Charfty rSIratIon numb•r 1163196 {England and Wal•*) FLY HARRIER TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FLY HARRIER TRUST LEGAL AND ADMINISTRATIVE INFORMATION TnFgt•OS Slr Pe18r Rigby Mi M W Fi12gerald Charity numbor 1183196 R8gister¢d offico Bridgeway House Bridgeway straff0r&up0AvoTr wal¢kshIrè CV37 6YX Indepmdent examSnèr OrneTod Rutter Llmtted CharteredAceountsnls Th8 Oakley Kldderminster Road Droitsyich WoreèsleJshire WR9 9AY
FLY HARRIER TRUST coMrENTS Page Trust8e$' report Independent ¢xaminerfs report Stalemenl of flnancial activltles Balanco sheet Notes to the financ1 ¥tatements 7-11
FLY HARRIER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AIARCH 2025 The liusleès presént their annual port and financ4al slatemants forlhe year ended 31 March 2025. The finanaal statements have been prepared in accordance wFth the accounting policies set out in note 110 tha financial statements and comply with the charity's trust deed, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to chaiities preparing their account5 in 8cMrdan th Ihe Financial R9POrtng Standard 4)ph"cable in the UK Republlc of Ireland (FRS 1021" effective from 1 January 20191. Qbjectlyés and aGtlvltle5 Objectlv•s and alms The objed8 ofthe charity are.. to presorve and protect Harrier and other hlstorlc alrttaft for the benefit of the publ and to demonstrate 8rvJ display such aircraft at putrAic ev8nt5 and to conserve thetn as heritage assets,. and lo advance the educaty)n of the wblic in Harrier 8nd other historic aircra Public beneftt The Trustees confirm that they have Th?rnplied wth their duty in Section 17 of the CF]ariUes Act 2013 and hava paid due regard lo guidance issued by the Charty Cornmission for England and WalÈ$ in dec4ding what aL*"vities thè charily shoutd undertake. GrantMan9 The Trustees may rnake grants of monty from the Trust Fund on Such terms and subj'eet to such Conditions as the Trusle¢s in their absolutè discretion think fjt. During the year the charity has pakl grants of £293.714 12024.. £599.400) to Fty Harri•T Limited a company involved in the restoration and renovation of a Hattidr aircraft for the purpose of then being able lo display Ihe alreraft. Aehl•v•m•nts and perfonnance Financlal r•vi8W During the fnancial year tho charity had income of £431.027 12024.. £471,21418nd Incurred expenditure of £293.77412024.' £599,460). The result for the year was a surplus of £137,25312024'. deficit of £128.2461. The reserv¢$ carried forwd al the end of the y¢?rwere £438.89112024.' £299,438). Resgr¥es poliey The urcumstan¢es ofth8 Fty Harrier TDJSI that the Investments hard, alow with donations reIved. wovide sufficient annLT81 In¢xme to meet the objectives of the TrusL As such the Fly Harrier Trnsl do not have any specffic reserves policiès. The Fly HarrierTrust held cash balances at tha yaar gnd of £311,91412024'. £210.724).
FLY HARRIER TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Princlpal lundlng sources The principal funding SouS arè Sir Peter Rigby, a trustae. and Mr Mark Fittgerald. also a Irustaa. Tha Trustses have a8sessed thè major risks lo which the charity Is èxposed lo and afe salsfied that systsms are in place lo miligale exposur? to the major rlsks. Plans forthg future The HarT[st has no plans to charge the way in which it operates ia the future. Structure. govemance and manag•ment Govarnlny documènt The charty is controlled by its governing doc#Jrnent. the charftab18 tm3t deed, dated 29 Juty 2015. Tl Iru$te8s who seNed during the year and up to the dats of slgnature oflhe financial statements werw. Slr Peter Rlgby Mr Mark Fitzgerakl Recruthent and appointment of newtrustees The TN5tees have the powèr to appoSnt new Trustees. The Deed speCe$ that therè shall be al least 2 Trusl8e5. A Trustee may retire by noti to tht Trustees, a Trustee may also b8 removed frorn office by a resofullon p883ed by all Truste95, in either casg the minimurn number must not fajl tlow 2. Oig•nisational structure The trusteos oversee all fjnanool transaclh)ns that o¢xui during the year. The charity has one bvholty owned trading subsidiary. Fly Harrier Llmlléd. Ils principal aclwity is the prornotion of Harrier aircraft. Financial. the company madè a profil after lax of £229.61412024= £556,971) for the year. The company receives the Majority of its fLtndlng from the charity and uses this to build and maintain the historiG aircraft, for futu public display. 100% of the company's expendrture is for charitablo purposes. The cornpany has iwo directors, both of whom are Trustees of the Trust. The Trusteesldireetors are not salaried in the Chty or the cnpany. Thg Trustees provide theirtime voluntarily. Ind¢t10n and traSnin9 of newtrustee$ Due to the simple nabjre of th? charity. no forni81 tnductitsn or tralnlng of the trustees 15 dèemed ne$Sary. However in such instgnces as reqUId the trustees re1ve professional advica as they deem to be requirad. Rlsk m•na9ement The Iruslees have a duty lo identify and review Ihe dsks to which the charity is exposed 8nd to ensu approprf* Controls are in place lo prowde reasonable assurance against fraud and error. The prlmary Inrne soure8 of the Fty Harrier Trust are donations e¢Ved either dir8Ct frorn Sir Peter Rlgby or Mr Mark Fitsgerald. The Fly Harrter Tnjsl 15 currendy building up r888rves 80 that it will be able to generate sufficlent invèslrnent income to Iufjd charitabl6 actmties should, lor whatever reason. Sir Pe18r Rigby OT Mr Mark Filzgerald a50 to continue lo prOrte $u¢h donations in the future.
