National Spitfire Project Year ending 31 October 2025
Charity Number: 1158286
NATIONAL SPITFIRE PROJECT
YEAR ENDING 31[st] October 2025
INDEX
Page
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1 Charity Information 2 Trustee’s Report 6 Income & Expenditure Account 7 Balance Sheet 8 Notes to the Accounts
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16 Independent Examiner’s Report
NATIONAL SPITFIRE PROJECT
YEAR ENDING 31[st] October 2025
CHARITY INFORMATION
| Registered Charity Number | 1158286 |
|---|---|
| Chairman | John Hannides |
| Treasurer | Michael Richard James |
| Trustees | John Hannides (Chairman) |
| Jamie Barrett | |
| Paul Beaver | |
| George Cadbury (appointed 30 July 2025) | |
| Paul Lester | |
| Royston Smith | |
| Michael James | |
| Registered O�ice | 18 Bassett Wood Drive |
| SOUTHAMPTON | |
| SO16 3PT | |
| Accountants | Jane Fereday Ltd |
| Chartered Certifed Accountants | |
| Nursery Cottage | |
| Beckley | |
| Hinton | |
| CHRISTCHURCH | |
| BH23 7ED | |
| Bankers | National Westminster Bank Plc |
| 68 Above Bar Street | |
| SOUTHAMPTON | |
| SO14 2DS |
Page 1 of 16
NATIONAL SPITFIRE PROJECT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDING 31[ST] OCTOBER 2025
31st October 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS102) 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 Spitfire Project was incorporated as a Charitable Incorporated Organisation (CIO) on the 19th August 2014, and prepared its eleventh set of accounts for the year ended 31st October 2025. 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 rota-system) 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 to highlight the areas desired by the charity and those currently lacking or under-represented.
Related parties
the charity but have no liability to contribute to its assets and no personal responsibility for settling its debts or liabilities. There were no related party transactions during the year under review in these accounts.
Risk policy
Whilst the donations and HM Government’s match funding received during this period provided a high degree of financial confidence, and su�icient funds to complete phase 1 of the project, the risk remains that if additional new donations are not received, it would not be su�icient to cover the cost of completing phase 2. This could, therefore, cause the project to stall or be delayed. This is mitigated by the appointment of an experienced professional fundraiser and the networking activity of Trustees and a highly regarded and well-connected Development Committee.
The prospect of failing to attract new donations is further mitigated by the Detailed Technical Design work during this period, this has the important e�ect of 'de-risking' the 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.
Objectives and activities
The objectives for which the charity is established 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
Page 2 of 16
NATIONAL SPITFIRE PROJECT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDING 31[ST] OCTOBER 2025
World War including, but without limitation, the erection and maintenance of a memorial to the Spitfire and its designer R J Mitchell in the City of Southampton.
Achievements and performance
works required for any future Waterfront development and, subject to funding, will proceed independently. SCC and NSP remain in discussion regarding the lease for the approved site.
achieve tangible progress. This included excellent progress on the detailed design work. The pace at which the project is moving forward has reinforced HM Government's confidence in the project and underlined its recognition of the Monument representing the o�icially recognised national monument.
ongoing injection of momentum in its fundraising activity.
Financial review
31 October 2025 was £496,023 (in 2024 it was £67,209). The charity also received the second tranche of funding from the Armed Forces Covenant Fund Trust (AFCFT), as committed to by HM Government as part of matched funding to total £3,000,000. This second tranche received amounted to £925,763 (2024: £Nil) from the Armed Forces Covenant Fund Trust (AFCFT).
The total income of the charity in the year ended 31 October 2025 was £1,535,489 (2024: £174,745). The total expenditure incurred of £406,673 (2024: £562,510) was primarily for Project Management- £41,091 (2024: £34,666), Project Design work £262,031 (2024: £429,352), Fundraising- £74,047 (2024: £83,925), Marketing services and website maintenance- £27,527 (2024: £13,147).
Going Concern Review
assessed and the following observations are noted by the Trustees:
Financial Position
comfort and assurance that adequate funds are available. With an average cash balance of £600,000 during the 2024/25 financial year, and a balance of just under £1,300,000 as at 30 June 2026, the Charity is in a healthy financial position. Significant additional donations have also been pledged, which, together with the match funding contributions will continue to add to NSP’s cash balances.
generation, cash receipts, and cash costs, provides a very high degree of comfort that available cash balances will remain significantly above on-going costs for the foreseeable future.
Page 3 of 16
NATIONAL SPITFIRE PROJECT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDING 31[ST] OCTOBER 2025
Liquidity
Current and future cash balances indicate a high and sustainable level of liquidity which will be su�icient to meet the Charity’s liabilities on time.
Review and observations
The Trustees believe 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 raising activity.
