Charity registrdtion number 262995 (England and Walesl Company registration number 00960329 SOLENT SKY LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
SOLENT SKY LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees JGUGlark N L Hallelt Mr A Jones Mrs K E Jones N D S Boulting IAppoillted 3 February 20251 Secrètary Mrs K E Jones Charity number IEngland and Wales) 262995 Company number 00960329 Registerad office Albert Road South Southampton Hampshire S014 3FR
SOLENT SKY LTD CONTENTS Page Trustees, report Independènt examinerfs report Slalemenl of financial activities Balance sheet Notes to the financial statements 8-16
SOLENT SKY LTD TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 MA Y 2025 The trustees present their annual report and financial statements lor the year ended 31 May 2025. The financial stalernents have been prepared in accordance with the accounting policies set out in rTrole I 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 ol Recornrnended Practice applicable to ehaiities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191. Objectives and activlties The principal activity of the Charity is to advance the education of the public in matters relating lo aviation by the ainlenance of a museurn as a permanent memorial to R.J Mitchell the designer of the Spitfire aircr21t and the Schneider Trophy S6 Seaplane 8nd the 28 aircraft companies ill the Solenl Area. The Charity also continues to host on the site the exhibits and mernorabilia frorn Hampshire Police and Fire Trust, also contribLJling lo the overall ethos of the Museum. The main purpose ol the Charity is to keep the Museum open for public viewing and to promote its educational opportunities. All other activities are dire¢led towards raising funds to supplement the income frorll admission ehaiges and the Museum shop and to pay for new èxhibits and exhibitions. The Board of Trustees have registered their complete satisfaction in the way the Solent Sky Ltd is managed bul are mindful of the fact that lo maintain the high standard all aotivilies in the Museum Isolent Sky Lldl are reviewed on a regu18r basis. Public benefit The Trustees considei that they have considered the Charity Commission's published guidan on the public benefit requirement under the Chaiilies Act 2011. Achievements and performance Significant activities and aehi6V@menls against obiecliv8s The Company continues lo fulfil 115 charitable obligations which are lo maintain g public exhibition honouring the works of R.J.Mitehell and in particular his Spitfire Aircraft. In addition lo the above the Company has expanded its brief to cover additional allied 8clivilies Such as Soulhatnplon and District Industrial Heritage and as a result have saved a numbei of threatened art6facls and collections. This includes the 170-ton Calshol Light-ship. the police, fire and trarn colleetions plus the Trislander aircraft. The Trustees continue lo offer the Solent Sky Museum as a major eduealional resource through schools. colleges and the University. Financial rèview The buildings occupied by the Museum are a conlinual financial challenge lo the Company. In the last year there was a great deal of expenditure in complyillg with new regulations in public buildings and lo bring the electrical and fire protection inslallalions into complian. The Company continues lo raise revenue over and above that which is taken on the front of house and this is dealt with applications made lo grant giving bodies, such as the Heritage Lollery Fund, Arts Council. the Wolfson Foundation and Garfield Weston Faundalion. Th8 Company 15 in the fortunate position of having a little over 100 years left on its leasè with Soulharnpton City Council for sile and buildings.
SOLENT SKY LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 MAY 2025 Res8Nes policy The trustees are satisfied that the level of reserves maintained by the Charily, of approximately three to six months of total expenditure, are sufficient lo meet ils needs. The trustees consider that the balance sheet value do8s nol correctly reflect the true Iixed asset value of the Charity, which they consider to be nearer £2.5 million, as there is a lease value with a little over 100 years left to run and museum exhibits and archives worth in excess of £2 million. In addition, the museum ariefacts and the displays and equipment have been donated and restored over many years and are therefore likely lo exceed their value shown in the financial slalements. As a result of this, the Iiuslees have agreed these assets should not be dépreaaled. Structure. governanca and management The Chaiity was incorporated on the 15th of August 1969 and is governed by Memorandum and Articjes 01 Association. It was also registered as a charity no 262995. The Charity's working name is Solent Sky Ltd. One Tiustee has retired from the Board ol Directors and al present there is a potential of three new Directors 81101 whom COLild bring expertise which will benefit the Company. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signaluie of the financial slalemenls were.. JGUClark N L Hallett Mr A Jones Mrs K E Jones R A R Little N D S Boulling IRe5igned 22 October 2025) (Appointed 3 Fébruary 2025) The interest of the directois al the year end in the share capital of Ihe company were 8s follows:_ £1 ordinary shares at the beginning and end of the period JGUClark A Jones £1 £1 The Companles House registerecl number is.. _ 960329 The Charity registration nurnber is.. 262995 The Charity operates from.. Albert Road South, Soulhampton, Hampshire, S014 3FR, which is also the Charity's registered office. Risk Managemènt Statemènt The trustees are satisfied that the major risks lo which the Charity is exposed, as identified by the Iiustees. are being reviewed, and systems are being established to miligale those risk5.
