AEROSPACE BRISTOL BRISTOL AERO COLLECTION TRUST TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 Companyregistered number. 02689238 Charity registered number: 1010632 "MJ2FVD6• 1011212021 COMPANIES HOIJSE A14
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BRISTOL AERO COLLECTION TRUST FINANCIALSTATEMENTS YEAR ENDED31 MARCH 2021 CONTENTS PAGE Tnjstees. Annual Report Reference & Adminislralive InformatKin 10 Statement of ReSponSi.11tieS of Trustees Independent Auditors, Report 12-15 consolated Stalemenl of Financial Actiwties 18 The Charity's Stsiement of Financial ActiViS 17 Balance Sheets 18 Consolidated ststenI of Cash Flows 19 Notes lo the accounts 20-35
BRISTOL AERO COLLECTION TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2021 Our Vision An aerospace industrial museum and leaming eentre in Filton that inspires and entertains todays and future generations through the stories arml athtevements of Bristol's aerospace industy- past. present and luture. Alms and ObJ8ctiv•s The Trustees have had due regwd. as requirEd by the Charities Act 2011. to the Charity CoMmissn,5 general guidance on publi¢ benefil when rewewing ils aims and objectives and in planning its activities. The Oty'ecls of the Trust, as slated in its Memorandum of Association are.. To advan¢e public ethcation in all matters COnmirj aircraft and the aircraft and aerospa industh"es. in particular by the provision of a museum for the public display. restoration and ¢onservation of aircralL fying boats. missiles. rockets. satellites. other ying aerial or space devices or machines and the LX)mponent parts of them and drawings or archives and other products of, or relating to the aircraft and aerospa industries., and To promote tr undertake research into the history of aircraft design mantrfacture and operation including the history of the persons and mpanieS involved in these activities and lo publish and disseminate the usefvl results of that researth. The specific public benefits Ihat flow from our Vision and Objects are.. To enable a wide range of peop lo partiupate in and leam atrf)ut lOn.$ aatn heritage: To advance leaming. skills and training. particuL3rly n science. technology. engineering and design as well as heritage conservation skills- To conserve the aviation heritage. induding Concorde 216. for present and futsjre generatsons to experience. appreciate and enjoy- and To c£lebrate the world clas5 achievements of the aerospace industry and the people who made it possible. A¢higvements This report covers the pericrtl to date from 1 April 2020, which was shortly after the Trust's museum, Aerospace Bristol. dosed to the public on 18 March 2020 due lo Covid-19 restrictions. Evidently. the pandemic has had. and c¢ntinues io have a dramatic impact on the museum's operations and its financial perfom7ance. However, Aerospace Bristol has survived arMI the Trustees believe that its long-term fiJture is sustainable and that it will ntInUe lo achieve its charstable purposes and WI1¢ benefft OUtMe$. Thanks to careful financial management. the gjpport of South Gloucestershire Council, a £250.000 grant from Ihe Nalional Lottery Herilage Emergency Fund and support from the Governmenys Job Retention Scheme. the museum re-opened its doors on 1 August 2020 fdlowing nearly 5 months of closure, achiewng encouraging visitor numbers. In October 2020. the Trust was aw*ded a grant of £514,IXIO from round-one of the Department for Digital, Culture. Media and Sport IDCMS) Culture Recovery Fund to safeguard the museum through the second lockdown in England which began on 3 November 2020 and was expected to last a few months. Oue to an extended lockdown peric#J. the Trust applied for and was awarded a
BRISTOL AERO COLLECTION TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2021 further £358,000 in April 2021 from round Iwo of the Cutiure Recovery Fund and. to support the museum through ils post-opening recovery. an addlnal £233.000 from round-the was awarded in October 2021. Aerospaee Bristol was able to reopen to the publ on 19 May 2021. initially operating five days a week. rising to seven days a week during sch¢xl holidays aTrJ from 1 October 2021. AdmIssn numbers have been building slowly. school visits are retuffling. and the Trust is encouraged by the gradual recovery of its 0Up travel and events business. Despite the frustrations and delays to programmes and activities caused by the pandemic. the Trust has been able lo successfvlly progress a number of new and existing initiatives. Many were wholly delivered or enhanced as a result of grant funding. This included a generous grant of £244.0¢)O receNed in December 2020 from Garfield Weston Foundation's Weston Culture Fund to support improvements to the physical and digilal traStruCture. such a$ new IT equipment. on- line shop. souvenir guide book and offKe filryOUI. t)uring the first lod(d¢)wn. the Trust created'At Home wTrth Aerospace Bristol. to keep engaged with its audien5. prowding daily posts and on-line content. including STEM activity videos and demonslratN)ns. children's acttvity sheets and resourcEs. mini spo11ight talks about objects in the exhibitions. wellbeing aclivitEs and online remintscences. The Trust has developed and launched a new thildren's app inttslly working wth students from UWE Bristol. to expand accessibility and engage with young vi5itor5 at the museum. With support from Art Fund, it launched Aerospa Lives. a ¢xJmmunity history plaffomi wilh trails around Ihe museum18ndscape. featuring archive material and cal histories. well as 'At Horre with Aerospace Bristol,. the museum has run virtual school visits and workshops. developed virtual museum tours and run on-line community history sessions. Sponsored by Ogden Trust. we have run a series of family s¢Tr shows and, with funding from The Nisbel Tnjsl. a STEAM (Scien. Technology. Engineering, Art and Malhs) Club programme targeting areas of low income and engagement in Bristol. In partnership th the University of Brislol's Astronomy arKI Astrophysics department with funding from the ScEnce and Tethnology Facilf(Es Counul. we have developed new learning sessions based on how we use telescopes to understsnd Ihe universe. and created loan boxes to supplement $chocJ wc*k$hop$. Working with the S¢JJth Gloucestefshire Museums Group and Avon Indian Community Group. the Trust is developing an oral history project and travelling exhibili)n. This is part of the Trust's continued aims lo strengthen links with BAME coMmunitS and expand representation in the collections and exhibitions. Throughout the first part of 2021. the majority of Trusvs reserve collection was relocated from temporary storage to the museum site. Many borrowed obiecls were relumed lo their owners, whi some were approved by the board for disposal through the museum's formal ¢>Alections review process. After significant enforod delays to 115 complen. in July 2021 wé were honoured that the Trust's Royal Patron. HRH The Princess Royal officially opened the new ConseNation Workshop housed in restored Grade 11 lisle(l Hangar 16M. Here visitors are able to view conservatton in action and engage with knowledgeable volunteers. The hangar also provides aming and community spaces, collections slorage and care areas. and new Offi5. Aong with a Bristol Bolingbroke and Bristol Freighter, a Bristol FvJhter with many onginal elements. is also on display lolbwing its retum from
BRISTOL AERO COLLECTION TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2021 the USA in October 2020. The Trust is indebted to Brffa Award for enabling this important project to take-off and the many other Trusts, Foundab"cms and individuals for supporting this unique project. We will continue lo raise funds to support conservation and learning aclivilies in the workshop. especially to engage young people thrjgh practical work experience and volunteering opportunities. In June 2021. the museum successfijlly soft4aunched a new on4ine shop which is already being significantly enhanced in readiness for the Christrnas sales period. Some three months after reopening. the museum was assessed by Visit EngLqnd under its Visilor Attraction Quality Assurance Scheme. We were delighted to achieve a score of 90% whith is exceptional, making the museum e1ible for a Gold Award. Visil England's highest accolade. During the year. the museum also received a number of prestigK>us awards.. Best Museum or Gallery in the Group Leisure & Travel Awards- Best Museum Visit in the School Travel Awards and TnpAdvisor's Travellers. Choice Award. which places the museum in the top 10% of attractKJns on the gk)bal TripAdvisor platform. Staff al the museum are pleased to exchange their knowledge and contribute to the wider community through the DETI (Digital Engineering Technology and Innovalionl programme- Inspire Advisory Group (a project led by UWEI.. Bristol Heritage Education Forum,. Brislol Culfvral Education Partnership: ABTEM {Association of Brilish Transport and Engineering Museums} and,. Aviatron Heritage UK. Speafically, staff members chair the South Gloucestershire Museums Group and South We$t Military Avition Heritage