW MARIES GREAT WAR AERODROME LIMITED Yw End8d 31*t Mafth 2025 5. sTruclliR4 GOVERNANCE AIID MANAGE•IT. ll•nUed The Exéartlvé All operational decisions are made by the executive. The Chief Executive Officer is lan Flint. The organisation's executlve structure comprises". Chief Execulive Officei Employee Curator Volunteer AÈSlStaM Curator Voluniéér Finance Officer Employee Operations Supervisor Employee Welcome Supervisor Employee Bookings Officer Empk>yee Volunteer C(FOrdinator Volunteer Catering Supervisor Employee Catering Assistant Empk)yee Full time Vacant role Part tlme Part time Part time Vacant role Vacant role Part time Part time Vacant role The Board of Trustees is responsible for the setting of executive pay. Pay for staff aims to reflect the market for comparable jobs in comparable organisations. the level of knwledge, skills and experience required, and the responsibilities and accountabilities associated wilh each role. All ernployees. corrtractors and volunteers receive the training they need lo allow them to discharge thelr thties. The Patrons of the Charity are led by Lead Patron Mfs knmfer Tolhurst (HM LorthLieutenant of Essex). Other Patrons include Lord Petre KCVO, DL. The Rl Hon Slr John Whittingdale OBE MP, Dr Saul David. Dan Snow MBE arKI Mrs Fiona Clegg. SMGWA Trading SMGWA Trading Limited. incorporated in ENJland and Wales. registered company rKffnber 09925613. is a vtholly owned subsidiary of the charitable company. The company's primary activity is to sell goods and services associated with the aims of its parent charitable company. All the profrts generated by SMGWA Trading Limited are gift aided to the parent tharitable company (ref: Note 9 10 these Financial siatements). The Directors are Mr J F Aldridge. Mr M J Gill. WI are also TrUeeS of the parent charitable company arKI Mr M E Platt. 111Page Roolsl•f•d Ch•lty No. 1151099
STOW MARIES GREAT WAR AERODROME LIMrrED A Chwhablq Company Llmtted by Gu•rnnt•• Y••r Ended 31at Marth 2025 6. OTHER REFERENCE AND ADMTrIISTrATIVE DEfAILS Bankéts The company's bankers thioughout the year were: Santander Bank plc 9 Tindal Street Chelmsford ESÈÉX CM1 1 ER lftdependent Examiners The IndeperKlent Examiner throughout the year was: Moore KingOn Smith LLP Chartered Accountants ort)ifal House 20 Eastem Road Romford Essex RM13PJ Moore Kingston Srnith LLP has indicated its willingness to continue in office and will be pioposed for reappoinlment at Ihe Annual General Meeting in accordance with Section 485 of the Companies Act 2006. Approved by Order of the Board of Trustees 30 Septe1rer 2025 and signed on its behalf by". Mf Martyn Gill. Chair of the 8oaid of Ywstees 121Page Rqglster•d (* 11¢1. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED Yw Eftded 31•t March 2025 STATEMENT OF TRUSTEES. RESPONSIBILITIES For the wlod I WI 2024 to 31 March 2025 The Trustees (who are also the Directors of Stow Maries Great War Aerodrome Limited for the purposes of company law) are responsible for preparing the Trustees. Report and Ihe Financial Statements in accordance with applicable law and United Kingdom. Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affaics 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 Financlal Statements, the Trustees are required to: select suitable accounting policies arKd then apply them consistently: observe Ihe methods arKI principles in ihe Charity SORP; make judgments and estimates that are reasonable and prudent: state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and prepare the Financial Statements on the going concern basis unless it is inappropriate io presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the chafitable company and to enable them to ensure Ihat the Financial Staiements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other ifregularities. In so far as the Tfustees are aware: there is no relevanl infomation of which the charttable company's Independent Examiners ale unaware- and the Trustees have taken all sieps that Ihey ought to have taken io make ihemselves aware of any relevant inforrnation and to establish that the independent examiners are awaie of that informatlon. 131Page Reol¥t*al Cl• No. 1157099
