**Charity registration number 262995**
**Company registration number 00960329 (England and Wales)**
## **SOLENT SKY LTD**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024**
## **SOLENT SKY LTD**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** J G U Clark N L Hallett A Jones Mrs K E Jones R A R Little N D S Boulting (Appointed 3 February 2025) **Secretary** Mrs K E Jones **Charity number** 262995 **Company number** 00960329 **Registered office** Albert Road South Southampton Hampshire SO14 3FR
## **SOLENT SKY LTD**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5 - 6|
|Notes to the financial statements|7 - 15|
## **SOLENT SKY LTD**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MAY 2024**_
The trustees present their annual report and financial statements for the year ended 31 May 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: 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 (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
The principal activity of the Charity is to advance the education of the public in matters relating to aviation by the maintenance of a museum as a permanent memorial to R.J Mitchell the designer of the Spitfire aircraft and the Schneider Trophy S6 Seaplane and the 26 aircraft companies in the Solent Area.
The Charity also continues to host on the site the exhibits and memorabilia from Hampshire Police and Fire Trust, also contributing to the overall ethos of the Museum.
The main purpose of the Charity is to keep the Museum open for public viewing and to promote its educational opportunities. All other activities are directed towards raising funds to supplement the income from admission charges and the Museum shop and to pay for new exhibits and exhibitions.
## _Public benefit_
The Trustees consider that they have considered the Charity Commission's published guidance on the public benefit requirement under the Charities Act 2011.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
A significant measure of achievement is 40 years of uninterrupted opening to the public. As ever the Charity has operated on minimum funds, receiving no revenue grants from Local Authorities. However, the Museum now has international as well as national recognition in the area of aviation history it covers which has given it more scope for funding.
The Heritage Lottery Fund grants received have helped cover increased exhibition and display costs.
## **Financial review**
## _Reserves policy_
The trustees are satisfied that the level of reserves maintained by the Charity, of approximately three to six months of total expenditure, are sufficient to meet its needs.
The trustees consider that the balance sheet value does not correctly reflect the true fixed asset value of the Charity, which they consider to be nearer £2.5 million, as there is a lease value, with 122 years to run and, museum exhibits and archives worth in excess of £2 million.
In addition, the museum artefacts and the displays and equipment have been donated and restored over many years and are therefore likely to exceed their value shown in the financial statements. As a result of this, the trustees have agreed these assets should not be depreciated.
## **Structure, governance and management**
The Charity was incorporated on the 15[th of] August 1969 and is governed by Memorandum and Articles of Association. It was also registered as a charity no 262995. The Charity's working name is Solent Sky.
- 1 -
## **SOLENT SKY LTD**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
The new persons have been adopted on the Board of Trustees, and all are registered with Companies House. All have something to offer, two having experience in museum work.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
J G U Clark N L Hallett A Jones Mrs K E Jones R A R Little N D S Boulting (Appointed 3 February 2025) P D Dimmick (Resigned 30 November 2023)
The interest of the directors at the year end in the share capital of the company were as follows:-
£1 ordinary shares at the beginning and end of the period J G U Clark £1 A Jones £1
The Companies House registered number is: - 960329 The Charity registration number is: - 262995
The Charity operates from: - Albert Road South, Southampton, Hampshire, SO14 3FR, which is also the Charity's registered office.
## **Risk Management Statement**
The trustees are satisfied that the major risks to which the Charity is exposed, as identified by the trustees, are being reviewed, and systems are being established to mitigate those risks.
The trustees' report was approved by the Board of Trustees.
..............................
J G U Clark **Trustee**
Date: .............................................
- 2 -
## **SOLENT SKY LTD**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOLENT SKY LTD**
I report to the trustees on my examination of the financial statements of Solent Sky Ltd (the Charity) for the year ended 31 May 2024.
## **Responsibilities and basis of report**
As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of [ENTER IN DATABASE cy1015], which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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 financial statements 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).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **David Gamblin Limited Chartered Accountants**
71 The Hundred Romsey Hampshire SO51 8BZ
Dated: .........................