Network. Defgrred from 2020. the Trust subrnitted its updated application to Arts Council England's Museum Accredilalion Scheme in August 2021 and is awailing award in the aubjmn. The Trust is very grateful for the hard work. mMItMent and loyaFty of its stsff and volunteers during what has been an exceptionally challenging time. There is a continuing process of recruiting new volunteers arKI a drNe towards increasing diversty, with some 170 volunteers TrentlY contributsng to the work of the Trust. The Trust thanks all its members. individual donors. govemment-backed funders. compani95 and grant-giving Trusls and Foundations that have supported the wSeuM throughoutthe year and allowed il lo svrvive and thrive into the ftjture. Plan5 for the futuro The Trust's Forward Plan sets out its strategic goals and plan of action for the period until 2024 in order lo achieve its charitable purposes and maintsin its financial sustainability- To successfully. sustsin8bty and safely operate a nationally¢ognised and fiHty acCdIted museum Highly prudent financial mAna9ement will ntsTru8 to be crilhxl as the Tslee5 consider that the effects of the pandemic will continue to be felt throughout 2022. with operations not returning lo fijll or near pre-CovKI levels until 2023. The TDJSt w1 aim to Achieve an operating surplus in each year of operations and become debt-free over the next 10 years Make improvements against the stsndard$ set by Museum A¢ueditation. maintsin a Gold
BRISTOL AERO COLLECTION TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2021 Accolade under the Wi$it Britsin's Visitor Attraction Quality Scheme and achieve Archive Accreditation. Attract and retain high quality professional staff. Maintain a minimum of 200 volunteers to support museum's activities and improve the diversity of our staff. induding volunteers. to reflect the Mmunity served by the museum. Continue lo work towards achieving net zero greenUSe gas emissons by 20%) to meet the al for the UK. as well as aligning with Soulh Glouceslershire's 2030 Zero Carbon target. To advance leaming, training andsknlls particulatyhistoryandheiitage, andin suen¢e. technology and engineering. itspast. psent and future applications The Trust will build on its learning and outreach pwammes. developing its partnership with local universities, colleges. schools. induslry and community organisations. The museurn will airn to offer many more volunteering opportunrties, espeaally for young people as a means of providing Pathwa into training and employment and engage with hard lo reach audiences. The Trust wll aim to.. Attract a fflinimum of 10.000 Stlent visits in each year of operations. With an emphasis on those from disadvantaged backgrounds Deliver 200 formal and informal leaming events. induding through on-line actrvitres Hosulead c.10 major events or projects each year with STEM. community and heritsge partners such as Universit$. industry and professional bodies Participate in or attend 5 major leaming 8ndlor community projects or events a year To conserve heritage and enhance the collections forpresent and ftrture generat lo experience, appreciate and enjoy The Trust will continue the major review of its reserve collection. digttise and catalogue the museum's nation8lly-signfficant archive and make our collections increasingly accessible lo tt public. The Trust will aim lo.. Make the collecticS mcye accessible by cUMents.ng objects and archives to SPECTRUMlarthive stsndards. and increase vLsibility of collections through community outreach. display, social media. digrlal plafforms and engagementwith specialist neorkS. Mainlain a program of preventative conservabon and deliver progress on large scale onservation and restoration projects-. Bolingbroke. Fighter. and Freighter. Complete a colleth'ons rewew of the reseThe collection to ensure the collections are appropriate.. dispose of objects rf required and identify gap5 in the ojrrent llectIOn. Prepare plans for the development of the next phase of exhibition$. storage and facilities for Building 16R and the 'Futures' gallery wi Hangar 16S.
BRISTOL AERO COLLECTION TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2021 Financlal Revlew Results (£000 s) The consolidated net movement in funds fyures for 2021 and 2020 after transfers are summarised below: 2021 2020 £C(IO's {10.11 218.0 207.9 70.8 278.7 £OC(I's 29.6 120.9 150.5 10.1 160.6 Nel movement in the Free fijnd Net movement in the Fixed asset fund Totsl movement in Unrestricted fijnds N&1 movement in Restricted fvnds Net movement In funds The balance held in each of the funds at the yearnd are as folbws.. Charity free fund I£OOO'sl 8AC Trading Limited fund I£OOO'sl Charity fixed asset fvnd (£OOO's) Resthcted funds {£OOOs) 2021 (£2.408.5) 2021 £0.8 2021 £16,722.0 2021 £439.1 2020 (£2,628.7) 2020 £2.9 2020 £16.732.2 2020 £368.3 Cash Flow (£OOO's) The net cash inflow for Ihe year of£31 S.2 compa$ favourly wrth the previous yearf$ inTr)w of £10.6. Going L))ncern The Trustees believe the Charty is a gng o)ncem, yet theTr aTr material uncertainties regarding this matter. Since the 2021 financial year end. di5$S1on$ and negotiations have been successfully completed lo provide the fdlowng new financial arrangements.. Under a £1 loan agreement secured with Sothh Gloucestershire Council over a 10-year period. the first repayment of £100.000 was due on 31st March 2020 with further annual payments of £100.000 over subsequent years. Annual interest of 4% over Base Rate will be paid on tre amount of oulslanding loan. However. due to the Covid pandemic and the museum facing serious finan¢wl unrtainty. the first loan and Interest repayment was deferred to Marth 2022. wilh interesl accruing for the prr years. An overdraft faulity of£1.4 millton obtair*d from Uoyds Bank is secured by a guarantee provlded by BAE Systems. Interest will be charged at 1.8% above Base Rate. The current annual overdraft extends to 30th November 2021 but. supported by BAE System's guarantee. the Trust has agreed a new 12 months overdraft facility to 30th November 2022. The Trust's need for the atijve finan¢o1 farylities is the SuIt of a shortfall in funding for capttal expenditure incurred in the implemenlatsoD periryj prior to the opening of the museum in October
BRISTOL AERO COLLECTION TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2021 2017. This creates a level of uncertaiftty as Ihe free fvnd is in defiut. and part of the def1t has to be funded by way of an overdraft facility. Legally an overdraft faulity can be withdrawn at short notice even though a new facilty has been grydnted until 30th November 2022 and is secured by BAE Systems, guarantee. The Trustees remain confident that the current overdraft arrangements will continue to be made available. thanks to the ongoing support provided by BAE Systems. Since re-opening the mus*Jm in May 2021. visitor admissions have been steady, schcol arHI group bookings are encouraging and there is a cautious return of the museum's events and hospitality business. Oespile the potential threat of fvrther k)ckdowns and the continued impact of Covid-19 on consumer and business confidence. il is expected that overall inrne levels will return to near pre-pandemic levels through 2022 and by 2023. This will be coupled with reduced operating eosts whith have bgen driven over the last eighteen mthS. Mowng forward, due to increased profitsbility. the Trust may be able to either reduce its bank overdraft limit or convert the short term overdraft faulty into a bng temi108n arrangement, simir to that agreed wtth South Gloucestershire Cwncil. The Trust has been supported by over £1.1 million in grants from the National Lottery Heritsge Emergency Fund and Arts Council England Culture Recovery Fund. wrth a further £233.000 awarded in October 2021 to support the nseUM frn November 2021 to January 2022 as admission and trading income recover. The Trustees consider thal there are adequate res(MJrces available to fund the normal on-going activitEs of the Trust a5 wdl as pay (k)wn debt. Based on the above. the financial statements are prepared on the assumptK)n that the ents'ty is a going concern. Res8rves policies The Trust's policy 1$ to firsty eliminate the deffiot on the consolhdated F& fvnd of £2,408.547 and then to build reserves sufficient lo provide an appropriate level of cover against future operating risks and un¢ertaintEs. Funds have been dassified as folk)ws: Free lund Usvally a designated fund (anr resu in a negative general (unds position. However, the Tru51ees have chosen lo show the nel book value of the tangible fixed assets and heritage assels as a designated lund in order to cleady show the negative free re5eThes position of the Trusl. At the end of the 2021 financial year end this fund has a negative free reserve position of £2,408.547 {2020'. negative £2.628.660). The result5 of the Trust's charitable arxl commercial activities are incorporated in this fund. Fixed asset lund This unrestricted fund represenis net book value of Ihe charitsble fixed assets and heritsge assets. At the 2021 financkil year end this fund'$ &'on is £16.722.014 (2020 £16.732.206).