STOW MARIES GREAT WAR AERODROME LIMITED Y•af End 31Bt PAar¢h 202S INDEPENDENT EXAmINEs REPORT TO THE MEMBERS AND TRUSTEES OF STOW MARIES GREAT WARAERODROME UMITED I report on the accounts of the Group for the year ended 31 Maich 2025 which are set out on pages 15 to 30. As the Trustees (who are also the Group's Directors) of the Grow you are responsible for the weparation of the accounts in accordance with the requirements of the Companies Act 2006 Cthe 2006 Act?. Having satisfied myself that the accounts of the Grow) are not required to be a(Klited under Part 16 of the 2006 Act are eligible for independent examination. I report in respect of my examination of your Group's accourrts as carried out under section 145 of the Charities Act 2011 Cthe 2011 Act). In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5) (b) of the 2011 ACL Since the Company's gross income exceeded £250.000 your examiner must be a member or a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination. because l am a member of ICAEW. which is one of the h.sted bodies. I have completed my examination. I confimi that no rnatters have come to my attention in connection with the examination giving me cause to believe: l) accounting records wece not kept in respect of the Group as required by section 386 of the 2006 Act: or 2) the accounts do not accord wrth those records: or 3) the accounts do not comply wtth the accounting requirements of section 396 of the 2006 Act othei than any requirement that the accounts give a Irue and fairf view which is nol a matter considered as part of an independent examination: or 4) the accounts have not been prepared in accordance with Ihe methods and inciples of the Statemerrt of Recommended Practice for accounting and reporting by charities applicable to chartties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and'Republic of Ireland'(FRS 102). I have no concems and have come across no other matters in c0futiOn with the examination to which attention should be drawn in this report in order to enable a pcoper understsnding of the accounts to be reached. Karen rdell FCCA For and on behaff of Moore Klngston Smlth LLP Orbital House 20 Eastem Road Romford Esgex RMI 3PJ 141Page Réql¥¢*eO owlty Ilo. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED Yw Ended 31•1 Math 2fj25 CONSOLIDATED STATEMEiif OF FINANCIAL ACTIVITIES (Inckrfing & EAdilure Account) YEAR.ENDED 31 MARCH 2025 funds funds 2025 2024 DelIP110 Incorn frqmn: Charttable actlvities Note 2 50.000 178.918 46.898 31.630 81.630 178,918 46.898 73,388 763.938 4.606 Trading activitses Donallons & legacl Nole 3 Rents re1vable Interest receivable 6.032 1.570 6,032 1,570 6,782 2,554 Total income 283.418 31.630 315.048 251.268 Charitable actlvltles . Trading activities Note 4 116.197 131,833 180 46.611 162.808 131.833 180 745,240 739,020 510 Note 5 Total expendilure 248.210 46.611 294.821 284.770 Net Income / (eXpendIre) 35,208 (14.981) 20.227 (33.502) Transfers btheen funds Net movement In lunds 35208 (14.981) 20,227 (33.5021 1001.850 76.364 2,078,214 2, 111,716 Total fimds cafried forna 2 037.058 61.383 ZOY8.441 207&214 The. notes'on pages 19 10 30 fomi part of Ihese Financlal Statemenls. Approved by Order of the Board of Trustees on 30 September 2025 and signed on its behalf by: Mr Martyn Gill Chair ol the Board of Trustees 151Page •r•d Clwmy 110. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED Y•ar Ended 3111 Matth 2025 CONSOUDATED BALANCE SHEEf.AS AT 31 MARCH 2025 2025 2024 Fixed a8*ets Intangible assds Tangible assets Heritage assets 1,809273 1,816,281 51292 51,292 1,860,566 1.867.574 Stock Debtors Cash at bank and in hand 9,997 42,606 21 &766 14.115 17,958 203.881 10 268,369 235.954 Creditors: amouts falllng due wlthln one year 11 30,494 2S,314 237,875 210.640 2.098,441 1078,214 Creditors: amounts falling due after more than one year 11 Net xsots 14 2,098,441 2.078214 Restricted funds 12 61383 76.364 Unrestrlcted funds 13 2.037.058 ZOOI.850 Totsl funds 2.098.441 2.078214 For Ihe financial year ended 31 March 2025 the Group was entitled to exemption from audit under section 477 of the Companies Act 2006. The Members have not required the Group to obtsin an audit in accordance with section 476 of the Conipanies Act 2006. The Trustees acknowledge their responsibililies for complying with the requirements of the Act with respect to accountlng records and the preparation of financial staternents. These accounls have been prepared in accordance with the provisions applicable to companies subject to small companies. regime within part 15 of the Companies Act 2(MJ6. Approved by Ordei of the Board of Trustees on 30 Septernber 2025 and signed on ils behalf by". Mi Martyn Chair of the Board of Tfustees The notes on pages 19 to 30 fomi part of these Flnanclal Statements. 