SOLENT SKY LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2025 The trustees. report was approved by the Board of Trustees. Mr Jones stee Dalè..
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 Solenl Sky Ltd (the Charity) for the year ended 31 May 2025. Responsibilitles and basis of report As the trustees of the Charity land also its directors for the purposés ol company lawl, you arè responsible for ihe preparalion of the financial statements in accordance with the requirements ol the Companies Act 2006. Having satisfied myself that the fin8ncial staternents of the Charity are not required to be audited under Part 16 01 the Companies Act 2006 and are eligible lor independent examination, I report In respect of rny examination of the Charily's financial slalements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Direetions given by the Chaiily Commission under section 14515llbl ol the Charities Act2011. Independent examiner's statèment I have cornpleted my examination. I confirm Ihal no rnatters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records wère not kept in respect of thé Charity as r6qLJired by sedion 386 of the Companies Act 2006. the financial stalemenls do not accord with those rewrds., or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is ntx a maller considered a5 Part ol an independent examination,. or the financial statements have not been prepared in accordance with the mèthods and principles of the Statement of RecommendÉd Practice for accounting and reporting by ch8rilie5 applicable to charities preparing their financial statements in accordance with th8 Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. 5 have no concerns and have come across no other matters in connection with the examination lo which allention should be drawn in this report in order to enable a proper undeislanding of the financial slalements to be reached. HJS IncorporatÉng David Gamblin Limited Chartered Accountants 71 The Hundred Romsey Harnpshire S0518BZ Dated..
SOLENT SKY LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MA Y 2025 Unrestrictèd funds 2025 Unrestrictsd fLtnds 2024 Notes Income from.. DonalioT)s and legaoes Charitable activities Investrnents 67,059 133,012 1.983 160,690 135.441 2,073 Total incorne 202,054 298,204 Expenditure on.. Raising funds Charitable actiwlies 19,921 242,128 14,856 267,516 Total expenditure 262,049 282,372 Net incomellexpendilurel and movement rn funds 159,9951 15,832 Reconclliation of funds.. Fund balances al 1 June 2024 408.177 392,345 Fund balances at 31 May 2025 348,182 408,177 The statement of finanaal activities includes all gains and losses recognised in the year. All inme and expenditure derive from continuing activities.