BRISTOL AERO COLLECTION TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2021 Aemspace Bristol fund This ffiJnd incorporate5 transadions specificalty relating to the creation of the Aerospace Bristol museum for which the remaining amount is required for the refurbishmenl of Ihe Hangar 16M building. Over the peri&J of the 16M project £1.096.377 of restricted income has been gifted to the Charity and atthe year*nd £963,717 had been utilised on the development. leaving a balance of £132.660. The building is open for visitors, athough there is still some work to be completed. Restorafvon fvnd This $1Cted fvnd ha5 been established to provide funds specifically for the conservation of large objects of imF)Qrtance that the Trust intends to eventually exhibit. Currenuy the funds a only held in respect of the Bolingbroke aircraft. In previous years, fund5 were used lo acquire the 8ri5tol Fightei F28 and Bristol Freighter; these funds were fully utilised in th05e years. Other restricted fills This includes a number of grants received f(ff specific short-tenn projects and ath"vib"es. The Trust 1$ extremely grateful lo all those that have provided knnds during the year. Prlnclpal rlsks and uncertalntlès The Executive Management CnmIttee. di1 colttee. and Board of Trustees monitor the risk management pLan on a relar basi$. The Audit Committee is speufically responsible f gularly reviewing the risks that the Trust may face. and for ensuring that the aTr adequate procedures to manage the tdentified risks. The rnain risks faced by the Trust are: Covid-19 pandemic continuing to cause a redUCtn in consumer and business confidence whi¢h impacts on admission aTrJ secondary spend. and the museum's events and hospilality business. To mitigate. admissions levels and cash flow forecasts are reviewed weekly. full use has been made of Job support and other government schemes, significant cost reductN)ns has been made and a strict expenditure control process is in place. Financial risks relating to the repayment of debt as explained in the Financial Review above. Environmental and other risks such as fire. fiocKI and terrorism which could lead to the damage or destruction of the museum. Mitigating factors indude Insuran o)ver. g(MxI housekeeping and cornmunication, emergency plans and staff training. Climate change causing extreme weather pattems. with high temperatures impacting a largely indoor attraclion. C.nnsideration is bcing give.n b) exivndlng otstdoor provisions. Insurance against this can be (onsKlered. Incidents causing loss of reputab'on affecting visitor numbers and stakeholder confidence in the Trust. Careful recrnitment and stsff training, partiojlaty in Visitor Setvices. plus close rnonitoring of social media and customer feedbath are ways used to manage this risk. A flat management structure designed to minimise stsff costs creates a level of risk if key personnel leave al short notice. The aim is to devek)p exisbro management roles and succeSsn planning to reduce any risk.
BRISTOL AERO COLLECTION TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2021 11 is the policy of the Board to hold insurance on its colleclion of artefacts and archival material on the basis of the possible repair and restoration costs andlor altemative replacement costs, butnol the like-for-like replacentc0SI that may be incurray, as nKJSt of the collection is unique and irreplaceable. Items under loan are insured for costs prescribed under the le$ of loan agreement. Structure, governan and management The Trust is a company limited by guarantee. incorporated on 19 February 1992 with number 02689238 and registered as a charity on 24 April 1992 with number 1010632. New Articles of Association were adopted in May 2018 to bring them into line with c#Jrrent legislation and best practice. and to provide a suitable Lxjrporate governance framework for the future. Members of the Trust are rewired to renew annually a register of members is maintained by the Trust. The Board mel fonnalty twenty-three times during the financial year to review and manage the Trust's financial poSin during the Cov*J pandemic, revertyng lo meeting monlhly from February 2021. The Board is resPSe for policy. seth-ng strategic objectives and the overall management of the Trust. The Trusfs Nominations and &trVeman Committee remains engaged in a review process to ensure that the Board has the necessary skills. experience and diversity to successfully direct and manage the charity into the ftjture. There is a continual process of improvement in the governance of the charity. with the planned introduction of a Code of Conduct for Tnjstees. and new Trustees principally recruited through public advertisement. The Trust's Audit Committee meets rewlarty and has resrM)nsibilty for reviewing. monitoring and reporting lo the Board on finanual perfomance. bjgetS aThJ forecasts, policies and procedures. risk management. intemal controls. extemal audit and the Annual Accounts. An Executive Management Team. headed by an Executive Direclor, is responsible for the day-to- day operational management of the Trusl's activities. The Board and its Management are supported by a Heritage & Collections Advisory Group and Leaming Futures Advisory Group which operdle under formal terms of referen and are chaired by experienced Trustees. Annual accounts are prepared in accordan with the aeeounting polic$ set out In note 1 to the accounts and comply with the Trusl's Memorandum and Articles of Association. the Companies Act 2006 and the Ststement of Recommended Practice. 'Accounting and Reporting by Charitss. (FRS 102 SORP). Following this yearf5 review process. recommendations were made by the Nominations and Govemanee Committee. These were then considered by the Board and approved candidates were put lo the Membership at an AGM held on the 21 Dember 2020. The following Trustees were appointed- Jenny Body Sian Snmth
BRISTOL AERO COLLECTION TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2021 Jon Finch Richard Pettit Paul Craig Fundralslng Aerospace Bristol has a small full-time professional fundraising team and dcÈs not outsource any lundraising nor rely on external expertise. The Trust is a registered with the Fundraising Regulator for which the voluntary levy is paid. Fundraising activity adheres to the the Fundraising Code retaling to ethical matters. fijndraising standards and best practice. Th8 Trust has received no MplaInts through the Fundraising Preference Service. Aerospace Bristol is not a corporate member of the Institute of Fundraising {loF}, treVer members of the Development team are irKliwdually registered with the loF. Memtrs of the team have completed Fundraising Diplomas with the IOF and the museum's Fundraising activity adheres lo the Code of Fundraising Practice. This sets the legal rewiremenls. policies and systems which apply to UK fundraising activity. The Trust has a data proleclion policy and complies with the General Data Protection Regulations {GDPRI. The Trust will continue to fer lo all the relevant professional and slatutory bodies as guidan and regulation develops on both fundraising and GDPR. The Trust Kirks hard to ensure that money is managed SponSIb and that a good reputation is maintained by being transparent and tru$fvrthy. Feedback is welcomed from donors. supporters and others who are approached for frjnds and is always taken seriwsly, serving lo develop and improve adivitie5 and o)mmunications. The Trust takes very seriously its responsibilty towards supporters who may be nSIdered to be in vulnerable Circumstan$. In line wrth being a Dementia Friendly Organisatk)n. the Trust will carefully consider donations given by vulnerable adults and when appropriate consider the retum of the donation. The fundraising team will comply wtth the ¢)nations policy which has been approved by the Board of Trustees. The Trust is a company limited by guarantee. incorporated on 19 February 1992 with number 02689238 and registered as a charity on 24 April 1992with nUMr 1010632.