161Page Reglslernd Ch•rftyllo. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A (#hYllabl• Company Limiied by CHARITY BALANCE SHEEf. AS AT 31 MARCH 2025 2025 2024 Intangible assets Tangible assets Heritage assets Investments Ivi 1HJ9273 51292 1,876.287 51292 1.860.$67 1.867.575 Debtors 10 64.917 52A79 Cash at bar and in hand 188.296 172.767 253.213 224.646 Credftors: anUnts falllng withwi one yr 15339 74.007 237I74 210.639 1098.441 2.074214 Creditors: amounts falling due after more than one year 11 14 1098.441 Z07a214 12 61383 76.364 13 Z037.058 ZOOl.850 Total funds Z098,441 Z078274 The notes on pages 19 to 30 fo pwt of these Financial Statements. A sep8fe $eMeM of Finan1 Activriies (9)FA) is nol presenied tjecause the eh8Witable comp8ny has taken adyanlage of the exempt$ afforded by settron 408 of Compankn Act 2006. The nel MOV in funds for the parem Charity W8$ a surplus ol £2U227 (2024,. dél*ll Of £33.5Lf21. Approved by Order of the Board of Trustees on 30 September 2025 and signed on its behalf by: Mr Martyn Chaii of the Ooard of Tiustees 171Page R41Stor Chartty Na 1151099
STOW MARIES GREAT WAR AERODROME LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS- YEAR ENDED 31 MARCH 2025 T¢)tsl 2025 Total 2024 funds Net incofflel(expnditure) after transfer5 Flnanclal Aclivitses 35208 (14,981) 20227 (33,502) Adjustments for. Rertts receivable Interest receivable Depreciation charges Heritage asset impairments Decrease in slock (Increase) Idecrease in debtors Increase / (decrease) in cieditors Release of loan repayment (6.032) (1.570) 7.008 (6,032) (1,570) 7,008 (6,782) (Z554) 6230 4.118 (24.648) 5.180 4,118 (24,648) 5,180 (257) 5.797 (18,009) Net Cath provthl by l (used in) 19263 (14,979) 4,284 (49.077) Rents received Imerest received Purchase of tangible fixed assets 6.032 1.570 6,032 1,570 6.782 Z554 (460) 7.602 7.602 8,876 Cash flows fram financlng athivrties: Loan repayments (-) {-) Net dmnge In c 26.865 (14.979) 1786 (40207) 137.264 66.617 203.881 244.082 Cath balances wied forward 164.729 51.638 215,767 203,881 18IPage Regigtored Chwlty No. 11511199
STOW MARIES GREAT WAR AERODROME LIMITED A Chwliabk cPanY Limh•d by Guarantae Y•4r Enthd 31il Marth 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 1 ACCOUNTING POLICIES Basls of accountlng and consolidation These Financial Staternets have been prepared urKler the historical cost conveniion and in accordance wrth the Companies Act 2006. the Charities Act 2011 and the Stalemenl of Recommended Practice (the Charities SORP) applicable to charities preparing their accounts in accordance with FRS102 (the Financial Reporting siandard applicable in the UK arKI Republic of Ireland). They consolidale the accounts of Slow Maries Great Wai Aerodrome Limited ('the charitable companY). a private company limiied by guarantee, and SMGWA Trading Limited (Ihe subsidiary company). a private company limited by shares. Both companies are domiciled and incorporated in England and Wales, and both have their registered office at Hackman's Lane, Purleigh, Chelmsford, Essex CM3 6RN. The charitable company is a public benefit entity as defined by FRS102. No separate Statement of Financial Activities has been presented for the charitable company, as permitted by Section 408 of the Companies Aci 2006. These Financial Statements have been prepafed in sterling. which is the functlonal currency of both the charitsble company and the subsidiary company. Monetary amounts in these Financial Statements are rounded to nearest pourKI. The TYuStees havé a reasonable expectation that the charttable company has adequate resources io contlnue in operational