Welcome to Strathaven Airfield Ltd's latest set of annual accounts.
This is the third set of accounts we have produced, and the first year where both accounting periods are directly comparable.
The broad story is: more of the same. We have always tried to keep costs down and you will see that in most categories the expenses are around the same or lower, with small increase in electricty and insurance.
We have had, since the accounts were signed off, our first ever default in terms of unpaid hangarage. The aircraft is no longer at Strathaven. The unpaid hangarage bill will appear as "written off" in next year's accounts.
As mentioned last year, the next major improvement planned will be to the access track. This should use up all the surplus cash.
We are also continuing the young people's bursaries. Last year's were a great success, which led to the launch of a university flying club. Their facebook page is here. We will be offering bursaries again this year. The airfield, on behalf of the club, may also be acquiring an accident-damaged Skyranger for them to rebuild (and then fly!)
The biggest expense every year is the airfield rent. Since there is a potential conflict between the actual owners of the airfield - Colin MacKinnon and Marta Briongos - and the operating company - Strathaven Airfield Ltd - we have been very careful to ensure major decisions have been made at "arm's length". The rent, for example, cannot exceed the sum assessed by an independent valuer who is RICS qualified. For your information, although the rent was assessed at £45,000 a year in 2015, Colin and Marta had chosen to restrict it to £3,000 per month, ie £36,000 a year.
The airfield lease allows for annual rent increases, and from December 2018 it has been increased to £3,600 per month ( £43,200 a year). It is anticipated that it will remain at that level for several years.
We also implemented a new accounting sytem last year in preparation for the UK Government's Make Tax Digital plans, You will all now have seen the implementation of this with automatic invoices and receipts, and it has made things quite a bit easier on the figures front!
Finally, we are getting a Stihl robot grass cutter for the summer as a demonstrator - so if you ever get fed up cutting your lawn, look out for some inspiration here!
As always, the accounts and associated receipts are available for inspection at the airfield.