BRISTOL AERO COLLECTION TRUST REFERENCE & ADMINISTRATIVE INFORMATION YEAR ENDED 31 MARCH 2021 Patron.. HRH The Princess Royal Wice Patrons: Sir George Whrte Bt. Mr. Jack Lopresti MP Registered charity wmber: 1010632 Company registered number: 02689238 Tru5tees.' Chair Vice Chair Secretary l Gray J Body {appointed 21 December 20201 R Pettit {appoinled 21 December 20201 K Anthony Wilkinson (resKJned 21 December 2020} A Gregg L Brodie L Bumell (resigned 21 Dmber 2020. reappointed 24 May 2021) P Craig {reappoinled 21 December 20201 J Finch lapwnted 21 December 2020) J D Heron N PhilippNJis M Sanders C Ware (resigned 21 Oecember 2020) S Smith (appointed 21 December 2020) Guarantors.. AJI members of the Bristol Aero C(AlectM)n Trusl are guarantors. Executive Management Committee". Executive Director Head of Finance and Administration Collections Manager Development Manager Facilities & IT Manager Learning & Community Engagement Manager Marketing Manager Visitor SeNees & Retsil Manager Lloyd Burnell Helen Brown {Treasurer} Stefanie Vincent Martha Lewington Paul Handoll Amy Seadon Adam Jones Raehel Chivers Audrtor and Registered office: Burton Sweet Limitwj The Clock Tower 5 Farleigh Court Okl Weston Road. Flax Bourton Bristol BS48 1 UR Bankers.. Lbyds Bank Canons House Canons Way Bristol BS99 7LB 10
BRISTOL AERO COLLECTION TRUST STATEMENT OF RESPONSIBIUTIES OF THE TRUSTEES YEAR ENDED 31 MARCH 2021 The Trustees (who a alg) directors of Bristol Aero Collection Trusl for the purposes of company law) are responsible for preparing the Twstees. Report lincorporaling the strategic report and directors. report) and the financial statemenls in accordance with applicable law and Uniled Kingdom Accounting Standards. including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Iland {Unf(ed Kingdom Accepted Accounts"ng Pra¢ti¢el. Company law requires the trustees to prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of the charitable company and Ihe group and of the income and expenditu. of the charitable rnPany and group for that pericNJ. In prepanng these ffinan¢ial statements, the trustees are required to: select suitable accowting FM)licies and then apply them consistgnlly; observe Ihe methods principles in the Charits'es SORP: make Ijgments and accounting estimales that are reasonable and kxudent., slate whether applicable UK Actnting Standards have been followed. subjecl to any material departures disclosed and explained in the financial statements: and prepare the financial ststemenls on the going concem basis unless it is inappropriate to presume that the charitsble company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the tharitable company and enable them to ensure that the financial statements comply wtth the Companies Act 2W6. They are also responsible for safeguarding Ihe assets of Ihe charitable rnPany and Ihe group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In $0 far as the Trustees are aware: there 1$ no relevant audit informatv)n of which the charitsble company's auditors are unaware- and the trustees have taken all steps that tlw ought to make themselves aware of thal information. Thi$ report and the finan¢ial Statements have been prepared in aeec*dance with the Companies Act 2006, the charitable Company's Memorandum and tre5 of Association and the Ststement of Rec£smmended practi "Aco)unting and Reporting by Charities" and have been prepared taking advantage of the small o)mpanies exemptvJns o)nferred by Part 15 of the Companie5 Act 2006. alf of the Board of st8es lain Gray. Chair y order of the Board of Trustees on . 2£ IJOveM6EL 2•21
BRISTOL AERO COLLECTION TRUST INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF BRISTOL AERO COLLECTION TRUST YEAR ENDED 31 MARCH 2021 Independent auditor's report lo the members of Bristol Aero Collectlon Trust Opinion We have audited Ihe financial statements of Brislol Aero Collection Trust lthg "parent") and ils subsidiary (the 'group'l for the year ended 31 March 2021 which CDmpri5e the (xJn501idated and parent Statement of Financial Activities. the consolidated atvj parent Balan Sheets, the consolidated Cash Flow Statement and notes to the financial statements. ineluding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law arKI United Kingdom Accwnbng Slandards. including Financial Reporting Standard 102.. The Financial Reporth'ng Slandard applicable in the UK and Republic of Ireland {Vnited Kingdom Generally Apted Accounting Practice). This report is made solety to.the group's Mbers. as a W. in accorda with Chapter 3 of Part 16 of the Companies Act 2006. Our audit VK*rk has been undertaken so that we might state lo the group's members those matters we are required to slate in them in an auditor's report and for no other purpose. To the fvllest extent pemiitted by law, we do not accept or assume responsibility to anyone other than group s mwnbers as a body. for our audit %rk. for this report, or for the opinions we have formed. In our opinion. the financial stalements: give a true and fair view of the slate of Ihe group and parenvs affairs as al 31 March 2021 and of the group s income and expendilure for the ar then ended.. have been property prepared in a¢c(xdance wrth United Kingdom Generally ACpIed Accounting Practice: have been ppad in accordance with the reqUIrnents of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance with Internat)nal Standards in ALhliting IUKI IISAS (UKII and applicable law. Our responsibilities uTrJer thjse standards are further described in the Auditor's responsibilities for the audit of Ihe financial stslements section of our report. We a indeFendent of the group and the parent charitsble company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fvifilled our olher ethical resp)nsibililies in accordance with these requirements. We believe that the al11 evidence we have obtained is sufficient and appropriate to provide a basis ts our opinion. Materlal uncertalnty In relatlon to golng concem Wg draw attents'on to note 21 in the finan¢ial statements and the Trustees, Report. which indicates that the group is being affected negatively by Cowd-19. has negative free reserves of £2,408.527 al the year-end and is relyng on an overdraft of £1.109.986 that is repayable on demand and is due for renewal in NOveMr 2022. Within 12 months of the signing date ofthe financial ststement$ the tharity will begin repaying the South Gloucestershire Council loan capitsl aThJ interest. The Trustees are o)nfident. based on the successful operation of the site when open. the Trustees, forerasling, post year grant income and the guarantor of BAE Systems on the overdraft. that the overdraft facilty wll conlinue arKI that the gnjp's creth.tors Wkll be able to b8 serviced from 12
