Charlty registration number 1163196 FLY HARRIER TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FLY HARRIER TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Sir Peter Rigby Mr M W Fitzgerald Charity number 1183196 Reglstared offlee Bridgeway House Biidgeway Strafford-upon-Avon Wa￿l¢kSh1re CV37 6YX Indèpèndènt •xaminer Orrnerod Ruller Limited Chartered Accountants The Oakley Kidderrninsler Road Droifvvich Worcestershire WR9 9AY FLY HARRIER TRUST CONTENTS Page Tru51ees' report Independent examinerfs report Statement of financial aCtiv￿e$ Balance Sheet Notes to the finaneial statements 7-11 FLY HARRIER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial stalernenls for the year Ènded 31 March 2024. The financial slalemenls have been prepared in accordance with Ihe accounting policies sel out in note 110 the financial slalements and comply with the charity's trust deed, the Charities Act 2011 and °Accourrting and Reporting by Charthes.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effeclive from 1 January 20191. ObjectiVÈ5 and activities Objective5 and alms The objects of the charity are.. to preserve protect Harrier and other historic aircraft for the benefit of the public and to demonstrate and display such aircraft al public even15 and lo conserve Ihetn as heritage assets,. and to advance the education of the public in Harrier and other histoflc 8w¢raft. The Iruslees have paid due regard to guidance issued by the Charity Commission in deciding what actiwlies the charity should undertake. Grantmaking The Trusteès may make grants of money from the Trust Fund on such teims and subject to suth conditions as thè Tnlstees in their absolute discretion think fil. During the year the charity has paid grants of £599,400 {2023: £278,531) to Fly Harrier Limited a company involved in the restoration and renovation of a Harrier aircraft for the purpose of then being able to display the aircraft. Achlevements and perfomiance Financial review During the Iinancial year the charity had income of £471.214 12023.. £412,172) and incurTed expenditure of £599.46012023'. 278.531). The result for the year was a deficit of £128.24612023'. surplus of £133,641). The reserves carried fotW8rd al the end of the yearwere £299,438 (2023.. £427,684). Re$erv•s polity The Circumstances of the Fly Harrier Trust are that the investmen15 held, along w((h donations re¢eived, provide sufficient annual income to meet the objectives of the Trust. As such the Fly Harriei TIu51 do not have any specific reserves polici6S. The Fly Harrier Trust held cash balances at the year end of £210.72412023'. £365.5121. FLY HARRIER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Prlncipal funding sources The principal funding sourcas are Sir Petgr Rigby, a trustae, and Mr Mark Fitzgefald. also a trustee. The Trustees have asse55ed the major risks lo which the charity is exposed to and arts satisfied that systems are in place lo mitigate exposure lo the Major risks. Plans for the futurè The Fly Harrier Trust has no plans lo change thÈ way in which il operates in the future. Structure, govornance and mat)agement Governing docum8nt The charity is controlled by ts goveming document, the charitable Iiust deed. dated 29 July 2015. The Irustaes who served during the year and up to the date of signalLFre of the financial 51alemen15 weTe: Sir Peter Rigby Mr Mark Fitzgerald Rècruitm•nt and appointsnent of new trustees The Tru5tee5 have the power to appoint new Trustees. The Deed specifies that there shall be al least 2 Tru51ee5. A Trustee may retire by notice tts the Trustees, a Trustee may also be removed from office by a resolution passed by all Trustees, in either case the minimum number mugt not fall below 2. Organisational structure The Irustees oversee all financ4al transactions that occur during the year. The charity has tsne wholty owned trading subsidiary, Fly Harrier Limited. Ils principal activity is the promotion of Hairiei aircraft. Financialty, the company broke even for the period. The company receives the majority of ils funding from the charity and uses this to build and maintain the hisloric aircraft, for future public display. lo0.￿ of the company'5 expenditure is for ¢harilable purposes. The company has two directors, both of whom are Trustees of the Trust. Trusteesldiiectors are not salaried in the charity or the company. The Trustees provide their time voluntarity. Induction and training of new trustees Oue lo the simple nature of the charity, no forrnal induction or training of the Iiuslees is deemed necessary. However in such instanc6s as rèquirèd thè trustees receive professional advice as Ihey deem lo be required. Risk managemènt The trustees have a duty lo identify and review the risks lo which the charity is exposed and to ensure appropriate controls are in pla￿ to provide reasonable assurance against fraud and errof. The primary income source of the Fly Harrier Trust are donations received either direct from Sir Peter Rigby or Mr Mark Fitzgerald. Thè Fly H8irier Trust is currently building up reserves so thal il will be able lo generate sufficiènt investmènt income to fund chafilable activit18s should, for whatèver reason. Sir Peter Rigby or Mr Mark Fitzgerald cease lo continue to provide Such donations in the future. FLY HARRIER TRUST TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ststement of trustsÈs' rè$ponsibilities The trustees 8Te responsible for prepaiing the Trustees, Report and the finanual statements in accordance with pplicable law and United Kingdorn A¢¢ounb"ng Standards IVnil&d Kingdom Generally A¢¢èptèd Accounting Practice}. The law applicable lo chatilies in England and Wales requires the Iruslees lo prepare financial stslements for each