existence for a minimum of 12 months from the date of approval of these Financial SternentS. As a resujl the Trustees continue to adopt the going concern basis of accounting in preparing these Financial Statements. iv. All income is accounted for on a receivable basis. net of any applicable VAT. Expenditure is accounted for on an accfuals basis. All income and expenditure is allocated to a particular activity where it relates directly to thai activity. All staff and consultancy costs are apportioned across the activities that the particular functions support. Ovethead costs (including site overheads, administrative costs and consumables, information technology and insurances) are similarly apportioned. Take together. all these costs are referred to as 'Support Costs, in Note 6 to these Financial Staterriems. Income and expenditure from irading 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 irrne and expenditure is accounted for in the charitable company. Fund ac¢ounting Unrestricted funds comprise trading income. donations, contract income and other income receivable or generated for the objects of the charitable company and its subsidiary company wilhout further specrfied purpose. Restricted funds are grants or other donations whlch are requiied to be used for specific purposes laid down by the donor. 191Page
STOW MARIES GREAT WAR AERODROME LIMITED NOTES TO THE CONSOLIDATED ANANCIAL STATEMEMrs YEAR ENDED 31 MARCH 2025 1 AccouKfiNG POLICIES - conlirned Intanble thd assets The Group's intangible fixed assels cornprise the )QdwIll generaled on the Stow Maiies site prior to its purchase bythe charitable company. The value of this goodwill was arrived at ty the solicitors acting for the charitsble compw)y on the pwchase of the site. i. The freehold of the Stow Marbes site was acquired in December 2013. All. the cOS of resI1ng and conserving the fTeehold land and buildings. including associated consultancy fees, are written off as they are incurred. As of the date of approval of these Financial Statements, the Board of Trustees does not consider it practicable to provide a more up-ttrdate estimate of the value of the freehold land and buildings, owing to the muftrfarious arKI complex conservation OFders and consents which would necessarily have an impact upon such an estirnaled value. Located on the site is a propety. '08d Acres.. which has a secured tenant in residence on a regulated tenary. Undu the regulated ienancy. the tenant is paying a 'fair renf set by a rent officer at the Valuation Office Agency. This rent is lower than the marfcei rent. The remainder of the Stow Maries site is held for operational use as a tangible'fixed asset but, from time to time. parts of the site may be rented out on short-term operating leases. Because there is no lontytenn intention to hold the site for investmenl purposes, and because the fair value of all the rented buildings is very small relative to the value of the site as a whole and canrK)i be measured reliably without undue cost. it is Ihe charltable CoMpanS policy to account for the entire site as freehold pcoperty within tangible fixed assets. The freehold property is not depreciated because it is deemed to have an unlimsted usefuj Jife. In accordance with FRSI 02. Ihe rentsi income from the site is separatety disclosed in the Statement of Financial Activities. The future minimum rental receipts are disclosed in Note 15 to Ihe Flmaneial StateihÈnTS. vlll. Other tangth fixed assets & depreclatlon Assets costing in excess of £1,000 are capitalised as tangible fixed assets. The annual depreclation charge for tangible fixed assets is sensitive to changes in the estimated useful economic Ibves and residual values of the assets. Consequently, the useful economic lives and residual values are rtrassessed annualty. In these Financial Statements. depreciation is provided at the following annual rales in order to write off each tangible fixed asset ovef its estimated useful life: Plant & Machinery . 15% on reducing balance Motor Vehicles - 15% on reducing balance Fixtures, FittirvJs &. Equipment -IO%onco ICT Equipmenl - 20% on cost ix. Heritage assets Heiilage assets are inilially capitallsed at hisioric cost. Their values are reviewed annually and any impairment is accounted for as a chafge to the Income & Expenditure account. Stocks Stocks are valued at the lower of cost and r*t realisable value. after making due allowance foi obsolete slow-moving items. 201Page R•glstered Charlty 1151099
