SHurrLEWORTH VETERAN AEROPLANE SOCIETY SVAS ANNUAL REPORT And FINANCIAL STATEMENTS For the ear endod 11t MARCH 2024 George Hay SHUTTLEWORTH VETERAN AEROPLANE SOCIETY CONTENTS Pa Introduction Chairman's Statement Statement of Financial Activities Balance Sheet Accounting Policies Notes to the Financial Statements Independent Examiner's Report SHurrLEWORTH VETERAN AEROPLANE SOCIETY ANNUAL REPORT AND ACCOUNTS FOR THE YEAR TO 31ST MARCH 2024 The Shuttleworth Veteran Aeroplane Society {SVAS), established in 1965, is a separately registered charity (No. 800095) which exists to advance the education of the public in the science, practice and history of aviation and automotive transport by the support, maintenance and advancement of the Gharitable work of the aeronautical section (The Shuttleworth Collection) of the Richard Ormonde Shuttleworth Remembrance Trust, The Society's address is Old Warden Park, Biggleswade, Bedfordshire. SG18 9EA, its accountants are Messrs. George Hay, Biggleswade, and principal bankers are the Lloyds Bank. The Annual General Meeting is held in May. The Society is governed by written constitution and managed and administered by members of the Executive Committee who are elected to remain in office for three years. The Executive Committee consists of not less than 8 members or more than 15. Any vacancy may be filled by invitation or co-option of a member to the Executive Committee, whose name shall be put to the next annual general meeting for election. The constitution does not permit any outside party to appoint a Trustee. The members of the Executive Committee during the 202312024 year were.. John Edser Bill Grigg Rosie Hall Kevin Panter Alan Reed Neil Thomas Paul Ferguson Matthew Studdert-Kennedy Julian Harcourt Treasurer Elected May 2023 Elected May 2023 Elected May 2023 Elected May 2022 Elected May 2021 Elected May 2022 Elected May 2021 Elected May 2023 Elected May 2021 Chairman Vice-chairman Sandy Sawyer is acting as a non-voting secretary to minute meetings To secure its objective, the SVAS provides finance and voluntary work and services to help the Shuttleworth Collection in its acquisition and maintenance of items of historical value at Shuttleworth (Old Warden) Aerodrome. The executive committee recognises that the Society is holding approximately two years income in reserve. This reserve is considered appropriate given that over 700 of the Societies members are now life members, who will be making no further subscriptions, but to whom the Society has the liability of continuing membership benefits. In addition, the Shuttleworth Collection operates an acquisition policy based upon opportunism, resulting in an unpredictable level of support required from the Society. The financial position of the Charity is monitored by the trustees at regular meetings and adjustments made to sources of income and expenditure to ensure that Charity objectives are reached whilst appropriate reserves are maintained. The trustees consider the current financial position to be appropriate to meet the Charity's objectives and liabilities. In shaping the Charity's objectives for the year and planning its activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. SHurrLEWORTH VETERAN AEROPLANE SOCIETY CHAIRPERSON'S REVIEW TO YEAR ENDING 31ST MARCH 2024 During the spring of 2023, the Shuttleworth Trust faced with a potential £1 million year trading loss, decided that something dramatic had to be done to advert the problem. This resulted in a restructuring where at least half £1 million was taken from the day-to-day operating costs. These changes impacted heavily on the SVAS volunteer force that supports the collection. Within a noticeably short space of time, we were able to provide an additional fifty volunteers to support some of the activities previously undertaken by the paid staff. Over the past 12 months. growth in volunteer numbers has continued to where an additional 105 volunteers have been recruited, so that our volunteer strength now stands more than 320 to support the collection. We need to place on record that Debbie Land has played a significant part in the recruitment of these volunteers and is continuing with this work. The arrival of the Cambridge flying group at Old Warden has meant that there has been a much-appreciated increase in flying activities at the airfield. Thanks to the support of our members, our donation to the Collection this year totalled £196,000. This donation has covered the cost of Aircraft parts, Vehicle spares, fuel for Collection Aeroplanes, replacement of the long wheelbase Transit and the on-going cost of rebuilding the Clayton & Shuttleworth Portable. Thanks to a very forgiving public, who have supported the Collection in vast numbers during the past 12 months, and the SVAS support given, the Collection has ended up making a small year-end profit, despite the gloomy outlook earlier on in the year. This is an amazing achievement by any measure of success. During the past year. work carried out to meet our objective to advance the education of the public in the science and practice and history of aviation and automotive transport has been undertaken as follows: Total education visits for the last Collection year that had SVAS volunteer support (i.e. not including Garden) were: 5112 learners from 76 KS1-2 Schools and 4 KS3-4 Schools. 