CHARITY XEGISTERED NUMBER: 1158286
IATIONAL SPITFIRE FROJECT
YRUSTEES I REPORT AND F114ANCIAL STATEMBNTS
FOR THE YEAR ENDED 31ST OCTOBBR 2023
JANE FEREDAY LTD
CXARTERBD CERTIFIED ACCOUNTANTS
NURSERY COTTAGE
BECKLEY
HINTON
CHRISTCHURCH
DORSET
BH23 7ED

NATIONAL SPITFIRE PRO0￿CT
EGAL ATr]D ADMINISTEATIVE INFORMATION
R•glJtered Charlty Number: 1158286
Chalrman:
John Hannides
Treasut•r i
Mlchael Richard James
Trusteeg:
John Hanttides (Chairman)
amie Barrett
Paul Beaver
Grant Flarrison
Paul Lester
Royston Smith
Geoffrey Walker (resigned 31 March 20231
Michael James (appointed 30 March 20231
RegL8ter•d O£f Ice:
18 Bassett Wood Drive
SoUTH￿MpTON
S016 3FT
Accountants:
Jane Fereday Ltd
Chartered Certif led Accountants
Nursery Coltage
Beckley
Hinton
Christchurch
Dorset
BH23 7ED
Bank•r8 1
National Westminster Bank PIC
68 Above Bar Street
Southatnpton
S014 2DS

IIATIQ14AL SPITFXRE PROJECT
FOR THE YEAR ENDED 318T OCTOBER 2023
COIITENTS
Pagè
Tru8Lee8 report
Independent Examiner, s Report
Statement of f inancial actlVLties
etailed analysis of £und5
Balance sheet
Notes
io

NATIONAL SPITFIRE PROJECT
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED 31ST OCTOBER 2023
The Trustees present their report and the fin8nci81 statements of the charity for the year ended
31 st October 2023. The trustees have adopted the provisions of the Statement of
Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS1021 in preparing
the annual report and financial statements of the charity.
Structure. Governance and Management
Organisation
The charity was set up in accordance with the Charity Commission's advice and guidance. The
National Spitfir8 Project was incorporated as a Charitable Incorporated Organisation ICIOI on
the 19th August 2014, and prepared its ninth set of accounts for the year ended 31 st October
2023. As set out in the Constitution, nominated trustees must be approved by a formal board
meeting. Appointed trustees must stand lor re-election every 3 years. From year 3. one third of
the trustees will resign each year at the AGM of the charity Ib8sed on a rota-systeml but can
stand again for re-election at the same meeting. When looking for new trustees to nominate,
the trustee board undertakes a skills audit lo highlight the areas desired by the charity and
those currently lacking or under-represented.
Related parties
None of the trustees has any beneficial interest in the charity. All of the truste8s are members
of the charity but have no liability to contribute to its assets and no personal responsibility for
settling its debts oi liabilities. There were no related party transactions during the year under
review in the8e accounts.
Risk policy
Whilstthe £500.000 committed from HM Government provided a high degree offinancial
confidence, the risk rem8ins that it additional n8w donations are not received, the Grant would
not be sufficient to cover the cost of the detailed design, technical and feasibility work. This
could, therefore, Cause the project to stall or be delayed. This is mitigated by the appointment
of an experienced professional fundraiser and the appointment of a very highly regarded and
well-connected Trustee as the Chair ofthe Development Committee.
The prospect of failing to attract new donations is further mitigated by the Commencement of
the Detailed Technical Design work during this period, this has the important effect of 'de-
risking, tho project and. therefore, making it more attractive for prospective donors. The risk of
high inflation impacting the cost of the materials and Labour required to construct the
monument, could potentially raise the total cost envelope of the project. This is mitigated by
the significant contingency provision already included in the cost estimates and the excellent
work being done by the Project Director and appointed Quantity Surveyors in identifying
options to reduce costs and remain within budget.
Page 1