STOW MARIES GREATWAR AERODROME LIMITED A Chwlt•bh Company Llmliad by GuaraAt•• Vear Énd•d 31st IAarch 2025 NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 I ACCOUNTING POUCIES- conlhwed All the Group's financial assets and financial liabilities are 'Basic Financial Instruments,, as defined in Seciion 11 of FRS102. The Group's financial asseis are measured at the cash consideration expected to be received. and the Group's financial liabililles are measured at the cash consideration expected to be paid. The amounts falling due on the charitable company's loans aTe not discounted back to their presenl value as the time value of money is considered by ihe Board to be immaterial. Cash and cash equfvalerts Cash and cash equivalarts comprise cash in hand and deposits held at call with banks. The company operates a defined corrtribution pension scheme for all qualifying employees. The assets of ihe defined contribution scheme are held separatety fiom those of the company in an independently administered fund. Employer contributions are chawged in ihe accounts as they becwie payable in accordance wilh the rules of the scheme. Taxation Stow Marles Greal War Aerodrome Limited is a Charity within the meaning of section 506(1) of the Taxes Act 1988. Accordingly, it is potentially exempt from taxation in respect of income or capital gains received within the categories covered by Section 505 of the Taxes Acl 1988 or Seciion 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable puq)oses. Govemment grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grarrts will be received. Govemment grants are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are Tecogfmsed in income systematically overthe asset's expected useful life. If part of such a gram is deferred it is Tecognised as defeffed income rather than being deducted from the assefs carrylng amount. xvi. Key sources of esthnation Imicertainty In ihe application of the Group's accountlng polis. the Trustees are required to make judgements. estimates and assumptions about the caNying amount of assets and liabilities that are not readily apparent from other sources. The esiimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eimateS are recognised in the period in which the esiimate is revised where the revision affects only that period, or in the period of the revision and future perlods where the revision affects both current and future periods. Other ihan in relation to the value of the freehold property (see Note 1 vii), Ihe Trustees do not consider there to be any material estimates or judgements contained within these Flriancial Statahents. 211Page
STOW MARIES GRFAT WAR AERODROME LIMITED Yw Efttlad 31•1 Marth NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS YEARENDED 31 MARCH 2025 2 INCOME FROM CHARITABLE AcnvmES 2025 Site Restoration Curation Natural & Environmental Conservation Vocational Training & Education Business Development 25.000 25.000 3.590 1.500 3.590 1,500 50,000 so.000 50,000 31.630 81.630 2024 Site Resioration Curation Natural & Environmental Conservation Vocalional Training & Education Business Development 1.000 7.000 7,072 7.776 64.200 7.072 4.500 44200 2,676 20,000 23.676 49.772 73.388 Income fTom Charitable Activities includes the following 'govemment grants.: 2024 National Lottery Heritage Fund Historic England Rural Payments Ager 44.200 25.000 3.591 4,072 28.591 48,272 3 INCOME FROM TRADING ACTMTIES 2025 2024 (as defi'ned in Section 2 of the Trustees, Report) Core Visitor Offer Public Events & Private Hires SMGWA as an Operational Aerodrome 109203 53.406 16309 700.473 49,636 73.889 178.918 763.938 221Page lJldt•d Charlty 1151099
