2023-12-31-accounts

wi 4H1 WWI AVIATION HERITAGE TRUST WORLD WAR I AVIATION HERITAGE TRUST LIMITED YEAR ENDED 31 DECEMBER 2023 DIRECTORS, REPORT AND FINANCIAL STATEMENTS

INDEX 3 General Information 4 Director5, Report 7 Chief Trustee's Statement 12 Statement of Directors, Responsibi1Sties 14 Independent Examiner's Report 16 Balance Sheet 17 Statement of Financial Activities 18 Notes WORLD WAR I AVIATION HERITAGE TRUST LIMITED

GENERAL INFORMATION SHORT NAME WWI AHT MUSEUM PREMISES AND REGISTERED OFFICE 3 The Willows North Warnborough Hook Hants RG29 1 DR COMPANY REGISTRATION NUMBER 8753767 REGISTERED CHARITY NUMBER 1156699 DIRECTORS AND TRUSTEES His Honour P Cle88 Mr MK Drayton Mr RA Forsythe Mr JH Martin Mr OCHW Wulff HON. SECRETARY Mr RA Forsythe INDEPENDENT EXAMINER Anna Coote MAAT Gilroy & Brookes Chartered Accountants Suite 15, The Enterprise Centre Coxbf idge Business Centre Farnham, Surrey GUIO 5EH BANKERS Barclays Bank

WORLD WAR I AVIATION HERITAGE TRUST LIMITED DIREcfoRS' REPORT YEAR ENDED 31 DECEMBER 2023 PRINCIPAL AcfiviTY This is the tenth annual report of the WWI Aviation Heritage Trust Ltd. The company wa5 incorporated on the 29 October 2013, to advance the education in the evolution of military aviation and the courage of pilots in the Great War through the establishment of a collection of World War l aircraft. The company is a registered charity, number 8753767 and its income is derived from educational services, donations, sponsorships, and grants. GOVERNING DOCUMENT The World War l Aviatlon Heritage Trust is a company without share capital, limited by 8uarantee, and it is administered in accordance wlth Its Memorandum and Articles of Association. ORGANISATION The day-to-day operation and administration are carried out by the Trustees. The directors of the companyj who for the purposes of charity law are the trustees, are people whose knowledge and experience qualify them for election to the Board of the World War I A viation Heritage Trust Llmited. MISSION STATEMENT The World War l Aviation Herita8e Trust seeks to advance education in the evolutlon of military aviation and the courage of pilots in the Great War through the establishment and maintenance of a collection of flying, reproduction World War l aircraft. RESERVES The directors consider it prudent that, given the nature of the Trust's income, general reserves, whether designated or free, are always equal to the gr055 operational costs of the Trust for a calendar quarter. This figure should be considered the absolute minimum to permit the Trust to operate with freedom.

RISK The major risks to which the charity is exposed, as identified by the Trustees and the Board, have been reviewed and systems are in place to mitigate these risks. The uncertainty of alr shows interested in displaying WWI reproduction aircraft continues to reduce. We have therefore looked for income streams outside the air show sector. PUBLIC BENEFIT STATEMENT The Trust has carried this out bv: l. Importing 'late-model original, Great War aircraft into the United Kingdom. 2. Undertaking a series of flying and static displays of the aircraft to illustrate the rapid development of aircraft production and design 1914-1918. 3. Providing a wide-ran8ing education service to schools and colleges lincludin8 pupils with special educational needs1, families and adults lincludlng lifelong learning for older people). 4. Working in partnership with other Similar organisations to further the Trust's aims. S. Training and using volunteers In many area5 of the Trust's work. 6. Raising funds through applying for grants and encouraging sponsorship and donations. 7. Holding pilot chat sessions about our vintage aircraft to spread the word and ralse funds to keep them flyin8. 8. Beginning a programme of visits to schools and non-aviation events to raise funds as our 1915 vintage simulator controllin8 a VR game called Flyin8 Aces is now mobile.