BRISTOL AERO COLLECTION TRUST INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF BRISTOL AERO COLLECTION TRUST YEAR ENDED 31 MARCH 2021 operating cash flows. The financial statements have therefore been prepared on a going ¢on¢em basis. The condilKfyns of operating in the enwronment of the pandemic with operalional restridions outside of the Trustees. c£)ntrol indicate that a rnaterial uncertainty exists Ihal may cast 5ignificanl doubt on the parent aThJ the group's abilty to continue as a going concem. Our opinbon is not modified in respect of Ihis matter. In auditing the finanual statements. we have conduded that Ihe directors. use of the going concern basis of aUntIng in the preparation of the ffinanaI statements is appropriate. Our responsibilities arKI the responsibilitEs of the directors wth respect to going concem are described in the relevant sections of this report. Other Informatlon Th8 trustees a responsible for the other infornialion. The other informabon comprises the information induded in the annual report other than the ffinancial statements and our audilorfs report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise exFdicitly slated in our rep)rt. we do not express any fom of assurance condusion thereon. In connection with our audit of the financial statements. our respS*bIllty to read the other infornation and. in doing so. consider whether the other infomation is materially inconsistent with the financHI stslements or our knowledge oblained in the audit or otherwise appears to b8 materially misstated. If we identrfy such material inconsistencies or apparent malerial misstatements. we are re¢wired to determine whether there is a material misstatemenl in the financi81 slalements Ihemselves. If. based on the Yrk we have perfomed. we condude that there is a material missLqtement of this other infomation. we are required to report the fact. We have nothing lo report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit" the inforrnation given in the IfUStees' report (incorporating the directors. report) for the ffinanciol year forwhith the financial statements are prepared is (x)nsistentwith the finan¢ial statements.. and the trustees, report (incorporating the directors. report) have been prepared in accordan wf(h applicable law requirements. Matter5 on whlch ar• rnqulred to r•port by 0xption In light of the knoedge and understanding of the group and the parent charitabl& company and theirenvironmenl obtained in the course ofthe audit. we have not iden"r1ed malwial misstalemenls in the Trustees, Report (incorporating the directors. report). We have nott)ing lo report in respect of the following matters in relation to which the Companies Act 20[ requires us to report to you if. in our opinion: sufficient accounting record5 have not been kept: or returns adequate fDr our audit have not been received from branches not visited by us- or- the parent charitable rnPany financial statements are not in agreement yth the accounts'ng records and returns: 13
BRISTOL AERO COLLECTION TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BRISTOL AERO COLLECTION TRUST YEAR ENDED 31 MARCH 2021 certain disdosures of tNstees' remuneration speofied by law are not made: or we have nol obtained all the infomiation arKI explanations necessary the purposes of our audit. R9sponslbllltles of trustees As explained more fully in the tNstees' responsibilities slatemenl. the tfUStees are responsible for the preparation of the financial statements and for being 5ab"sfied that they gtve a true and fair view. and for such intemal control as they determine is necessary to enable the preparation of financial statements that are free from material misstslement. wthether due to fraud or error. In preparing the financial slatemenls, the trustees are responsible for assessing the group and the parent's ability to continu8 as a going concern. disclosing. as applicable, matters related to going concern and using the g)ing concem basis of accounting unless the trustees either intend to liquidate group or to cease operations. or have rn realistic alternatNe but to do so. Auditor's responsibilities for the audit of the flnanclal sLements Our objectives are to obtain reasonable assurance at1 ther the financial slalements as a whole are free from material misslatement. whetherdue lo fraud or error. and to issue an auditor's report that indudes our opinion. Reasonable assurance 1$ a high level of assurance. but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always delect a material misstatement when rt exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expecled to influence the economic deTh"sions of users taken on the basis of these financkgl slalements. Our approactb to Klenty"ng and assessing the risks of material mi5Stalemenl in respect of irregularities. incI11ng fraud and non-complian with L4ws and regulatNJns. was as follows.. the engagemenl partner ensured Ihat the engagement team CO1cle had the appropriate (ompetence. capabilities and skills to identfy or reeognise nC-cOmplIanee with applicable laws and regulation5- we identified the laws and regulations applicable to ihe tharity through discussions with directors and other managemenl, and trom our knowledge and experience of the sector.. we focused on speafic laws and regulats'ons vthich we considered may have a direct material effect on the financial slatenEnls of the operations of the company. including the Companies Act 2006. taxation legBlation and data protection. antbrIbery. employment. enwronmental and health and safety giSlatiOn- we assessed the extent of Complian with the laws and regulations identified above through making enquiries of management and inspecting legal correspondènce: and identified laws and regulations were communicated within the audit team regularly and the tearn remained alert to instsnces of non-compliance through the audit. We assessed the susceptibilty of the group's financtal statements to materi81 misststement. including obtaining an underslarvjing of how fraud might ocrAJr. by.. makn'ng enquiries of management as to where trY considered there susceptibility to fraud. Iheir knowledge of &tual. 9Jspected and all fraud" considering the intemal ntrOlS in place to mrtigate risks offraud and n(TrmplianCe with laws and regulations- and understsnding the design of the group's remuneration polics. 14
BRISTOL AERO COLLECTION TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BRISTOL AERO COLLECTION TRUST YEAR ENDED 31 MARCH 2021 To address the risk of fraud through rnanagement bia$ and override of contrds. we: performed analylical procedu$ to identify any unusual or unexpected relatsonships.. tested journal entries to •Jentfy unusual transactions: assessed whether judgements and assumptions made in detemiining the accounting estimates set out in the accounting polic5 were indi&1¥e of potential bias- and investigated the rationale behind signifficAnt or unusual transactions. In response to risk of irregularibes arKI rrfjn-compliance with laws and regulab"on$. we designed procedures whith induded, were not limiied lo: agreeing financ91 statement d1sd0suS to underfwng supportiThJ docu1nt10n. reading the minutes of meelings of Ih05e charged with governance: enwiring of management as lo actual and potentol likn"gation and daims- aThJ rewewing correspondence with HMRC. leVant regulators and the compan5 legal advisors. There are inherent limilations in our audr( procedwes described alKtrve. The more removed that laws and regulations are from finanual transactions, the 8S likely it is Ihal we would become aware of non-compliants. Auditing Standards also limrt the audit procedures required to identify non-compliance wth laws and regulatr.ons to enquiry of the diredors arKI other management and the inspeclion of rewlatory aThJ legal corresponden. if any. Material misstatements that arise due to fraud can be harder to detecl than IIKJse that arise from error as they may involve deliberale CM)ncealment or collusion. A further descriplKJn of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Counul's website at www.fr .ukla blsco el rivale.cfrn This description forms p* of our auditorfs report. Josh Ingston 8Sc.. ACA (Senior Statutory Auditor For d on behalf of 8urton Sweet Limited Chartered A¢wJntsnts and Ststutory Audttor The Clock Tower S Farteigh Court Old Weston Road Flax Bourton Bristol 8S48 1 UR 15