STOW MARIES GREATWAR AERODROME LIMITED Year Erttled 31# March 2025 4 EXPENDITIIRE ON CHARrrABLE ACTIVITIES Totsl 2025 2024 iv Site Restoration Curation Natural & Environmental Conseryation Vocational Training & Education Business t)evelopment 3.451 911 12.791 14.723 13.076 16,242 15,634 13.076 20,079 76,627 75,703 176 117.680 176 117,680 4,229 88,608 4.362 158.446 162,808 145.240 The method of apportionment of the Group's support costs to each of the Group's charitable and tradiThJ activities is explained in Note liv to these Financial Statemems. 5 EXPENDITUREON TRADING ACTivmES DIT•et Support Tot•1 2025 Total 2024 Core Visitor Offer Public Events & Private Hiies SMGWA as an Operational Aerodrome 32.728 14,114 5.245 34,176 34.176 11294 66.904 48.290 16,639 67,748 56,329 74,943 52.087 79.746 131.833 739,020 The method of apportionment of the Group's support costs to each of the Group's charitable and trading activities is explaiwl in Note 1 Iv to these Financial Statements. 6 SUPPORT COSTS The constituent elements of Group's support costs are outlined in Note 1 iv 10 ihese Financial Slatements. They include £7.008 for depreciation (2024: £6230). All Ihe Group's salary and related costs are also included in support costs, as follows: 2025 2024 Wages and salaries Employefs national insurance conttibutions Employefs coniributions - defined contribirtion pension 120.467 5,136 3,900 730,428 4,772 3.276 Total salary and related cost 138476 231Page R¢glsl•rnd Ck¥lty l 151099
STOW MARIES GREAT WARAERODROME LIMITED A Chafitable Company Limited by Guarantee Ye¥ Ended 31st March 21n5 6 SUPPORT COSTS - continued The average number of staff employed during the year was 3 (2024: 4). The average number of volunteers over the course of the year was in excess of 11 O. It is not practical to place a value on the time volunteered by these individuals. Support costs include the following amounts in respect of governance costs for the Group.". 2025 2024 Salary and on-costs (10% of ihe CEO'S salary and onfosts) Independent Examiner's fees Statutory accounts and tax fees 5.981 4,700 675 6,209 4,000 650 11.356 70,859 7 TANGIBLE FIXED ASSEfs (of the Group and the CharSty) Freehold land Plant & Fixtures, frttings Motor machinery & equipment vehicles Total Cost I Valuatlon At l April 2024 Additions 1,795.630 18.787 41,767 5.897 1,862,081 At 31 March 2025 1.795,630 18,787 41,767 5,897 1,862,081 Depreclallon At l April 2024 Charge for period 12.777 901 28.218 5,943 4,805 164 45,800 7,008 13,678 34,161 4,969 52,808 Net book value At 37 March 2024 1.795,630 6,010 13,549 1,092 1,816.281 At 37 March 2025 7. 795.630 5,109 7.606 928 1,809,273 HERITAGE ASSETS (of the Group and the Chaffty) 2025 2024 Cost and Valuation as at 1 April 24 Reclassifications as iangible fixed assets Impairments 51.292 51.292 Cost and Valuation at 31 March 25 51,292 51,292 241Page Registered Charity No. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED Year Ended 3.11 March 2025 9 INVESTMEKfs (of the Chlty) 2025 2024 Investment in SMGWA Trading Limited £1 £7 SMGWA Trading Limited is a wholty owned subsidiary of the Charity. The Financial Statements of SMGWA Trading Limited for the year to 31 March 2025 are surnmarised 2025 2024 Turr#)ver Cost of sales 178,918 763,938 (49.854) (48.691) Gross profit Administrative expenses 129,064 115.247 (81,979) (90.327) 47.085 24.920 Interest ceceNable Profit for the financial year Gift aided profits to Slow Maries Great War Aerodrome Lithit'ed 47.085 24.920 (47.085) (24.920) Reserves carried fOard 2025 2024 Baiarté Shéét Current assets Current liabilities 40,767 52.186 (40.766) (52185) Toial net assets Represented by share capital 10 DE8TORS Grnp 2024 2025 2025 20Z4 Trade debtois Amounts due from subsidiary company Other debtors Prq>ayments 3.408 1.488 25,743 24.558 14.616 40.878 24.558 14,640 7,484 14,986 11.607 42.606 77,958 64,917 52,479 25IPage