NATIONAL SPITFIRE PROJECT
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED 31ST OCTOBER 2023
Objectives and activities
The objectives for which the charity is established are to advance the educarion of the public in
the history of the design and development of the Spitfire aircraft and its role in the Second
World War including, but without limitation, the erection and malntenance of a memorial to the
Spitfire and it8 designer R J Mitchell in the City ol Southampton.
Achievements and performance
The Natlonal Spitfire Monument Is a standalone construGtion and It can be built separate to
the works required for any futur& Waterfront development and, subject to funding, will proceed
independently. SCC and NSP are in discussion regarding the lease for the approved site.
Preparatory work continued to ensure the National Spitfire Project {NSPI is in a good position to
achi8V8 tangible progress. This included sev8ral surveys leg Ground Investigation IGII survey}.
Further endorsement end supportfrom Southampton City Councilwas illustrated bythe
receipt of two grant instalments totalling £37.700, which helped with the project delivery 8nd
fundraising. Furthermore, followingthe successful award for £3,000,000 from HM Government
as match funding, Trustees tookthe decision to ask HM Treasury to convert £500,000 of our
funding into a grant in o¥d8r to complet8 the design work and further enhance our appeal to
prospective donors. The request was approved, which reinforced HM Government,
confidence in the project and underlined its Yecognition of the Monument representing the
officially r8cognised national monument.
The balance of £2 500,000 of HM GovernmentfLSndingwas released to the Armed Forces
Covenant Fund Trust IAFCFTI and NSP worked with AFCFTto define and agree a suitable
reporting system.
NSP has benefitted from a significant increase in activity across the board, including the
appointment of International Fundraising Consultancy IIFCI as the professional fundraising
organisation providing specialist support.
Flnancial review
The income from donations recorded forthe financialyearended 31 October 2023 was 2291
lin 2022 it was £2,610). The charity also received grant funding of £32,50012022'. £75,200) from
Southampton City Council. During the year thè charity furlher received the f irst tranche of
funding from the Armed Forces Covenant Fund Trust IAFCFTI, as committed to by HM
Government as part ol matched funding to total £3,000,000. This first tranch8 received
amounted to £500,000.
Page 2

NATIONAL SPITFIRE PROJECT
TRUSTEES. ANNUAL REPORT
FOR THE YEAR ENDED 31ST OCTOBER 2023
The total income ofthe charity In the year ended 31 October 2023 was £532,791
12022.. £78,210). The total expenditure incurred of £101,331 12022: £58,157) was primarily for
Project Managem8nt- £37,04012022'. £30,131), Project Design (initlal payment) £20,00012022.'
£Nill, Fundraising- £36,535 (2022: £19,404), Marketing services and website maintenance -
£5,39212022,. £6,445).
Going Concern Review
The Trustees have carried out a Going Concern Review. The review includes looking at NSP'S
financial position. cash flow, and liquidity. Each of these is assessed in order to reach a
conclusion.
Review and observations- The Trustees believe that the project is 3 going concern, especially
with match fur)ding from HM Government and the positive responseto NSP'S CapitalAppeal
8nd other fund raising activÉty.
With the plans for the spectacular Spitfire monument in place and the continued support of
the HM Government, Southampton City Council 8nd the numerous Corporate and individual
donors pledged to donate to the project, the Trustees are optimistic that their vision will be
realised.
Reserves poll¢y
The Trustees aim to maintain free reserveg in unrestricted funds at a lev81 which equates to a
minimum of approximately three months of unrestricted charitable expenditure. The Trustees
consider that this level will provide suff icient funds to ensure that support and governance
costs are covered. The balance held as unrestricted funds gt 31 October 2023 was £1,537
12022: £2,431). Duringthe year 8nded 31 October 2023 incometo unrestrlcted funds was £291
12022: £3,010} and unrestricted charitable expenditure was £1.18512022: £1,493).
The charity received restricted grant funding during the year ended 31 October 2023 of
£500,000 from the Armed Forces Covenant Fund Trust IAFCFTI. The Trustees ofthe charity
have worked with the AFCFTto define and agree a suitable reporting system.
The charity also received restricted grant funding during the year ended 31 October 2023 of
£32.500 from Southampton City Council. The Trustees meet regularly with representatives of
Southampton City Councilto report on how the funds have been used.
The balance held as restricted funds at 31 October 2023 was £450,89012022.' £18.5361. During
theyear ended 31 October 2023 income to restricted funds was £532,50012022: £75,200) and
restricted fund expenditure was £63.85412022: £56,664).
Page 3

