National Spitflr8 Project Year ending 31 October 2024 Charty Number: 1158286
PWIONALSEIIEIBE PRQJEQT P8ge Charitylnformation Trustee's Report Income & Expenditure Account Balance Sheet Note8 lo the Accounts 15 Independent Examiner's Report
1158286 Ir John Hannides urer Michael Richard James John Hannides (Chairman) Jamie Barrett Grant Harrlson (resigned 12, June 2024) Paul Lester Royston Smith Michael James 18 Bassett Wood Drlve SOUTHAMPTON S016 3PT Jane Fereday Ltd Chartered Certified Accountants Nursery Cottage Beckley Hinton CHRISTCHURCH BH23 7ED Nation81Westminster Bank Pic 68 Above Bor Street SOUTHAMPTON S014 2DS Page 1 of 15
NATIONAL SPITFIRE PROJECT TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDING 31- OCTOBER 2024 The Trustees present their report and the financial statements of the ch8fityfor the year ended 31st October 2024. The trustees have adopted the provisions of the Statement of Recommended Pr8CtI¢8 {SORP)"Accounting and Reporting by Ch8ritl88 IFRS102) in preparing the annual report and financi81 statements ofthe charlty. Structure. Governance and Management Organlsatlon The charitywas set up in accordance with the Charity Commission's advice and guidance. The Nationalspitfire Project was incorporated as a Charitable Incorporated Organisalion (CIO) on the 19th August 2014. and prepared its tenth set of accounts for the year ended 31 st October 2024. As set out in the Constitution, nominated trustees must be approved by a formal board meeting. Appointed trustees must stand for re-election every 3 years. From year 3, one third of the trustees will resign each year at the AGM of the charity (based on a rot8-8ySteml but can stand again for re-election at th8 S8me meeting. When lookingfor new trustees to nominate, the trustee board undertakes a skllls 8udlt to highiightthe areas desired bythe charity and those currently lacking or under-represented. Related parties None of the trustees has any beneficial int8rest in the ch8rity. All of the trustees are members of the charity but have no Liability to contribute to its assets and no personal responsibilityfor settling its debts or liabilities. There were no related party transactions duringthe year under review in these accounts. Risk policy Whilst the £500,000 committed from HM Government provided a high degree of financial confidence, the risk remains that if additional new donations are not received, the Grant would not be sufficient to cover the cost of the detsiled design, technical and feasibilitywork. Thls could, therefore, cause the project to stall or be delayed. This is mitigated bythe appointment of an experienced professional fundraiser and the networking 8Ctivity ofTrustee8 and a highly regarded and well-connected Development Committee. The prospect of failingto attract new donations is further mlt5gated by the Detailed Technical Design VrkdurIngthiS period, this has the important effect of 'de-risking' the project and, therefore, making it more 8ttr8Ctive for prospective donors. The risk of high inflatlon Impacting the cost of the materi8ls and Labour required to constwctthe monument, could potentially raise the totaL cost envelope ofthe project. This is mitig£ted by the significant contingency provision already included In the cost estimates and the excellent work being done bythe Project Director and appointed Quantity Surveyors in identifying options to reduce costs and remain within budget. Objectives and activities The objectives forwhich the charlty Is establlshed are to advance the education 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 memorialto the Spitfire and its designer R J Mitchell in the City of Southampton. Page2of15
NATIONAL SPITFIRE PROJECT TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDING 31" OCTOBER 2024 Achlèvements and performance The Nationalspltfire Monument is a stand-alone construction and it can be built separate to the works required for any future Waterfront development and, subject to funding, will proceed independently. SCC and NSP remain in discussion regarding the lease forthe approved site. Preparatorywork continued to ensure the National Spitfire Project INSPI is in a good position to achieve tangible progress. This included excellent progress on the detailed design work. The pace atwhich the project is moving foTward has reinforced HM Government's confidence in the project and underlined its recognition of the Monument representing the off icially recognised national monument. NSP has benefitted from a significant increase in activity across the board, includingthe injection of momentum in its fundraising activity. Flnancial review The income from donations recorded and grft aid recL8imable for the financialye8r ended 31 October 2024 was £67.209 lin 2023 it was £2911. The charlty also received