REGISTERED COMPANY NUMBER: 01673256 (England and Wales)

REGISTERED CHARITY NUMBER: 285809

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

DUXFORD AVIATION SOCIETY

Page

Report of the Trustees

1

to

7

Independent Examiner's Report

8

Statement of Financial Activities

9

Balance Sheet

10

to

11

Notes to the Financial Statements

12

to

21

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 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

Objectives and aims

The Society is governed by the provisions of its Memorandums and Articles of Association. The Objects of the Society are:

The advancement of education of the general public in the history of British civil aviation by maintaining, developing and presenting the 'British Airliner Collection' and associated artefacts (through physical interaction and various electronic media).

The Society commenced operations on 23 February 1983 by taking over the property, assets, liabilities and undertaking of the unincorporated body known as "The Duxford Aviation Society".

The location, at Duxford Airfield, Cambridgeshire, is operated by Imperial War Museum Duxford. The Society is a major partner of the IWM, cooperating with and supporting its activities under the terms of a Commercial Agreement.

When planning the activities of the Society, the Trustees have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance to charities for the advancement of education, and consider that its continued activities of restoration, conservation and exhibition of historic aircraft satisfy the requirements of the public benefit test.

In order to achieve these objectives, the Society opens its historic aircraft to the public in a variety of ways. It owns and operates the Duxford Aviation Society Museum, an accredited museum, that encompasses the British Airliner Collection (13 British built Airliners), including the Civil Aviation Museum (CAM). The CAM, located in the fuselage of the Handley Page Hermes, gives an overview of the Collection and its place in British Commercial Civil Aviation since World War II. The Society publishes and updates a booklet on the British Airliner Collection, detailing the history and development of the aircraft; provides a range of explanatory leaflets for visitors; provides frequently updated information and informative articles on its social media channels which have substantial followings and in addition, conducts regular displays of aircraft functionality to the public. Increasingly, through its extensive knowledge and archives, the Society acts as a source of information and expertise for aviation enthusiasts, other museums, scholars, and researchers.

Significant activities

Our Concorde and Civil Aviation Museum in the AirSpace hangar were open for visitors to board every day that the main (IWM) museum was open - 362 days.

The Society's visitor numbers, and much of its revenue, are dependent on footfall for IWM Duxford. IWM visitor numbers in 2025 totalled circa 433,000 including airshow attendees and school parties.

Of those visitors 214,000 boarded Concorde and 164,000 visited the Civil Aviation Museum.

In early February IWM began a major reorganisation of their onsite displays which will continue over a number of years. This first phase resulted in significant upheaval for DAS, requiring some months of preparation and weeks of work in excess of normal operations.

The Military Vehicle Wing (MVW) which had been housed in a building planned for closure could not be found suitable alternative accommodation on site and after exploring alternatives, none of which was deemed suitable, it was decided the only option was to close the MVW. Their exhibits were either donated to other museums or otherwise disposed of. A number of MVW members were assisted in transferring to a museum at a nearby location to set up a similar operation albeit much smaller. The MVW was formally closed in September.

The other significant effect of IWMs reorganisation impacted the building housing Concorde, the Civil Aviation Museum, Avro York, D.H. Comet and D.H. Dove. The building was closed for a number of days to allow the movement of exhibits but resulted in the removal of the Avro York, D.H. Comet and D.H. Dove to new locations outdoors on the airfield. The move of these aircraft was completed by mid April.

In line with opening of the (previously) 8 outside airliners, the opening of these three additional aircraft to the public was restricted by the weather resulting in degraded opening opportunities compared to the offer that had been possible with the aircraft under cover. As an average over the summer, three of the outside airliners were open to the public during regular museum open days.

There were two Airshow weekends and 5 Flying Days in 2025 and the Society sold Boarding Passes on all but two of these days. Income from Boarding Passes was down 7.1% compared to the previous year in part due to inclement weather on one day which caused the aircraft to be open intermittently for donations only. The run down and closure of the MVW which had generated an income of £10,080 from offering rides in 2024 resulted in no income from this source.

The DAS bookshop, which sells donated books, models, etc. had record sales in the previous year (2024) and in 2025 came in at just 1. 6% lower at £48,009.

Income from the hire of airliners for filming and events in 2025 was £15,856 up from £5011 the previous year. As reported previously, this business is almost entirely reactive and not easily stimulated, thus the level of income is unpredictable.