SOLENT SKY LTD BALANCE SHEET AS AT31 MAY2025 2025 2024 Notes Flxed assets Tangible assets 13 160.077 165,322 Current assets Stocks Debtors Cash at bank and in hand 14 15 19,219 2.795 191,791 19,219 53,515 179,467 213,805 252,201 Creditors= amounts falling due within one year 16 125,7001 19,346) Net ¢urrènt assets 188,105 242,855 Total assets less current liabilities 348,182 408,177 The funds ofthe Charity Share capital Unie51ricted funds 18 19 348,180 408,175 348,182 408,177
SOLENT SKY LTD BALANCE SHEET (CONTINUED) AS AT31 MAY2025 The company is enlilled to the exernplion from the audit requirement contained in section 477 of the Companies Act 20Q6, lor the year ended 31 May 2025. The directors acknowledge their responsibilities for cornplying with the requirements of the Companie5 Act 2006 with respect to 3cwunting record5 and the preparation of financial stalemenls. The mernbers have not required the company lo obtain an audit of its financial slalements lor the year in question in accordance with seelion 476. These finanaal statements have been prepared in accordance with the prowsions applicable lo companies subject to the small companies rÈgime. The finanaal lalernents were approved by the trustees on1.7.,..3...... Mr Jones stee Company registration nLJmber 00960329 (England and Wales)
SOLENT SKY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY2025 Accountlng policies Charity informatlon Solenl Sky Ltd is a private company lirniled by shares incorporated in England and Wales. The registered office is Albert Road South, Soulhampton. Hampshire, S014 3FR. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charills governing doeumenl, thè Companies Act 2006, FRS 102 "The Financial Reporting Staridard applicable in the UK and Republic ol Ireland" and the Charities SORP Accounting and Reporting by Chaiities.. Slalement ol Recommended Practice applicable to charities preparing their accounts in a¢cordance with the Financial Reporting S13ndard applicable in the UK and Republic ol Ireland IFRS 102)" 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 lo piapare a slalement ol cash flows. The financial slatemenls are prepared in sterling. which 15 the functional currency of the Charity. Monetary arnounts in these financial slalements are roulld@d to the nearÈst £. The finanrial statements h8ve been prep8red under the historical cost convention. The princap81 aecounling policies adopted are set out below. 1.2 Going concem At the lime of approving the financial statements. the trustees have a reasonable expectation that the Charily has adequate resources lo continue in operational existen foi the foreseeable future. Thus the trustees continue lo adopt the goin9 ¢oncern basis of accounting in preparing thè finanual slalements. 1.3 Charitable funds Unrestri¢led funds are available for use at the discretion of the trustees in furtherance of their charitable objeclives. Reslricled funds are subject lo specific nditionS by donors or grantors as to how they may be used. The purposes and uses of the resliided funds are set out in the notes to the financial statements. Endowment lunds ar8 subject lo specific conditions by donors that Ihe capital must be maintained by the Charity. 1.4 Income Income is recognised when the Charity is legally entitled lo il after any performance conditions have been met, the amounts can be rneasured reliably, and il is probable that ineome will bè received. Cash donations are recognised on recéipt. Other donations are regnised onoe the Charity ha5 been notified ol the donation, unless performance conditions require deferral of the amount, Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time ol the donation. Legacies are recognised on receipt or olhènthse if the Charity has been notified of an impending distribution, the amount is known, and 18ceipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
SOLENT SKY LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MA Y 2025 Accounting policies Iconlinuedl 1.5 Expenditurè Expenditure is rècognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, il is probable that a Iransler of economic benefits will be required in settlement, and the amoLJnl of the obligation c£n be measured reliably. Expenditure is dassified by activity. The eosls of each activity are made up of the total of di1 costs and shaied costs. including support oosls involved in undertaking each activity. Direel costs allributable lo a single activity are allocated directly to that aCtIly. Shared Costs which ¢onlribute to wore than one acts'vily and support costs which are not attributable lo a single adivity are apportioned between those aclivilies on a basis consistelll with the use of resources. Central staff costs ale allocated on the basis of time spent, and depreci31ion charges are allocated on the portion of the as5el's use. 1.6 Tangible fixed assets Tangible Iixed assets are initially measured al cost and subsequently measured al cost or valuation. net of deprèciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over theii useful lives on the following bases.. Museurn Buildings Motor Vehicles Displays & Equipment Museum Artefacts 2.5% slraighl line 15°A reducing balance £nil las of 20231 tnil las of 20221 The gain or loss arising on the dispos81 of an asset is determined as Ihe difference between the sale proceeds and the carrying value of the asset, and is recognised in the slalement of financial actI711es. .7 Impairment of fixed assets At each reporting end date, the Charily reviews the carrying amounts of ils tangible assets lo determine whether there is any indication that those as5els 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 lif any). 