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 V￿rkdurIngthiS 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