Archiving activities continued to grow the museums artifacts, making progress on clearing the backlog that has been in evidence for some years. Work was begun on the initial stages of developing a business intelligence tool which it is hoped, will ultimately lead to improved access of museum data to the public.

A major project to fully refresh and go live with a new website was achieved toward the end of the period. To ensure its efficacy an external support contract was undertaken. This offers a springboard for an enhanced offering to the public and in time is planned to be able to take bookings and income for 'experiences' on the aircraft.

April 2025 also saw the 50th Anniversary of the formation of the Duxford Aviation Society. A commemorative event was held for past and present members in celebration of all that the Society has done to preserve and present the history of British commercial aviation to the public.

Public benefit

As detailed in previous annual reports, in setting objectives and planning activities the Trustees give careful consideration to the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on advancing education. The Trustees' key objectives for 2025 included:

1.

To ensure that the Society remains a viable business

2.

To maintain and conserve the historic British Airliner Collection

3.

To maintain its historic Military Vehicle Collection until the point of closure.

4.

To open the 'Civil Aviation Museum' to visitors every day, highlighting the post WWII history of British Civil Aviation.

5.

To open historic civil aircraft to the public (through various means such as open days, air shows and events, as well as to regular museum visitors), providing stewardship, information and hands on experience as appropriate.

6.

To continue to work with IWM to enhance the overall visitor experience and encourage visits.

7.

To support IWM in its various other activities, including implementation of their Duxford Masterplan.

8.

To operate various social media channels to provide information on the Society's collections

9.

To continue to generate significant revenues from shop and eBay sales to help fund the activities of the Charity.

10 .

To maintain an adequate number of volunteers and utilise them efficiently.

11 .

To maintain Accreditation of the Duxford Aviation Society Museum and by so doing improve the visitor experience.

ACHIEVEMENTS AND PERFORMANCE

Achievement and Performance Against Objectives

Objective 1 remains the first consideration of the Trustees. If the Society does not remain a viable business then none of the public benefits will be achieved. To this end the Trustees activities included providing careful financial stewardship, managing risks, ensuring adequate insurances; and focussing on succession planning for various key posts.

Objectives 2 and 3 were achieved. All planned work programmes were completed and the closure of the Military Vehicle Wing completed.

Objectives 4, 5 and 6 were achieved. Concorde and the Civil Aviation Museum were open to the public every day that IWM Duxford was open. During Spring and Summer an average of just under three of the outside airliners were open every day, especially during school holidays. IWM Duxford receives numerous visits from school parties, several on most weekdays. The Airliners and the Civil Aviation Museum provide a key educational input for these school visits, illustrating the development of Civil Aviation in the UK since World War II. The Society's stewards engage very effectively with all types of visitors and receive much positive feedback on the visitor experience the airliners offer.

Objective 7 was largely achieved with excellent cooperation and exchange of ideas with many IWM departments at 'working' level, particularly through the challenging period of moving aircraft out of the main display hangar in Spring. Relations with IWM at a senior level improved somewhat compared to the situation mentioned in the 2024 Trustees Report.

Objective 8 was achieved. The Society's refreshed website was taken live. Social media (Facebook) accounts were also increasingly active. These channels contain a wealth of information about the Society's collections and the work that takes place on site as well as in depth articles about commercial aviation. An average of some 170,000 people viewed our Facebook posts every month during 2025, up by 13% over the previous year.

Objective 9 was achieved. The DAS shop was open most days and although generating some 12% less revenue than the previous year, an increased effort through web sales achieved a combined result less than 1% down year on year.

Objective 10, maintain an adequate number of volunteers, was achieved. With an eye to the future a new effort to increase volunteer recruitment began in the 2nd half of the year using both web based advertising and a physical presence at local community events.

On Objective 11 work continued on addressing the improvement areas identified by the Accreditation Panel.

FINANCIAL REVIEW

Financial position

The Trustees are satisfied that the Charity remains financially sound. As at 31 December 2025 total funds amounted to £2,512,194 (2024: £2,695,660) and cash resources totalled £583,014 (2024: £577,936).

Investment policy and objectives

The Trustees continue to pursue a provident and conservative investment policy which they believe is appropriate for the Society. The investment of reserves is spread across interest bearing deposits with major banks.

Reserves policy

The Trustees believe that the Society should maintain sufficient reserves and cash resources to ensure that it can operate satisfactorily taking into account the following demands:

*

The vast majority of the Society's exhibits are located in the open air and, as such, are subject to weather related maintenance.

