CHARITY REGISTRATION NUMBER: 1203288 South Wales Aviation Museum Unaudited Financial Statements 31 March 2025 WALTER HUNTER & CO LIMITED Chartered accountants 24 Bridge Street Newport South Wales NP20 4SF
South Wales Aviation Museum Financial Statements Year ended 31 March 2025 Page Trustees, annual report Independent examinerfs report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements
South Wales Aviation Museum Trustees, Annual Report Year ended 31 March 2025 The Iruslees present their report and the unaudited financial statements of the Charity for the year ended 31 March 2025. Refgr9nce and admlnlstrative detalls Registered ¢harfty name South Wath AatIon Museum Charlty registration number 1203288 Principal office BFO Tathan North Sl Alhan Barry CF62 4QR The trustees Mr G Spoors Mr J Sparks Mr G Hancock Mr J Rodd Mr S Crocker Mr J Parmar IndopeTrdgnt examiner Mr Jonathan Rhodes Bsc BFP FCA Strncturep govornance and management The charity is conlrojled by ils goveming document, a deed of trust and conslilutes an unincorporated charity. All trustees have been issued with the latest guidance from the Charity Commission, iS8LTed by the Chair of Trustees.
South Wales Aviation Museum Trustees, Annual Report l¢ontlnuedJ Year ended 31 March 2025 Obj8Ctlves and activltles Objectives and alms The primary objects for which South Wales Aviation Museum is established, as staled in charty's Trust Deed, are carried out for public benefit. They are.. To advance the education of the publi¢ in the history of aviation and other matters by.. E8tsblishing and maintaining an aeronautical museum- Establishing a conservation centre for reslwalion and repairs of aircraft, parts and memorabilia for the benefit of the general public. Significant actlvltles The main activity is for educational purposes, by adding valug and enrichment to the cu1¢U1um. Schools. Cubs, Scouts and ATC visits have given teachers and leaders the opportunity lo bring topics and theme5 10 life. The resloralion area has provided invaluable, othe1$e unavailable. resour for learning lo students pursuing aeronalrtical studies. All resources for school visits are prowded by the harty. Volunteers Volunteers play a key role in the iunning and the life of the charity. They are all completety committed.. without their work and dedication. the work we do could not be carried out and the charty would cease to be. They impart their knowledge and show visitors around the exhibts as well as running the day-t(aY administration and managing and Carrying out reslor*ion projects. The volunteers have found their inleraclion with the public has improved their lives and well-being by enabling them to to reconnect with the community as many are retired and or live alone. Achievemgnts and performance Charltable a1vie5 The charity has benefitted a wide range of educational and other charitsble institutions, in¢luding, but not exclusively, schwls, youth organisations and local outreach programmes. We encourage visitors lo inleracl with the exhibits, while explaining the history and contribution the 8ir¢rnft and other memorabilia made lo Slety, and the widel world. Interacting with the public and CTeating a community of like-minded individuals has given the volunteers who work for the charity a sense of well-being and has enabled some lo rnake new connections and friends, which in some cases has helped elevate loneliness and has made a drfference lo their mental health. By preserwng historic aircraft, we are ensuring they wll be available for future generations lo be inspired by and learn from their stories. Working with local colleges and Universty, the Charity has added value to the student learning prramme by providing unique 'hands-on' experience with the help of the Restoration projects cairied out as part of the museum's work. The charty secures and protects imp)rtanl, and in many case5, rare ?rtefacts, and aircraft for future generations. Fundraislng activities Over the past year 2024125, we have had 38 visits from educational inslriulions, in addrtion to visrts from other organisalions and the general public insli(ulions. Fundraising activities have included the annual Christmas Craft Fayre. quvz nights, Halloween and several Christmas events. All events were highly successful and generated income which has been used lo purchase consumables for the upkeep of the museum aircraft and artefacts.
