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
B1￿h5wO0d 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 I￿SteeS 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 e￿or.
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 e￿Or 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 i￿egUlaTI11eS 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 cu￿ent 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 di￿tlY 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 cu￿entlY 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 f￿anCial 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 i￿SteeS, 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 ACti￿tieS
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