REGISTERED COMPANY NUMBER: 08940361 (England and Wales) REGISTERED CHARITY NUMBER: 1156877 ort of the Trustees And Financial Statements for the Year Ended 5 A rll 2024 for Alrfields of Brltaln Conservatlon Trust O'Haras Accounlants Limited {Statulory Auditor) Radleigh House l Golf Road Clarkslon Glasgow G76 7HU
Airfields of Britain Conservation Trust Contents of the Financial Statements for the Year Ended S A ril 2024 Page Report of the Trustees Report of the Independent Auditors 7 to 10 Statemenl of Financial Actlvities Statement of Flnincial Posilion 12 Notes to the Flnancial Statements 13 to 19 Detailed Stalemenl of Financial Actlvltles 20
Airfields of Britain Conservation Trust ort of the Trustees for the Year Ended 5 A ril 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present iheir report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). The financial statements comply with ihe Charilies and Trustees Investments (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), Charities (Regulation and Administration) (Scotland) Act 2023, the Companies Act 2006, Charities Act 2022 (updating Charities Act 2011), the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102). OWECTIVES AND A[VITIEs Objeetives and aims The objectives of the charity are to apply the income and capital:. l ) to advance the education of the public in the history of British airfields and in particular but not exclusively by; l. I the establishment and support of museums and interpretation centres; 1.2 the preservation of the historical details and records of airfields. .3 the erection of memorials at sites of naiional and hisiorical importance: and 1.4 to promote research for public benefit. 2) to further such other exclusively charitable objecls as the trustees d¢lerniine from time to time. Page I
Airfields of Britain Conservation Trust ort of the Trustees for the Year Ended 5 A ril 2024 ACHIEVEMENT AND PERFORMANCE Charitable activltles The principal achievements can be summarised as follows: a) Airfield Memorials The ongoing national airfield memorials scheme, now into its fifteenth year of operation, conlinued io proceed during Ihe course of the year, though at a necessarily slower pace for two significant reasons. Three full-sized memorials were unveiled shortly into the new accounting period across Derbyshire, the main one being at Burnaston, now Toyota's Derby car manufacturing factory. both this example and ihe other Iwo at World War Two parenvsatellile airfields Ashbourne 11 and Darley Moor all provd most successful and equally well received. The following July became a busy period, with a one-off memorial unveiling at Balado Bridge still best remembered for more recent Use as the home of the popular T in the Park - and then later thai month two further unveilings at airfields in the Home Counties now mainly housing estates. Subsequenily at the lurn of SeplemberlO¢tober 2023 another two full-sized memorials were unveiled in Norfolk al two of the county's most famous airfields, Swanton Morley (a major Anny base) and Hor%ham Si Faith. Aside from the fact ABCT was yet again reque%ied to provide these memorials. one faclor which ha4 become most noticeable for the past decade or so, the latter airfield wa8 unusual in one respect in thai il remains very much aclive as Norwich AiTPOrt. This is signif)cant as ABCT'S memorials are primarily intended 10 honour Britain's di.4used airfields, though this does not mean Ihat active airfields are being ignored when il comes to both these types of airfields and all who have Served al Ihem being honoured. Despite as ever more full-sized memorials being both confirnied as wanied and planned, no more full-sized memorials in addition to the eight already eslablished were unveiled over the resi of the lax year for two primary rea%on8 and a third laclical one. Although there continues lo remain tremendous general public demand, the process of finally getting memorial.s fully cleared al local level has certainly over more recent months tended to become a more protracted proces%. It is nol wholly clear why this i.s the case, although indications 80 far lend lo be partly aitribulable to more erratic levels of communication and co-ordination at especially local council level. The oiher main reason for Ihe effective temporary cessalion of memorial unveilings was the discovery of somewhat revelatory and .surely previously unseen newly discovered tnfonnation in relation to airfield activity dales, which necessitated a major reasses,4meni of airfield opening and clo.sing procedures. ABCT ha5 long remained aware of this m051 convoluted a.speci of British airfield history, while fortunately is already following the overall syslem, bul the procedure of quoting opening and c105ing dales on memorials is being tightened yet more as a precaulion. Meanwhile the tactical reawn concerned delays with getling memorials in place across the West Midlands.. hopes at least three memorials could be made ready for Oclober/November 2023 could nol be achieved, though after some concenirated and delem)ined effort plans were fixed lo allow these unveilings to lake place shortly into the nexl year. As for the separate memorial plaques scheme, three more were confinned as havtng been installed during the summer of 2023 across a broad swaihe of southern and easlern England, one of them through a reconnaissance sortie, while a fourth was unveiled in Yorkshire near York towards the end of Sepiember. The other main developmenl on this front during Ihe tax year wa5 how all remaining memorial plaques noi unveiled or al least ¢onfiTmed as affixed were confirnied a5 being delivered to the designated local receiving elements. Reasons for delays in getting them fully and properly installed have proved varied, bul a% earlier indicated with the full-5ized memorial4 leve15 of local council communicaiions plus certain indirect knock-on effects of the recent pandemic appear to have played their part. The memorial plaques however are like their larger countery)arts continuing lo generate major public awareness. One wholly positive development was how ordering limes for more granile memorials from monumenthl masonry firn)s saw delivery times from India returning lo pre-pandemic levels. b) Publicity Page 2