South Wales Aviation Museum Trustees, Annual Report (cotJllnu¢dJ Year ended 31 Mah 2025 Flnancial review The Charity has unrestricted re8eNes of £60,767 (2024.. £14.1741 al the end of the financial perh. The charity's principal sources of fijnds are its founders, fundraising, donations and gifts. The Iruslees, annual report was approved on 27 February 2026 and signed on bohalf of the board of trustees by.. Mr S Crocker Trustee
South Wales Aviation Museum Independent Examiners Report to the Trustees of South Wales Aviation Museum Year ended 31 March 2025 I report to the Iruslees on my examination of the financial statements of South Wales Aviation Museum I'lhe charity'} for the year ended 31 March 2025. Responslbllitles and basls of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 Ilhe A¢t'l. I report in respect of my examination of the charty's financial slalemenls carried out under section 145 of the 2011 A¢1 and in carrying out my examination I have followed all the app5icable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlnels statem9nt I have completed my examination. I confimi that no material matters have come to my attention in connection wi(h the examination giving me cause lo beIve that in any material respect.. accounting COrdS were not kept in respect of the charity as required by section 130 of the Acl.. or the financial statements do not accord with those records,. or the financial statements do not comply with the applicable requirements concerning the form and conlont of aUnIS sel out in the Charities IAc¢ounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo en8ble a prLwer understanding of the accounts lo be reached. Mr Jonathan Rhodes Bsc BFP FCA Independent Examiner Waller Hunter & Co Limited Chartefed Accounlanls 24 Bridge Str&1 Newport South Wales NP20 4SF 27 February 2026
South Wales Aviation Museum Statement of Financial Activities Year ended 31 March 2025 Period from 26 May 23 to 31 Mar 24 Year to 31 Mar 25 Unrestricted funds Total funds Totsl funds Income and endowments Donations and lggacies Charitable activ[tS Other trading activitie5 Other income 5.279 74,782 2,610 1,050 S,279 74,782 2.610 1.050 40,430 28,513 3,287 16,234 Total Incom• 83,721 83,721 88,464 EXndItuTe Expenditure on charitable aclivibes Total expenditure 70,422 70,422 86.333 70.422 70.422 86,333 Net in¢omg 13.299 13,299 2,131 Transfer from South Wales Avkotion Museum Charity 14 12,043 Net movement in funds 13,299 13,299 14,174 ReconciliatSon of funds Total funds brought forward Total funds ¢arri8d for•vard 14,174 14.174 27,473 27.473 14,174 The slalemenl of financial actiVTties includes all gains and loss8s recognised in the yeaf. All income and expenditure derive from continuing acliwties. Th* note8 on pages 7 to 13 fomi part of thèsè financial 8tstements.
South Wales Aviation Museum ststement of Financial Position 31 March 2025 2025 2024 Current assets Debtors Cash at bank and in hand 16 17,542 12,770 30.312 3,305 13.395 16,700 Creditors: amounts falllng due wSthln one year Nel Current assets 16 2,839 2.526 27,473 14,174 14.174 Total assets less current Ilabllities 27,473 Net assets 27,473 14,174 Funds of the charity Unrestricted funds 27.473 14.174 Total charity funds 18 27,473 14,174 These financial statements were approved by the board of tmstees arKJ aulhorised for issue on 27 February 2026, and ate signed on behalf of the board by.. Mr S Crocker Trustee Tho notes on pages 7 to 13 fomi part of these flnanclal $tstem*nts.
South Wales Aviation Museum Notes to the Financial Statements Year ended 31 Mah 2025 General infomiation The charity is 8 public benefft entity and a registered charity in England and Wales and is unincorporated. The addr8ss of the principal office is Bro Tathan North. Sl Athan, Bary, CFK2 4QR. Statement of compliance These financial stslemenls have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland IFRS 1021 {Charities SORP (FRS 10211 and the Charrties Act 2011. Accounting policies Basis of preparatlon The financial statements have been prepared on the historical cost basis. The financial statements are propared in sterling, which is the functional currency of the entity- Going concem There are no material UnrtaInlieS about the Charty's ability to eonlinue. Dlsclosure 8xempt]ons The enlty satisfies the cr((eria of being a qualifying entity as defined in FRS 102. Judgements and key sources of estimation uncertalnty The preparation of the financial slalements requires management lo make judgements, estimates and assumptions thsl affect the amounts reported. These eslimales and judgements are continually reviewed and are based on experignce and other factors, including expectations of future evonts that are believed lo be reasonable under the cireumstances. Fund accounting Unrestricted funds are available for use at tho discretion of the trustees to further any of the chanty's purposes. Designated funds are unrestricted funds eamiarked by the Iruslees lor particular future project or commitment. Restricted funds are subjected to restrtctions on their expenditure declared by the donor or through the terms ol an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds.