BRISTOL AERO COLLECTION TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME & EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2021 Unf•stricled Unrestricted Designated Restricted Funds Funds Total funds 2021 Totsl funds 2020 Funds Note Income from.. Donations and legacies Charitable activities Other trading actiwties 1.648.481 207.587 44.313 434,822 2,083,303 207.587 44.313 1,226,769 1,024,452 1,582,235 Total In¢om• 1.900.381 434,822 2,335,203 3.833,456 Expendltufe on: Raising fvnds Cttaritsble actiwties 181,567 1.498.344 181.567 1,874,904 1.207,924 2.464,912 369.747 6.813 Total expgndituro 1.679.911 369,747 6.813 2,0,471 3,672.836 Net Incomellexpendlturel 220.470 (369.747) 428.009 278.732 160,620 Translers between funds 12.3821 359.555 (357.173) Nel movement In funds 218.088 (10.192} 70.836 278.732 160.620 Total lunds at 1 Aprll 22 I2.625.) 16.732.2(6 368.274 14.474.6 14.314.070 Total funds at 31 March 22 2.407.702 16,722.014 439,110 14.753,422 14.474,690 The Group has no recognised gains or losses other than the resulls for the year as set out above. All of Ihe activiti.es of the Group are dassed as contsnuing. See note 10 ftjr Ihe comparative SLement of Financial Activits. The notes on pages 20 to 3S forni part of these financlal statements. 16
BRISTOL AERO COLLECTION TRUST THE CHARITYS STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) YEAR ENDEO 31 MARCH 2021 Unrn$tri¢t•d Unrnstrict•d Free Deslgnatsd Funds Fund$ Restrlcted Funds Total funds 2021 Total funds 2020 Nole Income from: Donations and legacies Charitable actiwties Othw trading activities 1.648.481 207.587 14.285 434.822 2.083,303 207.587 14.285 1.449,126 1,024.452 467.262 Total income 1.870.353 434,822 2,305.175 2,940,840 Expendlture on: Raising funds Charitsble activilies 149.514 1,498.344 149,514 1,874,904 227.982 2,464.912 369,747 6.813 Total expendlture 1.647.858 369,747 6.813 2.024.418 2.692.894 Net Incomellexpendlturel 222.495 {369.747} 428.009 280.757 247.946 Transfgrs botwoen funds (2.382) 359.555 (357.1731 N•t movement In funds 220.113 110.192} 70.836 280,757 247.946 Totsl funds at 1 Aprll 12.628.660} 16.732.206 368.274 14.471.820 14.223.874 Total funds at 31 Mar¢h 2.408.547 16.722.014 439,110 14.752.577 14.471.820 The Charity ha5 no recogni5ed gains or105se5 Other Ihan the results for the year as sel out above. All of the actmlies of the Charity are dassed as continuing. See note 11 for the comparative Statement ol Financial Aclivibes. The notes on pages 20 to 35 fonn part ol these flnanclal statements. 17
BRISTOL AERO COLLECTION TRUST BALANCE SHEETS AT 31 MARCH 2021 Company nnber. 02689238 Group 2021 ChaTIty 2021 Group 2020 Charity 2020 Flxod assets Tangible assets Herilage assets Investmer¢ts 13 14 15 16.490.428 234.991 16,487,023 234.991 16.500,085 234.991 16,497,215 234.991 16.725.419 16,722.015 16.73S.076 16.732.207 Current assets Stocks DebtOTS Cash al bank 16 17 62.005 194.815 372.663 629,483 60,427 756,140 57.427 873,994 271.989 290.476 562,465 487,242 20.390 507,632 Creditors: Amounts falllng due withln one year 18 1.659,813 1.590.236 2.087.646 1.721.285 Nat current assets {1.030.330) 11.027.771) (1.213.652) {1.213.653) Creditors: AJnounts falllng due after more than one year 18 1941.667) {941.6671 {1.046.734) {1.046,7341 Not assets 14.753.422 14,752.577 14,474.6 14.471,820 Unrestrlcted funds Restrtcted funds Unrestricted funds 23 23 439.110 14.314.312 439.110 t4.313.467 368,274 14.106.416 368,274 14.103,546 14,753.422 14.752.577 14.474,690 14.471,820 These financial slalgmgnts have been prepared in ac(x)rdance wilh the special provisions for small companies under Part 15 of the Companies Act 20c. These accounts were approved by Board ...... li on their behaw ty.. Nina Philippidis Trustee The notes on pages 20 to 35 fomi part of the5• ffinancial 5tatem?nts. 18
BRISTOL AERO COLLECTION TRUST CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2021 2021 2020 Noles Net outflow from operatlng actl¥ltles 24 404.467 (130.6721 Nonryoperatlonal cash flows: Investlng actlvltles Tangible fixed asset additions Incoming catal grants {per SOFA) Decrease in capital debtors Increaselldecreasel in fixed asset creditrys 1360.6411 392.242 140.120 261.49) (487,6751 561.490 27,258 261.450 (89.729) 362.523 Flnanclng actl¥ltle$ Increasel{repaid) on bank overdrnft Loans Irgpaidyincreased 97.232 96.734 1268,0101 46,734 26 498 (221,2761 N¢t cash inflowllouffiowl for the year 25 315.236 10.575 Cashflow re5trkllons Charty law prohibits the use of net cash inflows on any endowed or other restricted fund to offset nel eash ouffiows on any fvnd outsidg its own objects, ex(*pt on speu81 aLrtK)rity. In wa¢b"rA. this restriclion has not had any effect on cash flows for the year. The noles ¢n pages 20 to 3S form part of these financlal statements. 19
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 Accounting polici•s 1.01 Ba$1$ of preparation The financial statements have been prepared under the hislorical cost cOnventn. in accordance with the Companies Acl 2006 and the Charities Statement of Recommentjed Pr3Ctice in actordaftce wth the Financial Reporting Standard 102 ISORP FRS102}. The Chanty is a public benefit entity as defined LXKler FRS102. The Trustees Consider there to be a malerial uncertainty around the 8kn.lty of the Charity to exist as a gng wncem. Notsithslanding this Unrtainty. the accounts have been prepared on a gn9 concem basis. This is explained in more detail in the Trustees, Report on pag8 5 and note 21. 1.02 Basls of Consolidation The Consolidated Statement of Finanual Aclivities {SOFA}. Consolidated Balan Sheet and Consolidated Cash Flow ststement consolidate the finan(aal ststements of the Charity and ils subsKliary, BAC Trading Lirniled. The results of the subsidiary are consolidated on a line by lire basis. 1.03 Income l income becoming available to Ihe Charity in Ihe ypar is recognised in the Stslement of Financial Ath'vities (SOFA} when the Charity is legally entiyed to Ihe vKome and the amount can be quantified wilh reasonabbe accuracy. Income is defeed only when the has to fulfil conditi.ons befo bett)ming entitled to it or where the donor has Specified that the income is lo be expend&J in a future peri¢)J. Donations and legaties indudes ino)ma gelated from gifts. donalions and legacies and grants and is Inchjded In full In the SOFA when receivable. Grants. where entitlement is conditional on the delNery of specifrc performance by the Charity are recognised when the Charty bec(e$ Ldi"0nallY entrtled lo the grant. Donated serwces and faolities are induded at the valu8 to tho Charity where this can be quanb'fied. The valug of $8rvice$ piovided by volunteers has rt been included in these accwnts. 1.04 Expendlture Expenditure is recDJni$8d on an acwls bags as a liabilty is incwred. Expenditure on rai5irvJ fijnds'comprises Ihe costs associated yth altracting donatirn. grant wd legacy incom& and the costs of trading for lundraising pUr(eS. Expenditure on tharitstle actiVe$ comprises Ihose cost5 irKurred by the Charity in the delivery of it5 acliwlie5 and services. It indudes both cos15 that can be allocaba diredy to this acliwty and ttK)se costs of an indirecl nature necessary to support them. Support costs aryj other costs that cannot bg diredly alts1ed lo xtivilies are allocated on 8 basis consislenl with the use of the resource. Governance costs whi¢ are included wthin supwrt costs of Charitse acaivities indude all those costs associated with meeting the constitutional and statutory requ1MentS of the Charity and indude the audit fees and costs linked to Ihe strategic rnanagerYnl of the Charity.
