REGISTERED COMPANY NUMBER: 07879089 (England and Wales)

REGISTERED CHARITY NUMBER: 1179772

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Wallis Heritage Limited

Page

Report of the Trustees

1

to

2

Statement of Financial Activities

3

Balance Sheet

4

to

5

Notes to the Financial Statements

6

to

11

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).

The company was formed as a charity with charitable purposes but only became a registered charity with the Charity Commissioners on 3 September 2018.

In the circumstances the trustees have taken the view that it is prudent to present the accounts for the company adopting the provisions of the SORP as though it had been registered with the Charity Commission.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are as follows:

To preserve for the benefit of the public the Wallis Collection and any documents, photographs, artefacts and other exhibits connected to the history of the Wallis Collection, and

To promote the education of the public concerning the history of the Wallis Collection and in particular to exhibit to the public the Wallis Collection.

Significant activities

Formal registration of the company as a charity took place on 3 September 2018 when the assets from the Estate of Wing Commander Ken Wallis MBE were formally transferred to the Charity consisting of his historically important collection of Autogyros, military memorabilia, photos and boats.

This year saw more activity with more international interest in the "Bond in motion" exhibition and an exciting move of the collection from Shuttleworth to a new home in Cambridgeshire with the prospect of a museum devoted to the work of Wing Commander Wallis.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07879089 (England and Wales)

Registered Charity number

1179772

Registered office

4 Stone Street Court

Stone Street

Hadleigh

Suffolk

IP7 6HY

Trustees

Ms V M Wallis Artist

A G Jones Autogyro Examiner and Instructor

S R Paffett Company Director

E D Wallis Company Director

Approved by order of the board of trustees on 30 September 2025 and signed on its behalf by:

Ms V M Wallis - Trustee

31.12.24

31.12.23

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

-

12

Other trading activities

2

8,367

5,525

Total

8,367

5,537

EXPENDITURE ON

Raising funds

3

1,170

613

Other

600

1,120

Total

1,770

1,733

NET INCOME

6,597

3,804

RECONCILIATION OF FUNDS

Total funds brought forward

7,188

3,384

TOTAL FUNDS CARRIED FORWARD

13,785

7,188

31.12.24

31.12.23

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

7

1,801

2,251

Heritage assets

8

1

1

1,802

2,252

CURRENT ASSETS

Cash at bank

13,375

6,328

CREDITORS

Amounts falling due within one year

9

(1,392

)

(1,392

)

NET CURRENT ASSETS

11,983

4,936

TOTAL ASSETS LESS CURRENT LIABILITIES

13,785

7,188

NET ASSETS

13,785

7,188

FUNDS

10

Unrestricted funds

13,785

7,188

TOTAL FUNDS

13,785

7,188

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 30 September 2025 and were signed on its behalf by:

V M Wallis - 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 equipment - 20% Reducing balance method

Heritage assets

The bulk of the collection which was transferred from the Estate of Wing Commander Ken Wallis MBE is considered to consist of "Heritage Assets" and, in line with Financial Reporting Standard 102, they are only valued if their values can be reliably identified and at a cost commensurate with the benefit obtained. In the case of this collection and, in particular, the iconic Autogyros, there are no reliable valuations available and, on the basis that the constitution of the Charity only allows these assets to be passed to a similar charity in the unlikely event of this Charity ceasing to exist, there is no benefit in arriving at a valuation as they have no realistic commercial value.

Accordingly, the heritage assets are recognised at a nominal value of £1.

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

£

£

Fundraising events

8,367

5,525

3.	RAISING FUNDS

Raising donations and legacies

31.12.24

31.12.23

£

£

Sundries

-

50

Support costs

1,170

563

1,170

613

4.	NET INCOME/(EXPENDITURE)

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

450

563

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.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

12

Other trading activities

5,525

Total

5,537

EXPENDITURE ON

Raising funds

613

Other

1,120

Total

1,733

NET INCOME

3,804

RECONCILIATION OF FUNDS

Total funds brought forward

3,384

TOTAL FUNDS CARRIED FORWARD

7,188

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024 and 31 December 2024

7,242

DEPRECIATION

At 1 January 2024

4,991

Charge for year

450

At 31 December 2024

5,441

NET BOOK VALUE

At 31 December 2024

1,801

At 31 December 2023

2,251

8.	HERITAGE ASSETS

Total

£

MARKET VALUE

At 1 January 2024 and 31 December 2024

1

NET BOOK VALUE

At 31 December 2024

1

At 31 December 2023

1

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

792

792

Accruals and deferred income

600

600

1,392

1,392

10.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

7,188

6,597

13,785

TOTAL FUNDS

7,188

6,597

13,785

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

8,367

(1,770

)

6,597

TOTAL FUNDS

8,367

(1,770

)

6,597

Comparatives for movement in funds

Net

movement

At

At 1.1.23

in funds

31.12.23

£

£

£

Unrestricted funds

General fund

3,384

3,804

7,188

TOTAL FUNDS

3,384

3,804

7,188

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

5,537

(1,733

)

3,804

TOTAL FUNDS

5,537

(1,733

)

3,804

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

3,384

10,401

13,785

TOTAL FUNDS

3,384

10,401

13,785

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

13,904

(3,503

)

10,401

TOTAL FUNDS

13,904

(3,503

)

10,401

11.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2024.