South Wales Aviation Museum Notes to the Financial Statements (wntinu8dJ Year ended 31 March 2025 AountIng pollcles {COe Incoming resources AJI incoming resources are included in the slalemenl of finaneial activrties when enlitlemenl has passed lo the charity,. it is probable that the economic benefits associated with the transaction 11 flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. income from donations or grant$ is recognised when there is evidence of entitlement lo the gfft, receipt is probable and ils amount can be ffleasured reliably. legacy income is rec¢yJnised when rerEipl is probable and enlillement Ss established. income from donated goods is measured al the fair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost to the donor or the eslimaled resale value. Donated facilities and serveS are recognised in the accounts when reNed if the value can be reliably measured_ No amounts are included for the contribution of general volunteers. income from eonlracls for the Supp of services is recognised with the delivery of the contracted serVe. This is classrfied as unroslri¢ted funds unless there is a contractual requirement for it to be spent on a particular purpose and relumed if unspent, in which case il may be regarded as restricted. Rosources exponded Expenditure is recognised on an accruals basis as a liability 15 incurTed. Expenditure includes any VAT which cannot be fully recovered, and is classified under helIng$ of the ststemenl of financial 8clivilies to whh il relates.. expendrtur8 on raising funds includes the costs of all fundraising actwilies, events, non-charilable trading actwities, and the sale of donated goocl5. expenditure on charitable activities includes all costs incurred by a charrty in undertaking activities that further its charitable aims for the benefit of its benefich?ries, including Ihose support costs and costs relating to the governance of the charity apportKJned lo chaiilable actThirties. other expenditure includes all expendrture that is neither related to raising funds for the harity nor part of its expenditure on charitable activities. All costs are allocated lo expendilure categories refiecting the use of the resource. Direct costs atlribulable lo a single activity are allocated directty lo that aclNity. Shared costs are apportioned between the activities they contribute lo on a reasonable, juslrfiable and consistent basis. Flnanclal instruments A financial asset or a financial liability is recognised onty when the Gharity becomes a party to the contractual provisions of the instrument. Basic financial instruments are inilrally rgcognised at the amount receivable or payable including any related transaction Costs.
South Wales Aviation Museum Notes to the Financial Statements (conlinuodj Year ended 31 March 2025 Accounting pollcles {conlffnued) Flnanclal instruments (conthuedj Curront assets and current liabilities are subsequently measured al the cash or other consideration expected lo be paid or received and not discounted. Debt inslrumenls are subsequently measured al anv)rtised cost. VWhe investments in shares are publicly Iiaded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value wrth changes in fair value recognised in income and expendf(ure. All other such investments are subsequentty measured at cost less impaimenl. Other financial instruments. including derivatives, are initially reeognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed al a Tate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted a a market rale of interest for a similar debt inslnjmenl. Other financial instruments are subsequentjy measured al fair value. wf(h any changes recognised in the slalemenl of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at Cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting date. If there is objective evidence of impairment, an impaimient loss is CogniSed under the appropriate heading in the slalemenl of financial aclivitres in which the initial gain was recognised. For all equlty instruments regardless of significance, and other financlal assets that are indwidually significant, these are assessed individually for impairment. Other financkgl assets are ei(her assessed individually or grouped on the basis of similar eredi( risk characteristS. Any reversals of impairment are recognised immediately, lo the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairmpnt not previously been recognised. Defined ¢ontributlon plans Contributions to defi'ned contribution plans are recognised as an expense in the period in whh the related service is provided. Prepaid contributions are recognised as an asset lo the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expeded to be settled wholly wf(hin 12 months of the end of the reporting date in which the employee5 render the related service, the liabilty is measured on a di5¢0unled present value basis. The unwinding of the discount is recognised as on expense in the period in which it arises.