financial year which give a true and fair view of Ihe slate of affairs of the charity and ol the incoming resources and application of resources of the charily for that year. In preparbng these financial statements, the trustees are required to.. select suilable accounting policies and then appty Ihern consislenlly., observe the mèthod5 and principles in Ihe Charities SORP.. make judgements and estimates that are reasonable and prudent.. slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in thè finanual Statements", and prepare the finan¢ial statements on the going concem basi8 unless rt Ss inapproprlale to presume that the charity will continue in operation. The trustees arè responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any titne the financial positson of the charity and enable them to ensure that the financial slalernenls cornply with the Charities Act 2011. the Charity (Accounts and Rewrtsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charily and hence for taknng reasonable steps for the prevention and detection of fraud and olher iriegul8rlt￿s. The trustees. report was approved by the Board ofTrustees. Sir Peter R. TTttstee 11 t£ceffllw- 2bL4 FLY HARRIER TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FLY HARRIER TRUST l report lo the trustées on my èxamination of thè financial statements of Fly Harrier TTU51 {Ihe charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustè8s of the charity you are responsible for the preparation of the financial slalemenls in accordance with the requirements ol the Charits'es Act 2011 Ilhe 2011 Acll. I report in respect of My examination of the charity's financial statements carried OLJt under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5llbl of the 2011 Act. Indèpèndènt •xaminerfs statement Since the charity's gross income exceeded £250.000 your examiner must be a member of a body li51ed in section 145 of the 2011 Act. I confirm that l am qualified to undertakè the examinab'on because l am a member ol ICAEW, which is one of the listed bodies. I have completed my examination. I confimi that no matters have come lo my attention in connectvjn with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act.. OT the financial slalemen15 do not accord with those record5', or the financial statements do not comply with thè applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement th* the accounts glve a Itue and fair view which is not a matter considered as part of an independent examin8lion. I have no concems and have come across no other matters in Connectlon wllh the èxamination to which attention should be drawn in this report in order to enable a proper understanding of the finanryal statèmènts to be reached. Colm McGrory FCA The Oakley Kidderrninsler Road Droiiwich Worcestershire WR9 9AY FLY HARRIER TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notss Income from.. Donation5 and legacAes 471.214 412,172 Total income 471,214 412.172 Expendlture on: Charrtable activibes 599,460 278.531 Total expenditur8 599,460 278.531 N•t incomollaxpenditurel and movement in funds 1128,2461 133,641 Re¢onelliatlon of funds: Fund balances at 1 April 2023 427,684 294,043 Fund balances at 31 March 2024 299.438 427.684 The slalemenl of financial activities includes all gains and losses recognised In the yeai. All income and expenditure derive from continuing actimlies. FLY HARRIER TRUST BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Nots$ Flxed assèts Investments Current 355ets Debtors Cash al bank and in hand 88,714 210.724 62.172 365.512 299.438 427.664 Creditors: amounts falllng duè within one year 10 {21 121 Net current assets 299,436 427.682 Total ass•ts l•ss current liabilities 299,438 427.684 Net assets 299,438 427,684 The funds af the charity Unrest¥icted funds 299,438 427,684 299,438 427,684 Inanci tslements were approved by the trustees on ..... SirP Tru$te• FLY HARRIER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policie$ Charity inforniation Fly Harrier Trust is an unincorporated ￿gistered tharty In England and Wales. The Principal address is Jamés House. Wa￿1Ck Road, Birmirtgham, B112LE. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the ¢harity's trust deed dated 29 July 2015. the Charities Act 2011 and 'Accounling and Reporting by Chaiilies.. Statetllent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republie of Ireland (FRS 1021" (effective froffl 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has tsken advantage of the piowsions in thè SORP for charilies apptying FRS 102 Update Bulletin 1 not to prepare a Statement ol Cash Flows. The financial statemants are prepared in sterling, which is the functional curiency of the charity. Monetary amounts in these financial slalements are rounded to the nearest £. The financial stslemenls have been pr8p3rÈd under the historical cost convention. The principal accounting policies adopted are set out below. The charity has taken advantage of the exemptions available not to prepa￿ consolidated accounts on the basis that the group of which this is the parent qualifies as a sm811 group under thè Charities Act 2011. The financial slatemants present information about the charity as an individual entity and not about its group. 1.2 Going concern At the time of approwng the financi81 statements, the trustees have a reasonable expectation that the charity has adequate resources lo continuè in oparational existence for the foreseeable future. Thus the tiustees ¢ontinue to adopt the going concern basis of accounting in preparing the finanaal slalements. 