WORLD WAR I AVIATION HERITAGE TRUST LIMITED DIRECTORS, REPORT YEAR ENDED 31 DECEMBER 2023 Icontinuedl DIRECTORS The directors in office during the period were.. His Honour P Cle88 Mr MK Drayton Mr RA Forsythe Mr JH Martin Mr OCHW Wulff R A Forsyt Chief Trustee 10 September 2024

WORLD WAR I AVIATION HERITAGE TRUST LIMITED CHIEF TRUSTEE'S STATEMENT YEAR ENDED 31 DECEMBER Z022 GENERAL OVERVIEW Introduction Our flyin8 season is between April and September each year. We attended both Air Shows at Stow Maries in accordance with our Contract but we were limited by unserviceability and crosswlnd limits. Since the end of the WWI Centenary celebrations and the pandemic, there has been little interest in external shows paying for us to display the aircraft. The Albatros has proved to be a challenge to keep serviceable and we have changed the servicln8 arrangements to reduce costs. We have successfully bid to the UK Government Reach for the Sky Programme and received £24K. By the end of the Year thirty el8ht schools and 2970 children had particpated in the day long event which was only made possible bv a team of volunteers of whom Ant and Ed Abery (the Twins) stood out having attended every visit. The Trustees have sought recognition for the Twins, outstanding volunteerin8 efforts. In Sep 23, the VAT reclaimed for the Albatros was invested in an annual NSI 8rowth Bond. In the Spring of 2023, we concluded a succesful programme of podcasts where our pilots and friends discussed the WWI aeroplanes that they fly. In the Autumn, we commenced a further programme with the The Vintage Avlator Ltd Chief Pilot, John Lanham, dlscusslng their amazin8 range of WWI aircraft. The WWI AHT STEM Programme {SESa Slmulator, WWI Avlatlon Quli and WWI Poem Wrltin81 The WWI Aviation Heritage Trust has now started an 18-month Journey visitlng 50+ Primary Schools in Essex with our Simulator funded by a grant from the CAA'S Reach For the Sky Initiative. One hundred and thirty-seven schools applied for the WWI AHT day vi51t so we hope this will become an enduring feature. The Programme is to encourage and inform Years 5 and 6 about careers in aviation. It is important that they understand the origins of the flying machine and how it sur8ed into the front pages over a hundred years ago in World War l. This is exactly what the Trust is doing by visiting the Schools with their WWI Simulator. The Pupils are all motivated by the prospect of flight in a simulator designed in 1915 based on WWI SE5a fighter with a VR game that includes all the missions available to a Scout pilot as they were known back in the dav.

While not in the Sim, they either take part in a quiz about the life and times of the simulator's designer, Major Lanoe Hawker VC DSO RFC, or take part in poetry writing workshop based on the Great War which culminates in each of them wrlting a poem on seeded paper as a part of another of our initiatives Poems, Poppies, and Planes. Our plan is to drop more than 3000 poems from our Nieuport 17 (Poetry Plane) over appropriate sites in N France in Jul 2024 where they will be collected and planted by the French children as an act of remembrance and reconciliation. The Britlsh, French and German Memorial Flowers (Poppy, Cornflower, and Forget- me-Notl are the seeds in the paper. It is our hope for the Poetry Plane to bring some of the overseas poems back to England in due course. We are delighted with the progress so far. Sam Dunne, the Headteacher at Colne Engaine Primary School, wrote after our visit: I would just like to say another big thank youfor the wonderful opportunity the children had today. The whole Session was so very well orgonised, and the children hove been talking ubout it ¢711 afternoon. They thoroughly enjoyed leorning the history in clo55 and then experiencing the simulator. We arefull swing with some wonderful poetry too. Opportunitie5 like today are those golden moments, moments that moke children 0spir17tionol about theirfutures ond know more about the endle55 opportunities there are out therefor the toking. Who knows we muy hove onother oviation enthusiast joining you or seeking out o new interestl Thank you for bringing your knowledge and enthusiasm to our little School and of course being part of such o brilliontSTEM opportunity. è14Vt, The poetry-writir$8 is not restricted to England (Essex, Surrev, Cornwall, & Hamp5hirel but children in France, Germany and New Zealand are being invited to participate. A small team of 8 volunteers are giving freely of their time. Each visit involves 3 members of the Team for 6 hours on site- 1500 hours of volunteering. The Trust The Trust ha5 one main base of operation, the Stow Maries Great War Aerodrome near Maldon in Essex, the only largely intact RFC Home Defence still in existence, which is now heritage site. The BE 2 IG-CJZOI, and the Albatros Dva IG-WAHTI were based at Stow. We renewed our annual agreement with Stow Maries and with Oliver Wulff (Trusteel who owns the BE2 and Albatros. We have an open-ended agreement with the owner of the Nieuport

