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 2024

for

Airworld Aviation Museum Limited

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

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 2024. 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

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 23 September 2025 and signed on its behalf by:

P M Smith - Trustee

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 2024.

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 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

23 September 2025

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

75,882

-

75,882

78,446

Other trading activities

2

35,087

-

35,087

31,644

Investment income

3

-

-

-

52

Total

110,969

-

110,969

110,142

EXPENDITURE ON

Raising funds

17,063

-

17,063

19,940

Charitable activities

Advertising and promotion

3,631

-

3,631

5,274

Other

72,802

-

72,802

68,463

Total

93,496

-

93,496

93,677

NET INCOME

17,473

-

17,473

16,465

RECONCILIATION OF FUNDS

Total funds brought forward

59,394

18,416

77,810

61,345

TOTAL FUNDS CARRIED FORWARD

76,867

18,416

95,283

77,810

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

7

3,178

-

3,178

641

Heritage assets

8

-

8,000

8,000

8,000

3,178

8,000

11,178

8,641

CURRENT ASSETS

Stocks

9

7,022

-

7,022

3,424

Debtors

10

1,080

-

1,080

1,243

Cash at bank and in hand

68,743

10,416

79,159

88,607

76,845

10,416

87,261

93,274

CREDITORS

Amounts falling due within one year

11

(3,156

)

-

(3,156

)

(24,105

)

NET CURRENT ASSETS

73,689

10,416

84,105

69,169

TOTAL ASSETS LESS CURRENT LIABILITIES

76,867

18,416

95,283

77,810

NET ASSETS

76,867

18,416

95,283

77,810

FUNDS

13

Unrestricted funds

76,867

59,394

Restricted funds

18,416

18,416

TOTAL FUNDS

95,283

77,810

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

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 23 September 2025 and were signed on its behalf by:

P M Smith - Trustee

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.

2.	OTHER TRADING ACTIVITIES

31.12.24

31.12.23

£

£

Shop income

35,087

31,644

3.	INVESTMENT INCOME

31.12.24

31.12.23

£

£

Deposit account interest

-

52

4.	NET INCOME/(EXPENDITURE)

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

1,059

214

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

6.	STAFF COSTS

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

31.12.24

31.12.23

General

4

3

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

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024

2,901

Additions

3,596

At 31 December 2024

6,497

DEPRECIATION

At 1 January 2024

2,260

Charge for year

1,059

At 31 December 2024

3,319

NET BOOK VALUE

At 31 December 2024

3,178

At 31 December 2023

641

8.	HERITAGE ASSETS

Total

£

MARKET VALUE

At 1 January 2024 and 31 December 2024

8,000

NET BOOK VALUE

At 31 December 2024

8,000

At 31 December 2023

8,000

9.

STOCKS

31.12.24

31.12.23

£

£

Stocks

7,022

3,424

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

798

-

Prepayments

282

1,243

1,080

1,243

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 12)

11

-

Trade creditors

845

14,910

Accrued expenses

2,300

9,195

3,156

24,105

12.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year on demand:

Bank overdrafts

11

-

13.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

59,394

17,473

76,867

Restricted funds

RAF Covenant Grant

18,416

-

18,416

TOTAL FUNDS

77,810

17,473

95,283

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

110,969

(93,496

)

17,473

TOTAL FUNDS

110,969

(93,496

)

17,473

Comparatives for 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

Comparative 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

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

Net

movement

At

At 1.1.23

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

42,929

33,938

76,867

Restricted funds

RAF Covenant Grant

18,416

-

18,416

TOTAL FUNDS

61,345

33,938

95,283

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

221,111

(187,173

)

33,938

TOTAL FUNDS

221,111

(187,173

)

33,938

14.	RELATED PARTY DISCLOSURES

The charity operates from premises owned by Air Caernarfon Limited a company in which one trustee is employed . Rent paid was £16,000 (£16,880 2023) .