NATIONAL SPITFIRE PROJECT
TRUSTEES. ANNUAL REPORT
FOR TrIE YEAR ENDED 31ST OCTOBER 2023
Funds held as Custodian Trustee
The charity does not have any custodian trustee arrangements.
Plans forfuture periods
The Trustees of Ihe National Spitfire Project (NSPI are in the process of selecting specialist
consultants for the project to be appointed during the f inancial year 23124.The f inal selection
interviews are scheduled in London on 2nd November 2023. The expectation is to appoint the
various design te8m members and proceed with the detailed technical and design work,
Includingwind tunnel testing of our model sculpture.
Proactive fund raising activity will intensify and a cultivation event for prosp8Ctive supporters is
scheduled to take place at Number 10 Downing street in November 2023, hosted bythe Prime
Minister, Rishi Sunak. This event provldes the catalyst to launch NSP'S Capital Appeal,
Accountingand reporting responslbilities
Th8 charity trustees are responsible for preparing a truste8s' annual report and financial
statements in accordance Wlth applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice}.
The law 8pplicable to charities in England and Wa16s requires the charity truste6S to prepare
financial statements for each year which give a true and fair view of the State of affairs of the
charity and of the incoming resources and application of resources, of the charity for that
period. In preparing the financial statements. the trustees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles In the applicable Charities SORP-
makejudgements and estimates that8re reasonable and prLfdent'
stat8 whether applicable accounting standards hava been followed, subject to any
material departures that must be disclosed and explained in the financial statements.,
prepare the financial st8tements on the going concern basis unless it is inappropriate to
presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with
reasonable accuracy at anytime the financial position of the charity and to enable them to
ensure that the financial statements Comply with the Charities Act 2011, the applicable
Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are
Page 4

NATIONAL SPITFIRE PROJECT
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED 31ST OCTOBER 2023
also responsible for safeguarding the assets of the charity and taking reasonable steps for the
prevention and detection of f raud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial
information included on the charity's website in accordance with legislation in the United
Kingdom.
Approved bythe trustees on
J Hannid6S
Trustee
Page 5

INDEPENDENT EXAMINER I S REPORT
TQ THE TRUSTEES OF NATIONAL SPITFIRE PROJECT
FOR THE YEAR EI4DED 31ST OCTOBER 2023
I report to the charity trustees on my examination of the accounts 0£ the
charity for the year ended 31st October 2023 which are set out on pages 7 to
Is.
Reaponslbllltles and basia 0£ r8port
As the charity trustees you are re$pon6ible for the preparation of the account5
in accordance with the requirements of the CharitLes Act 2011 1 I the Act, I
I report in respect of my examination of the eharily, s accounts carried out
under section 145 of the Act and in carrying out my examination I have followed
alL the applicable Directions given by the Charity CotnmLssion under section
145 151 Ibl of Lhe Act.
Independent examlner, o Statern•At
I have completed my examination. I eonfirm that no matters have come to my
attention in connection wiLh the examination giving me cause to believe:
11 accounting records, with respect to the Trust, were not kept as requlred
by sectxon 130 of the 2011 Act.. or
21 the accounts do fLOt accord with those records,. or
31 Lhe accounts do not conrply with Ihe applicable requirernents concerning
the fonn and CODtent 0£ accounts set out in the Charities IAccounts and
Reports) Regulations 2008 other than any requirement that Ihe accounts
give a 'true and fair view, which Is not a ma¢ter considered as part of
an independent examination,. or
41 the accounts have not been prepared in accordance with the Tnethods and
principles of the Statement of Recomtnended practice for accounting artd
reporting by charities lapplicable to charities prepar&ng their accounts
in accordance with tkLe Financial Reporting Standard applicable In the UK
and Republic of Ireland IFRS 10211
Dated:
31,, A
C ioZ4
Ja
Fer
yLtd
Chartered Certif led Accountants
Nursery Cottage
Beckley
Hinton
Christchurch
Dorset
BH23 7ED
Page 6