17, John Gilbert. The Collection Now that the conservation of Stow Maries Is well underway and museum status has been granted, artefacts have been assembled by WWI AHT. They include a Maxim gun as was fitted to the Albatros, a Lewis gun and a Le Clerget engine kindly loaned by WWI AHT to Stow Maries. Alr Shows The WSngs and Wheels air show took place in May 2023 and the Propwash in July. We were able to attend both air shows but had to substitute the Albatros with the Nieuport due to servicing problem for the first Event in May. Sadly, at the Propwash the crosswind limits precluded any flying but we were able to ground run the Albatros. Educatlon See the STEM Programme above. Englneerlng While seeking Way5 to reduce the cost of engineering of the aircraft, one of our pllots, John Gllbert, who repairs aircraft and gliders for a living offered to undertake the servicing of our aircraft without charging for his labour. Thls is a very generous offer, and the quid pro quo is that he get5 to fly the aircraft. Thls arrangement has been enshrined in a contract between WWIAHT. Activities and Links with Other Agencles The Trust works with Stow Maries Great War Aerodrome ISMGWAI Trust to meet our aims which are entirely complementary. We have a 8ood working relationship with the other Trusts in England that operate WWI aeroplanes.

Patrons of WWI AHT Membership has been reviewed and a community of Patrons who share the Trust's ambitions has been set up. The numbers at the end of 2022 were 43. They do not have voting rights but do receive a Pow IPatron of WWI AHTI card and a newsletter. Flnances The Trust incurred very few costs related to flying the aircraft apart from the routine servlclng and minor unplanned maintenance. Reserves The trustees have reviewed the charity's reserves policy and have agreed that the board will make a fresh assessment annually of the amount the charity need5 to hold in reserve and for it to be approved by the trustees. The trustees are taking actions to increase the designated reserve towards the full value of the VAT reclaimed. For 2023 the designated reserve is £88,889, lar8ely being the amount of the VAT reclaimed from HMRC in prior years. A portion of this is potentially repayable to HMRC should the charity cease trading or the Albatros aircraft cease to be operated by the trust. The Trustees have elected to invest the sum of £95K Ithe VAT Reclaim plus interest) in a l year NSI Growth Bond as the Payee of the VAT, TVAL, does not seek its repayment. We intend to revislt the issue when the 10-year HMRC proscription is lifted in Sep 2028. The current Bond matures on 25 Sep 24 at 6.25% which should release >£6k interest for WWIAHT. It Is our Intention to invest in a similar Bond for 2025 when this one matures. Plans The objects of the charity, as stated in its Memorandum and Articles of Association, are to advance education in the evolution of military aviation and the coura8e of pilots in the Great War through the establishment and maintenance of a collection of flyin8 late-model ori8inal World War l aircraft. This will be achieved by the followSng aim5'. To bring different aircraft to the UK to tell the story of the development of men and machines in WWI. To establish a permanent squadron of aircraft by getting donors to loan them to WWI AHT. To establish an engineering base for the visiting and resident aircraft and to encourage volunteer 5UPPOrt. To create an enduring educational programme of school visits, a STEM hub and io

an apprenticeship scheme with TVAL support. The Trust's priorities for the period 2015-21 have included the following strategic objectives.. To increase the size of the collection by loans and leasing. To provide a permanent home for the collection. To secure adequate funds and resources to achieve these goals. R A Forsyt rustee 10 September 2024 li

