## **GEOFFREY DE HAVILLAND FLYING FOUNDATION Registered Charity No 306024** ## **REPORT OF THE TRUSTEES FOR 2020** **2020 was an exceptional year which was entirely dominated by the global Covid-19 pandemic. While it brought charitable operations virtually to a standstill, it did not cause the charity financial distress because income from investments as well as a small contribution from donations comfortably exceeded charitable and operational outgoings.** **Investment income and donations produced a total income of £48.6k, a decline of 10% from the prior year. This was primarily due to a decline in investment yields. Donations had declined since 2018 principally due to the recent death of a small number of regular important benefactors.** **In view of the pandemic, virtually all activities, events and awards of scholarships planned for 2020 were either cancelled or, at best, postponed.** **General administrative expenditure was similar to the prior year while amounts spent on scholarships, charitable grants and other sponsorships totalled £13.5k (mostly relating to the prior year), a decline of 70%.** **Notwithstanding extremely unstable conditions in the global economy, the charity’s investment portfolio, managed by Cazenoves (Schroders), remained virtually unchanged at the end of 2020 at £1.1m, a seemingly stable backdrop for future charitable activities. To achieve this creditable performance, it is noteworthy that more than 50% of the portfolio’s shares were traded during the year.** **The Trustees recognise the necessity of having to reorientate the charity to new and emerging realities. Towards this end, a comprehensive review of the charity’s objectives and operations was launched at the end of 2020.** ************************* ## **The Geoffrey de Havilland Flying Foundation Statement of Financial Activities for the year ended 31 December 2020** ||2020|2019| |---|---|---| ||**£**|**£**| |**Incoming Resources**||| |Voluntary Income: Donations||15,500| |17,150||| |Investment Income||32,998| |36,898||| |Interest received|98
|| |106||| |**_Sub-total Incoming Resources_**
||**_48,596_**| |**_54,154_**||| |_CAPITAL SALES_||| |**_Share Sales_**||**_547,085_**| |**_159,083_**
**_Total Incoming Resources_**
||**_595,681_**| |**_213,237_**
|**_213,237_**|| |**Resources Expended**||| |_FLYING SCHOLARSHIPS / SUPPORT_||| |John Cunningham fying scholarships||3,727| |30,753||| |BMAA Microlight scholarships|5,500|| |-||| |RAFFCA Aerobatic competition||-| |3,500||| |RAFFCA PPL training – 1 student (RAF100)
||-| |1,240||| |Sir John Thomson ‘Spirit of Aviation’||2,048| |2,438||| |Pilot Engineering scholarships with UoH – 2 students||-| |4,900||| |FAAOA gliding scholarships||2,240| |-||| |FAAOA NCO tug pilot rating – 1 student
||-| |1,000||| ||13,515|| |43,831||| |_OTHER SPONSORSHIPS_||| |Ukraine Air Cadet exchange||-| |1,158||| |Cadet awards at Old Warden||-| |-||| |DH Memorial Lecture||-| |-||| |**_Sub-total Charitable Activities_**
||**_13,515_**| |**_44,989_**||| ## _EXPENSES_ |Management fees – Cazenove Capital Management
9,683
JC Book – fees and expenses

