REGISTERED COMPANY NUMBER: 01682401 (England and Wales)

REGISTERED CHARITY NUMBER: 286794

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

DE HAVILLAND AIRCRAFT MUSEUM TRUST

LIMITED

T/A

DE HAVILLAND AIRCRAFT MUSEUM

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

14

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 October 2025. 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

The year covered by these accounts was very much one of caretaking and consolidation. For much of the year I was unable to be present at the museum due to major surgery, and I am greatly indebted to my fellow trustees for their tireless work in my absence.

The review of governance continued with a firm of expert solicitors being appointed to review the articles of association and memorandum that govern our museum. Their review into these governing documents and associated structures was most thorough, and an updated set of articles were produced. Contradictory statements and other errors were removed and the whole updated to reflect current best practice in both company and charity law. Although outside the time period covered by these accounts it is worth recording that the new articles have now been adopted at an extraordinary General Meeting.

Our community support continued with a greater number of school visits, support for local charities, work experience, Duke of Edinburgh, Scouts, Guides and Air Cadets visits, group tours (U3A, Club visits, etc.) and hosting visits by groups with special needs.

In October, our general manager, Jonathan, retired after many years' service. At the time of writing his replacement has taken up post and is already showing that she is remarkably capable.

It remains only for me to thank everyone who have continued to support the museum, and whose sterling efforts enable us to keep the DeHavilland story alive.

FINANCIAL REVIEW

Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore continue to adopt the going concern basis of accounting in preparing the accounts.

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.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01682401 (England and Wales)

Registered Charity number

286794

Registered office

De Havilland Aircraft Museum

London Colney

Hertfordshire

AL2 1BU

Trustees

L Burrage

A Crichton

B Pickering

K F Loates (appointed 27.3.25)

J J Sanders (appointed 9.3.26)

Independent Examiner

Zubair Arshad FCCA, ACA

Ad Valorem Accountancy Services Limited

Chartered Certified Accountants

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

Bankers

Barclays

16-18 St. Peters Street

St. Albans

AL1 3LP

Approved by order of the board of trustees on 1 June 2026 and signed on its behalf by:

L Burrage - Trustee

Independent examiner's report to the trustees of De Havilland Aircraft Museum Trust Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2025.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

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; or

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 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 a proper understanding of the accounts to be reached.

Zubair Arshad FCCA, ACA

Ad Valorem Accountancy Services Limited

Chartered Certified Accountants

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

Date: .............................................

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

49,083

-

49,083

33,006

Charitable activities

Admission fees

168,013

-

168,013

180,946

Grants and sponsorship

34,320

-

34,320

2,660

Supporters subscriptions

12,383

-

12,383

12,352

Event income

43,712

-

43,712

34,738

Premises hire for filimings etc.

-

-

-

1,565

Experience: (visitor)

3,158

-

3,158

4,515

Investment income

2

3,586

-

3,586

4,371

Total

314,255

-

314,255

274,153

EXPENDITURE ON

Raising funds

11,411

-

11,411

5,353

Charitable activities

Direct costs

32,155

-

32,155

17,606

Staff costs

42,265

-

42,265

20,499

Share of support costs

74,849

-

74,849

36,916

Share of governance costs

22,373

-

22,373

15,014

Depreciation

3,796

59,940

63,736

65,151

Total

186,849

59,940

246,789

160,539

NET INCOME/(EXPENDITURE)

127,406

(59,940

)

67,466

113,614

RECONCILIATION OF FUNDS

Total funds brought forward

1,637,181

1,708,464

3,345,645

3,232,031

TOTAL FUNDS CARRIED FORWARD

1,764,587

1,648,524

3,413,111

3,345,645

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

7

930,900

1,648,524

2,579,424

2,684,653

Investments

8

1

-

1

1

930,901

1,648,524

2,579,425

2,684,654

CURRENT ASSETS

Debtors

9

434,462

-

434,462

278,599

Cash at bank

427,153

-

427,153

425,551

861,615

-

861,615

704,150

CREDITORS

Amounts falling due within one year

10

(27,929

)

-

(27,929

)

(43,159

)

NET CURRENT ASSETS

833,686

-

833,686

660,991

TOTAL ASSETS LESS CURRENT LIABILITIES

1,764,587

1,648,524

3,413,111

3,345,645

NET ASSETS

1,764,587

1,648,524

3,413,111

3,345,645

FUNDS

11

Unrestricted funds

1,764,587

1,637,181

Restricted funds

1,648,524

1,708,464

TOTAL FUNDS

3,413,111

3,345,645

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 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 1 June 2026 and were signed on its behalf by:

L Burrage - 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, with the exception of investments which are included at market value.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group and Charity's Accounting Policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

It has been judged that the fair value of all assets and liabilities is equal to book value, and a number of estimates have been made to calculate accruals as at 31st October 2025.

INCOME

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation unless the performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grant Income is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

Income from Charitable Activities and Trading Income are measured at the fair value of the consideration received or receivable for services rendered and is recognised as the services are delivered.

EXPENDITURE

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. These are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to headings, they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.