grantfunding of £Nil {2023: £32,500) from Southampton City Council. During the year ended 31" October 2023, the charity rec8ived the first tranche of funding from theArmed Forces Covenant Fund Trust IAFCFf), as committed to by HM Government as part of matched funding to total £3.000,000. This first tranche recelved amounted to £500,000. The total income of the charity in the year ended 31 October 2024wa8 £174,745 {2023: £532,791). The total expenditure incurred of £562,51012023: £101,331) was primarily for Project Management- £34,66612023: £37,040), Project Design work £429,35212023: £20,000), Fundraising- £83,92512023: £36.535), Marketing services and website maintenance- £13.147 {2023: £5,392). Going Concern Revlew The review includes looking at NSP'S financial position, cash flow, and Ilquidity. Each of these is assessed and the following observations are noted bythe Trustees: Financial Position The Charity's financial position in relation to budget and planned commitments is providing comfort and assurance that adequate funds are available. With approximately £250,000 cash balance during the 2023124 financialyear, and over £1,300,000 as at June 2025, the Charity is in a healthyfinancial position. Significant additional donations have also been pledged, which. togetherwith the match funding contributions willcontinue to add to NSP'S cash balances. Cash flow Reviewing cash flowforecasts and assumptions aboutfuture activities, such as income generation. cash receipts, and cash Costs, provides a very high degree of comfort that available cash balances will remaln significantly above on-golng cost5 for the foreseeable future. Liquidity Current and fiJtur8 cash balances indicate a high and sustaln8ble level of liquidity which will be sufficlent to meet the Charity's liabillties on time. Page 3 of 15
NATIONAL SPITFIRE PROJECT TRUSTEES'ANNUALREPORT FOR THEYEAR ENDING 31" OCTOBER 2024 Review and observations The Trustees belleve that the project is a going concern, especially with match funding from HM Government and the positive response to NSP'S Capital Appeal and other fund raisingactivity. With the plans forthe spectacular Spitfire monument in place and the continued support of HM Government and the numerous corporate and individual donors, the Trustees are optimistic that their vision will be realised. Reserves policy The Trustees aim to maintain free reseTves in unrestricted funds at a level which equates to a minimum of approximately three months of unrestricted charitable expenditure. The Trustees considerthat this levelwill provide sufficientfunds to ensurethat support and governance costs are covered. The balance held as unrestricted funds at 31 October 2024 wes £64,662 {2023: £1,537). During the year ended 31 October 2024 income to unrestricted funds was £174,745 (2023: £291) and unrestricted charitable expenditure was £2,24812023: £1,185). At the year end, an amount of £109,372 was tr8nsferred from unrestricted funds to restricted funds to fin8nce restricted fund expenditure in excess of reserves broughtforward during the year under review. The charity received restricted grantfunding during the yeer ended 31 October 2023 of £500,000 from the Armed Forces Covenant Fund Trust {AFCFT). No grant fundlngwas received from AFCFTduringthe year under revlew. However, a further grant of £925,763 was received post year end from AFCFT in June 2025. The charity also received restricted grant fundlng durlng the year ended 31 October 2023 of 232,500 from Southampton Clty Council. No gr8ntfunding was received from Southampton City Council duringtheyear under review. The balance held as restricted funds at 31 October 2024 was £Nil12023: £450,890). During the year ended 31 October 2024 income to restricted funds was £Nil {2023: £532,500) and restricted fund expenditure was £560,262 (2023: £100,146). Funds held as Custodian Trustee The charitydoes not have any custodian trustee arrangements. Plans for future periods Followingthe appointment of specialist consultants forthe project. Part of theirworkwill be to undertake the wind tunneltesting of the scale model replica sculpture. Pro-active fund raising activitywill intensify and a cultivation event for prospective supporters took place at Number 10 Downing Street in November 2023, hosted by the Prime Minister. Rishi Sunak. This event provided the catslyst to launch NSP'S Capit8lAppeal. Building on this momentum, an 8dditional cultivation event was held on November 2024, hosted bythe RAF in the historic HenryVIII Wine Cellar, located at the basement of the Ministry of Defence. Page 4of 15
