REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
The Lakes Flying Company Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
The Lakes Flying Company Limited |
The Lakes Flying Company Limited |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Report of the Trustees | 1 | to | 5 |
Independent Examiner's Report | 6 |
Statement of Financial Activities | 7 |
Balance Sheet | 8 |
Notes to the Financial Statements | 9 | to | 12 |
The Lakes Flying Company Limited (Registered number: 06836348) |
Report of the Trustees |
for the year ended 31 March 2023 |
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 March 2023. 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 |
Principal objectives |
To establish and maintain a heritage centre for the benefit of the public, that will tell the story of early aircraft with the emphasis on the history of their early development and their activities in and around Windermere and the Lake District. To publicise the achievements of Captain E W Wakefield and the development of Waterbird, the first successful British hydro-aeroplane, and other pioneers and their aircraft, and aircraft builders. The Museum's exhibits will include, where appropriate, aircraft, memorabilia and artefacts from both the pioneering age and subsequent aviation activity in the area. |
With these objectives in mind, the trustees have concentrated on the following areas: |
I - The construction of a fully operational replica Waterbird aeroplane to be used in flying exhibitions. The Trustees have secured sufficient funding for the construction. |
II - To research, develop and produce a publicly accessible archive, online resource and an associated, adaptable touring exhibition focusing on the unknown story of "Waterbird", Britain's first successful seaplane, and the associated early Pioneer Age flying activites in the Lake District. Initial funding was provided by the Heritage Lottery Fund ("HLF"). |
We would look to involve the public in the development of the project through talks, workshops, lectures, a compact specially designed touring exhibition, and archive research opportunities for volunteers and schools. The presentation display in libraries and public spaces during the research period will perform an educational role, and will also be a valuable means of discovering information in the hands of visitors and the public at large. |
The touring exhibition will be designed and presented on a banner stand system for maximum adaptability, and will be suitable to exhibit in libraries, school, care homes, gatherings, presentations at the heart of the community. It can be accompanied by a selection of books, a digital display, information, and will be updated during the project. |
The Wakefield family have a remarkable collection of approximately three hundred letters, invoices, documents, original glass plate photographs and books from the time, discovered and archived (though not catalogued). |
Captain E W Wakefield was at the heart of a network of early aviators and much more related material to the events exists in other local and national, public and private collections. We would want to research and identify this related material in order to place the Lake District at the heart of British early aviation developments. Relevant archive sources from the National Archives, National Museum of the Royal Navy, RAF Museum, Museum of Science and Industry, Shuttleworth Collection, and Tatton Park can all be digitised and form part of the Waterbird story. |
The Lakes Flying Company Limited (Registered number: 06836348) |
Report of the Trustees |
for the year ended 31 March 2023 |
ACHIEVEMENT AND PERFORMANCE |
Achievements to date |
Building on the relationship with the Navy Wings and the Fleet Air Arm Museum at Yeovilton. Addressing the Trustees of the Fly Navy Heritage Trust, visiting the Royal Navy Historic Flight ("RNHF"), showing members of the FNHT around Hill of Oaks and Cockshott (the sites where the Waterbird was operated/hangared and of a Royal Naval Air Station 1916-1917), and entering into a Memorandum of Understanding with the FNHT. In the Fleet Air Arm Diary for 2012, an article appeared celebrating the centenary of Waterbird - as far as we know, this was the first recognition in a Fleet Air Arm publication of the importance of Waterbird in naval aviation history. Waterbird has been adopted as one of the aircraft of the NAVY WINGS collection. |
The appointment of Admiral of the Fleet Sir Benjamin Bathurst as our President. |
Presentations to Levens History Society, Lyth Valley History Society, Windermere Motor Boat Racing Club, Rotary Club of Windermere, Avro Lancashire, Windermere and Bowness Civic Society, Cumbria Industrial History Society, South Copeland Tourist Community Interest Company, Rotary Club of Ulverston, Western Front Association, Windermere Motor Boat Racing Club, Friends of Lancaster Maritime Museum, Levens History Society, Kendal Probus Club, Lunesdale Probus Club, Staveley History Society, Windermere 41 Club, Northern Lancashire Western Front Association, Rotary Club of Kendal South Westmorland, Cartmel Peninsula Local History Society, Lyth Valley Farmers Discussion Group, Kendal Civic Society, Farmers Discussion Group, Kendal Civic Society, Avro Lancashire, Casterton WI, Mansergh Community Hall, the Vintage Aircraft Club and Staveley & District History Society. |