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 Accounting pollcies (Conttnued) 1.05 Hlre purchase and leaslng commltments Amounts paid under operating leases are charged to Ihe Statement of Financial Actmties on a 51raight line ba515 over the period of the lease. 1.06 Penslon Costs The company operates a defirted c£Jntribulion pension scheme. The Fension costs charged in the Statement of Financial Activities represent the contributions payable by Ihg mParty duriw the year. 1.07 TangSble fixed assets and depreclation Tangible fixed assets are staled at cost less depreciation. DeplatiOn is prowded * rales calculated to write off the cost less estimated residual value of each asset over its expected useful life. as follows.. Lea5ehdd land & tsJildiro5 Exhibitions and collections Fixtures. frttings and equipment Length of lease. straight line 20 years straight line 7 years strawht line The lease of the site is foT 150 years ending Oecember 2166. Leasehold land and buildings a revwed annually by the twstees for any Indicatil of impaimient. Only assels costing me than £1,0 are capitalised. 1.08 H¢rltage A$$ets Where heritage assets have been acquired arnj there afe records available. ihese are recognised at cost together with direct restorat'on costs. Where no such records are available. the heritage assets are not rerxgnised on the balance sheet on the grounds that the cost of obtsining this information woukl CNJtsveMJh the benefit in doing so. The heritage assets acquired are considered to have irefiNIte lives by the trustees and therefore are not depreciated. Annually at the rePting date, the herilage assets are reviewed by the Irustees for indications of impaimient. Conservab'on costs are written off each as an expense. 1.09 stocks Stock is valued al the lower of ajst and net reali5able value. 1.10 Deblors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments ar8 valued al the amount prepaid after taking of any disonts due. 1.11 Cash and cash equlvalents Cash al bank and cash in hand indudes cash and short tem) highty liquid investments a short matirrity of three months or less from the date of acquisitn or opening of the deposit or similar account. 21
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 Accountlng poli¢ies (Continued) 1.12 Cr•ditors Creditors and wovisions are recognised wthere the charity has a present obligation resulting from a past event that wll probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or esth"mated reliably. Creditors provisN)ns are normally re¢JA1$ed al th8ir seluement amount after allowng for any di$UnIS thje. 1.13 Funds Free funds are unreslftcted funds which a avaIlae for use at the discretion of the Trustees in fUrtherae of the general objectives of the Charity and which have not been designated for other purposes. Designated funds eomprise unrestricted funds that have been set asJe by the Trustees for wtiLwlar purwses. The aim and use of each deggnated fund is set QLrt in the notes to the financial stslemenls. Restricted fu1$ are funds whith are to be used in acCrdanCe with Ihe speufic restrictions imposed by donors which have been raised by the Charity for particular purwses. The costs of raising and administering such funds are tharged against the Specific fund. The aim and use of each restricted fvnd is set out in the notes to the financial statements. Incom• from: Donations and legaci•s Group & Charlty Unrestrlcted Fund$ Restrlcted Funds Totsl funds 2021 Donations and grants Sponsorship Ckjnalions in kind Oonalions from BAC Trading Limited 1.305,481 100.OCQ 243.0 434.822 1.740.303 100.000 243.000 1.648.481 434.822 2.083.303 Less inter4Jroup activity Total Group 1,648,481 434.822 2,083.303 Previous year Group & Charity Unrestrlcted Funds Restricted Funds Total fund$ 2020 tlonalions and gra Sponsorship Donations in kind Donations from BAC TradiThJ Limited 136.603 204,5 243.OCXI 222,357 642.666 779.269 204.500 243,000 222,357 806.460 642.666 1,449,126 L•$$ int•rroup activity {222,3571 (222,357} Total Group 584,103 642.666 1,226,769
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 Income from: Charitable actlvltles Gmup & Charity Unrestricted Restricted Total funds Funds Funds 2021 Total funt18 2020 Vi511or admissions Filming 204.637 2.950 204,637 2.950 1.023.052 1.400 207.587 207,587 1.024.452 Total inc#)me from charilable acbvibes was unrestricted for Ihe 2020 year. Incomg from: Other trading actlvltle$ Unrestrfcted Restrl¢tsd Funds Funds Totsl funds 2021 Total funds 2020 Fundraising évents Tru51 incidentsl trading Management charge- BAC Trading Ltd Olher 122,935 38,174 305,559 594 7.539 6.643 23 7,539 6,643 23 Totsl Charlty 14.285 14,285 467,262 8AC Trading Limited Les5 inler-group aclivity Total Group 36.671 {6.6431 36,671 (6.6431 1,420,532 {305,5591 44.313 44.313 1.582,235 Total income from other trading aclfvth8s was unresln.cled for the 2020 sear. Expenditure on: Raislng funds Direct Costs Support Costs Total 2021 Cost of generating donated income 60.737 1.191 87,586 149,514 Totsl Charlty 60.737 1.191 87.$86 149,514 BAC Trading Limited Less inler-group act[ty 38,696 16,643) 38.696 16,6431 181.567 Total Group 60.737 33,244 87.586 23
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 Expenditure on: Ralslng funds (Condnued) Previous year Staff Costs Direct Costs Support C¢sts Totsl 2020 Cost of generating ¢Jonaled incofne 78,229 91,519 227.982 Total Charlty 78,229 58.234 91.519 227.982 BAC Trading Limited Less inler-group activity 1,507,858 1527,916} 1.507.858 1527.9161 Total Group 9 1,038.176 91,519 1,207.924 Expenditure on: Charitable activili•s Group & Charlty Dlrect Cost5 Support Total 2021 Costs Visitor senrices Learning and volunteering Museum and facilities Managernt and development costs Collection conservation and management 271,649 70.194 665 898 358,806 93.667 631.120 164.759 140.153 89.235 207.359 8.302 500,998 132.978 848,510 230.51S 571.231 217,224 1.086.449 1.874.904 Previous year Staff Costs Olrect Costs Support Costs Total 2020 Visitor services Learning and volunteering Museum and farylities management and development Costs Collection conservation and management 4,646 111.955 6,122 268.399 80,058 675.167 200.579 166.221 482,445 825.386 1.474.052 54.533 13,484 47.097 115,114 733,355 510.617 1.220.940 2,464,912 24
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 Governancg costs Charlty Within the 5UPPOrt costs of eharitable acb"wts"es raising funds (notes S & 6) are the kllowing arThJunts relaling lo govemance costs: 2021 2020 A¢UntaneY and audit fees Audit fees {overyunder accrued in previous ypar Legal lee$ 10.856 17.180 {4.6831 975 10,856 13,472 Net Income for the year Group 2021 Charity 2021 Group 2020 Charity 2020 Thls Is stated after charglng: Depreciation Auditorfs Remuneration - Audit fees for current year Underlloverl accrual for prevUS year Tru5tees' Remuneration (see bebwl Payment of TnJstees' travel expenses 370.298 369.747 367.257 366,758 18.881 {3601 79.845 10.856 29.615 4.755 79.556 17,180 {4.683) 79.556 79.845 None of the Trustees lor any persons conneed wth them) recLyved any remuneration or benefits from the Charity for their work as Trustees. However. the EKecJJlive Director. Lloyd Bumell, v4ho is also a TNstee, does receive remuneralion and out of pocket expenses in fulfilling his full time management role. Of the £79.84512020'. £79.5561 trustee remuneralion. £1.313 (2020: £1.307) rdaled lo pension LY)ntrsbulions in the year. Remunefakn'on of a Trustee is permitted under the goverrung document and wilh Order from the Charity Cornrnission. No tnJstees12020." nl> have been reimbursed for out of p*xket travel expense5. Staff costs and numbers Group & Charlty The aggregate payroll costs were.. 2021 2020 Wages and salaries Soclal security costs Pension contributson5 Redundancy payrnents 843.611 60.234 14,661 11,548 1.035,3 78.226 17.018 930.054 1.130,634 The number of efflployees re1ved emploJEe beneffts lexdudiThJ ernployer pension costs and employer national ' Insuran costs) of more than £60,000 are as follows- 25