1.8 Stocks Stocks are slated al the lower of cost and estimated selling price less costs to complete arnd sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks lo their piesenl location and eondilion. Items held for distribution al no or nominal consideration are measured the lower ol replacement cost and cost. Nel realisable value is the estimated selling price less all estimated costs of completion and costs lo be incurred ill marketing, selling and disliibulion. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held al call with banks, other short-term liquid investments with original maturities ol three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SOLENT SKY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025 Accounting policies (Continuèd) 1.10 Financial instruments The Charily has elected to apply the piovisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial InstrurnÈnts Issues, of FRS 102 to all of its finanaal instruments. Financial instruments are recognised in the Charitys balance sheet when the Charily becomes party lo the contractual provisions ol the inslrumenl. Financial assets and liabilities arè offset, with the net amounts presented in the financial slatemenls. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on 3 net basis or lo realise the asset and settle the liability simultaneously. Basic financial assets Basic financAal assets, which indude debtors and cash and bank balances, are Initial measured at transaction price including transaction costs and are 5ubseouently carried at amortised cost using the effective interest method unless the arrangement constitutes a finanang Ir8nsaclion, where the transaction is measured al the present value of the future receipts di5counled at a maiket rale of interest. Finanaal assets classified as receivable within on8 year are not amortised. Basic financial lialjllities Basic financial liabilities, iricluding creditors and bank loans 8re initially recogni5ed al transaction pri unless the arrangement constitutes a financing transaction, where th8 debt instrument is measured 81 the piesent value of the future payments discounted at a markel rale of inleièst. Financial liabililies classified as payable within one year are not amortised. Debt insliuments are subsequently oarried al amortised cost. using the effective interest rate rnelhod. Trade creditors are obligalions lo pay lor goods or services that have been acquired in the ordinary course ol operations frorn supplieis. Amounts payable are olassified as cuirent liabilities if payment 15 due within one year or less. 11 not, Ihey are presenled as non-current liabilities. Tiade creditors ar8 recognised inillally al transaction price and subseguenlly measured at amortlsed cost using the effective inleiest method. Derecognition of financial liabtilities Financial liabilities are dereco9nised when the Charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unkjsed holiday enlillèmenl is recognised in the period in which Ihe employee's services are received. Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed lo lerminale the employment ol an employee or to provide lerminalion benefits. 1.12 Retirement benefits Payments to defined contribution retirèment benefit schemes are charged as an expense as they fall du8. 10-
SOLENT SKY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2025 Critical accountlng estimates and judgèments In the application of the Charity's accounting policies, the trustees are rèquired lo make judgetnents estimates and assumptions about the carrying amount ol assets and liabilities that are not readily apparent from other Sour$. The eslimales and associated assumptions are based on historical experience and other fa¢lors that are considered lo be relevant. Actual results may differ from these estitllales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Rewsions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the peiiod of the revision and future periods where the revision affects both ¢urrent and future periods. Income from donatlons and legaclès Unrestricted funds 2025 Unrestricted funds 2024 Donations and gifts Grants 67,059 130,890 30,000 67,059 160.690 Income from charltable activities Unrestrict•d funds 2025 Unrestricted funds 2Q24 Advancement of education Admission fees Sale of goods 113,151 19.861 118,343 17,098 133.012 135,441 Incomè from Investmants Unrestricted Unrestrictéd funds funds 202S 2024 Interest receivable 1,983 2.073