*

The Society needs to ensure there are adequate funds available for the maintenance of its exhibits, and to meet any emergency repair situation, thereby ensuring that its historical assets are maintained in the best possible condition.

*

The programme of updating and modernising the interior displays in all aircraft, essential to inform and educate visitors, continues and is a costly exercise.

Reserves at the start of the year were healthy and, although expenditure was high during the year, exceptional income items meant that the Society ended the year with increased reserves.

Going concern

The trustees have reviewed the financial forecasts and the approved budgets and have concluded that the preparation of these financial statements on the basis that the charity is a going concern is appropriate.

FUTURE PLANS

Currently the Society plans:

1.

To continue to maintain the British Airliner Collection in the best possible condition.To which end, it is the Trustees intention that a deeper survey of major structural items within the aircraft artifacts will be undertaken in 2026.

2.

To focus on the presentation of these assets so that visitors to Duxford, and the outside world (via various media), have the opportunity to view and enjoy historic airliners and artefacts.

3.

To develop a project to capture the 'personal histories' of individuals with unique relevant aviation experiences. These would ultimately be made accessible to the public.

4.

To continue to work closely with the IWM in areas such as visitor experience, air show security, education and strategy development.

5.

To promote and enhance the British Airliner Collection 'brand'.

6.

To become a centre of excellence for information and data on historic British Airliners.

7.

To continue to attract new members, particularly those with skills and experience that would be beneficial to the Society.

8.

To continue to maintain a safe environment for staff, volunteers and visitors.

9.

To continue the development and updating of the Strategic plans that ensures the Society's collection can continue to be available and accessible to the various stakeholders in whatever developments take place at IWM Duxford.

10.

To continue to develop succession plans for key roles within the Society.

11.

To develop marketing and income generation plans that serve the dual purpose of educating people and developing various ways of raising funds to maintain the Society's collections.

12.

To complete the delayed renegotiation of the Commercial Agreement with the IWM.

13.

To Continue to look to develop further opportunities to work together with IWM.

14.

To maintain accreditation of the Duxford Aviation Society Museum.

15.

To continue to develop and promote our retail offerings (shop and eBay).

16.

Develop relationships with other organisations and bodies having similar activities.

17.

Improve our exploration of grant and sponsorship opportunities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Society was incorporated as a company limited by guarantee and not having a share capital on 21 October 1982. It was registered as a charity on 25 November 1982.

The governing document is the Memorandum and Articles of Association adopted on 1 December 2013, updated by unanimous resolution on 17 April 2018, further updated by unanimous resolution on 3 December 2023 and 23 November 2024.

Recruitment and appointment of new Trustees

The Company's Articles of Association require that all new appointments of Trustees must be full members of the Company and must be proposed by two full members. Full members are those who have been members for at least 12 months. Also, under the Company's Articles of Association, one third of Trustees are required to resign from office, and may offer themselves for re-election, at each Annual General Meeting.

Organisational structure

The Company's Articles of Association, adopted on 1 December 2013, state that there shall be ten Directors, namely, Chairman, Vice Chairman, Secretary, Treasurer, Registrar, Project Supervisor, Commercial and Marketing Director and the current Chairman of the Military Vehicle Wing.

The Directors shown below held office during the whole of the period from 1 January 2025 to the date of this Report.:

*

J Gladwin

Secretary / Registrar

*

S Jeal

Health and Safety Director

*

M Smith

Chairman and Director of Strategic Planning

*

R Wright

Visitor Experience Director

During 2025 the following held the named offices on the dates shown:

*

P F Archer

Operations Director

Until 23 November 2025

*

G Beach

Director of Military Vehicles

Until 23 November 2025

*

N Denton

Treasurer

Until 23 November 2025

*

P Godfrey

Operations Director (Aircraft Conservation)

Until 23 November 2025

*

V Tincombe

Operations Director (Aircraft Stewarding)

Until 23 November 2025

*

PF Archer

Operations Director

From 23 November 2025

*

G Beach

Director Without Portfolio

From 23 November 2025

*

N Denton

Treasurer

From 23 November 2025

*

W Leavens

Engineering Director

From 23 November 2025

*

S Radford

Director of Collections

From 23 November 2025

*

V Tincombe

Operations Director (Aircraft Stewarding)