FLY HARRIER TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Slatement of trttee$. responslblllties The twstees are responsible for pieparing the Trustees, Réport and the finaneAal statements In 8c¢ordance wrfh appllcable law and Unrted Kingdom Accounting Stsndards Iuniled Kingdom Generally Acc•pted Accounting Prdcticel. The law appllcablè to charilios In England and Wales requlres the 1wslees to prepare financoal statements for each financial year which gwe a INe and fair view ol the Slate of affairs of the charity and of the incoming resources and application of resourcas of the charity for thal yeai. In prèparing these financial Stst•nts, th& tru51ee$ are required to: - select Suitable accounting polic4es and then aPF4y them consistendy- - obseNe fhe rnethods and prinThple5 in the Ch8ritias SORP., - make judgements and èstimates that are reasonable and pruden¢ Stale whether applicable accounting standards havo beèn followed. subject to any matsrial departures disclosed and explalned rn the financial Statemt$.. 8fjd PTepare the finanaal statèments on Ihe golng concgin basis unleBS It is SnApproprl* lo Werne that thè charity will continua In operation. The trust¢98 are responslble for keeping suent 8ccounling records that dlsclosè with Teasonable accuracy al any the finanaal position of the chattty and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and thè provi5ivn5 (rf the trust deed. They are also rosponsible for safeguatding the assets of the charlty and hence for taking reasonable steps for thg prevention and detection of fraud And other irregularities. The trustees, reportwas approved by the Board of Tntstee$. Sir Peler Dat&d.'
FLY HARRIER TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FLY HARRIER TRUST I report to the trnstees on my examlnation of the fin¢la1 statements of Harrr Trust Ilhe chartyl for the yaai ended 31 March 2025. Responslbilltl8$ and basls of report As the trustees of the charity you are responsible for the preparation of the finanLial stalernents In w)rdance wilh thè requiremonls of th& Charities Act 2011. I report in respecl of my èxaminatlon of the char'ty's ftnan¢ial statements carried out undeT section 145 of the Charities Act 2011. In carying out my examination I have followed the Directions by the Charity Commission uThJÈr Section 145(5llb) of the Chariti6sAct 2011. Indèpendent •xaminetrs statement Since the charlty'5 gross income exceed8d £250,000. Ihe independent examiner musl be a rnembèr of a body listed In section 145 of the Gharilies Act 2011. 1 confirn 1h l am qualifi8d to undertake th8 examination because l am a mambèrof ICAEW, which is ong ofthe listed bodies. I have o)mpleted my examination. I c£nfimi that no matters have ¢ome to my attentlon In connection with the examination glving me cause to believe that in any material respecL' accounting records w6r8 not kept In re$pect of the charity a3 required by sertion 130 of the Charib•sAd 2011. lh8 financial statements do not acLord with those records.. or the financial slalements do not comply wth the applir%ble requirements conmIng the fomi and cgnlent of financial statements set crtjt in the Charilles (Awounls and Reporlsl Regulations 2008 other than any requirement that the financial statements give a true and falr wew. which is not a matter considered as part of on independent examination. I hav8 no concems and have come rosS no othÈr matters in eonnection wkh tha examination to whlch attention should be drawn in this raport in orderlo enable a proper undet3tsnding of the financial statements lo be Teached. Colm McGrory FCA The Oakley Kiddemiinstef Road Droifvvl¢h Wc*cestershire VVR9 9AY
FLY HARRIER TRUST STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrostrleted unres¢1 fund$ fund8 2025 2024 Notss Ineom8 frorn: Donab"ons and lega¢te3 431.027 471,214 Total In¢ome 431,027 471,214 Expendlture on: Charitable activities 293,774 599,460 Total •xp•ndlture 293,774 599,460 Net Incorn•llexpendltur•l and movom&nt In fvnd¥ 137,253 1128.246) R•¢onclliat5on of fund8: Fund balances at 1 April 2024 299.438 427.884 Fund balaN¢gs at 31 March 2026 436,691 299,438 Thè statement of finanaal advSties includes 011 galns and10sses recognId In the year. l incorne and expenthturg derlve from continuhg actIve9.