Airfields of Britain Conservat5on Trust ort of the Trustees for the Year Ended 5 A ril 2024 The eight full-sized memorials unveiled up to the start of October 2023 resulted in significant attendances and favourable publicity, as usual organised either solely by ABCT an(Vor in close co-operation with local elements such as parish councils. Burnaston had to be considered as the most prominent example due to ils car factory connections but other airfields such as fellow Derbyshire airfield Darley Moor. perhaps not quite so obviou5 and famous, also saw major turnouts. Swanion Morley among oihers became significant too. not only for its Brili8h Anny involvement but due to the rapid turnaround between absolute confinnalion of the memorial being wanted and then inslalled, a period of less than three months. Another factor worth highlighting is thal. alihough ABCT is clearly being most promtnent in various ways with everything the charity does to help Britain's airfields and society in general, incoming feedbacklreque8Ls from some members of Ihe general public has indicated how they are not wholly clear a5 to how ABCT precigely operaied when il comes to issues such as connections with airfieldg. a matler which is being remedied via certain method8. c) Airfield Defence/Preservation Once again Scampton and the much-reported massive problem8 the world's mosi famous bomber airfield continues to face remalned the main matter to deal with, so sever¢ that ABCT had to make emergency detachment visits during the summer of 2023 to provide assistance if required al local level. Two other disused airfields worth mentioning in Ihis re&+peci were Shrewsburylmonkmoor, a still tangible World War One airfield under susiained threat for now several years, plus north of Scoiland airfield Fearn. with ABCT heavily in aciion to counter adverse planning applications. In all three cases, it is all too evident through sheer qtrength of number.s how Brilain's airfields are far more popular and respected than many people may think. d) Public Benefit The co-ordination via con40lidalion of privalely held inforn]ation which began early in the previous tax year, in order to boo41 and iinprove the chariiy website, was a8 planned finally completed in Ihe early summer of the current lax year. Early-.stage plans were then devised lo calibrate even more the well over 3.000 Airfield Finder pagyes bul this la%k alone ha8 taken lime to get fully into forniation, on balance mainly due lo the aforemeniioned newly discovered historical infornialion relating to activity dales, and had not started by the end of Ihe current tax year. Many lelephone calls continued to be received, though for once there was a noticeable drop in incoming calls for no obvious reason. This .said. ABCT without doubi is greatly helping people and society in general with all such requests, often of a rather emergencylurgent nature. e) Ongoing procedural developmenvexpansion ABCT maintains searching for other possible trustees and associaied forn]s of asslslance, along with keeping a watch over all required fornis of necessary charity procedures. FINANCIAL REVIEW Financial posltlon This year's results confirni an operating SUTplus of £45,616 (2023.. £51,970) and a net surplus, after laking into account nel gains and losses on investments. of £503,237 (2023: defictl of £366,294). The closing balance of unrestricled funds held at 5 April 2024 was £9,204,094 (2023: £8,700,857). The Iru.8tees will continue to monitor and review the charity's income, expenditure and assets with a view to ensuring its financial affairs are conducted in a prudenl and efieclive manner. Page 3
Airfields of Britain Conservation Trust ort of the Trustees for the Year Ended S A ril 2024 FINANCIAL REVIEW Investment policy and objectives The trustees, policy was to invest prudently with minimal risk but within the aim of tying to preserve capital value and achieving the best possible income on that basis. Reserv policy Airfields of Britain Conservation Trust is primarily an educational charity. It is not a fundraising charity as such and in the circumstances, the intention of the charity is to utilise its asset5 in the furtherance of its principal objects. The charity's aim is to ensure that the charity'5 reserves are adequate to cover the charity's needs for the foreseeable future, which il achieves by monitoring its investments 10 ensure they are providing an adequate return. FUTURE PLANS ABCT will conlinue to look out for other po55ible trustees and their a550ciated issues, along with monitoring strategic thinking and all necessary charity procedures. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Airfields of Britain Conservation Trust, operating under its Memorandum and Articles of Association, has conducted charitable activities in the Uniled Kingdom since July 2014. The charity is r¢gistered with both the Scottish Charity Regulator {SC041123) and the Charity Commission (1156877).The board of irustees is responsible for the overall governance of the charity. Recruitment and appointment of new trustees In accordance with Ihe charitable company's Memorandums and Articles of Association, the board of trust¢es must hav¢ al least three members but no more than five.Trustees are selected to bring the varied range of skills and experience necessary to provide governance to key management personnel. Appointment of new trustees is by the existing Irusiees. Organlsational structure The board of directors had overall responsibility for the strategic direction and administration of the company together with the day to day operations of the charity. Induction and training of new Iruslees New trustees are briefed on their legal obligations under charity and company law, the Scollish Charity Regulator's guidance on truslee duties, and inforn)ed of the content of the Memorandum and Articles of Association, the committee and decision-making processes, Ihe business plan and recent financial perforniance of the charity. During the briefing they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facililate the undertaking of their role. Trustees have atlended different lecture courses/meetingslseminars, dealing with issues such as cybersecurity, governance, money laundering and workforce 5Ultability. Key management remuneration The trustees consider that only the trustees are the key management personnel in charge of directing and controlling, running and operating the charity on a day to day basis. All trustees give their time freely and do not receive remuneration for their role. Details of trustees, expenses are reported at note 6 in the financial statements. Page 4
Airfields of Britain Conservation Trust ort of the Trustees for the Year Ended 5 A ril 2024 STRiiCTURE, GOVERNANCE AND MANAGEMENT Risk management The trustees have a risk management strategy which comprises: - an annual review of the principal risks and uT]certainlies thai the charity faces. the establishment of polictes, systems and procedures to mitigate those risks ideniified in the annual review and. the implementation of procedures designed io minimise or manage any potential impact on the charily should those risks materialise. The main risk, as is inherent in any organisatton primarily r¢lying on investment funding, is the volalilily of the stock market. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 08940364 (England and Wales) Reglstered Charity number 1156877 Regislered office Suite I 7th Floor 50 Broadway London SWIH OBL Trustees K P Bannernian Mr.5 L E Coxon (i E Andrews Company Secretary Mrs L E Coxon Auditors O'Hara4 A¢counlants Limited (Starniory Auditor) Radleigh House l Golf Road Clarkston Glasgow G76 7HU Solicitors Holmes MackAIIop 109 Douglas Street B1h5wO0d Square Glasgow G2 4HB Page 5
Airflelds of Britain Conservation Trust of the Trustees for the Year Ended S A ril 2024 REFERENCE AND ADMINISTRATIVE DETAILS Investment Advisers Rathbone5 {in¢orporaling) Inveslec Wealth & Investment George House 50 George Square Glasgow G2 IEH STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also Ihe directors of Airtields of Britain Conservation Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accouniing Standards (Uniied Kingdom Generally Arcepted Accounting Practice). Company law requires the tNstees to prepare financial staiements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trusiees are required to select suitable accounting policies and then apply them consistently. observe ihe methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. slate whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless il is inappropriate 10 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 charitable company and 10 enable them to ensure that the financial slatements comply with the Companies Aci 2006. They are also responsible for safeguarding the asseis of the charitable company and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities, In so far &5 the trustees are aware.. there is no relevant audil infomiation of which the charitable company's auditors are unaware. and the trustees have taken all steps that Ihey ought to have iaken to make themselves aware of any relevant audit infonnaiion and to establish that the auditors are aware of that information. AUDITORS The auditors, O'Haras Accountants Lirniied (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on ......... and signed on its behalf by: K P Bannern]an - Trustee Page 6
Re ort ofthe Inde ndent Auditors lo the Trustees and Members of Airfjelds of Britain Conservation Trust Opinion We have audited the fmancial statements of Airfields of Britain Conservation Trnst (the 'charitable company,) for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Stalement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United KingdoTn Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a tNe and fair view of the slate of the charitable company's affairs as al 5 April 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006, the Charitie5 and Trustee Investment (Scotland) Acl 2005, regulalion 8 of the Charities Accounts (Scoiland) Regulations 2006 (as amended), Charities Act 2022 (updating Charities Act 2011) and Charilies (Regulation and Administration) (Scotland) Act 2023. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibiliiies under those standards are further described in the Auditors, responsibilities for the audit of the financial statemenis section of our report. We are independent of the charitable company in accordanc¢ with the eihical requirements that are relevant to our audit of the financial siatements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thal the audit evidence we have obtained is sutyicient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statemenis is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to evenls or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to coniinue as a going concern for a period of at least twelve months from when the financial stalements are authorised for issue. Our responsibililies and the responsibilities of the truslees with respect (o going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infonnation. The other infomaiion comprises the infom)ation included in the Annual Report, other than th¢ financial stalements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon, In connection with our audit of the financial statements. our responsibility IS to read the other infomiation and, in doing so, consider wheiher the other inforniation is materially inconsistent with the financial slatements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatemenl of this other informalion, we are required to reEXlrt that fact. We have nothing to report in this regard. Opinions on other matter5 preseribed by the Companies Act 2006 In our opii)ion, based on the work undertaken in the course of the audit.. the infonnation given in the Report of the Trnstees for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Report of the Trustees has been prepar¢d in accordance with applicable legal requirements. Page 7
ort of the Inde endent Auditors to the Trustees and Members of Airfields of Britain Conservation Trust Matters on which we are required to report by exception In the light of th¢ knowledge and understanding of the charitable company and its environment obtained in th¢ course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006. the Charities Accounis (Scotland) Regulations 2006 (as am¢nded)' the Charities and Trustee5 Investment (Scotland) Act 2005. Charilies Acl 2022 (updating Charities Act 2011) and Charities (Regulation and Administration) (Scotland) Act 2023 requires us to repon lo you if, in our opinion: th¢ charitable company has not kept proper and adequate accounting records; or the fmancial statements are not in agreement with the accounting records. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the infonnation and explanations we require for our audit. or the trustees were not entiiled to take advaniage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibllilles of truslees As explained rnore fully in Ihe Statement of Trustees, Responsibilities, the ISteeS are responsible for the preparation of the financial slatements and for being satisfied that Ihey give a true and fair view, and for such intemal control as the tnJsle¢s detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or eor. In preparing the financial statements, Ihe trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using ihe going concern basis of accounting unless the trustees ¢ith¢r intend 10 liquidate the charitable company or to cease operations, or have no realistic alt¢maiive but to do so. Page 8
ort of Ihe Inde endent Auditors to the Trustees and Members of irfields of Britain Conservalion Trust Our responsibilities for the audit of the financial statelnents We have been appointed as auditor under section 44(IMc) of the Chartties and Trustee Investment (Scotland) Acl 2005, under the Companies Act 2006 and under section 155 of the Chariiies Act 2011 and report in accordance with the Acts and r¢levant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurJmce about whether the financial statements as a whole are free from rnaterial misstatement. whether due to fraud or em)r, and to issue a Report of the Independent Auditors thal include5 our opinion.Reasonable assurance is a high level of assurance, but is not a guarantee thal an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Missiatements can arise from fraud or eOr and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed b¢low'. We gained an understanding of the legal and regulatory framework applicable to the charity and the area of expertise in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non-compliance wilh laws and regulations or fraud, and reviewed available board minutes for any indication of such matters. We gained an understanding of management's internal controls designed to preveni and delect iegUlaTI11eS in their day-to-day operations. We considered laws and regulations which could give rise to a malerial misstatement in the financial stalemenls, including, but not limited to, the Companies Act 2006, the Charities Accounls (Scotland Regulations 2006 (as amended), the Charities and TNslees Investment (Scotland) Act 2005, Chariiies Act 2022 {updating Charities Act 2011) and Charities (Regulation and Administration) (Scotland) Acl 2023. We assessed the extent of compliance with these laws and regulations as part of our procedure5 on the related financial statement componenls. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with managem¢nl and enquiries of relevant third parties. Part of these tests a150 included considering Ihe regulations of the Office of Scoiiish Charity Regulator and other regulaiions like GDPR and anti-money laundering. We considered how fraud might occur in this company and designed our tests accordingly. As in all audits, we also addressed the risk of management override of intemal controls, including reviewing journals, reviewing for any large or unusual transactions, looking for evidence of window dressing and any transactions out with the charity's nomal operations, focusing on any accounting estimates and judgements and any undisclosed related party transactions and evaluating whether there was evidence of bias by the direclors that represented a risk of material misstatemenl due to fraud. A further description of our responsibilities for the audit of ihe financial stalements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibililies. This description fomis part of our Report of the Independent Auditors. Page 9
ort of the Inde endent Auditors to the Trustees and Members of Airfi Ids of Britain Conservation Trust Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable Company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members and the ttvstees those matters we are required to slate to them in an auditors, report and for no other purpose. To the fullest exlent perniitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a biKly, for our audit work, for this report, or for the opinions we have formed. g'IV-A John O'Hara (Senior Statutory Auditor) for and on behalf of O'Harns Accountants Limited (Statutory Auditor) Eligible to act as an auditor in ternis of Section 1212 of the Companies Act 2006 Radleigh House l Golf Road Clarkston Glasgow G76 7HU Date.. Page 10
Airfields of Brilain Conservation Trus Statement of Financial Activiti for the Year Ended 5 A ril 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 190 650 Investment income 234,674 200,845 Total 234,864 201,495 EXPENDITURE ON Raising funds 42,901 42,553 Charitable activities Charitable activites 237,579 106,972 Total 280,480 149,525 Net gainsl(1055es) on inveslm¢nts 548,853 (418,264) NET INCOMEI(EXPENDITURE) 503,237 (366,294) RECONCILIATION OF FUNDS Totsl funds brought forward 8,700.857 9.067,151 TOTAL FUNDS CARRIED FORWARD 9,204,094 8,700,857 The notes forn] part of these financial stat¢mentS Pagell
AirfJ¢lds of Britain Conservation Trust tatement of Financial Position 5A ri12 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Tangible assets Inv¢stm¢nts 3,661 8,322,329 215 7,740.094 8,325,990 7.740,309 CURRENT ASSETS Stocks Debtors Cash at bank 10 75,700 24,879 864,169 27,735 854,568 882,303 964,748 CREDITORS Amounts falling due within one year 12 (4,199) (4,200) NET CURRENT ASSETS 878,104 960,548 TOTAL ASSETS LESS CURRENT LIABILITIES 9,204.094 8,700,857 NET ASSETS 9,204,094 8,700,857 FUNDS Unrestricted funds 13 9,204,094 8,700.857 TOTAL FUNDS 9,204,094 8,700,857 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and auihorised for issue on and were Signed on its behalf by.. IL.p. K P Bannerman - Trustee The notes fom part of these fmancial statements Page 12
Airfields of Britain Conservation Trust Notes t the Financial Statemen for the Year Ended 5 A ril 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The fmancial stalemenls of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SOIIP (FRS 102) 'Accounling and Reporting by Chariti¢s: Staiemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (¢ffective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fmancial statements have been prepared under the hislorical cost convention. with the exception of investmenls which are included at market value, as modified by the revaluation of certain assets. The charity meets the definition of a public benefit entlty under FRS102. Th¢ charity has availed itself of paragraph 3 (3) of Schedule 4 of the Companies Acl 2006 and adapted the Companies Act formals to reflect ihe special nature of the charity's activilies. Going Concern The trustees have a reasonable expectation that the charity has adequate resources to conlinue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements. There are no material uncertainties about the charity's ability to continue as a going concem. Critical accounting judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported for assets and liabilities as at the balance sheet dale and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estiinale is revised if the revision affects only that period, or in ihe period of the revision and futur¢ periods if the revision affects both cuent and future periods. No significant judgements have had to be made by management in preparing these financial statements. Allocation and apportionment of eosts Costs are allocated in relation lo the differenl aclivities undertaken. Costs are apportioned in relalion to Ihe level of slaff time and areas used for the different activities. Income All income is recognised in the Slatement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.The charity's main source of income is from the investmenl funds. Expenditure Liabilities are recognised as expenditure as 500n as there is a legal or constructive obltgation committing the charity to that expenditure, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an ac¢rua15 basis and has been classified under headings thal aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Direct costs of charitable activities costs comprise of costs incutTed by the charity in the delivery of its day lo day activities and services. Raising funds costs relate lo the management of the investment portfolio. Page 13 continued...