WORLD WAR I AVIATION HERITAGE TRUST LIMITED STATEMENT OF DIRECTORS, RESPONSIBILITIES The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year which glve a true and fair view of the of the company and of the surplus or deficit of the company for that perlod. In preparing those financial statements, the directors are required to: select suitable accountin8 policies and then apply them conslstentlv. observe the methods and principles in the Charities SORP IFRS 1021: make judgements 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. prepare the financial 5t3tements on the going concern basls unless It Is Inappropriate to presume that the company will continue in business. The dlrectors, who are directors for the purposes of company law and trustees for the purposes of charity law, are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for takin8 reasonable steps for the prevention and detection of fraud and other irre8ularities. In so far as the directors are aware: there is no relevant information of which the company's independent examiner is unaware,. and the directors have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information. 12

Small company provisions This report has been prepared in accordance with the provisions applicable to small companies subject to the small companies, regime under Part 15 of the Companies Act 2006. Signed on behalf of the directors RA Forsythe Director 10 September2024 13

INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF WORLD WAR I AVIATION HERITAGE TRUST LIMITED I report on the accounts of the Trust for the year ended 31 December 2023, which are set out on pages 15 to 19. Respectlve responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144121 of the Charities Act 2011 (the Charities Actll and that an independent examination is needed. It is my responsibility to: examine the accounts lunder section 145 of the Charities Act),. to follow the procedure5 laid down in the General Directions given by the Charity Commission (under section 145151161 of the Charlties Act),. and to state whether particular matters have come to my attention. Basls of Inde endent examlnerfs re ort My examlnation was carried out in accordance with the General Directions glven by the Charity Commission. An examination includes a review of the accountin8 records kept bv the charity and a comparlson of the accounts presented with those records. It also includes consideration of any unusual items or disclosures In the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given a5 to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below. Inde endent examlnerfs statement In connection with my examination, no matter has come to my attention: 111 which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with section 130 of the Charities Act,. and to prepare account5 which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met,. or 14

121 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Anna Coote MAAT Gilroy & Brookes Chartered Accountants Suite 15, The Enterprise Centre Coxbridge Business Park Farnham, Surrey GUIO 5EH September 2024 15

WORLD WAR I AVIATION HERITAGE TRUST LIMITED BALANCE SHEET AS AT 31 DECEMBER 2023 Total Funds 31.012.23 Total Funds 31.12.22 Notes FIXED A55ETS Tangible Asset5 532 810 CURRENT ASSETS Debtor5.' amounts falling due wlthln one yèar Cash at bank and in hand 1,755 97,031 98,786 3,218 99,901 103,119 CREDITORS Amounts falling due wlthln one year Loans from Directors 19301 17,9991 19301 13,0001 TOTAL NET ASSETS 90.389 99,999 FUNDS Unrestricted funds 90,389 99.999 TOTAL FUNDS 90,389 99,999 For the year ending 31 December 2022, the company wa5 entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not requlred the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. RA FORSYTHE l Directors M DRA￿ON Approved by the Board: 10 September 2024 The notes on pages 18 to 20 form part of these financial statements. 16

WORLD WAR I AVIATION HERITAGE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (incorporating the INCOME AND EXPENDITURE ACCOUNTI YEAR ENDED 31 DECEMBER 2023 Un￿StrICted Funds Restricted Funds Total Fun(ts 31.12.23 Total Funds 31.12.22 Note5 INCOMING RESOURCES Donatlons, 8rant5 and spon50rshlp Charltable Aetlvlties Trading Activitie5 Investment Activity 20,935 4,898 20,935 4,898 19.231 7.700 621 621 94 Total kncornlTrg r?sou￿e$ 26,454 26.454 27,025 RESOURCES EXPENDED Charitable AciivitiÈs Tradin8 Actlvltles 36,064 36,064 22,478 Costs of 8•noratlng funds 36,064 36,064 22.478 NET INCOMINGIIOUTGOINfjI RESOURCES 19,6101 19,6101 4,547 Transfers betw••n funds Net movemeni In fund$ 19.6101 19,6101 Tot•1 lund$ brought10￿ard 99,999 99,999 95,452 TOTAL FUNOS CARRIED FORWAAD 90,389 90,389 99,999 17