Visits to Brooklands Museum (where Waterbird was tested), Solway Aviation Museum, Yorkshire Air Museum, Foynes Museum, Solent Sky Museum, RAF Museum at Hendon, Imperial War Museum Archive, Biscarrosse Museum, National Archives, RAF Museum at Stafford (where original parts of Waterbird are stored), and Wickenby Airfield to see the build of the replica Waterbird, including with a reporter from Border TV and to show the build to others e.g. son and grandson of Lt (later Air Chief Marshal) Arthur Longmore who test flew Waterbird for the Admiralty, Stow Maries, Museum of Science and Industry and Avro Heritage Museum. |
Workshops in schools, and exhibitions at Kendal Library, Barclays Bank Kendal and Windermere Library. Articles appeared in the Westmorland Gazette as to the build of Waterbird free flying models by school pupils. |
A plaque at the Glebe in Bowness. |
An event, attended by approx. 130 guests, on the centenary of Waterbird's first flight, attracting much media attention, for which we engaged a consultant, recorded by video and a photographer. Exhibits included 4 models of Waterbird and the original float. Guests included members of the Wakefield family (including the grandson of Edward Wakefield's brother from Canada), dignitaries, representatives of organisations, granddaughters of Lt Longmore, great nephew of Herbert Stanley Adams (Waterbird's pilot), grandson of Sir Alliott Verdon Roe (who built the landplane which became Waterbird), FNHT, 2 Rear Admirals and the builder of the replica Waterbird. We were very grateful to English Lakes Hotels for sponsoring 100 lunches. |
Events, at the Belsfield Hotel, to celebrate Edward Wakefield attended by approximately 70 guests, recorded by video, including a flypast by a Sea Fury of the RNHF, when the fuselage and a wing of the replica Waterbird were displayed. |
An event, at the Old England Hotel, with TV and radio coverage to launch our Adopt a Part Scheme. |
Meetings with the Lake District National Park Authority ("LDNPA"), towards applying for permission to exceed the speed limit on Windernere. Briefing the Friends of the Lake District on the project (when it was discovered that Edward Wakefield's sister-in-law was a founder). |
Digitising the archives at Kendal and Wallingford. |
Establishing and upgrading a website, producing booklets, pull up banners, tote bags and postcards, and having the replica Waterbird build photographed and videoed. |
Presenting photographic montages of Waterbird and associated history to Storrs Hall Hotel, English Lakes Hotels, Windermere Hydro Hotel, Belsfield Hotel, Old England Hotel, Windermere Aquatic and LDNPA. |
Waterbird Wheat Ale by Bowness Bay Brewing. |
Flights by the replica Waterbird as a landplane. A public flying display by the replica Waterbird as a seaplane. |
An interactive 3D model of the replica Waterbird has been created. |
Articles published in the magazine of the Light Aircraft Association, the newsletter of the Cumberland and Westmorland Antiquarian and Archaeological Society and Flight Deck magazine. |
The Lakes Flying Company Limited (Registered number: 06836348) |
Report of the Trustees |
for the year ended 31 March 2023 |
New Directors/ Trustees: Anne Hughes and Derek Wrathall. |
An underwater survey off Hill of Oaks. |
A TV episode of Warbird Workshop to the stage of flying as a landplane and a TV episode of Warplane Workshop to flying as a seaplane. |
The successful bid with Windermere Jetty Museum to the RAF Museum for the original Waterbird parts. |
The following Awards have been received: The Bremont Special Recognition Award from the National Transport Trust, the Robert Pleming Memorial Award from Aviation Heritage UK, and the Desmond Penrose Silver Salver from the Vintage Aircraft Club. |
A visit to the replica Waterbird was made by the Guild of Aviation Artists. |
A Facebook page has been launched. |
A book has been published. |
FINANCIAL REVIEW |
Financial position |
The results for the year are shown in the statement of Financial Activities. |
Reserves policy |
Archive |
Initial funding for establishing the archiving was provided by the HLF. This project has now been completed and all reserves utilised. |
Public Benefits |
The trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The Lakes Flying Company is a charity limited by guarantee without share capital and registered under the Companies Act 1985, registration number 06836348. The company is governed by its Articles of Association dated 4 March 2009. |
In the event of a winding up of the company, the present members and those who have ceased to be a member within one year of such an event have guaranteed the liabilities of the company to the sum not exceeding ten pounds each. |
Recruitment and appointment of new trustees |
New trustees will be recruited according to the needs of the charity and the suitability of possible candidates. A unanimous approval of existing trustees would lead to their appointment. |
The Articles of Association states that the number of directors shall have no maximum and shall not be less than three. |
Full details are contained in the company's Articles of Association, dated on incorporation on 4 March 2009, which may be inspected at the registered office. |
Organisational structure |
The Lakes Flying Company Limited is governed by its Trustee Board which is responsible for setting the strategic direction of the organisation and the policy of the charity. The Trustees carry the ultimate responsibility for the conduct of the Lakes Flying Company Limited and for ensuring that the Charity satisfies its legal and contractual obligations. Trustees meet periodically to monitor progress and determine required actions which are delegated to the members of the Board. |
Related parties |
There are no related party transactions to report on in these accounts. |
The Lakes Flying Company Limited (Registered number: 06836348) |
Report of the Trustees |