2 PCE (post compulsory education) institutions. 58 Youth groups: of these 1989 were KS1-2 pupils, 414 were KS3-4 pupils, 54 PCE 854 Scouts l Guides, 454 ATC I CCF and 408 outreach. Two dedicated STEM days (CCF Regionals and Girl guide camp) accounted for 673 of the visits The SVAS Student section also provided holiday activities for 2134 children, together with Discovery Zones for the 3087 children that attended airshows this season - a total reach of 10.741 Education generated £32,106 of direct sales and brought in a further £1,700 of funding. £8,628 potential income was lost due to a lost RAF contract. £2,477 was lost due to lack of capacity and a further £3640 cancelled bookings due to inability of schools to afford coach costs and lost a further £3,884 worth of bookings due to cost of living - a total loss of £18,269, with 2.215 missed pupils. Work has been done to resolve the capacity issue and we are bidding again for RAF contract. Our current focus is on support for coach costs. Further to this, flight line tours at £10 each continue to be undertaken to shows accommodating tours. SVAS volunteers escorted the following numbers of paying customers: May 38, June 39, July 50, August 13, Sept 51 generating an income by the team of £1910. as compared with 98 tours generating £980 in 2022123. No charge tours were provided to members of the SVAS Photo Section. Finally, external talks and presentations have continued during the past 12 months. These have been much appreciated by the audiences to whom they have been delivered. In total twenty-one presentations were given to a total audien￿ of 694. Bookings for this year are already strong. We have in the past piggy backed on the Museum's East Owl Awards to recognise long serving volunteers. In the future we are working towards introducing our own annual ceremony which would take place at the same time as the end of year thank you get together. W8 have been fortunate enough to have received some significant donations and legacies totally more than £600k during the past 12 months. The effect of which has given a significant boost to our finances and has ensured that the SVAS has a sound basis from which to support the Collection in the future. As ever, sadly we lose valued members and volunteers throughout the course of any year. This is either because they are no longer physically able to support us as working volunteers or sadly, they pass away. Today is one of mixed emotions for us.. John Edser who has worked tirelessly with us, in many volunteering roles, is retiring as our treasurer after working alongside us for 25 years. His contribution to our society is immeasurable. To honour him, the Executive Committ88 have conferred upon him the role of Life Vice President of the Shuttleworth Veteran Aeroplane Society. Pa• Kevin Panter SVAS Hon. Chairperson 30¢h April 2024 sHu￿LEw0RTH VETERAN AEROPLANE SOCIETY STATEMENT OF FINANCIAL ACTIVITIES YEAR TO 31ST MARCH 2024 Unrestricted Funds £ Restrlcted Funds £ Total 2024 £ Total 2023 £ Notes INCOMING RESOURCES Donations and Le acles Subscri tions Le acies Donations Gift Aid Reclaim 135340 605197 32249 32830 805616 135340 605197 33717 32830 807084 130704 23229 28524 29000 211457 1468 Total Donations & Le acios 1468 Tradin Actlvltles lus Sales Other Activities alia Sales 3674 5368 2823 11865 3674 5368 2823 11865 3357 6703 1878 11938 Total Tradin Actlvltles Investment Income Bank Interest 14649 14649 14649 14649 4947 4947 Total Investment Income Total Income 832130 1468 833598 228342 Costs of eneratin funds Fund Raisin Costs Re alia Purchases enin Stod( less Closin Stock Total cost of 1943 2770 -1490 3223 1943 2770 -1490 3223 2947 944 723 4614 eneratln funds Nel incoming resources available for charltable lication 828907 1468 830375 223728 Charltable Ex Posta Station8 & Printin Pro Swin Ma azine - Printin Data & Web Su ort Costs Consumables airs & Renewals of E ui ment Shuttleworth vehicle section su ort Ex ensed e ment Insurance Bank Cha es Donations to Shuttleworth Education endlture 8854 1339 8347 8143 369 12 200 2157 348 3575 196000 8854 1339 8347 8143 369 12 200 2157 348 3575 196767 7027 566 8425 942 38 132 867 642 348 2806 175000 767 Total charitable ex endlture 229344 767 230111 196793 ort Costs Account8n Fees Total Su ort Costs 810 810 810 810 854 854 Total Ex nded 230154 767 230921 197647 Net Incomin Net ains I before investment ainsl losses on investments losses 598753 54156 701 599454 54156 26081 -100467 NET MOVEMENT IN FUNDS 652909 701 653610 -74386 Reconciliation of funds: Total Funds Brou ht Forward Total Funds Carrled FoThvard 1612365 2265274 138575 139276 1750940 2404550 1825326 1750940 SHurrLEWORTH VETERAN AEROPLANE SOCIETY BALANCE SHEET AS AT 31ST MARCH 2024 Notes 2024 £ 2023 £ FIXED ASSETS Capital Equipment CURRENT ASSETS Debtors 40414 32545 Stock Artemis Portfolio Walker Crips Portfolio Cash at Bank and in Hand 3312 332932 1822 278285 859942 1168750 860433 578655 TOTAL CURRENT ASSETS 2405350 1751740 CURRENT LIABILITIES Creditors 800 800 NET CURRENT ASSETS 2404550 1750940 SOURCE OF FUNDS Year Start Balance Net Movement in Funds 1750940 1825326 653610 2404550 -74386 