South Wales Avlation Museum Notes to the Financial Statements (con*YnuedJ Year ended 31 March 2025 Donations and lggacles unfestrled Funds Restricted Total Funds Funds 2025 Donalions Donations SWAM Trading Ltd Donations 5,279 5,279 Grants Glamorgan Voluntary Servi 5,279 5,279 Unrestricted Funds Restricted Total Funds Funds 2024 Donatlons Donation5 SWAM Trading Ltd Donations 30,964 6.493 30,964 6,493 Grants Glamorgan Voluntary Services 2,973 2,973 37,457 2,973 40,430 Charitable actlvities Unreslricled Total Funds Unreslricled Total Funds Funds 2025 FurKIs 2024 Door entry Group visit 67,146 7.636 67.146 7,636 24,540 3,973 24,540 3,973 74.782 74,782 28,513 28.513 Other trading actlvltles urestrled Total Funds Unreslricled Tol81 Funds Funds 2025 Funds 2024 Fundraising events 2,610 2,610 3,287 3,287 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Rent Room hiie 15,937 297 15,937 297 1,050 1,050 1,050 1.050 16,234 16,234 10
South Wales Aviation Museum Notes to the Financial Statements (contsnu8d) Year ended 31 March 2025 Expendlture on charltsblo activltlgs by fund type Unrestricted Funds Restrited fotal Funds Funds 2025 General funds Support costs 8,265 62,157 8.265 62,157 70.422 70,422 Unrestricted Funds Rostncled Total Funds Funds 2024 General funds Support costs 27,098 56,262 83.360 27,098 59,235 2,973 2.973 86,333 ExpendFturo on charitable activities by activity type Activities undertaken directly Support costs Total funds 2025 Total fund 2024 General funds Glamorgan Voluntary Services GovemancE costs 8.265 60,027 68,292 81.308 2,973 2,052 86.333 2,130 2,130 70,422 8,265 62.157 10. Analysis of support costs Analysis of support costs activity 1 Total 2025 Total 2024 Premises Communications and IT General office Finance costs Governance costs Other costs 42.036 753 3.772 42.038 753 3,772 38.218 651 2,447 179 2,223 15,517 59,235 9.965 387 9.565 387 56.916 56,916 11. Indepgndent examinatlon fees Peric*l from Yearto 26 May 2310 31 Mar 25 31 Mar 24 Fee5 payable lo the indèpendent examinerfor Independent examination of the financial statements 2.130 2.052 11
South Wales Aviation Museum Notes to the Financial Statements {eonthiued) Year ended 31 March 2025 12. Staff Gosts The lolal staff costs and employee beneffts for the reporting period are anatysed as follows.. Period from Yearto 26 May 23 to 31 Mar 25 31 Mar 24 Wages and salaries Social security costs Employer contributions lo pension plans 2,242 22.305 1,564 422 2,242 24,291 The average head count of employees during the year was Nil (2024-. 1}. No employee received employee benefits of more than £60.000 during the year12024' Nil}. 13. Trustse remun8ratlon and expènses No remuneralion or other benefits from employment with the charty or a related enlily were reiVed by the trustees. 14. Transfer from South Wales Avlation Musoum charlty 2024 2025 Transfer from South Wales Aviation Museum Charity On 13th June 2023 the assets, liabilities and activrties of South Wa$ Aviation Museum registered charity number 1184579 principal office Hangar 872, Pickelston Aerospace Business Park, St Alhan, CF62 4QR were transferred to South Wales Aviation Museum CIO. The net assets transferred totalled £12,043. 12,043 15. Debtors 2025 2024 Trade debtors Amount owed from SWAM Trading Ltd 1,320 16,222 17,542 805 2,500 3.305 16. Creditors: amounts falllng due wlthin one year 2025 2024 Trade creditors Accruals and deferred income So¢ial security and other taxes 345 2,130 110 2,052 364 2,839 2,526 12
South Wales Avlation Museum Notes to the Financial Ststements {coftNnu80) Year ended 31 March 2025 17. Pensions and other post retlrement benefits Defined contributlon plans The amount recognised in ineome expendrture as an expense in relation lo defined contribution plan$ was £Nil {2024'. £422). 18. Analysls of charitablo funds Unrestrided funds At 31 March 2025 1 April 2024 Incon ExpendTture General fund5 14,174 83,721 {70,4221 27,473 Al 26 May 2023 At 31 March 2024 Income Expenditure General funds 97,534 183,360) 14,174 19. Anatysis of net assets between funds Unrestricted Total Funds Funds 2025 Current assets Credrtors less than 1 year Net assets 30,312 12,839} 27,473 30,312 12,839) 27,473 Unieslricted Total Funds Funds 2024 Currerrt asset5 Credf(ors less than 1 year Not assets 16,700 12,5261 14,174 16,700 12,5261 14,174 13