From 23 November 2025

*

P Zwager

Commercial Director

From 23 November 2025

Induction and training of new Trustees

The policy for induction and training remains as previously described. All new Trustees are required to be Members of the Society for at least one year, and as such are deemed to have some knowledge of the Society, Thus, it is not thought necessary to have a formal induction procedure for new Trustees. However, all Trustees are encouraged to work closely with IWM and external organisations on subjects relevant to their individual roles. In addition, new Trustees are required to read the guidance given by the Charities Commission relating to Trustee duties and responsibilities.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01673256 (England and Wales)

Registered Charity number

285809

Registered office

87 Duxford Airfield

CAMBRIDGE

Cambridgeshire

CB22 4QR

Trustees

S C Jeal

G R Beach

P F Archer

Mrs V Tincombe

N Denton

M Smith

R Wright

S Radford (appointed 23/11/2025)

Dr W Leavens (appointed 24/11/2025)

P F Zwager (appointed 23/11/2025)

P A Godfrey (resigned 23/11/2025)

J Gladwin

Independent Examiner

Staffords

Chartered Accountants

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

Bankers

CAF Bank Limited

25 Kings Hill Avenue

Kings Hill

WEST MALLING

Kent

ME19 4JQ

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 11 August 2026 and signed on its behalf by:

N Denton - Trustee

Independent examiner's report to the trustees of Duxford Aviation Society ('the Company')

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

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.

Steven Ellis FCA

The Institute of Chartered Accountants in England and Wales

Staffords

Chartered Accountants

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

20 August 2026

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3

46,518

-

46,518

32,939

Other trading activities

4

176,686

-

176,686

311,096

Investment income

5

9,836

-

9,836

13,652

Total

233,040

-

233,040

357,687

EXPENDITURE ON

Charitable activities

6

Restoration and associated costs

418,817

-

418,817

237,811

Other

5,250

-

5,250

8,650

Total

424,067

-

424,067

246,461

NET INCOME/(EXPENDITURE)

(191,027

)

-

(191,027

)

111,226

RECONCILIATION OF FUNDS

Total funds brought forward

2,696,937

6,284

2,703,221

2,591,995

TOTAL FUNDS CARRIED FORWARD

2,505,910

6,284

2,512,194

2,703,221

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

12

136,388

-

136,388

117,461

Heritage assets

13

1,815,000

-

1,815,000

1,992,525

1,951,388

-

1,951,388

2,109,986

CURRENT ASSETS

Debtors

14

10,436

-

10,436

16,302

Cash at bank and in hand

576,730

6,284

583,014

589,760

587,166

6,284

593,450

606,062

CREDITORS

Amounts falling due within one year

15

(18,470

)

-

(18,470

)

(12,827

)

NET CURRENT ASSETS

568,696

6,284

574,980

593,235

TOTAL ASSETS LESS CURRENT LIABILITIES

2,520,084

6,284

2,526,368

2,703,221

PROVISIONS FOR LIABILITIES

16

(14,174

)

-

(14,174

)

-

NET ASSETS

2,505,910

6,284

2,512,194

2,703,221

FUNDS

17

Unrestricted funds:

General fund

690,910

730,573

Revaluation reserve

1,815,000

1,966,364

2,505,910

2,696,937

Restricted funds

6,284

6,284

TOTAL FUNDS

2,512,194

2,703,221

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 11 August 2026 and were signed on its behalf by:

N Denton - Trustee

1.	LEGAL FORM

The charity is a registered charity registered in England and Wales and a company limited by guarantee having no share capital incorporated in England and Wales.

Its registered office and principal place of business is at 87 Duxford Airfield, CAMBRIDGE, Cambridgeshire CB22 4QR.

2.	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.

The trustees consider there to be no material uncertainties about the charity's ability to continue as a going concern.

The charity is a public benefit entity.

Financial Reporting Standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

•

the requirements of Section 7 Statement of Cash Flows.

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.

Donations are recognised on receipt. Gift Aid is recognised in the same period as the donation to which it relates.

Legacy income is recognised in full when the amount and timing can be quantified with reasonable accuracy. This is the earlier of the receipt of an interim distribution or the grant of probate.

The charity is VAT registered.

Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales tax, and net of VAT.

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.

Short leasehold

-

at varying rates on cost

Aircraft and display equipment

-

5% on cost

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

15% on cost

Assets costing less than £500 are not capitalised. Impairment reviews are carried out by the trustees annually.