1.3 Charitabl• fund$ Unrestricted funds arg available for use at the discrelion of the trustees in furtharancè of their charitable objectives. Restricted funds ace subjed to specific condilions by donors or grantor5 as lo how thèy may be used. The purposes and uses of the ieslricted funds are set out in the notes lo the financjal slalements. 1A Incoming résources Income is reeognised whèn the charily is legalty entitled to il after any perfoimancè conditions have been met. the amounts can be mèasured ièliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donation5 are recognised on¢e th8 charity has been notified of the donation, unless perfoitnancè conditions require deferral of the arnount. Income tax reeoverable in relation to donation5 received under Grft Aid or deeds of covenant is recognised al the Ilme of the donation. FLY HARRIER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting polScl•s (Continued) 1.5 Resources expended Expenditure is recognised once there is a legal or consIn￿tIVe obligation to transfer economic benefit to a third party, it is probable that a transfer of econom￿ benefits will be requirèd in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. Thè costs of each activity are rnade up of the total of diied costs and shared costs, induding support cos15 involved In undertakn'ng each activity. Direct C051s attribkjlable to a single activity are allocated directly lo that 8ctivily. Sh8red ¢osls which contribute lo more than one acbvity and support costs which are no( attributable to a single activity are apportioned be￿een those activities on a basis con51slenl with the use ol resources. Central staff costs are allocated on the basis of lirne Spent. and depiecialion charges arè allocated on the portion of the assel's use. Expenditure is accounted for on an accruals basis 8nd h8$ been elassrfied under headings that aggregate all cost related to the category. ￿ere costs cannot be directly attr5bultrd lo particular headings they have been allocated to activities tsn a basis consislenl with the use of resource5. Gran15 offered subject to conditions which have not been mel at the yèar end date are noted as a commitment bul not accrued as expenditure. 1.6 Fixed asset inv•stmants A subsidiary is an entity controlled by the chaiity. Contiol is thè power lo govem the financial and operallng policies of the entity so as lo obtain benefi15 from 115 8clivities. 1.7 Ca¥h and cash equivalents Cash and cash equiv8lenls includ8 ￿sh in hand. deposits held al call with banks, other short-temi liquid invèstments with original maturitie5 of thrèa months or less, and bank overdraft5. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instrum•nts The charity has elecled to apply the provisions of Se¢tion 11 'Basic Financial Inslrumenls, arKI Sect￿n 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instnjmenls arè rèeognised in the charitys balance Sheet when the charity become5 paty to the contractual prowsions of the Instrument. Financial assets and liabilities are offset. with the net amounts presented in the Iinancial slalements. when there Is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a nel basi5 or to realise the asset and selue the liability simultaneously. Crltical aceountlng •$tlmatos and Judgements In the application of the charity's accounting policies, the trustees are required lo make ludgemenls, e$lSmalés and assumptions about the carrying arnounl of assets and liabilities that are not readily apparent frotn other sources. The estimates and associated assurnplions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimatès are recognised in the period in which the estimate is revised wheie the revision affects only that period. 01 in the period of the revision and future periods where the revision affects both current Ond future periods. FLY HARRIER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlon$ and legacie$ Unrestrlctsd funds 2024 Unrestrlctèd funds 2023 Donations and gifts 471,214 412,172 Donations and gifts Individual donalions Corporate donations Gift aid Donation from another charity 295,000 88,714 37,500 50,000 100,000 37,172 25,000 250,000 471,214 412.172 Grants payable 2024 2023 Grants lo inslilulions.. Fly HaTrier Limited 599,400 278.471 Trusteès None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity durin9 the year. Employ¢e$ There were no employees during this or the prewous year. FLY HARRIER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Fixed asset investments Other investments Cost or valuation At 1 April 2023 & 31 March 2024 Carrylng amount Al 31 March 2024 Al 31 March 2023 2024 2023 Other investments comprise". Notes Investments in subsidiaries Subsidiarl8$ These financial stalernenls are separate charty financial ststemenls for Fly Harrier Twst. Delaif5 of the charity's sub5idiaiies al 31 March 2024 are as follows.. Name of undèrtaking Re9lSter¢d offic8 Naturn of businèss Class of shares held % Held Direct Indirect Fly Harrier Limited Englands and Operallon of historical sites Wales and buildings and similar visitor attractions Ordinary $harè$ 100.00 Oebtors 2024 2023 Amounts falling due within one year: Other debtors 88.714 62,172 10 Creditors: amounts falling due within on• year 2024 2023 Amounts owed lo subsidiary undertakings 10- FLY HARRIER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Related party transactlon During the finanual yèar grants were made to the $ubsldiary undertaking, Fly Harrier Limited. of £599,400 {2023'. £278,471). Thè grants were used lo refurbish the Harrier air¢iaft. Donations were Teceivable at the year end from Fly Harrier Limited of £88,71412023.. £37,172}. Donallons were received from The Sir Peter Rigby Charitable Trust a charty in which Sir Peter Rlgby is a trustee, of £50,00012023'. £250.0001. Donations were reeenied from Mr Mark William Fitzgerald, a trustee, of £295.00012023'. £100,000).