-
JC Medals and awards – Bentley Priory

(711)*
Stationery, gifts etc
96
Expenses of administration

1,877
Trustee Indemnity Insurance

493
**_Sub-total Expenses_**

**_11,438_**
_CAPITAL PURCHASES_
**_Share Purchases_**

**_146,292_**
**_Total Resources Expended_**

**_202,719_**
_Net Incoming / (Outgoing) Resources c/fwd_
_10,518_|9,102
1,500
-
240
2,118
493
**_13,453_**
**_599,182_**
**_626,150_**
_(30,469)_| |---|---| _*****_ £1,412 of the 2018 cost was recovered from RAFCT in 2019, hence the net credit in 2019 ## **The Geoffrey de Havilland Flying Foundation** Statement of Financial Activities for the year ended 31 December 2020 2020 2019 **£ £** _Net Incoming / (Outgoing) Resources b/fwd (30,469) 10,518_ **Other recognised gains / (losses)** Gain / (loss) on revaluation of investments 17,486 87,942 _Net movement in funds_ _**(12,983) 98,460**_ ## **Reconciliation of Funds** Total funds brought forward 1,127,394 1,028,934 _Total funds carried forward_ _**1,114,411 1,127,394**_ ## **The Geoffrey de Havilland Flying Foundation** Balance Sheet as at 31 December 2020 2020 2019 £ £ £ £ **Fixed Assets** Investments 1,108,397 1,079,827 **1,108,397 1,079,827 Current Assets** Cash at bank 6,014 47,567 **6,014 47,567** _Net Current Assets 6,014 47,567_ _**Net Assets 1,114,411 1,127,394**_ REPRESENTING _**Reserves 1,114,411 1,127,394***_ *For a detailed analysis of the Reserves, see next page General Reserves 1,077,008 Sir John Thomson ‘Spirit of Aviation’ 37,403 Total Reserves 1,114,411 The accounts have been prepared on a Receipts and Payments basis ## **Analysis of 2020 Donations** _Donor Amount Nominated purpose £_ Philip Meeson 10,000 Spirit of Aviation Dr the Hon Gilbert Greenall 1,500 General Earl Fitzwilliam Charitable Trust 2,000 General Maxi Gainza 2,000 General ## **Total** ## **15,500** ## **Analysis of Reserves** |_General Reserves_||_2020_|| |---|---|---|---| |_2019_|||| ||**£**||**£**| |Balance brought forward, 1 Jan||1,097,943|| |1,008,045|||| |Incomingless
expended resources||(38,421)|| |1,956|||| |Revaluation of portfolio at year end||17,486
|| |87,942|||| |Balance carried forward, 31 Dec||1,077,008|| |1,097,943|||| |_Sir John Thomson ‘Spirit of Aviation’_|||| |Balance brought forward, 1 Jan||29,451|| |20,889|||| |Specifed donations received||10,000|| |11,000|||| |SoA expenditure||(2,048)|| |(2,438
)|||| |Balance carried forward, 31 Dec||37,403|| |29,451|||| * A share of the annual revaluation of the GdeHFF general share portfolio (be it upwards or downwards) has not been assigned to ‘Spirit of Aviation’ because the amounts to be allocated would be _de minimis._ CHARITY COMMISSION FOR ENGLANO AND WALES Independent examiner's report on the accounts Indepentht Exam1r￿r's Reptyt R•wt to th• tru51e•sl rnembers of On accounts for the year end•d Charity no lif any) 3D602Lp I repyt lo the ￿slee5 ￿ my exammawb ol tt* *x>>Jnts of It* abo i*anty rts Tntst") fty tr* year ended Responsibilities and As the dwnty tnjstees of the Trust. you are reswnsitsle lor the preparatK basis of r•wt of the actojnts in xcxxdance wth the requi￿rnents ol the charib.es Act 2011 lit* Acl"). I rep¥Jt ffj les￿ of my examinat￿ of th8 Tntsl's act￿nts ¢>Jt urKler secD(y1 145 of the 2011 Act in caryirwj c*rt my exalr￿n3t¥?n. I have fc4lcrhEd the appbcabb ￿"T8(aL￿ given by the Chanty Ccrfnmi8sk under secSMM 145(5Mbl of the Independent I have cx>mpleled my eXaMinat￿n. I confirm that ￿ material matter5 have •xamln•rfs ststemwrt come to my attontNJn than that te￿") in with lh8 eXaMinat￿n gN&s me caw to believe thal in. any mat¢rlal acy2iunfir¥J re¢￿dS were not kept in 8ts)ydance with sectwi 130 of the Act or the accounts do not ￿£￿d the accountir*J records I have ￿ corttms aThJ have corre auoss no otsr matter5 in cffinect th the examinatth lo wh￿h attent1￿ shoukl be drawn Fn order to enable a prowr Y￿rstandi￿ of the accounts to be ￿¢tsd. ' Ple8s0 delele the wthvds in the bwket5 11 they do not ap￿Y. Signed: N•m•: Rolovant professi￿1 quallfication(sl or body Ill any): Addre55: Pèii Q¥L3 IER October 2018 Section Disclosure Only Lofflplete If Ilie cxarNincr i)eeds lo hiyhlighl matters ol conccrr.lscc CC32. Independent examinaticffl of charity accounts". directK)ns and guthnce lor examiners). Give here brief detai15 of any Itern5 that the examlnoi wlsh•s to disclos•. IER October 2018