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 A￿atIon 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 cu￿1¢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, othe￿1$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 a￿1vi￿e5
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 S￿lety, 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 pr￿ramme 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 Ma￿h 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 beI￿ve 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 a￿UnIS 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[t￿S
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
EX￿ndItuTe
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 Ma￿h 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 Un￿rtaInlieS 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
A￿ountIng pollcles {CO￿￿￿￿e
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 serv￿eS are recognised in the
accounts when re￿Ned 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 serV￿e. 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 he￿lIng$ of the ststemenl of
financial 8clivilies to wh￿h 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 characterist￿S.
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 wh￿h
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
unfestr￿led
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
u￿restr￿led 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
re￿iVed 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