1750940 UNRESTRICTED ACCUMULATED FUNDS RESTRICTED ACCUMULATED FUNDS TOTAL ACCUMULATED FUNDS 2265274 139276 2404550 1612365 138575 1750940 Approved on behalf of th• committee: Sandy Sawyer {Hon. Secretary) John Edser (Hon. Treasurer) Date 30 July 2024 Date 18 July 2024 SHUTTLEWORTH VETERAN AEROPLANE SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2024 ACCOUNTING POLICIES General The principal accounting policies adopted, judgements and key sources of estimation uncertainty in preparation of the financial statements are as follows: a) Baslc preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)- (Charities SORP (FRS 102)). The Shuttleworth Veteran Aeroplane Society meets the definition Of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy note{s). b) Reconclllatlon wlth pr•vlous G•n•rally Accepted Accountlng Practlc• In preparing the accounts, the trustees have considered whether by applying accounting policies required by FRS 102 and Charities SORP FRS 102 the restalement of comparative items was required. It has been decided that reclassification would be impractical due to the size and nature of the transactions involved, Depreclatlon Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful lrfe. All Equipment costing in excess of £1000: 33Q/o on cost Expensed Equlpment Office and computer equipment has been expensed where the purchased value is less than £1000 per item. Subscrlptlons Income from subscriptions represents cash receipls in the year. with no provision being made for the difference between Ihe financial and membership year. Llfe Membarshlp Subscriptions received for Llfe Membershlp are treated as income in the year of receipt. Stock Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. FIXED ASSETS The Society currently holds no fixed assets. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024. There were no trustees, expenses paid for the year ended 31 March 2024 SHUThLEWORTH VETERAN AEROPLANE SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2024 DONATIONS AND LEGACIES Donatlons & Legacios Subscri tions Le acies Donations Gif Aid Reclaim 2024 £ Unr•strict•d 135340 605197 32249 32830 805616 2024 £ Restricted 2024 £ Total 135340 605197 33717 32830 807084 2023 £ Total 130704 23229 28524 29000 211457 1468 TOTAL 1468 TRADING ACTIVITIES Proceed8 Costs 2024 Net 2023 Net 500 Club Com elitions Sur lus Sales Re alia Sales 5060 308 3674 2823 11865 1905 38 3155 270 3674 1543 8642 3629 127 3357 211 7324 1280 3223 Total STOCK Openlng Stock £ 1822 Purchas•s Sold Stock £ 1280 Closlng stock £ 3312 Openlng Closln -1490 2770 CHARITABLE EXPENDITURE EXPENSED ITEMS Com uler Hardware Com uler Software Office E ment Trailer e ment TOTAL 2023 £ 2023 £ 2157 2157 642 642 VEHICLE SECTION SUPPORT VEHICLE SUPPORT Club Membershi Section E menl Renewals I Parts TOTAL 2024 £ 200 2023 £ 222 250 395 867 200 DONATIONS TO SHurrLEWORTH DONATIONS TO SHurrLEWORTH Aircraft S ares Mercu Re air Vehicle S ares Air show Fuel su ort Ground Facilities I Sund Education Match Fundin Transit Van Bofors Gun Portable Boiler 2024 2023 116000 89000 28000 20000 4500 45000 10000 25000 6000 20000 1500 6000 196000 Total 175000 SUTTLEWORTH VETERAN AEROPLANE SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2024 7. RESTRICTED FUNDS Balanc• 2023 Income 2024 Spent 2024 Balance 2024 Fund Education Fund Mercu eal Fund C & S Herita e Fund 34352 99803 4420 1288 110 70 767 34873 99913 4490 TOTAL 138575 1468 767 139276 ANALYSIS OF NET ASSETS BY FUND Unrestrlcted Fund Rostrlctod Funds £ Total 2024 £ Total 2023 £ Fixed Assets Current Assets Current Liabilities Net Assets 2266074 800 2265274 139276 2405350 800 2404550 1753540 800 1752740 139276 9. DEBTORSICREDITORS Amount 2024 Amount 2023 Debtor Inland Revenue Tax reclaim Close Bros. Ham shire Trust Bank Scottish Widows United Trust Bank Cambrid e & Counties Redwood Bank 32635 935 2159 29000 500 175 75 1200 1595 3090 1595 TOTA 40414 32545 Amount 2024 Amount 2023 Credltor Geor eHa 800 800 800 800 TOTA 10 INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE SHurrLEWORTH VETERAN AEROPLANE SOCIETY I report to the charity trustees on my examination of the accounts for the charity for the year ended 31st March 2024 which are set out on pages 6 to 10. Respective responslbllltlos of m•mbers and examiner As the charity's trustees you are responsible for Ihe preparation of the accounts in accordance with the requirements of the Charites Acl 2011 ('the Act,). I report in respect of my examination of the charity's accounts carried out under the section 145 of the Act and in carrying out my examinalion I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examlner's stat•m•nt I have completed my examination. I confirm that no material malters 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 130 of the Act., or 2. The accounts do not accord with those records,. or 3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts five a 'lrue and fair view, which is not a matter considered as part of an independent examination. 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 8 proper understanding of the accounts to be reached. Emma Wilsher FCA George Hay Partnership LLP Unit 1 B Focus Four Fourth Avenue Letchworth Garden City Hertfordshire SG6 2TU Date 5 August 2024