14AT1014AL SPITFIRE PRO4JECT
STATEME14T OF FIYWqCXAL ACTIVITIES IINCLUDXNG INCOME AND EXPEIIDITURE ACCQUNTI
FOR THE YEAR ENDED 31ST OCTOBER 2023
Re#tld
Incomè
Funds
Total
Fund9
2023
Total
Fund3
2022
Unr•#t i a
Fwids
Income and endowmoJ¢¥ ftomi
Donations and Legaeles
291
532, 500
532, 791
77,810
other incorne
400
Total Income and •ndoMryDents
291
532,500
532, 791
78,2LO
Exp•nd&tur8 on:
Raising funds
243
36,292
36,535
19,404
Charitable aetivitie8
242
63,854
64,096
38,253
other
700
Yoo
500
Total ra8ourc•M expend•d
1,185
100,146
101,331
58,157
Net rnovement In funds
18941 432,354
431,460
20,053
Total £und8 brought forward
2,431 £ 18,536 £ 20.967
914
Total £und8 carrled forward
1,537 £450,890 £452,427 £ 20,967
All income and expenditure derive from continuing activities.
Page 7

NATIONAL SPJTFIRE PROJECT
STATEMENT OF FINANCIAL ACTIVITIES
D￿ArLED ANALYSIS OF MOVEMENTS IN FUNDS
FOR THE YEAR ENDED 31ST OCTOBER 2023
2023
2022
General Futtd
(Def icitl Isurplus for the yea
18941
1,517
18941
1,517
Urttéatrtcted fund I
Opening balan¢e
2,431
914
2.431
914
Restrlet•d Funds
OpeniAg Balance
Grant Income
Costs 0£ generating funds
Activitles furtherance OE obje
18,536
532,500
136,2921
163,8541
75,200
119,3291
137,3351
450,890
18,536
Total funda at 31st O¢tob•r 2023
£452,427
£ 20,967
Page 8

NAT1014AL SPITYIRE PROJECT
BA￿ANCE SHEET
AT 31ST OCTOBER 2023
Note
2023
2022
Current as#¢t8
Debtors
Bank Accounts
5,699
471,264
633
24.832
476,963
25.46S
Credltor8
Amounts falling due within
one year
24,536
4,498
Net current a888tB
452,427
20,967
Total aB88t8 1•88 current Ilabllltles
452,427
20,967
Nee a8¥at#
£452,427
£ 20,967
Capltal fund
Restricted funds
Unrestricted f unds
450.890
1,537
18,536
2.431
Total £uJxd8
£452,427
£ 20,967
Approved by the trustees on
3i&k f¥￿￿¥1 aDILfr '
a Hannides
The anttexed notes form part of these f inancial statements.
Page 9

NATIONAL SPITFIRE PROJECT
NOTES TO THX FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
Aceountlng polle*ea
The organi8ation is a registered charity.
The accounts I f Inancial statements) have been prepared under the historical
convention and in accordance with Statement of Recommended Practice cost
cortvention with items reeognised at cost or transaction value unless
otherwise stated ihe relevant notes to these accounts. The finarLcial
statements have been prepared in accordance with the Statement of
Recommended Practice: Accounting and Reporting by Charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in
he UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the
Financial Reporting Standard applicable in the United Kingdorn and Republic
of Ireland IFRS 1021 and the Charities Act 2011.
The particular policies adDPted by the Trustees
are
described below
and have
been applied
consistently to alL periods presented in these
f inanclal Étatemenls.
Crltical accounting judgemenl8 and key 90urces of e8tinHtion uncertainty
In the application 0£ the charity, s accounting policies, the trustees are
required to make judgements. estimates and assumptions about the carrying
arnounts of assets and liabilities that are not readily apparent fro￿ other
Bources.
The estimates arkd associated assumptions are based on experience
and other factors considered to be relevarLt. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estitnate is revised If the revksion affects only that period, ot in the
period of the revision arLd future perioda if the revision affect5 both
current and future periods.
The trustees do not consider there are any critical judgement8 or sources of
es¢imation uncertaiKkty requiring disclosure beyond the accounting policies
listed below.
Incomlng tèsourceB
Donation income is recognised in the year in which the charity is entitled
to receipt, and when the amount can be recognised with reasonable certainty.
Glft in kind income and expenditure is recognized when the service is
received.
Fage 10