Heritage assets

Heritage assets are carried at deemed cost following the transition to FRS 102 at 1 January 2015.

a) Military vehicles

The Military Vehicle Wing ceased operating in the year and the collection of military vehicles were disposed of between May and July 2025.

b) Aircraft

The Charity was donated a pre-production Concorde aircraft in 1977 which had been valued and included in the balance sheet as a heritage asset. The valuation was derived by the Trustees by averaging a range of values obtained using information collated regarding its value in use and insurance valuations. The value was then treated as the deemed cost on transition to FRS 102 on 1 January 2015 in line with the other heritage assets.

It is the Charity's policy to maintain the Concorde to a standard suitable for exhibition, and maintenance costs are charged to the Statement of Financial Activities when incurred. The aircraft is deemed to have an indeterminate life and the Trustees do not therefore consider it appropriate to charge depreciation.

In addition, the Charity holds a collection of post World War II civil airliners which have been donated in the past and are not recognised in the balance sheet as information on acquisition is not readily available and the Trustees believe the benefits of obtaining valuations for these items would not justify the cost. Nearly all items in the collection are thought to have little or no financial value as there is no active market for such aircraft. The vast majority of the items in the collection were acquired over twenty years ago.

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.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be estimated or measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

46,518

32,939

4.	OTHER TRADING ACTIVITIES

2025

2024

£

£

Fundraising events

56,395

208,591

Bookshop and other sales

80,291

62,505

IWM Partnership Agreement fees

40,000

40,000

176,686

311,096

Please refer to the Financial Review under General for a description of the changes to the activities of the charity during the year.

5.	INVESTMENT INCOME

2025

2024

£

£

Deposit account interest

9,836

13,652

6.	CHARITABLE ACTIVITIES COSTS

Direct

Costs (see

note 7)

£

Restoration and associated costs

418,817

7.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2025

2024

£

£

Staff costs

97,161

99,849

Insurance

11,406

16,045

Equipment repairs, maintenance and fuel

43,942

48,237

Selling costs

27,330

14,710

Members' events

2,500

3,503

Airshows

7,696

4,886

Stationery. communications and marketing

4,403

3,746

Bank charges and interest

1,992

1,539

Travelling

12,697

12,977

Miscellaneous office costs

23,184

8,141

Office and yard rent

2,985

4,219

Consultancy

10,122

9,017

Bottisham Museum Agreement

21,200

-

Depreciation

18,322

10,942

Loss on sale of assets

133,877

-

418,817

237,811

8.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

18,323

10,943

Deficit on disposal of fixed assets

133,877

-

Independent Examiner's fee

4,000

3,750

Independent Examiner's fee for other compliance work

1,875

1,750

9.	TRUSTEES' REMUNERATION AND BENEFITS

M Vyletova, a trustee, was remunerated for her services in aircraft restoration. Charity Commission approval has been obtained in respect of this payment.

2025

2024

£

£

Trustees' salaries

-

336

Trustees' social security

-

-

Trustees' pension contributions

-

-

-

336

Trustees' expenses

The totals paid in reimbursed expenses to 3 trustees in the year totalled £2,858 (2024: 7 trustees £3,189).

10.	STAFF COSTS

2025

2024

£

£

Wages and salaries

96,093

98,800

Other pension costs

1,068

1,049

97,161

99,849

The staff costs relating to Key Management Personnel were £54,422 (2024: £52,497).

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

2025

2024

Aircraft restoration

1

1

Administration

1

1

Aircraft stewards

11

11

Military Vehicles drivers

-

1

Museum

1

1

14

15

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

The above staff analysis is based on payments to them in a given calendar month. Very few of the charity's staff are paid more than a small fraction of a Full Time Equivalent (FTE) salary for the roles involved. On an FTE basis the two primary staff areas for both of the last two years have been the Aircraft restoration and the Administration, totalling less than 1 FTE each.

11.	ANALYSIS OF THE COMPARATIVE YEAR FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

32,939

-

32,939

Other trading activities

310,168

928

311,096

Investment income

13,652

-

13,652

Total

356,759

928

357,687

EXPENDITURE ON

Charitable activities

Restoration and associated costs

233,514

4,297

237,811

Other

8,650

-

8,650

Total

242,164

4,297

246,461

NET INCOME/(EXPENDITURE)

114,595

(3,369

)

111,226

RECONCILIATION OF FUNDS

Total funds brought forward

2,582,342

9,653

2,591,995

TOTAL FUNDS CARRIED FORWARD

2,696,937

6,284

2,703,221