- 3 -
## **SOLENT SKY LTD**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**3**|160,690|105,653|
|Charitable activities|**4**|135,441|117,024|
|Investments|**5**|2,073|869|
|**Total income**||298,204|223,546|
|**Expenditure on:**||||
|Raising funds|**6**|14,856|1,795|
|Charitable activities|**7**|267,516|225,027|
|**Total expenditure**||282,372|226,822|
|**Net income/(expenditure) and movement in funds**||15,832|(3,276)|
|**Reconciliation of funds:**||||
|Fund balances at 1 June 2023||392,345|395,621|
|**Fund balances at 31 May 2024**||408,177|392,345|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
## **SOLENT SKY LTD**
## **BALANCE SHEET**
## _**AS AT 31 MAY 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**13**
**Current assets**
Stocks
**14**
Debtors
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
**Net current assets**
**Total assets less current liabilities**
**The funds of the Charity**
Share capital
**18**
Unrestricted funds
**19**|**2024**
**£**
19,219
53,515
179,467
252,201
(9,346)|**£**
165,322
242,855
408,177
2
408,175
408,177|**2023**
**£**
23,391
982
221,035
245,408
(23,637)|**£**
170,574
221,771|
|---|---|---|---|---|
|||||392,345|
|||||2
392,343|
|||||392,345|
- 5 -
## **SOLENT SKY LTD**
## **BALANCE SHEET (CONTINUED)**
## _**AS AT 31 MAY 2024**_
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on .........................
..............................
J G U Clark
## **Trustee**
Company registration number 00960329 (England and Wales)
- 6 -
## **SOLENT SKY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **1 Accounting policies**
## **Charity information**
Solent Sky Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Albert Road South, Southampton, Hampshire, SO14 3FR.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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 (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
## **1.4 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 7 -
## **SOLENT SKY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Museum Buildings 40% straight line Motor Vehicles 15% reducing balance Displays & Equipment £nil (as of 2023) Museum Artefacts £nil (as of 2022)
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 8 -
## **SOLENT SKY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.10 Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.12 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 9 -
## **SOLENT SKY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **2 Critical accounting estimates and judgements**
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Donations and gifts|130,690|68,233|
|Grants|30,000|37,420|
||160,690|105,653|
## **4 Income from charitable activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|**Advancement of education**|||
|Admission fees|118,343|99,977|
|Sale of goods|17,098|17,047|
||135,441|117,024|
- **5 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Interest receivable|2,073|869|
- 10 -
## **SOLENT SKY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
## **6 Expenditure on raising funds**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|**Fundraising and publicity**|||
|Subcontracted costs|2,517|1,392|
|Advertising|3,623|2,992|
|Other fundraising costs|8,716|(2,589)|
||14,856|1,795|
## **7 Expenditure on charitable activities**
||**Advancement**|**Advancement**|
|---|---|---|
||**of education**|**of education**|
||**2024**|**2023**|
||**£**|**£**|
|**Direct costs**|||
|Staff costs|93,293|83,396|
|Depreciation and impairment|5,252|5,533|
|Motor and travel|1,470|2,731|
|Postage and stationery|7,501|6,448|
|Subscriptions|436|532|
|Telephone|2,845|2,838|
|Sundry|53|604|
|Marketing and promotion|24,568|23,023|
|Other staff costs|861|1,076|
|Planning costs|10,714|5,856|
|Rates|5,261|5,463|
|Light and heat|37,246|38,924|
|Insurance|9,932|9,801|
|Repairs|53,207|11,508|
|Storage|7,200|10,655|
|Other premises costs|936|1,541|
|Refuse|189|5,302|
|Other charitable expenditure|3,552|6,896|
||264,516|222,127|
|**Share of support and governance costs (see note 8)**|||
|Governance|3,000|2,900|
||267,516|225,027|
|**Analysis by fund**|||
|Unrestricted funds|267,516|225,027|
- 11 -
## **SOLENT SKY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
## **8 Support costs allocated to activities**
|**Advancement**
**of education**
**2024**
**£**
Governance
3,000
**9**
**Net movement in funds**
**2024**
**£**
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
5,252|**Total**
**2023**
**£**
2,900|
|---|---|
||**2023**
**£**
5,533|
## **10 Trustees**
Transactions with Trustees are included within the related party transactions note (see note 20).
