REGISTERED COMPANY NUMBER: 06707945 (England and Wales)

REGISTERED CHARITY NUMBER: 1127909

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

AVIATION HERITAGE FOUNDATION LIMITED

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

13

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 charity's objectives are to advance the education of the public in national aviation history by the establishment and maintenance of a museum.

The Trustees confirm that they have complied with the duty of section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission. This guidance has been referred to when reviewing the Charity's aims and objectives and in planning future activities.

The charity aims to meets its objects by operating a working aviation museum in order to restore, preserve, maintain and display historic and classical aircraft and associated memorabilia to the public and to provide a venue for lectures, seminars and practical workshops on aviation history and development. To do this the charity will involve students of technical colleges and aviation engineers for the preservation work and to seek assistance of members of the public in general and schools in particular.

The charity has established a good working relationship with the Civil Aviation Authority and the Light Aircraft Association who would be involved in monitoring the preservation work and certifying the flying machines.

The public will be participating in this unique experience either by assisting directly with the project or having the option to visit the centre and flying displays.

Volunteers

The charity shops and museum are manned by volunteers. The value of any voluntary help is not included in the accounts.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The charity successfully applied for planning permission for a portacabin on Withybush Airfield, Haverfordwest. The conversion work began in the year to 31st December 2010 and the Welsh Spitfire Museum was officially opened on 27th May 2011. The museum was moved to Bridge Street in Haverfordwest in 2015 where it operates today.

A shop has been in operation since October 2008, manned by volunteers, to sell Spitfire related memorabilia as well as donated goods. A second shop was opened in August 2014. The opening of these shops has raised the profile of the charity and many donations were received thus making it a focal point for the charity's activities. In October 2015 many of the exhibits of the museum have been moved to the shop in Haverfordwest and this museum has become an attraction in the town to tourists and local people, further raising the profile of the charity whilst providing enjoyment to the public.

FINANCIAL REVIEW

Reserves policy

The results for the year and financial position of the charity for the period ending 31 December 2025 are shown in the annexed financial statements. At the balance sheet date, there were reserves of £54,193 (2024 - £52,744).

The charity is reliant upon the support of trustees and continued donations without which it would be unable to continue in existence.

It is currently the policy of the charity to maintain reserves at a level which equates to at least six months expenditure in order that the charity can continue to function if income from current sources declines. This will enable the charity to identify other sources of funding.

All reserves have been classified as unrestricted reserves.

FUTURE PLANS

It is still hoped to carry out further restoration work on the Spitfire held in the museum. The Charity has now established a collection of over 7,000 books and magazines on military history and these will be indexed and form the basis of a reference library.

It also remains the intention to establish more shops in the county and to expand the sale of related memorabilia via a website which continues to be developed.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Aviation Heritage Foundation Limited charity was incorporated on 25th September 2008 under the Companies Act 2006 as a private company limited by guarantee (Company Number 06707945). It was also registered as a charity on 4th February 2009 with the Charity Commission for England and Wales (Charity Number 1127909). It is governed by its memorandum and articles amended by resolution on 29 January 2009.

Recruitment and appointment of new trustees

The Trustees welcome new trustees or members who can assist with the development of the company. New appointees receive support and guidance from their fellow trustees.

Risk management

The Trustees have considered the major risks facing the charity. They are confident that appropriate risk handling procedures are in place. The trustees aim is to review risk management annually.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

06707945 (England and Wales)

Registered Charity number

1127909

Registered office

1 Hall Park Close

Prendergast

Haverfordwest

Pembrokeshire

SA61 2QZ

Trustees

Mr R Burgess

Ms L Reynolds

Company Secretary

Independent Examiner

L M Griffiths & Co Limited

Chartered Certified Accountants

1&2 Merlins Court

Winch Lane

Haverfordwest

Pembrokeshire

SA61 1SB

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

Mr R Burgess - Trustee

Independent examiner's report to the trustees of Aviation Heritage Foundation Limited ('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.

Paul Murray

L M Griffiths & Co Limited

Chartered Certified Accountants

1&2 Merlins Court

Winch Lane

Haverfordwest

Pembrokeshire

SA61 1SB

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

2025

2024

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

34,007

32,649

Investment income

2

-

64

Total

34,007

32,713

EXPENDITURE ON

Charitable activities

Charitable activities

32,288

28,155

NET INCOME

1,719

4,558

RECONCILIATION OF FUNDS

Total funds brought forward

52,744

48,186

TOTAL FUNDS CARRIED FORWARD

54,463

52,744

2025

2024

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

6

10,396

10,562

CURRENT ASSETS

Stocks

7

200

200

Debtors

8

934

879

Cash at bank

44,013

42,454

45,147

43,533

CREDITORS

Amounts falling due within one year

9

(1,080

)

(1,351

)

NET CURRENT ASSETS

44,067

42,182

TOTAL ASSETS LESS CURRENT LIABILITIES

54,463

52,744

NET ASSETS

54,463

52,744

FUNDS

10

Unrestricted funds

54,463

52,744

TOTAL FUNDS

54,463

52,744

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 September 2026 and were signed on its behalf by:

Mr R Burgess - 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.

The charity is dependent upon the level of donations received. The directors are unaware of any material uncertainties in making their assessment of going concern. As a result they have adopted the going concern basis of accounting.

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.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

15% 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.

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.

Revenue recognition

The company's turnover represents the sale of goods alongside donations received from the general public. The company recognises the revenue as soon as the customer has purchased the goods from the shop or made the donation.

2.	INVESTMENT INCOME

2025

2024

£

£

Deposit account interest

-

64

3.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

1,827

1,643

Rent

14,901

15,000

4.	TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees' expenses

There were no trustee's expenses paid during the year (2022 - £nil)

5.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

32,649

Investment income

64

Total

32,713

EXPENDITURE ON

Charitable activities

Charitable activities

28,155

NET INCOME

4,558

RECONCILIATION OF FUNDS

Total funds brought forward

48,186

TOTAL FUNDS CARRIED FORWARD

52,744

6.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2025

15,052

21,953

37,005

Additions

-

1,661

1,661

At 31 December 2025

15,052

23,614

38,666

DEPRECIATION

At 1 January 2025

11,731

14,712

26,443

Charge for year

425

1,402

1,827

At 31 December 2025

12,156

16,114

28,270

NET BOOK VALUE

At 31 December 2025

2,896

7,500

10,396

At 31 December 2024

3,321

7,241

10,562

7.

STOCKS

2025

2024

£

£

Stocks

200

200

8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Prepayments and accrued income

934

879

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Accrued expenses

1,080

1,351

10.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.25

in funds

31.12.25

£

£

£

Unrestricted funds

General fund

52,744

1,719

54,463

TOTAL FUNDS

52,744

1,719

54,463

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

34,007

(32,288

)

1,719

TOTAL FUNDS

34,007

(32,288

)

1,719

Comparatives for movement in funds

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

48,186

4,558

52,744

TOTAL FUNDS

48,186

4,558

52,744

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

32,713

(28,155

)

4,558

TOTAL FUNDS

32,713

(28,155

)

4,558

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

Net

movement

At

At 1.1.24

in funds

31.12.25

£

£

£

Unrestricted funds

General fund

48,186

6,277

54,463

TOTAL FUNDS

48,186

6,277

54,463

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

66,720

(60,443

)

6,277

TOTAL FUNDS

66,720

(60,443

)

6,277

11.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2025.