CHARITABLE FUNDS

Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Where Restricted Funds have been provided to the charity for particular purposes, it is the policy of the Board of Trustees to carefully monitor the application of those funds, as and when received, in accordance with the restrictions placed upon them.

TANGIBLE FIXED ASSETS

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

Freehold property

-

10% or 17% straight line

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The charity and its subsidiary operate defined contribution pension schemes for all qualifying employees.

The assets of the scheme are held separately from those of the group in an independently administered fund.

The charge to the statement of financial activities in respect of defined contribution pension schemes was £4,688 (2024: 440).

2.	INVESTMENT INCOME

2025

2024

£

£

Deposit account interest

3,586

4,371

3.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

63,736

65,151

Hire of plant and machinery

7,199

-

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2025 nor for the year ended 31 October 2024.

TRUSTEES' EXPENSES

During the year the expensed reimbursed to trustees totalled £66.65 (2024: nil).

5.	STAFF COSTS

2025

2024

£

£

Wages and salaries

37,577

20,059

Other pension costs

4,688

440

42,265

20,499

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

2025

2024

Administration

1

1

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

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

33,006

-

33,006

Charitable activities

Admission fees

180,946

-

180,946

Grants and sponsorship

2,660

-

2,660

Supporters subscriptions

12,352

-

12,352

Event income

34,738

-

34,738

Premises hire for filimings etc.

1,565

-

1,565

Experience: (visitor)

4,515

-

4,515

Investment income

4,371

-

4,371

Total

274,153

-

274,153

EXPENDITURE ON

Raising funds

5,353

-

5,353

Charitable activities

Direct costs

17,606

-

17,606

Staff costs

20,499

-

20,499

Share of support costs

36,916

-

36,916

Share of governance costs

15,014

-

15,014

Depreciation

5,221

59,930

65,151

Total

100,609

59,930

160,539

NET INCOME/(EXPENDITURE)

173,544

(59,930

)

113,614

RECONCILIATION OF FUNDS

Total funds brought forward

1,463,637

1,768,394

3,232,031

TOTAL FUNDS CARRIED FORWARD

1,637,181

1,708,464

3,345,645

7.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 November 2024

3,049,881

122,141

17,530

-

3,189,552

Additions

-

-

-

1,281

1,281

Disposals

(42,774

)

-

-

-

(42,774

)

At 31 October 2025

3,007,107

122,141

17,530

1,281

3,148,059

DEPRECIATION

At 1 November 2024

380,891

116,633

7,375

-

504,899

Charge for year

59,940

1,032

2,539

225

63,736

At 31 October 2025

440,831

117,665

9,914

225

568,635

NET BOOK VALUE

At 31 October 2025

2,566,276

4,476

7,616

1,056

2,579,424

At 31 October 2024

2,668,990

5,508

10,155

-

2,684,653

8.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

MARKET VALUE

At 1 November 2024 and 31 October 2025

1

NET BOOK VALUE

At 31 October 2025

1

At 31 October 2024

1

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Mosquito Aircraft Museum Ltd

Registered office: Salisbury Hall, London Colney, St. Albans, Hertfordshire, AL2 1BU.

Nature of business: Gift shop and café

%

Class of share:

holding

Ordinary

100

31.10.25

31.10.24

£

£

Aggregate capital and reserves

(129,547

)

(91,330

)

Loss for the year

(38,217

)

(39,423

)

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

100

1,574

Amounts owed by group undertakings

429,249

266,395

Other debtors

4,572

6,807

Prepayments

541

3,823

434,462

278,599

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

254

385

Other creditors

313

42,774

Accruals and deferred income

27,362

-

27,929

43,159

11.	MOVEMENT IN FUNDS

Net

movement

At

At 1/11/24

in funds

31/10/25

£

£

£

Unrestricted funds

General fund

1,637,181

127,406

1,764,587

Restricted funds

Aircraft Museum Hangar

1,708,464

(59,940

)

1,648,524

TOTAL FUNDS

3,345,645

67,466

3,413,111

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

314,255

(186,849

)

127,406

Restricted funds

Aircraft Museum Hangar

-

(59,940

)

(59,940

)

TOTAL FUNDS

314,255

(246,789

)

67,466

Comparatives for movement in funds

Net

movement

At

At 1/11/23

in funds

31/10/24

£

£

£

Unrestricted funds

General fund

1,463,637

173,544

1,637,181

Restricted funds

Aircraft Museum Hangar

1,768,394

(59,930

)

1,708,464

TOTAL FUNDS

3,232,031

113,614

3,345,645

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

274,153

(100,609

)

173,544

Restricted funds

Aircraft Museum Hangar

-

(59,930

)

(59,930

)

TOTAL FUNDS

274,153

(160,539

)

113,614

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

Net

movement

At

At 1/11/23

in funds

31/10/25

£

£

£

Unrestricted funds

General fund

1,463,637

300,950

1,764,587

Restricted funds

Aircraft Museum Hangar

1,768,394

(119,870

)

1,648,524

TOTAL FUNDS

3,232,031

181,080

3,413,111