NATIONAL SPITFIRE PROJECT
NOTES TO THE FINANCIAL STATEMENTS Icontinuedl
FOR THE YEAR EDIDED 31ST OCTOBER 2023
Re8oure¢s expended
Resources expended are included in the statem8nt of finattclal activities on
an accruals basis, exclusive 0£ VAT which can be recovered.
The costs of generatlng funds consist Tnainly of the costs of utilislng the
services of a professional fundraiser, and the costs of utilitisirlg the Juat
Giving donations platf orin.
Costs of charitable actlVLties include grants nHde, governanee cost8 aud
Bupport cc>sta as explained in note LO.
Fund accountlng
Funds held by the charity are divided between unrestricted and restricted
general funds.
The urLrestricted funds can be used, in accordance with
charit3ble objectives, at the discretions 0£ the trusteÈs. The restricted
funds must be used in accordance with the wlshes 0£ the donor.
Grant# receivèd
Grants are recognised once the charity has entltlement to the income, it is
probable that the income will be reeexved and the amount ot income
receivable can be measured reliably.
Page 11

NATIONAL SPITFIRE PROJEC
NQfES TO TH£ FINANCIAL STATEMKWTS Icontinuedl
FOR YEAR ENDED 31ST OCTOBER 2023
Going Concern
The existing fund5 of the charity* togelher with funds that have been
pledged, are suf ficient sueh that the Charity can toeet its expeiises as they
fall due.
Therefore the finantial statetnents have been prepaied on a going
eonce*n basis.
A review of Going Concern was carried out by the Trustees looking ahead
beyond 31 October 2024. The following observations have been noted by the
Trustees as a result of their revlew..
Financial Position
The Charity's Éinancial position in relation to budget
and planned comunitments Is pioviding coTrfort and assurance that adequate
funds are available. With apptoximately £500, 000 cash balance duting the
2022123 financial year, and over £200,000 as at Auqu5t 2024. the Charity is
in a healthy financial position. Significant additional donations have also
been pledged, which, together with the tnatch funding contributions will add
considerably to NSP'S ea5h balances.
Cash Flow
Reviewing cash flow I'orecasts and assurnptions about future
activities
such as incoThe generation, cash receioLs. and cash eosts,
provides a very high degree of comfort that available cash balances will
remain siynifTrcantly above on-going costs for the foreseeable future.
Liquidity
Current and future cash balances indicate a high and sustainable
level of liquidity whleh will be suffleient to meet the Charity's
liabiliti*s on time.
Review and observations la150 reported in thÈ Trjstees, Report)
The
Trustees believe that Lhe project is a going COAtotn, especially with match
funding from HM Government and the positive response to the charity's
Capital Appeal and othèr furid raising activity.
With rhp plaTl£ Cnr thp sppctarijlar .qpitfire monument in plaep Aiid the
continued support OC the HM GovernmenL, and the numerous corporate and
individual donors pledged to donate to the project, the Trustees are
optimistic that their vision will be realised.
Cash and ca¥h equival6nt8
Cash and cash equivalents cornprise8 cash in hand and dÈposits repayable on
deTnand.
Taxation
The charity 13 a registèrèd charlty and has no liability to corporation tax
on its chari table activities.
Contlngent Assèt
A contingent asset Is recogni5ed and disclosed for grant funding that:
ar15es from past evènts and..
wa5 not forrnally tOTnThitted lo writing at
31 October 2022.
Page 12