NATIONAL SPITFIRE PROJEryr TRUSTEES'ANNUALREPORT FOR THE YEAR ENDING 31" OCTOBER 2024 Accountlng and reportlng responslbllltles The charitytrustees are responsible for preparing a trustees. annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pr8Ctice). The law applicable to charities in England and Wales requires the charitytrustees to prepare financial statements for each yearwhich give a true and fairview 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 applythem consistently: obs8rve the methods and principles in the applicable Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements" prepare the financlal statements on the going concern basis un18SS It Is inappropriate to presume that the charitywill continue in business. The trustees are responsible for keeping proper accounting records th8t disclose wlth reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements complywith the Charities Act 2011. the appLicable Charities (Accounts and Reports) Regulations, and the provisions ofthe Trust deed. They are also responsible for safeguardingthe assets of the charity and taking reasonable steps forthe prevention and detection of fraud and other irregularities. The trustees are responsible forthe maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom. Approved by the trustees on 2810812025 J Hannides Trustee Page5of15
NATIONAL SPITFIRE PROJECT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 315T OCTOBER 2024 MM ND EXPE truRE ACCOUNT Note8 Restrlcted Unrestrlcted min Incoming r¢$ourco8 from generated funds: Donations Grants Incoming resources from ch8rit8ble actlvltles: Sponsorshlp Investment Income 67.209 67,209 291 532.500 100,000 7.536 100.000 7,536 Totallncomlng resourc• 174,745 174,745 532.791 Costs of genoratlng funds Costs of generatingvolunt8ry income 83,653 272 83,925 36.535 Charitsbie activities Project Man8gement Project Design Marketing Admini8tr8tion of charity 34,666 429,352 12.591 34.666 429.352 13,147 180 37.040 20,000 5,392 1.664 556 180 Governanco costs Accountant and external examlner 1,240 1.240 700 Totsl resources expanded 560,262 2,248 562,510 101.331 Net movom tinf 1560,262) 172,497 (387.765) 431.460 Transfers between funds 109,372 (109,372} Net movement In funds in the year after transfars (450,890 63,125 387,7651 431,460 ncili ion of fund8 Total funds brought forward 450,890 1,537 452,427 20,967 Total Funds carrled forward 64.662 64.662 452.427 All income and expenditure derive from continuing activities. Page6of15
NATIONAL SPITFIRE PROJECT BALANCE SHEET AS AT 318f OCTOBER 2024 Notes nt Debtors due within one year Cash at bank & in hand 1.445 184,408 185.853 5.699 471,264 476.963 Less Credltors- falling duewithln oneyear {121,1911 124.536) Net ewrent assets 64.662 452,427 Totsl a8$ets ie$$ ¢urrent Uabilltle8 64.662 452,427 Total Net assets 64.662 452,427 Restricted Unrestricted 450,890 1,537 64,662 64.662 452,427 Approved by the Truste88 on 12 25 8nd signed on their behalf. Signature N8me J Hannldes The notes on pages 8 to 14 form part of thesefinancial statements. Page7of15
NATIONAL SPITFIRE PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- OCTOBER 2024 1. Accountlng pollcles The organisation is a registered charity. The accounts (financial st8tements) have been prep£red under the historical convention and in accordance with Statement of Recommended Practice cost convention with items recognised at cost ortransaction value unless otherwise stated in the relevant notes to these accounts. The financiaL statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in 8ccordancewith the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom 2nd Republic of Ireland IFRS 1021 and the Charities Act 2011. The particular poLicies adopted by the Trustees are described below and have been applied consistentlyto all periods presented in thesefinancial stet8ments. Critical accountingjudgements and key sources of estimation uncertainty. In the application of th8 charity's accounting policies, the trustees are requlred to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The est5mates and associated assumptions are b8sed on experience and other factors considered to be relevant. Actu81 results maydÉffer from these estlmates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The trustees do not consider there are any criticaljudgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below. 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. Gift in kind income and expenditure is recognized when the service is received. Resources expended are included in the statement of financial activities on an accruals b8SiS. inclusive of VAT. Resources expended include VAT repayable which was inadvertently claimed in errorfrom HM Revenue & Customs in the year ended 31" October 2023. The costs of generating funds consist mainly of the costs of utilising the services of a professional fundraiser, and the costs of utllitisingthe Just Giving donations p18ttorm. Costs of charitable activities include grants made, governance costs and support costs as explained in note 5. P8ge8of15