Airfields of Britain Conservation Trust Notes to the Financial Statem for the Year Ended S A ril 2024 ntinued ACCOUNTING POLICIES- Continued Allocation and apportionment of costs Support costs are those functions that assist the work of the Charity but do not ditlY undertake charitable activities. Support costs include back office costs, fmance, personnel, payroll and governance costs which support the charity's activities. These cosis have been allocated to expenditure on charitable activities. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off ihe cost less estimated residual value of each asset over its estirnated useful life. Fixtures and fittings Computer equipment 200/0 on reducing balance - Straight line over 3 years Impairment of other tangible fixed assets At each reporting date fixed assets are reviewed to deierniine whether there is any indication thal those assets have suffered an impairn)enl loss. If there is an indicaiion of possible impaim)ent, the recoverable arnount of any affected asset is estimated and compared with its carying amount. If the estimated recoverable amount is lower. the canying amount is reduced to its estimated recoverable amount, and an impaimient loss is recognised immediately. If an impairnient loss subsequently reverses, the canying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been detemiined had no impairnieni loss been recognised for the asset in prior years. A reversal of an impairn]ent loss is recognised immediately. Stocks Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items, Taxation The charity is exempt from corporation tax on ils charitable aclivilies. Fund accounting Unreslri¢ted funds comprise donalions and other incoming resources received or generdted for charitable purposes. They are available for use at the discretion of the trustees in furtherance of the charity'5 general objectives. All of the charity's funds are cuentlY unrestricted and contained in the accumulated general reserves fund. Investments The investments of the charity comprise a managed portfolio of shares and securities. Funds are also held in short terni bank deposit / investment accounts. As noted above, the managed invesmient portfolio is included in the balance sheet at market value. Financial instruments The charity only has fanCial assets and fmancial liabilities of a kind that qualify as basic fmancial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Debtors Trade and other debtors are recognised at the Settlement amount due less impainnent losses for bad and doubtful debis. Cash at bank and in hand Page 14 continued...
Airfields of Britain Conservation Trust Notes to th Financial Statements- continued for the Year Ended 5 A ril 2024 ACCOUNTING POLICIES- continued Cash at bank and Cash in hand includes cash for the day to day running of the charity, together with the portion of investment funds held in a short tenn bank account. Creditors Creditors and provisions are recognised where the chartty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the arnount due to settle the obligation can be measured or estimat¢d reliably. Creditors and provisions are nonnally recognised at their settlement amount after allowing for any discounts due. INVESTMENT INCOME 2024 2023 Investment income 234,674 200,845 RAISING FUNDS Investment management eosts 2024 2023 Portfolio management 42,901 42,553 NET INCOME/(EXPENDITURE) Net inrome/(expenditure) is stated after Chargin(crediting)'. 2024 2023 Depreciation - owned assets 143 60 AUDITORS, REMUNERATION 2024 2023 Fees payable to the charity's auditors for Ihe audit of Ihe charity'5 financial statements 3,200 2,700 Other financial servic¢5 2,670 2,670 Total non-audit services 2.670 2,670 5,370 5,370 Page 15 continued...