WORLD WAR I AVIATION HERITAGE TRUST LIMITED YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these financlal statements are set out below. al Basls of accountlng: These financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standards for Smaller Entitie5 leffective January 20071. This is in accordance with the Statement of Recommended Practice for charities. b) Income and expendlture: Donations and grants arising in the course of fund raising are credited to the appropriate funds as and when received. Any income arising by entitlement or agreement is accounted for when receivable. Expenditure is accounted for, on the accruals basis, when incurred. Except for donated equipment, no account is taken of the value of services or facillties provided to the company free of charge. cl Stock: Stock Is valued at the lower of cost, or the value advised by the donor for donated stock, or net realisable value. el Fund accountlnB: Unrestricted funds may be used for general charitable purposes at the company's discretion. Restricted funds are those where the donor has imposed or agreed to restrictions, which are legally bindin8, on the use of funds contributed. 2. Tanglble Flxed Assets Cost at l January 2023 Additions Depreciation5 810 12771 At 31 December 2023 533 18

1. DEBTORS Amounts falling due within one year 2023 2022 Pre-paid insurance VAT 1,295 460 3,096 122 1,755 3,218

2. CREDITORS Amounts falling due within one year.. 2023 2022 Other creditors and VAT 930 930 S. RESERVE5 2023 2022 Summary of the year's movements UNRESTRICTED FUNDS Net surpluslldeficitl for the financial year Balance brought forward 19,6101 99,999 4,547 95,452 Balance carried forward £90,389 £99,999 These reserves are made up of the following amounts Designated reserves 88,889 94,998 General reserve 1,500 1,500 Designated reserves consist of the majority of the VAT reclaimed from HMRC in prior Years as per note 5 below. This included an amount of £47,486 12022 £56,9841 repayable to HM RC under the rules of the Capital Goods Scheme should the Trust cease to operate its Albatros aircraft. This amount reflects the remaining period of usage of the aircraft under the scheme. The repayable amount will reduce with every further year of usage. The balance of £41,41312020 £38,004) represents the amount the trustees intend to repay to the exporting company as and when funds allow. 19

3. TRANSACTIONS INVOLVING OIREcfoRS There were no transactions in the year involving directors other than in the normal course of activity.

4. NET INCOME FOR THE YEAR In accordance with the company's articles, directors are not entitled to remuneration. The appolntment of Secretary is honorary. No remuneration or expenses were paid to directors or to connected persons. The company employed nil staff and no employee recelved emoluments exceeding £60,000 per annum. GUARANTEES Every member of the company undertakes to contribute such amount as may be required Inot exceeding £ 11 to the company's assets if it should be wound up while he is a member or within one year after he ceases to be a member. TAXATION As a registered charity, the company is exempt from taxation on its income and gains.
5. FUTURE COMMITMENTS There were no capital expenditure or revenue commitments authorised or contracted for at 31 December 2023.
6. RELATED PARTY TRANSACTIONS One of the trustees, Mr O Wulff has made a short-term loan to cover operating expenses of the charity. repayable as funds allow and the loan was outstandin8 at the year end. 12 CASH FLOW STATEMENT The Charity qualifies as a small charity and taken advantage of the exemption provided by SORP IFRS 1021 as amended by Bulletin I, not to prepare a cash flow statement 20

13 DETAILED STATEMENT OF FINANCIAL AcfiviTIES Total Total Funds 2023 Funds 2022 Charitable Actlvities lincomin8 resources) Appearance and other fees Membership fees and merchandise 4,898 7,260 4,898 7,260 Total Funds 2023 Total Funds 2022 Bank Interest Recelvable 621 94 Total Funds 2023 Total Funds 2022 Charltable Actfvltles (resources expended) Bank and other finance costs Reta iner for expert support Appearance costs Aircraft maintenance and other running costs Insurance Merchandise Aircraft restoration Legal a nd administrative costs Website, H05ting and consultancy costs Schools STEM programme Costs 781 600 1,702 600 180 8,260 6,782 823 175 15,690 3,678 1,637 1,020 278 12,378 36,064 1,454 2,852 22,478 This page does not form part of the financial statements 21