STOW MARIES GREAT WAR AERODROME LIMITED Y•ar Endod 31* M•h 2025 11 CREDITORS arity 2024 2025 2024 2025 Arn within Trade/other creditors Income recewed in advance Accruals VAT Salary related creditors 7.852 12.918 6.019 654 3.051 6.315 9.248 6.432 296 3.023 6.440 5.037 5,193 654 3.052 5.651 296 3.023 30.494 25.374 15,339 74.007 Included within creditors at Ihe year-erKI are outstanding pension contributlons of £581 (2024: £542). 12 RESTRICTED FUNDS (ofthe Group and the Charfty) Asat Asat 31 March 2025 21Y24 re$ow¢ •xpended Trfs Emergency Buikling Woths Fund Magnox SocitrEconomic Fund Natural England Environmefrt A.l.M. {Nature Near and Now) SEAF Fund Go'Fund Me"Sopwith to Stow" Head in the Clouds H.L.F Next Steps 2024 Historic England 2024 Feed The Nation Spencer West Foundation 713 717 18218 260 4.825 514 271 40.999 (183) (717) {1.396) (260) (4.413) 530 3.590 20.512 412 514 95 7,573 20,500 (176) (33.426) (4.500) (1.540) 25.000 1,540 1.500 1.500 66,617 9.747 31.630 {46.611) 51,636 9,747 Restricted Heritage Asset Fwd Total Restricted Funds 76364 31.630 (46.611) 61.383 261Page RegIsl•r N•. 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Charllable Compw Umlted by Guara Yw Ended 31•1 Mareh 202S 12 RESTrICTED FUNDS (ofthe Group andthe Charrty). Continued li Histowic England has been funding emergency WOTks to the buildings on the slow Maries site since 2013. and match funding has been generously provided by a number of chaiitable trusts. Rounds l and 2 of the emergency w0S were concluded during the year to 31 March 2020. There has been £183 spent in Ihe year. In accordance with the underlying socio-economic funding agreement Magnox Llmlted, a whollyowned subsidiary of the Nuclear Decommissioning Authority, Ihis grant continues to be used to develop the site's wildlife areas. There has been £717 expenditijre from this fund in 202412025 which completes the fund. This funding from Natuwal England (received via the Rural Paymarts Agency) continues to be used io maintain the site's grasslands and to enhance the naiural environment to make frt more attractive to wildlife and insects. There has been £1,396 spent in the year. ndN This funding from Association of Independent Museums. is applied to the Nature Near and Now Project. an ecological pcoject aimed at bringing more families on to Stow Maries. There was £260 expenditure from this fund in 2024/2025 which completes the fund. The Social Enterprise Accelerator Fund. administered by Maldon District c0clI. was set up by the South East Local Entefprise Partnership (SELEP) to lund business recovery from the cov1[7 9 Pandemic. SMGWA was successful in its application for funding lo cover the costs of new external, temporary Marquees. These are to be used to provide covered spaces extemally for visitors not yet comfortable in the reduction of Social Distancing within the Café area: thereby enabling thitering sales to grow. There has been £4,413 expenditure in the year. To facilitate the installation of Ihe Sopwrth Tabloid 168 at SMGWA. There was no expendilure in the year. -Essex Community Foundation provided funding for revenue and material costs for a serles of Wofkshops ihat welcomed over 300 young people and helped them explore the stories of eafly avia1ion, STEM and the history of Stow Maries Great War Aerodrome. There was £176 expenditure from this furKI in the year. National Lottery Heritage Fund {NLHF) have awarded clfca £88,000 to cover a variety of expenses. The 18 month Next Steps 2024 project is designed to drlve footfall to meet or mitigate our income shortfall on our journey towards sustainability post pandemic. The appioved purposes for this funding range from promotional materials through to event Costs and staffing. There has been £33.426 expenditure from this fund in the year. Having recognised with our funding partner, Historic England. that future works in our renovation plan would require some data of greater depth than presently held. this fund is covering professional fees for ground investigatlon and monitoring work golng on through this and the following yeai. 271Page Rogl•iw4d Charlty 1151099
STOW MARIES GREAT WAR AERODROME LIMITED A Clwllabl• C•mpony Llmlt•d by Guwa Y••r EAd•d 31•t March 2025 12 RESTrICTED FUNDS (ofthe Group andthe Charlty). Continued Coming from two separate funders mie Middlewick Wind Farm Communty Benefft fund - administered by the Essex Communrty Foundation and the NFU Essex Charitable TrusL) this fund is targed towards our new exhibition opening April 2025 °Feeding the Nation. Fighting without flying" and its supporting activity plan. Following an introduction from one of the wider volunteer cadre. the Spencer West Foundation was very happy to donate this sum for the Specif purpose of subsidising educational group travel cos to 0 museum. Fun The Restricted Heritage Asset Fund represents the cost of heritage assets acquired from rericted funds. There has been no expenditure from this fund in 202412025. 