for the year ended 31 March 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
History |
Captain Wakefield (1862-1941) of the Old House, Kendal had served in the Boer War. He was a wealthy landowner, barrister, pioneer aviator and Under Sheriff of Westmorland. He believed that the high incidence of flying accidents could be minimised by designing an aeroplane to take off and land on water. |
On 25 November 1911 Herbert Stanlev Adams piloted Waterbird on the first successful hydro-aeroplane flight in Britain. Shortly afterwards he flew the whole length of Windermere. The local press, invited to watch, published enthusiastic articles. A more advanced model was developed, this time by Wakefield, Adams and Oscar Gnosspelius. Waterhen, as she was called, flew hundreds of successful flights with only one minor accident. |
The Royal Navy, who had established an experimental airship station close to Windermere at Barrow-in-Furness, showed a keen interest in Captain Wakefield's experiments. The Admiralty invited Wakefield to sign the Official Secrets Act and contracted him to test several of their aeroplanes. Winston Churchill, the First Lord of the Admiralty, confirmed Wakefield's appointment in parliament. On the outbreak of World War I, Wakefield handed over all his patents and data to the Navy who incorporated them into their embryo, seaplane programme. |
Wakefield's nephew and heir, William Wavell Wakefield (1898-1983), later Captain of the England rugby team (1927-1930) and Lord Wakefield of Kendal (1962) joined the Royal Naval Air Service in 1916 and became the first pilot to land a plane on the after-deck of HMS Vindictive. His diaries, log books and photographs are with the Wakefield family archive. |
The Old House, Kendal continues in Wakefield family occupation as well as Hill of Oaks, the site from where Waterbird made her historic flight. |
Sir Humphry Wakefield, Richard Wakefield Raynsford and John Gordon, Captain Wakefield's great-grandson, while researching family records, uncovered the Waterbird archive owned by John Gordon. They directly decided to form a Waterbird Project Committee to undertake the build of a replica Waterbird. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
The Lakes Flying Company Limited (Registered number: 06836348) |
Report of the Trustees |
for the year ended 31 March 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Bennett Brooks & Co Limited |
Chartered Accountants |
St George's Court |
Winnington Avenue |
Northwich |
Cheshire |
CW8 4EE |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Lakes Flying Company Limited |
Independent examiner's report to the trustees of The Lakes Flying Company Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023. |
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. |
Y A Wood | FCA |
Bennett Brooks & Co Limited |
Chartered Accountants |
St George's Court |
Winnington Avenue |
Northwich |
Cheshire |
CW8 4EE |
19 December 2023 |
The Lakes Flying Company Limited |
Statement of Financial Activities |
for the year ended 31 March 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 110,312 |
The Lakes Flying Company Limited (Registered number: 06836348) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 7 |
Unrestricted funds | 110,312 |
TOTAL FUNDS | 110,312 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 |
The Lakes Flying Company Limited |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
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. |
Charitable expenditure |
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Aeroplane | - |
Fixtures and fittings | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds |
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. |
Restricted Funds |
Restricted funds are funds which have been given for particular purposes and projects. Details of the nature and purpose of the restricted fund is set out 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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is and contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
The Lakes Flying Company Limited |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Hire of plant and machinery | 14,316 | - |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
Trustees' expenses |
No expenses have been re-imbursed to trustees in this year or the previous year. |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 105,479 | - |
TOTAL FUNDS CARRIED FORWARD | 110,312 | - | 110,312 |
The Lakes Flying Company Limited |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
Aeroplane | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2022 and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Tax |
7. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 110,312 | 10,998 | 121,310 |
TOTAL FUNDS | 10,998 | 121,310 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 75,989 | (64,991 | ) | 10,998 |
TOTAL FUNDS | ( |
) | 10,998 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 105,479 | 4,833 | 110,312 |
TOTAL FUNDS | 105,479 | 4,833 | 110,312 |
The Lakes Flying Company Limited |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
7. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 7,630 | (2,797 | ) | 4,833 |
TOTAL FUNDS | 7,630 | (2,797 | ) | 4,833 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 105,479 | 15,831 | 121,310 |
TOTAL FUNDS | 105,479 | 15,831 | 121,310 |
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 | 83,619 | (67,788 | ) | 15,831 |
TOTAL FUNDS | 83,619 | (67,788 | ) | 15,831 |
The general fund represents the free reserves of the charity, which have not been designated for particular purposes. |
8. | RELATED PARTY DISCLOSURES |