## **11 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Museum attendants|1|1|
|Part-time office staff|3|2|
|Total|4|3|
|**Employment costs**|**2024**|**2023**|
||**£**|**£**|
|Wages and salaries|92,347|83,166|
|Other pension costs|946|230|
||93,293|83,396|
There were no employees whose annual remuneration was more than £60,000.
## **12 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 12 -
## **SOLENT SKY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
|**13**
**Tangible fixed assets**
**Cost**
At 1 June 2023
At 31 May 2024
**Depreciation and impairment**
At 1 June 2023
Depreciation charged in the year
At 31 May 2024
**Carrying amount**
At 31 May 2024
At 31 May 2023|**Museum**
**Buildings**
**£**
208,304
208,304
146,584
5,208
151,792
56,512
61,720|**Motor**
**Vehicles**
**Displays &**
**Equipment**
**£**
**£**
5,939
202,629
5,939
202,629
5,645
149,550
44
-
5,689
149,550
250
53,079
294
53,079|**Museum**
**Artefacts**
**£**
116,415
116,415
60,934
-
60,934
55,481
55,481|**Total**
**£**
533,287|
|---|---|---|---|---|
|||||533,287|
|||||362,713
5,252|
|||||367,965|
|||||165,322|
|||||170,574|
In the opinion of the trustees, the current market value of the museum building, museum artefacts and displays & equipment is significantly in excess of the net book values shown above.
The trustees undertake an annual impairment review of the museum property. The trustees have agreed not to revalue the museum property at this time.
## **14 Stocks**
|Finished goods and goods for resale
**15**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income|**2024**
**£**
19,219
**2024**
**£**
53,515
-
53,515|**2023**
**£**
23,391|
|---|---|---|
|||**2023**
**£**
335
647|
|||982|
- 13 -
## **SOLENT SKY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
|**16**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
**17**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2024**
**£**
2,181
1,611
2,654
2,900
9,346
**2024**
**£**
946|**2023**
**£**
2,687
16,207
1,943
2,800|
|---|---|---|
|||23,637|
|||**2023**
**£**
230|
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
|**18**|**Share capital**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||**Ordinary share capital**|||
||**Issued and fully paid**|||
||2 Ordinary shares of £1 each|2|2|
## **19 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1 June**|**Incoming**|**Resources**|**At 31 May**|
|---|---|---|---|---|
||**2023**|**resources**|**expended**|**2024**|
||**£**|**£**|**£**|**£**|
|General funds|392,343|298,204|(282,372)|408,175|
|**Previous year:**|**At 1 June**|**Incoming**|**Resources**|**At 31 May**|
||**2022**|**resources**|**expended**|**2023**|
||**£**|**£**|**£**|**£**|
|General funds|395,619|223,546|(226,822)|392,343|
- 14 -
## **SOLENT SKY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
## **20 Related party transactions**
## **Transactions with related parties**
During the year the Charity entered into the following transactions with related parties:
Mr A Jones provides workshop accommodation, container storage and open storage for Solent Sky museums reserve collection. The service is provided at £7,200 per year as a gesture at an amount which the Trustees believe is well below the commercial rate.
Mr A Jones holds a £1 share in Solent Sky Limited, but cannot derive any financial benefit from this shareholding as it is barred by the Memorandum and Articles of Association.
Mr JGU Clark holds a £1 share in Solent Sky Limited, but cannot derive any financial benefit from this shareholding as it is barred by the Memorandum and Articles of Association.
- 15 -