13 UNRESTrICTED FUNDS (ofthe Group and the tharlty) 2025 2024 Unrestricted funds as at 1 April Net movement in unrestricted funds 1001.850 35208 Z06Z521 (60,677) Unrestricted funds as at 31 March 2,037,058 2.001.850 Stow Maries Great War Aefodrome- site freehold Other fixed assets & stock Cash and cashquivalent assets 1,795,630 1.794630 65.185 176,243 78,812 727.408 1037.058 2.001.850 14 ANALYSIS OF GROUP NEf ASSEfs BEfwEEN FUNDS Funts Funds Funds At at 31 Maréh 2025 Inlangible fixed assets Tangible fixed assets Heritage assets Current assets - stock Current assets - debtors Currerrt assets -' cash ai bank and in hand Current liabilities Long-term liabilities 1.809.273 41.545 9.996 42.606 164.131 {30.494) 1,809,273 51,292 9.996 42.606 215,767 (30.494) 9.747 51,636 Net assets at 31 March 2025 2.037.058 61383 2.098,441 281Page Reglst¢r•d CW 1151099
STOW MARIES GREAT WAR AERODROME LIMrrED A Ch•rli•bh C•mpany Llffllled by Guorant•• Y••r End•d 3111 March 2025 15 AMOUNTS RECEIVABLEIINDER OPERATNG LEASES The charttable company and Group's minimum future rental income is as follows: 2025 2024 Receivable within 1 year 503 503 Located on Ihe Stow Maries site is a property. '8road 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 payable in monthty instalments of £503. The lenant is only required to glve one month's notice to sever the tenancy: hence, at any point in tirne, the minimum fulufe refflal is £503. 16 FINANCIAL COMMITMENTS The Charity employs the services of architects and contractors to deliver the building restoration works outlined in Section 2 of the Trustees, Report. The form of contract used to regulate the pfovision of these services is the. JCT Minoi Works Building Contrath with Contractors Design. 2016. issued by the Joint Conlract Tribunal. Undet the te(ms of this JCT contract. Ihere is no obligation, at any point in time, for the Charity to pay any cOS beyond Ihe total value of work properly executed and the cost of materials or goods ordered for t works. As at 37 March 2025, all such costs were recognised in these FInCIal StatemeMs, and there were no additional financial commitrnents (2024: none).. 17 RELATED PARMES SMGWA is eonirolled by its Board of Trustees which comprises seven Trustees. No member of the Board of Trustees receives remuneration from the company. and rM)ne had expenses reimbursed (2024: £nil). All Trustees are required to declare wential conflicts of interest ai meetings of the Board and its sutscommittees. The trading activities of the Charity are carried out through a vAK)lty owned subsidiary, SMGWA Trading Limited. All the profits generated by SMGWA Trading Limited are gift aided to the Charity (ref- N(rte 9 to these Financial Statements). During the course of the year the Charity recharged to SMGWA Trading. on an ami's length basis, support Costs of £79.746 (2024: £88,379). A balance of £25.743 (2024: £40.878) was owing by SMGWA Trading at the year ènd. SMGWA Trading Limiterfs Board of Directors 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 Trading Limited during the year (2024". none) and none had expenses reimbursed to them (2024: none). 291Page Ruglstw•d Charlty No. 1151099
row MARIES GREAT WAR AERODROME LIMtTED Year Erid•d 31 Mar¢h 2025 18 COMPARATIVE CONSOUDATED STATEklEKfoF FINANCIAL ACTivrriES (Incbjdlng Ywr ended 31 Mar¢h 2024 fvnds Total Income from. Charitable activities Tfading activities Donations & legacies InVeMentS Rents receivable Interest receivable 23.016 763.938 4.606 49.772 73.388 763.938 4.606 6.782 2554 6,782 2,554 Tthal income 201.496 49.772 251,268 Expenditure on: Charltable activilies Trading activities Investment management costs 72Z637 139.020 570 2Z603 145.240 139.020 510 Total expenditure 262.167 22,603 284.770 Net income / (expenditure) before transfers (60.671) 27,169 (33,502) Transfers between funds Net movement in funds (60,671) Z062521 27.769 (33.502) Totsl fvnds brought forward 49.195 2111.716 Total funds carried foThYard ZOO7,850 76.364 2078,214 301Page Rogl•t•rnl No. 1151099