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 reserves in unrestricted funds at a level which equates to a minimum of approximately three months of unrestricted charitable expenditure. The Trustees consider that this level will provide su�icient funds to ensure that support and governance costs are covered. The balance held as unrestricted funds at 31 October 2025 was £671,633 (2024: £64,662). During the year ended 31 October 2025 income to unrestricted funds was £609,726 (2024: £174,745) and unrestricted charitable expenditure was £2,755 (2024: £2,248).
The charity received restricted grant funding during the year of £925,763 (2024: £Nil) from the Armed Forces Covenant Fund Trust (AFCFT).
The balance held as restricted funds at 31 October 2025 was £521,845 (2024: £Nil). During the year ended 31 October 2025 income to restricted funds was £925,763 (2024: £Nil) and restricted fund expenditure was £403,918 (2024: £560,262).
Funds held as Custodian Trustee
The charity does not have any custodian trustee arrangements.
Plans for future periods
The project has completed RIBA Stage 4, and subject to being granted permissions to build from Southampton City Council (land owner), and The Crown Estate, construction work for phase one of the monument could commence very soon.
The fundraising momentum for the project’s capital appeal will continue with a focus on partnerships with major UK and US aerospace and defence companies, applications to grantmaking trusts and foundations and collaborations with philanthropists both in the UK and across the globe. Alongside this a public appeal will be launched, inviting individuals and communities across the UK to become part of this once-in-a-generation tribute to the Spitfire story.
The Trustees promoted the project’s profile through the 90[th] Anniversary of the first flight of the Spitfire in March 2026.
Page 4 of 16
NATIONAL SPITFIRE PROJECT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDING 31[ST] OCTOBER 2025
Accounting and reporting responsibilities
statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of a�airs 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time 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 also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
information included on the charity’s website in accordance with legislation in the United Kingdom.
Approved by the trustees on
.....................................................
J Hannides Trustee
Page 5 of 16
NATIONAL SPITFIRE PROJECT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31[ST] OCTOBER 2025
SUMMARY INCOME AND EXPENDITURE ACCOUNT
| Notes Incoming Resources Incoming resources from generated funds: Donations 2 Grants 2 Incoming resources from charitable activities: Sponsorship 3 Investment Income 4 Total incoming resources Resources Expended Costs of generating funds Costs of generating voluntary income 5 Charitable activities Project Management 5 Project Design 5 Marketing 5 Administration of charity 5 Governance costs Accountant and external examiner 5 Total resources expended Net movement in funds in the year Transfers between funds Net movement in funds in the year after transfers Reconciliation of funds Total funds brought forward Total Funds carried forward |
Restricted £ - 925,763 - - |
Unrestricted £ 496,023 - 100,000 13,703 |
|
|---|---|---|---|
| 925,763 | |||
| 73,831 41,091 262,031 26,965 - - |
|||
| 403,918 | |||
| 521,845 - |
|||
| 521,845 | |||
| - | |||
| 521,845 |
All income and expenditure derive from continuing activities.
Page 6 of 16
NATIONAL SPITFIRE PROJECT BALANCE SHEET AS AT 31[ST] OCTOBER 2025
BALANCE SHEET AS AT 31 OCTOBER 2025
| Notes Current Assets Debtors due within one year 6 Cash at bank & in hand Less Creditors - falling due within one year 7 Net current assets Total assets less current liabilities Total Net assets Capital Restricted 9 Unrestricted 9 |
£ 3,335 1,234,192 1,237,527 (44,049) |
£ 3,335 1,234,192 1,237,527 (44,049) |
2025 £ £ 1,445 184,408 185,853 (121,191) 1,193,478 1,193,478 1,193,478 521,845 671,633 1,193,478 |
2024 £ 64,662 |
|---|---|---|---|---|
| 64,662 | ||||
| 64,662 | ||||
| - 64,662 |
||||
| 64,662 |
Approved by the Trustees on ________ and signed on their behalf:
Signature
Name J Hannides
Page 7 of 16
INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF NATIONAL SPITFIRE PROJECT FOR THE YEAR ENDED 31[ST] OCTOBER 2025
1. Accounting policies
The organisation is a registered charity.
accordance with Statement of Recommended Practice cost convention with items recognised at cost or transaction 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 accordance with 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 and Republic of Ireland (FRS 102) and the Charities Act 2011.
The particular policies adopted by the Trustees are described below and have been applied consistently to all periods presented in these financial statements.
Critical accounting judgements and key sources of estimation uncertainty.
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and other factors considered to be relevant. Actual results may di�er 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 estimate is revised if the revision a�ects only that period, or in the period of the revision and future periods if the revision a�ects both current and future periods.
The trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Incoming resources
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
inclusive of VAT. A partial exemption calculation for VAT recovery is being agreed with HMRC, however recoverable VAT is not expected to be high.
The costs of generating funds consist mainly of the costs of utilising the services of a professional fundraiser, and the costs of utilitising the Just Giving donations platform.
Costs of charitable activities include grants made, governance costs and support costs as explained in note 5.
Page 8 of 16
INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF NATIONAL SPITFIRE PROJECT FOR THE YEAR ENDED 31[ST] OCTOBER 2025
Fund accounting
Funds held by the charity are divided between unrestricted and restricted general funds. The unrestricted funds can be used, in accordance with charitable objectives, at the discretions of the trustees. The restricted funds must be used in accordance with the wishes of the donor.
Grants received
Grants are recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Going Concern
The existing funds of the charity, together with funds that have been pledged, are su�icient such that the Charity can meet its expenses as they fall due. Therefore the financial statements have been prepared on a going concern basis.
A review of Going Concern was carried out by the Trustees looking ahead beyond 31 October 2025. The following observations have been noted by the Trustees as a result of their review:
Financial Position
comfort and assurance that adequate funds are available. With an average cash balance of £600,000 during the 2024/25 financial year, and a balance of just under £1,300,000 as at 30 June 2026, the Charity is in a healthy financial position. Significant additional donations have also been pledged, which, together with the match funding contributions will continue to add to NSP’s cash balances.
generation, cash receipts, and cash costs, provides a very high degree of comfort that available cash balances will remain significantly above on-going costs for the foreseeable future.
Liquidity
Current and future cash balances indicate a high and sustainable level of liquidity which will be su�icient to meet the Charity’s liabilities on time.
Review and observations
The Trustees believe 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 raising activity.
Government and the numerous corporate and individual donors, the Trustees are optimistic that their vision will be realised.
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INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF NATIONAL SPITFIRE PROJECT FOR THE YEAR ENDED 31[ST] OCTOBER 2025
Cash and cash equivalents
Cash and cash equivalents comprises cash in hand and deposits repayable on demand.
Taxation
The charity is a registered charity and has no liability to corporation tax on its charitable activities.
Contingent asset
A contingent asset is recognised and disclosed for grant funding that: arises from past events and;- was not formally committed to in writing at 31 October 2025.
2. Grant and Donation Income
| Voluntary Donations Garfield Weston The Adrian Swire Charitable Trust Court of the Crown Prince of Bahrain T W Metals Limited Hintze Family D A George Carbon Art Club Coins U Ltd Greg Hutchings RAF Club Other donors Elliott & Thomas Martin Baker Aircraft The Star of Stone - Mr G Berriman Mrs Peake The Golden Bottle Trant Engineering Limited Vanguard Holding Gift aid Grants received |
Voluntary Donations Garfield Weston The Adrian Swire Charitable Trust Court of the Crown Prince of Bahrain T W Metals Limited Hintze Family D A George Carbon Art Club Coins U Ltd Greg Hutchings RAF Club Other donors Elliott & Thomas Martin Baker Aircraft The Star of Stone - Mr G Berriman Mrs Peake The Golden Bottle Trant Engineering Limited Vanguard Holding Gift aid Grants received |
Restricted £ - - - - - - - - - - - - - - - - - - - 925,763 |
Unrestricted Total 2024 £ £ £ 250,000 250,000 - 50,000 50,000 - 150,000 150,000 - 25,000 25,000 668 5,000 5,000 - 1,000 1,000 - 13,000 13,000 - 500 500 - 500 500 - 100 100 - 923 923 789 - - 1,000 - - 2,500 - - 25,000 - - 5,000 - - 1,000 - - 25,002 - - 5,000 - - 1,250 - 925,763 - |
2024 |
|---|---|---|---|---|
| 925,763 | 496,023 1,421,786 67,209 |
Page 10 of 16
INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF NATIONAL SPITFIRE PROJECT FOR THE YEAR ENDED 31[ST] OCTOBER 2025
Grant and Donation Income (continued)
Grants were received from the following organisations during the year:
| 3. Incoming Resources from Charitable Activities 4. Investment income Source Armed Forces Covenant Fund Trust (AFCFT) Restricted £ Sponsorship Rolls-Royce PLC - Melrose Industries PLC - BAE Systems Limited - - Income from bank deposits |
3. Incoming Resources from Charitable Activities 4. Investment income Source Armed Forces Covenant Fund Trust (AFCFT) Restricted £ Sponsorship Rolls-Royce PLC - Melrose Industries PLC - BAE Systems Limited - - Income from bank deposits |
3. Incoming Resources from Charitable Activities 4. Investment income Source Armed Forces Covenant Fund Trust (AFCFT) Restricted £ Sponsorship Rolls-Royce PLC - Melrose Industries PLC - BAE Systems Limited - - Income from bank deposits |
Unrestricted £ 50,000 50,000 - |
2025 £ 925,763 |
2024 |
|---|---|---|---|---|---|
| £ - |
|||||
| 925,763 | - | ||||
| Total 2024 £ £ 50,000 - 50,000 - - 100,000 |
2024 | ||||
| - | 100,000 | 100,000 100,000 |
|||
| 2025 2024 £ £ 13,703 7,536 |
2024 |
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INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF NATIONAL SPITFIRE PROJECT FOR THE YEAR ENDED 31[ST] OCTOBER 2025
5. Total Resources Expended
| Costs directly allocated to activities External fundraiser Project Management Project Design Marketing (inc Website) Support costs allocated to activities Subscriptions Website and IT costs Bank charges HMRC charges and interest Accountant and external examiner |
Charitable Activities £ 73,831 41,091 262,031 26,965 216 562 60 717 - |
Governance Total 2024 £ £ £ - 73,831 83,653 - 41,091 34,666 - 262,031 429,352 - 26,965 12,591 - 216 272 - 562 556 - 60 180 - 717 - 1,200 1,200 1,240 |
2024 |
|---|---|---|---|
| 405,473 | 1,200 406,673 562,510 |
Resources expended include VAT which is mainly not recoverable under partial exemption.