NATIONAL SPtrFIRE PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARENDED 31-OCTOBER2024 Funds held bythe charity are divided between unrestricted and restricted general funds. The unrestrleted fund8 can be used, in accordance with charitable objectives, at the discretions of the trustees. The restricted funds must be used in 8ccordance with the wishes of the donor. Grants are recognlsed once the charity has entitlement to the income, it is probable thatthe income will be received and the amount of income re¢elvable can be measured r81iably. The existing funds ofthe charity, togetherwith funds that have been pledged, are suff icient such that the Charity can meet its expenses as theyfall du8. Therefore the financlal statements have been prepared on a going concern basls. A review of Going Concern was carried out bytheTwstees looking ahead beyond 31 October 2024. The following observations have been noted by the Trustees as a result of their review: Financial Position The Ch8rity's financial positlon in relation to budget and planned commitments is providing comfort and a88urance that adequate funds ar8 available. With approximately £250,000 cash balance during the 2023124 financial year, 8nd over £1,300.000 as 8t June 2025, the Charity is in 8 hegLthy financial position. Signiflcant additional donations have also been pledged, which, together with the match funding contributions will continue to add to NSP'S cash balances. Cash flow Reviewing cash flowforecasts and assumptions about future 8Ctivities, such as income generation, cash receipts, and cash costs, provides a very high degree of comfort that available cash balances will remaln significantly above on-going costs forthe foreseeable future. Liquidity Current and futur8 cash balances Indicate a high and sustainable level of liquiditywhich will be suff Icient to meet the Charity's liabilitles on time. Review and obseNations The Trustees believe that the project is a going concern, especiallywith match funding from HM Government and the posltlve response to NSP'S CapitalAppeal and other fund raising activity. With the plans for the spectacular Spitfire monument in place and the continued support of HM Government and the numerous corporate and individualdonors, the Trustees sie optimistic that theirvision will be realised. Page9 of 15
NATIONAL SPITFIRE PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- OCTOBER 2024 Cash and cash equivalents comprises cash in hand and deposits repay8ble on demand. The charity is a registered charity and has no liabilityto corporation tax on its charitable actlvit58s. A contingent asset is recognised and disclosed for grantfundingthat: arises from past events and'_was not formally commltted to in writlng at 31 October 2024. 2. Grant and Donatlon Income R88trlctsd Unr88tricted Volunta Donation Elliott & Thomas M£rtin Baker Aircraft Thestarof Stone- MrG Berriman Mrs Peake TWMet8ls Limited The Golden Bottle Trant Engineering Limited Vanguard Holding Other donors Gift aid 1,000 2,500 25,000 5,000 668 1,000 25,002 5,000 789 1,250 1.000 2,500 25,000 5,000 668 1,000 25.002 5,000 789 1.250 291 532,500 67.209 67,209 532,791 Grantswere received from the followingorganisations duringtheyear: Sour Armed Forces Covenant Fund Trust (AFCFtI Southampton City Cwncil 500.000 32,500 532,500 Page10of 15
NATIONAL SPITFIRE PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" OCTOBER 2024 3. Incoming Resources from Charitable Actlvities nrestri ted BAE Systems Limited 100.000 100.000 100,QQO 100,000 4. Investment income Income from bank deposrt8 7,536 S. Total Resources Expended harStable A¢tlvltles Govorn nc Costs dlrectly allocated to actlvlties External fundraiser Project Management Project Design Marf(eting (inc Website) 83,653 34,666 429,352 12,591 83.653 34,666 429,352 12,591 36,292 37.040 20.000 5.106 Support costs aiio¢ated to activit188 Subscriptlons Wèbsite and IT costs Bank charges Legal & Professional Accountant and external examiner 272 556 180 272 556 180 243 450 1,500 700 1.240 1,240 561.270 1.240 562.510 101,331 In the year ended 31 October 2023 VAT amountlng to £9,692 was reolaimed that is now repayable. Resourcgs expended includeVAT r6pay8ble to HMRC 8ddgd back to net costs. Page 11 of 15
NATIONAL SPITFIRE PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31"OCTOBER 2024 6. Debtors Prepayments and other debtors Taxation 195 1,250 195 5.504 1,445 5,699 7. Creditors- amounts falllng due wlthln one year Trade Creditors Accruals Social security and other taxes Othercreditors 82,551 1,000 17.640 20,000 20,730 3,806 121.191 24,536 Socialsecurity and othertaxes includes an amount of £17,640 repayable to HMRC following an initial diaLogue with HMRC regardingthe VAT registration status of the Charity. This amount was repaid afterthe year end. Other Creditors includes an amount of £20,000 VAT received from BAE Systems Limited during the year ended 31" October 2024. The Charity is currently in dialogue with HMRC about its VAT registration status. and once an agreement has been reached this amountwill be repayable to either HMRC orto BAE Systems Limited. Page12of 15