SOLENT SKY LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MA Y 2025 Expènditure on raising funds Unrestrictèd Unrestrictèd funds funds 2025 2024 Fundraising and publlcity Subcontracted costs Advertising Other fundraising eosls 11,002 960 7,959 2,517 3,623 8,71e 19.921 14,856 Expenditure on charitablè activities Advancement Advancement of èducation of èducation 2025 2024 Direct costs Staff costs Depreciation and impairment Motor and travel Postage and stationery Subscriptions Telephone Sundry Marketing and promotion Other staff costs Planning costs Rates Light and heat Insurance Repairs Storage Other premises cosls Refus8 other charitable expenditure 98,330 5,245 2.050 9,403 1.325 3,109 257 22.508 1,315 8,751 5,842 14,663 8.769 47,528 7,950 654 561 868 93.293 5,252 1,470 7,501 436 2.845 53 24,568 861 10,714 5.261 37,246 9,932 53.207 7,2UO 936 189 3,552 239,128 264,516 Share of support and governance costs (seè note 81 Governanoe 3,000 3,000 242,128 267,516 Analysis by fund Unrestricted funds 242,128 267,516 12-
SOLENT SKY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2025 Support costs allocatsd to actlvities Advancement of education 2025 Total 2024 Governanee 3,000 3,000 Net movement in funds 2025 2024 The nel movernenl in funds is stated after chargingllcredilingl.. Fees payable for the independent examination of the charitys financial slalements Depreciation of owned tangible fixed assets 3,000 5,245 2.950 5,252 1Q Trustees Transactions with Trustees are included within the related party transactions note (see note 201. 11 Employeès The average monthly number of employees during the yéar was". 2025 Numbèr 2024 Numbèr Museum atlendanls Part-time office staff Total Employment costs 2025 2024 Wages and salaries Other pension costs 97,014 1.316 92,347 946 98,330 93,293 There were no employees whose annual remuneration was more than £60,000. 12 Taxatron The charity is exempl from laxalion on its activities because all ils income is applied for charitable purposes. 13
SOLENT SKY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2025 13 Tangible fixed a5seis Museum Motor Vohlclos Dlsplays & Equipmènt Museum Artefacts Total Cost Al 1 June 2024 208,304 5,939 202.629 116,415 533,287 Al 31 May 2025 208,304 5.939 202,629 116,415 533.287 Depreciation and impairment Al 1 June 2024 Depreciation charged in the year 151,792 5,208 5,689 37 149.550 60,934 367,965 5,245 At 31 May 2025 157.QOO 5.726 149,550 60.934 373,210 Carrying amount Al 31 May 2025 51,304 213 53.079 55,481 160,077 At 31 May 2024 56.512 250 53,079 55,481 165,322 In the opinion of the Iiuslees, the current rnaiket value of the rnuseum building, museurn artefacls and displays & equipmenl is signilicantly in excess of the nel book values shown above. The trustees undertake an annual impaimenl rewew of the museum property. The trustees have agreed not to revalue the museum property al this lime. 14 Stocks 2025 2024 Finished goods and goods for resale 19,219 19,219 15 Debtors 2025 2024 Amounts falling due withln one year: Other debtors 2,795 53,515 16 Crèdltors: amounts falling due within one year 2025 2024 Other taxalion and social securily Trade creditors Other credilois Accruals and deferred income 628 20,070 2,052 2,950 2,181 1,611 2,654 2.900 25.700 9,346 14-
SOLENT SKY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2025 17 Retirement benefit schemes 2025 2024 Definèd contribution schemes Charge to profit or loss in respect of defined contribution herneS 1,316 946 The Charily opeiales a defined colllribulion pension soheme for all qualifying employees. The assets of the sd)eme are held separately from those of the Charity in an independently administered fund. 18 Share capital 202S 2024 Ordinary share capitsl Issued and fully paid 2 Ordinary shares of £1 each 19 Unrestricted funds The unreslrict6d 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 Irustees for sp8¢ific purposes. At 1 June 2024 IncomSng resources Resources expendèd At 31 May 2025 General funds 408.175 202,054 1262,049} 348.180 Previous year: At 1 June 2023 Incomlng resources Resources expended At31 May 2024 General funds 392.343 298,204 1282,372) 408,175 15
SOLENT SKY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2025 20 Rèlated party transactions Transactions with rèlated parties During the year the Charity entered into tho following transactions with related parties.. Payments of £45.96012024'. £45,960) were made to Relroplan Ltd, a management company engaged lor the day lo day managetnent ol the museum. Mr A Jones is a shareholder and Mrs K Jones is a director and shareholder ol Relroplan Ltd. Mr A Jones provides workshop accommodation, container storage and open storage for Solenl Sky museums reserve llectIOn. The service is provided al £7,200 per year as a gesture at an amount which the Trustees believe is well below the commeraal rate. Mr A Jones holds a £1 share in Solent Sky Limited, bul cannot derive any financial benefit from this shareholding as it is barred by the Memorandum and Articles of Association. Mr JGU Claik holds a £1 share in Solenl Sky Limited, but cannol derive any financial benefit from th15 shareholding as il is baired by Ihe Memorandum alld Articles of Association. 16-