FLY HARRIER TRUST BALANCE SHEEr AS AT 31 MARCH 2025 2025 2024 Notes Fix•d a$s9ts Investments Curr•nt a¥8¢ts Debtors Cash 8t bank and In hand 10 124.777 311.914 88,714 210.724 436.691 299.438 CTrdltoYs: amounts fallSng due w]thln ono year 121 121 Nèt rurrent assets 436,689 299,4 Totsl asgets less ¢urr•nt liabilities 436,691 299.438 Netassets 436.691 299,438 The funds of Iho ¢harity Unrestiicted funds 436.691 299,438 436,691 299.438 The finandal 5tatsmwrts were approv¢d by the IN8tees on .. .. . Sir P Ri9by
FLY HARRIER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Aecounting poll¢l•s Charity infotmatlon Fly Harrier Trust is an unincorporated regislared charlty In EngLqnd and Wales. The Princ4pal addre58 IS James Hovse. Road. Birmingham, B11 2LE. 1.1 Accounflng conventlon The financial stat¢menl8 have been prepared in accordance with the tharity's trust deed dated 29 Jufy 2015. the Charities Act 2011 and 'Accounling and Reporting by Chariles.. Statèment of Re¢ommended Praoll¢8 applicable to charitie5 preparing their accounts in aceord3ne with the FinancAal Reporting Standard applicable in the UK and RgpLrblic of Iroland {FRS 1021" lefleciive from 1 January 2019). Thè charity is a Public Benefit Entity as d&fin¢d by FRS 102. The charty has taken advaTrtsge of the pmwsions in the SORP for chariti89 applying FRS 102 Update Bulletin 1 not lo prepare a Stement of Cash Flows. The financial statement5 are prepad In sterfing. which is Ihe function currency of the charity. Monelary amounts in thés8 fancial statements rounded lo the neest £ Th8 finanThal statemènts have been prepared undar Ihg histOTa cost convention. The prineApal accounting poliaes adopted are set out below. The charity has tsken advantage of the exemptions available not to prepaTe consolidaled accounts on the basis that the group ol which this is the parent qualif$ as a small group under th8 Chariti85 Act 2011. The financial statements pièsenl Information about the charity as an inth'vidual entty and not aboui its group. 1.2 Golng ¢onGgm Al Ihe 1Sme of 8pprovtng the finandal stateménts, the trustses have a TeaSOnab expectation that the Charity has adèquate resources to continue in operational existence for thè fores88able future. Thus the trust8 continue to adopt the going concern basis of aectsunling in preparing the ffinanrAal statements. 1.3 Char5table fund$ Unrestricted fund8 are availat4e for use 81 thè di$¢rellon of the trustees in furlherance of thair carilable objeetw. Restricted fvnds are subject lo specrfK conditNs by donors or grantors as to how they rnay be used. The purposos and use8 of the Testrfcted funds set out in the notes to the financial statemènts. 1.4 Incoming resources Income is recognised whan Ihtr ¢harity is legally entilled to It after any p8rfoTmance wndhion8 have been mèt, the amounts can bè rneasured reliably. and it is probabl8 Ihat income will be received. Cash donations are recognised on receipt. Other donations are recognised oncg the charlty has been noted of the donation, unle55 performance nditionS require dèferral of the amount. In¢tsme lax recoverable in relation to donations received under GiftAtd or d¢8ds of c0vent is recognised at Ihè time of thè donation.