14ATIONAL SPITFIRE PROJECT
NOTES TO THE FINANCIAL STATZMENTS (Continued)
FOR THE YEAR ENDED 31ST OCTOBER 2023
Xncom•
Re8tld
Income
Unr84tld
Fund
2023
Total
Fund6
2023
Total
Fund8
Fund¥
2023
2022
DonatlonB and l¢gacle8
Dottations, legaeies and similar
Grant Income
291
291
532, 500
2,610
75.200
532, 500
291
532, 500
532,791
77,810
other Incorne
Compensation f rom bank
400
400
Exp8ndltut• on ral8ing fund
2023
2023
2022
Fundraising
Costs of generating funds
243
36,292
75
19,329
36,535
19,404
Exp•ndlture on charltable aceivit£es
2023
2023
2022
Marketing
IT Software & cons￿mableS
ActlVLtie8 in furtherance of objects
78
164
63,854
918
37,335
64,096
38,253
other cost8
2023
2023
2022
Accounts
Independent Exarninatlon
700
500
700
500
Page 13

14ATIONAL SPITFIRK PROJECT
NOTES TO THE FINANCIAL STATEblE￿9 (Continued)
FOR THE YEAR ENDED 31ST OCTOBER 2023
D•btorJ and prepayments
AmouzLts Ealling due within one year:
2023
2022
prepayments and Accrued Income
Taxation
195
5,504
195
438
£5,699
633
Credltor8
Amounts faLLing due within one year:
2023
2022
Sundry Creditors
Accrued Expenses
20,730
3.806
3,998
500
£24, 536
£ 4,498
Flnanelal IrA8trument8
The company had the following Einancial Instruments:
2023
2022
Financial assets that are debt instrumeThts
easured at amortised cost
other debtors
5,699
633
Financial liabilities measured at amortised cost
Other creditors
24,536
4,498
£24. 536
£ 4,498
Rèlatèd party trarLsactlons
DurirLq the year, the charity did not take part itt any related party
ransactions.
Page 14

NATIONAS SPITFIRE PROOECY
NOTES TO THE FINANCIAL STAYEMENTS Icontinuedl
FOR THE YEAR ENDED 31gT OCTOBER 2023
10. knalysats Qf Juppott cose8
The 8UPPOft costs of the charity have been allocatod to charitable
expenditure as disclosed in Note 4.
Thls was deemed to be the most
appropriate by the Trustees.
ThiB will be reviewed in future years.
11. Tru8teeB
The Trustees of the Charity complete their role as a Trustee without
remulleration. The charity reimbursed Trustee£ £DTil during the year 12021:
£Nill for expenses Incurred on behalf of the charity.
12. Employee#
There were no eThployees during the year.
13 . Cothmitm¢Dta
At 31 October 2022 the charity has no annual commitrnents.
14 . Contlng•nt Asa¢t
The Govezntllent announced in the April Budget 2020, it has allocated match
funding up to £3 million for the project, thanks to the support 0£ the
SouthaTllPton Itchen MP. In March 2023, the Government conE2rmed it will
convert part of the fflatch-funding allocation in to a grant of £500,000. the
£500, 000 governTneTht grant will be paid to the Natlonal Spitfire Project
one single payment, to be adminislered through the ArEned Forces Covenant
Txus¢ Fund IAFCTFI. The AFCTF has confirmed they have completed their
required procedures and approvals, and soon as they receive the funds from
His Majesty's TrÈasttry IHMTI
they will release it to the National Spitfire
Project. rhey axe currently in direct communication with HMT to expedite the
transf er of funds.
Southampton City Council initially allocated £150, 000 reverLUa funding to the
project, of which £75,200 was paid to the chatity during the year under
review.
Southampton City Council has also alLocated £350, 000 capital
funding as a contribution to the con8Lruetion phase of the project.
Page 15