Airfields of Britain Conservation Trust Notes to the Financial Sta em for the Year Ended 5 A ril 2024 continued TRUSTEES, REMUNERATION AND BENEFITS There were no iSteeS, remuneration or other benefits for the year ended 5 April 2024 nor for the year ¢nded 5 April 2023. Truslees, expenses No expenses were paid lo trustees either this year nor last year. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 650 Investment income 200,845 Total 201,495 EXPENDITURE ON Raising funds 42,553 Charitable activities Charitable activites 106,972 Total 149,525 Net gainsl(losses) on investments (418,264) NET INCOMEI{EXPENDITURE) (366,294) RECONCILIATION OF FUNDS Total funds brought forward 9,067,151 TOTAL FUNDS CARRIED FORWARD 8,700,857 Page 16 continued...
Airfields of Britain Conservation Trus Notes to the Finaneial Statements- continued for the Year Ended S A ril 2024 TANGIBLE FIXED ASSETS Fixtures and fittings Computer equipment Totals COST At 6 April 2023 Additions 1,638 2,673 3,589 4,311 3,589 At 5 April 2024 1,638 6,262 7.900 DEPRECIATION At 6 April 2023 Charge for year 1,423 43 2.673 loo 4,096 143 At 5 April 2024 1,466 2.773 4,239 NET BOOK VALUE At 5 April 2024 172 3,489 3.661 At 5 April 2023 215 215 FIXED ASSET IIYVESTMENTS Listed investments MARKET VALUE At 6 April 2023 Revaluations 7,740,094 582,235 At 5 April 2024 8,322.329 NET BOOK VALUE At 5 April 2024 8,322,329 At S April 2023 7,740.094 Page 17 continued...
Airfields of Britain Conservation Trust Note5 to the Financial Stalemenls- eontinued for the Year Ended 5 A ril 2024 io. STOCKS 2024 2023 Stocks 75.700 ii. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors Prepayments 27,735 24,011 868 27,735 24,879 12, CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accrued expenses 4,199 4.200 13. MOVEMENT IN FUNDS Nel movement in funds At 5.4.24 At 6.4.23 Unrestricted funds General fund 8,700,857 503.237 9,204,094 TOTAL FUNDS 8,700,857 503.237 9,204,094 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrieted funds General fund 234,864 {280,480) 548,853 503,237 TOTAL FUNDS 234,864 (280,480) 548,853 503,237 Page 18 continued..
Airfields of Britain Conservation Trust Notes to the Fin2nclal Statements- continued for the Year Ended S A ril 2024 13. MOVEMENT IN FUNDS - eontinued Comparative net movement in nds. included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unreslrieted funds General fund 201,495 (149,525) (418.264) (366,294) TOTAL FUNDS 201,495 149,525) 418,264) 366,294) Name of fund Descrlption, nature and purpose of fund Unresiricied funds General fiJn(Ls All reserveq held by the charity, 14. RELATED PARTY DISCLOSURES There were no related party trdnsaclions for the year ended 5 April 2024. 15. DONATIONS A donaiion of £10,000 was made to the Trenchard Museum ai RAF Halton in Buckinghamshire lo acquire a flight siniulalor, an excelleni example of a 5uitsble r¢¢ipi¢nt de4ervin¥ major sUPPOrt. Page 19
Airfields of Britain Conservation Trust DetAiled Statement of Financial ACtitieS for the Year FJnded S A ril 2024 2024 2023 INCOME AND EIYDOWMENTS Donations and legacies Other donations 190 650 Investment income Investment income 234.674 200 845 Total incoming resources 234,864 201,495 EXPENDITURE Investment management costs Portfolio management 42.901 42,553 CharltAble activitRes Insurance Posiage and stationery Sundrie8 Memorial8 and related legals Travel and subsislence Office and IT maintenance costs Website costq Legyal and profe55ional fees Donations Bank charges Deprecialion of fixtures and fittings ,185 18 194 134,516 14,540 3.342 68,596 665 i 0,000 180 143 1.340 305 1,154 69,284 8,087 ,265 21,090 607 180 60 233,379 103,372 Support costs Governance costs Audilors, rernuneralion Accountancy fees 3,200 2,700 900 Tothl resources expended 280 480 149 525 Net (expenditure)/income before gains and losses (45,616) 51,970 Recogni5ed gains gnd1085es Unrealised gainsllosses on fixed asset investments Realised gains/{losses) on fixed asset investments 548,853 (419,581) Net Incomel(expenditure) 503 237 366 294) This page does not fonn part of the statulory fmancial stslemenls Page 20