6. Debtors
| Prepayments and other debtors Taxation |
2025 2024 £ £ 195 195 3,140 1,250 |
2024 |
|---|---|---|
| 3,335 1,445 |
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INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF NATIONAL SPITFIRE PROJECT FOR THE YEAR ENDED 31[ST] OCTOBER 2025
7. Creditors - amounts falling due within one year
| Trade Creditors Accruals Social security and other taxes Other Creditors |
2025 2024 £ £ 23,049 82,551 1,000 1,000 - 17,640 20,000 20,000 |
2024 |
|---|---|---|
| 44,049 121,191 |
Other Creditors includes an amount of £20,000 VAT received from BAE Systems Limited during the year ended 31[st] October 2024. The Charity is currently in dialogue with HMRC about its VAT registration status, and once an agreement has been reached this amount will be repayable to either HMRC or to BAE Systems Limited.
8. Financial Instruments
| The charity had the following financial instruments: Financial assets that are debt instruments measured at amortised cost Other debtors Financial liabilities measured at amortsed cost Trade creditors Other creditors |
2025 2024 £ £ 3,335 1,445 |
2024 |
|---|---|---|
| 23,049 82,551 21,000 38,640 |
||
| 44,049 121,191 |
Page 13 of 16
INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF NATIONAL SPITFIRE PROJECT FOR THE YEAR ENDED 31[ST] OCTOBER 2025
9. Reserves
| Balance at 1 November 2024 Income during the year Expenditure during the year Transfers between funds Balance at 31 October 2025 |
Restricted Unrestricted Total 2024 £ £ £ £ - 64,662 64,662 452,427 925,763 609,726 1,535,489 174,745 (403,918) (2,755) (406,673) (562,510) - - 521,845 671,633 1,193,478 64,662 |
|---|---|
10. Related party transactions
During the year, the charity did not take part in any related party 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 during the year (2024: £Nil) for expenses incurred on behalf of the charity.
13. Employees
There were no employees during the year.
14. Commitments
At 31 October 2025 the charity has no annual commitments.
Page 14 of 16
INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF NATIONAL SPITFIRE PROJECT FOR THE YEAR ENDED 31[ST] OCTOBER 2025
15. Contingent 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 government grant was paid to the National Spitfire Project in one single payment, which was administered through the Armed Forces Covenant Trust Fund (AFCTF), during the year ended 31[st] October 2023.
During the year under review a second tranche of this funding was received which amounted to £925,763.
Southampton City Council initially allocated £150,000 revenue funding to the project, which October 2023. was fully paid to the charity with a final tranche of £32,500 in the year ended 31[st] Southampton City Council has also allocated £350,000 capital funding as a contribution to the construction phase of the project.
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INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF NATIONAL SPITFIRE PROJECT FOR THE YEAR ENDED 31[ST] OCTOBER 2025
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31st October 2025 which are set out on pages 6 to 15.
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity'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 Commission under section 145(5)(b) of the Act.
Independent examiner's statement
connection with the examination giving me cause to believe:
1) accounting records, with respect to the Trust, were not kept as required by section 130 of the 2011 Act; or
2) the accounts do not accord with those records; or
3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
........................................ Jane Fereday Ltd Chartered Certified Accountants Nursery Cottage Beckley Hinton Christchurch Dorset BH23 7ED
Dated:
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