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REGISTERED COMPANY NUMBER: 07171728 (England and Wales)
REGISTERED CHARITY NUMBER: 1136461














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Airworld Aviation Museum Limited

Airworld Aviation Museum Limited






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 12

Airworld Aviation Museum Limited (Registered number: 07171728)

Report of the Trustees
for the Year Ended 31 December 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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
Objectives and aims
The charity's principle objectives as set out in its Memorandum of Association is for the benefit of the public, the collection, maintenance and display of aircraft artefacts, documents and exhibits, concerning flight, the history of flight and the history and place of RAF Llandwrog during the 1939-1945 war.

Significant activities
The charity is an Aviation Museum that provides an educational and historic service. It has strong links to the Mountain Rescue Service and RAF Llandwrog. The trustees intend to continue to develop the Museum's activities.

Public benefit
When planning activities for the year, the trustees have considered the Charity Commission's guidance on public benefit and in particular the trustees have considered how planned activities will contribute to the aims and objectives they have set.

FINANCIAL REVIEW
Investment policy and objectives
The trustees have considered the most appropriate policy for investing funds and have found that a building society or bank deposit account meets their requirements.

Reserves policy
It is the policy of the charity to maintain unrestricted reserves at a level to provide sufficient funds to administer the charity for a period of six months should no additional income be attained. Due to payroll and accommodation costs during the period and low income this level of reserves has not yet been achieved.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Organisational structure
The charity is operated by the trustees.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07171728 (England and Wales)

Registered Charity number
1136461

Registered office
Caernarfon Airport
Dinas Dinlle
Caernarfon
Gwynedd
LL54 5TP

Trustees
P M Smith
M A J Spiers


Airworld Aviation Museum Limited (Registered number: 07171728)

Report of the Trustees
for the Year Ended 31 December 2023


REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Gwyn Thomas and Co Limited
1 Thomas Buildings
New Street
Pwllheli
Gwynedd
LL53 5HH

Approved by order of the board of trustees on 25 September 2024 and signed on its behalf by:





P M Smith - Trustee

Independent Examiner's Report to the Trustees of
Airworld Aviation Museum Limited

Independent examiner's report to the trustees of Airworld Aviation Museum Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement - matters of concern identified
I have completed my examination.

I was advised that the trustees had not met to discuss and approve the operation of the charity. There was no policy for managing conflicts of interest and the lack of formal governance is a matter of concern.

I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts 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; and
4. the accounts 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.








Gwyn Trewren Thomas

Gwyn Thomas and Co Limited
1 Thomas Buildings
New Street
Pwllheli
Gwynedd
LL53 5HH

25 September 2024

Airworld Aviation Museum Limited

Statement of Financial Activities
for the Year Ended 31 December 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 78,446 - 78,446 59,563

Charitable activities
Coronavirus Government Grants - - - 4,000

Other trading activities 2 31,644 - 31,644 21,889
Investment income 3 52 - 52 3
Total 110,142 - 110,142 85,455

EXPENDITURE ON
Raising funds 19,940 - 19,940 12,910

Charitable activities
Advertising and promotion 5,274 - 5,274 94

Other 68,463 - 68,463 58,516
Total 93,677 - 93,677 71,520

NET INCOME 16,465 - 16,465 13,935


RECONCILIATION OF FUNDS
Total funds brought forward 42,929 18,416 61,345 47,410

TOTAL FUNDS CARRIED FORWARD 59,394 18,416 77,810 61,345

Airworld Aviation Museum Limited (Registered number: 07171728)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 641 - 641 443
Heritage assets 8 - 8,000 8,000 8,000
641 8,000 8,641 8,443

CURRENT ASSETS
Stocks 9 3,424 - 3,424 5,485
Debtors 10 1,243 - 1,243 150
Cash at bank and in hand 78,191 10,416 88,607 57,214
82,858 10,416 93,274 62,849

CREDITORS
Amounts falling due within one year 11 (24,105 ) - (24,105 ) (9,947 )

NET CURRENT ASSETS 58,753 10,416 69,169 52,902

TOTAL ASSETS LESS CURRENT
LIABILITIES

59,394

18,416

77,810

61,345

NET ASSETS 59,394 18,416 77,810 61,345
FUNDS 12
Unrestricted funds 59,394 42,929
Restricted funds 18,416 18,416
TOTAL FUNDS 77,810 61,345

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Airworld Aviation Museum Limited (Registered number: 07171728)

Balance Sheet - continued
31 December 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 25 September 2024 and were signed on its behalf by:





P M Smith - Trustee

Airworld Aviation Museum Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Plant and machinery - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.


Airworld Aviation Museum Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. OTHER TRADING ACTIVITIES
31.12.23 31.12.22
£    £   
Shop income 31,644 21,889

3. INVESTMENT INCOME
31.12.23 31.12.22
£    £   
Deposit account interest 52 3

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 214 148

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.


6. STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.23 31.12.22
General 3 3

No employees received emoluments in excess of £60,000.


Airworld Aviation Museum Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023 2,489
Additions 412
At 31 December 2023 2,901
DEPRECIATION
At 1 January 2023 2,046
Charge for year 214
At 31 December 2023 2,260
NET BOOK VALUE
At 31 December 2023 641
At 31 December 2022 443

8. HERITAGE ASSETS
Total
£   
MARKET VALUE
At 1 January 2023 and 31 December 2023 8,000
NET BOOK VALUE
At 31 December 2023 8,000
At 31 December 2022 8,000

9. STOCKS
31.12.23 31.12.22
£    £   
Stocks 3,424 5,485

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Prepayments 1,243 150


Airworld Aviation Museum Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 14,910 4,423
Accrued expenses 9,195 5,524
24,105 9,947

12. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 42,929 16,465 59,394

Restricted funds
RAF Covenant Grant 18,416 - 18,416

TOTAL FUNDS 61,345 16,465 77,810

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 110,142 (93,677 ) 16,465

TOTAL FUNDS 110,142 (93,677 ) 16,465


Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund 28,721 14,208 42,929

Restricted funds
RAF Covenant Grant 18,689 (273 ) 18,416

TOTAL FUNDS 47,410 13,935 61,345

Airworld Aviation Museum Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 85,452 (71,244 ) 14,208

Restricted funds
RAF Covenant Grant 3 (276 ) (273 )

TOTAL FUNDS 85,455 (71,520 ) 13,935

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.1.22 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 28,721 30,673 59,394

Restricted funds
RAF Covenant Grant 18,689 (273 ) 18,416

TOTAL FUNDS 47,410 30,400 77,810

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 195,594 (164,921 ) 30,673

Restricted funds
RAF Covenant Grant 3 (276 ) (273 )

TOTAL FUNDS 195,597 (165,197 ) 30,400


Airworld Aviation Museum Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. RELATED PARTY DISCLOSURES

The charity operates from premises owned by Air Caernarfon Limited a company in which one trustee has a significant shareholding . Rent paid was £16,880 (£15,000 2022) .
The charity's bank account was closed during the year and it was unable to open a new bank account for several months . During the absence of a bank account income was banked in the account of Air Caernarfon Limited and salaries and other costs were paid on behalf of the charity . The total income banked was £11,000 and the total expenses paid from that account were £16,842 . This balance owing to Air Caernarfon Limited as at 31/12/23 amounted to £5,842 (31/12/22 nil) .