NATIONAL SPITFIRE PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" OCTOBER 2024 8. Financial Instruments The charlty had thefollowingfinancial instruments: Financial assets that are debt instruments measured at amortised cost Other debtors 1,445 5,699 Financial liabilltles measured at amortsed cost Trade credttors Other creditors 82,551 38.640 20,730 3.806 121,191 24,536 9. Reserves Restricted Unrestrlctod Total 2023 B8lsnce at 1 November 2023 Income during the yegr Expenditure during the yea r Transfers between funds 450.890 1,537 174,745 (2,248) 1109,372 452,427 20.967 174,745 532,791 1562,510) 1101,331 } 1560.2621 109.372 BBlance at 31 October 2024 64,662 64,662 452.427 10. Related partytransactions Duringthe year, the charity did not take part in any related paty transactions. 11. Analysis of Support costs The support costs of the charity have been allocated to charitable expenditure as disclosed in Note 5. This was deemed to be the most appropriate by the Trustees. This will be reviewed in future years. 12. Trustees The Trustees of the charity complete their role as a Trustee without remuneration. The charity reimbursed Trustees £Nil duringthe year {2023: £Nil) for expenses incurred on behalf of the charity. Page 13of15
NATIONAL SPITFIRE PROJECT NOTES TO THE FINANCIAL sTATEME[s FOR THEYEARENDED31"OCTOBER2024 13. Employees There were no employees durlng the year. 14. Commitments At 31 October 2024 the charlty has no annual commitments. 15. Contlngent asset The Government announced in the April Budget 2020, it has aLlocated match funding up to £3 million for the project, thanks to the support of the Southampton Itchen MP. In March 2023. the Government confirmed it would convert part of the match-funding allocation in to a grant of £500.000. The £500,000 governmentgrant was paid to the National Spitfire Project in one single payment, which was administered through the Armed Forces CovenantTrust Fund (AFCTF), during the year ended 31" October 2023. Southampton City Council initially allocat8d £150,000 revenue funding to the project, which was fully paid to the charity with a finaltranche of £32,500 in the year ended 31" October 2023. Southampton City Council has also allocated £350.000 capital funding as a contribution tothe construction phase of the project. 16. Post Balance Sheet events A further government grant of £925,763 was received bythe Charity in June 2025. Thisw8S Part of the match funding up to É3 million committed to by HM Government as disclosed in note 15. This payment was once agaln adminlstered through theArmed Forces Covenant Fund Trust IAFcFf). Thls h8s been treated as income to the Restricted fvnds. P8ge14of 15
INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF NATIONAL SPITFIRE PROJECT FOR THEYEAR ENDED 31ST OCTOBER 2024 I reportto the charity trustees on my examination of the accounts of the charity for the year ended 31st October 2024 which are set out on pages 6 to 14. Responsibilities and basis of report As the charitytrustees you are responsible forthe preparatlon of the 8ccounts Sn accordance with the requirements of the Charities Act20111'the Act?. I report in respect of my ex8mination of the charity's accounts carried out under section 145 of the Act and in carrylng out my examinatlon I have followed allthe applicable Directions given by the Charity Commisslon under section 145{5)(b) of the Act. Independent examlner's statement I have completed my examination. I confirm that no matters heve come to my attention in connection with th8 8xamination giving me cause to belleve: 118ccounting records, with respect to the Trust, were not kept as required by sectlon 130 of the 2011 Act; or 21 the accounts do not accord with those records. or 31 the accounts do not comply wlth the appli¢abLe requirements conc8rningthe form and content of accounts set out in the Charlties (Accounts and Reportsl Regulations 2008 oth8r than eny requirement that the accounts give a'true and f8irview' which is not a matter considered as part of an independent examlnatlon; or 4> the accounts have not been pr8pared in accordance wlth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charlties preparingtheir 8ccounts in accordance with the Financial Reportingstandard applicable in the UK and Republic of Ireland {FRS 102)]. Dated: 2810812025 an ay Ltd Chartered Certified Accountants Nursery Cottage Beckley Hinton Christchurch Dorset BH23 7ED P8ge 15 of 15