FLY HARRIER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcl•8 (Continued) 1.5 Resourcos exp•nd•d Expenditure is recognised once there is a legal or construciwe obllgatlon to transfer economic benefit to • Ihlrd party. il is ptobable that a transfer of economic benefrts will be required in sèfflement. and the arnounl of the obligaiion can be moasured fliabty. Expendituro is dassffied by acfvty. The costs of each activty are madè up of the total of direet costs and shared co¥t8, tncluding support ojsls involved in Ulldertag each aclivty. Direct costs thbulable to a single aCtity are albcaled directly to Ihal activity. Shared costs which contribute lo more than one a¢tivty and BUPPOrt costs whrch are nal attributable to a single aclivty are apportioned beeen thosa activitie5 on a basis consistsnt Wtth the use of resources. 1.6 Fixed asset investfflonts A Subsidiary 1$ an entity controlled ty the charity. Control is th8 per to govem the finandal and operating pollcle$ of the entity so as lo obtain benefits from its acbvibe5. 1.7 Ca$h and cash equivalents Cash and cash $q1V81ent$ includ8 cash in hand, dèposits herd al call with banks. olher short-term Investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shob within borrowngs in ¢uffenl liabilities. 1.8 Flnan¢lal Instruments The chartty ha5 elected io apply the provision$ of Section 11 'Ba5ic Financial Instruments, and Section 12 'Othe¥ Finanaal Inslwumenls Issu•s' of FRS 102 to all ol Its financial instNments. Finanaal instruments are recognised in Iha charitys balanco sheet when the tharfty becomès to tht contradual provision5 of the instrumant. Financial ass¢i8 and Uabl[e8 are offset, wlth the net amounts prtsenled in the financial 5taternents, whén there is a legally enforceable right to sel off the recogni5ed amounts and there Is an intention to settle on a net basis or to r8alise th8 asset and sewe the liabillty 8imultaneousty. Crili¢al aceounting esdmatss and judgernents In the application of the charlty's accounting policies. thè trustees are required to m8ke judgernents. estimates and assumptions about the carying amount of assets and liabillti¢$ that are not readity apparent from other soiJrc85. The estimates and associated assumptions ar8 based on historical experien and other factts that are considered to be leVant. Actual results may differfrom these estimates. The estimates and underly(ng assumptions ar6 reviewed on an ongoing basis. Revisions to awounting estimate5 are recognised in the perlod in which the estimata Is r8vi5ed where the re$[On affects only Ih¥l porK)d. or in the period of th¢ revtslon and fuiure period5 where the revlsion affects both current and future periods. kncomo from donatlons and legacl•s Unrestrlcted Unfvstrict funds funds 2025 2024 Donations and gilts 431.027 471214
FLY HARRIER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Icome from donatlons 4nd kgacl•s (Continu> Unr•strlcted Unrnstricted lunds funds 2015 2024 Donatlons and glfts Individual donats-ons Corporate donatlons Gift aid Donation from anoth8r charRy 100,C¥JO 99,777 61,2SO 170.000 295,000 88,714 37.500 50.0(K) 431,027 471,214 Charitabl• aetlvltlg$ 2026 2024 Support costs- bank c*arges Grant funding tsf a¢tMtie8 {see not8 5) 293,714 599.4c#J 293.774 599,4eiJ Grants ptyable 2025 2024 Grants to institutions.. Fly Harrier Limited 293.714 5WJ,400 Tvustèo$ None of thg trustees (OT any p8rson8 connected wth m} received any remunerati or benefits from the ¢hartiy durirvJ the year. Employe¢$ There were no employees durfng this or the prevB)us year.
FLY HARRIER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flxod asut inyesknents othgr Investmants Co¥t or valualion Al 1 April 2024 & 31 Marc* 2025 Carying amounl Al 31 March 2025 Al 31 March 2024 2025 2024 Other Investments comprfse". Notss Investments In subsidiaries Subsldlarios These tlnan¢ial statements ar& parate charity financial statements for Ftv HorferTNst. Deiaits of the dwrity's subsidlaries at 31 Mar¢h 2025 are as foNows'. Name ol undertaklng Reg15tered Nature of bu8lne¥8 Class of % Hold Shares held Dlrect Indirect y Harrier knmiied Englands and Operatlon of hlstorkal $it88 Wales and buildings and similar VIsr attraotlons Ordlnary shar&s 1(X).Ca) 10 Debtors 2025 2024 Amounts falllng due withln one y•ar. other debtors 124,777 88.714 11 Creditors: amouTrts tslllng due YAlhln ono yr 2026 2024 Amounts (p81 to subsidiary undertang8 10-
FLY HARRIER TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Related party transactions During the financial year grants We made to the subsidiary undertakjng. Fly HalTr Limited. of £293.714 {2024.' £599.41XJ}. The grants were used to Tefijrbish thè Harrier aircraft. Donatlon$ were receivajle at tha ar end from Fly Harrfer Umited of £99.TT712024'. £88.714). Donats"ons weré received from The Sir Peter Rtgby Charllablè Trust a charity in which Sir Peter 9bY is 8 truste8, of £170,C#)012024.. £50,000). Donatlons were received from Mr Mark Wdliam Frtzgerald, a Iruslee, of £Ic.000(2O24: £295,000). Gift 8kl 18 aimed, wher6 poslble, on personal donations received from TNstees. 11