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 staff Costs and nvmb•rs (Contlnued) Group & Charlty 2021 140. .2020 No. Between £60,000 and £70.C Betsveen £70,000 and £80,¢X(I The total aggreg*e emplonent benefits. induding employer pension costs and empbJErfs national insuran conlribulions, re¢wved by key management petsonnd We £335,31212020.' £301,797}. The average number of employees Ihead¢ount} durrng the year was 5812020- 62). The employees of the group a emplo by the Charity. a tharge for employee time that is ulilL%ed by Ihe trading Subsidiary 15 irwoiced lo BAC TradiThJ Limited as a management tharge. 10 Comparallve Statefflent of Financial Activities Group Unrestrl¢ted Unre5tr1cted Designated Funds Restricted Funds Total funds 2020 Funds In¢oMe from: Donations and legaues Charitable 8Ctiwlies Other trading activities 584,103 1.024.452 1.582.235 642.666 1.226,769 1,024.452 1,582,235 Total Income 3,833.456 Exp•nditure ¢n: Raising funds Charitable acliwties 1.207.924 2,025.133 1.207.924 2.464,912 366,758 73,021 Total expendire Nel In¢ornellexpendlturo) (42.2671 1366.7581 9,645 160.620 Transfers between fund5 71.829 487.675 1559.5041 Net movement in fund6 29.$62 120.917 10.141 160.620 Total funds at 1 Aprll 2019 12.655.352) 16.611.289 358.133 14.314,070 Total fund5 at 31 March 2020 2.625.7 16.732.206 368.274 14.474.690
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 11 Comparatlve Slatemenl of Flnanclal Actlvllles Charity Free Funds Deslgnated Funds Re$trldgd Funds Total funds 2020 In¢omg from: Donalions and legaoes Charitsble activities Other trading activities 8C6.460 1.024.452 467.262 642,666 1,449,126 1.024.452 467,262 Total income 2.298.174 642.666 2,940.840 Expendlture on: Raising funds Charitable activitie5 227,982 2,025.133 227.982 2.464.912 366.758 73,021 Total 8xp•Thditur• 2.253.115 366,758 73.021 2,692,894 Net incomellexpenditure) 45,059 {366,758) 569,645 247.946 Transfers between funds 71.829 487.67S (559,5041 Net mov¢ment in funds 116,888 120.917 10,141 247.946 Total funds at 1 April 2019 (2.745.548) 16.611.289 358.133 14.223,874 Total funds at 31 March 2020 2.628.660 16.732.2C6 368.274 14,471.820 12 Taxatlon The Charity is exempl from c0rp¢yal)n tax on its charitatle adivibes. 27
BRISTOL AERO COLLECTION TRUST NOTES TO ThE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 13 Tanglble fixed a$set$ Group Leasehold land & buildings Exhibilions & eoll•cllon$ fittSng$ & equipment Total Cost Al 1 April 2020 A¢Jdrfions 13.247.W)2 354,923 3,407.216 770,151 1,086 17.425.269 360.641 At 31 March 2021 13.602.825 3.411,848 771,237 17,785.910 Depreclatlon At 1 April 2020 Charge for the year Al 31 March 2021 214.074 89,863 425.902 170,361 285,208 110,074 925.184 370.298 303.937 596.263 395.282 1,295.482 Net l)ook value At 31 March 2021 13.298.888 2.815.585 375.955 16,490.428 Al 31 Marth 2020 13.033.828 2,981,314 484.943 16,500.085 Charity Leasehold land & buildings Fixtures ffttlngs & equipment Exhlbltlons & collectlons Total Cost At 1 April 2020 Additions 13.247.S¥)1 354.923 3.407.216 4.632 766,657 17,421.774 359.555 At 31 March 2021 13.602.824 3.411.848 766.657 17,781.329 Depreciation At 1 April 2020 Charge for the year 214.074 89.863 425.902 170.361 284,583 109,523 924,559 369,747 At 31 March 2021 303,937 596.263 394.1th8 1,294.306 Net book valuo Al 31 March 2021 13,298.887 2.815.SB5 372,551 16,487,023 At 31 March 2020 13,033,827 2.981.314 482,074 16.497,215 The National Heritage merncal Fund has 0 £4,682.000 legal charge over ts assets in the event of a Sale. See note 20 for additional details. South Glouceslershire Council has 8 £1 milK)n tloating ltyal tharge over the assets of Ihe Trust in relation lo their outstanding loan.
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 14 Herltage assets Group Her5tage assets Total Cost Al 1 April 2020 ar al 31 March 2021 234,991 234,991 IS Investments - Subsidiary undertaklng Charity Subsldlary undertakings Cosl At 1 April 2020 and at 31 Mwch 2021 Per¢entsge Prfnclpal Shareholding activity Company name Country BAC Tradlng Limlled EnglaThl and Wale5 100 To cawy out tall. events and caler¢ng acliwlies V4Tlhin facilittes provided by Bristol Aero Collectson Year ended 31 March 2021 Year ended 31 March 2020 BAC Tradlng Llmlted Tumover Cost of sales 36.671 120.0221 1.420,532 {940.0791 Gross profft 16,649 480.453 Admirmslrative expense5 118,6741 1345.422) Operating profit Interest payable and similar ch$ (2.0251 13S.031 Profil beth taxation (2.0251 13S,031 Tax charge for the year Profil for Ihe period (2.0251 135,031 Retained eamings broughl foNard Les5 donation lo parent Charity 2.870 90,196 1222,3571 Retained eamings carried forward 2.870 16 Stock 2021 2020 Shop st¢k 62,(X)5 60.427 Totsl Group 62,005 60,427 29
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 17 Debtors Group 2021 Charity 2021 Group 2020 Charity 2020 Gift aid recoverable Other debtors Prepayments and accrued income Amounts owed by group undertakings 13 33.502 161.300 13 17.9)3 160,928 93,145 271.989 62,507 367.818 325.815 62.$07 99.548 325.187 194.815 756.140 487.242 18 CredStors: amounts falling due wlthln one year Group 2021 Charity 2021 Group 2020 Charity 2020 Trade creditors Olher creditors Social security Accnjals and deferred income Amounts owed to group undertskings 8ank overdraft Cowd 19- 'Bounce Back, loan 17T,462 491.162 21.140 385.128 407.562 14.077 119.812 346.053 14.077 111.787 474.164 21.140 141.152 72.075 1.012.754 1.109.986 8.333 1.659.813 1.109.986 8,333 1.590.236 1.012.754 2,087.646 1,721,285 Crodltors: amounts falllng due after m¢)re than one year Group 2021 Charlty 2021 Group 2020 Charity 2020 Cowd 19- 'Bounce Back, loan Council kjan 41,667 900,000 941.667 41,667 1,046,734 1,046.734 1.046,734 1.046.734 941,667 A bank loan wth capital totslling £1.CO).(YJO from Uowls Bank was due for repayment on 30 April 2019 bul was converted to an overdraft by the bank. The overdraft 15 guaranteed by BAE Sy3tems who have an indemnity arrangement with the charity. This fa¢ility is extended until 30 November 2021 and. as an over(Iraft, 1$ repayable on demand. The total overdraft facility available as at 31 March 2021 is £1.400.000. The COU1 loan above from South Glowester5hire CtyJncil 1$ secured by a floating legal charge on the charitls assets and was due for repayment on 30 Marth 2019. During the year the loan was renegoliated and Inte$t is due for repayimenl starting in 2021122. when a new agement will be drawn up. 19 Operatln9 leases At 31 March 2021 the Charity hos total commitments ur*Jer n-CancelIable operating leases as set out below.. Group 2021 Charlty 2021 Group 2020 Charity 2020 Payrnents due.. Within one year Been to five yBars 2.547 2.547 3,003 3.228 6,231 3,003 3,228 6.231 3,228 3.228
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 20 Contlngent Ilablllty In the event of the sale of the propety. the National Lottery Heritage Fund have the right lo receive £4.682.000 for a period of 20 years from the completion arKI opening of the museum which occurred in Octrjber 2017. No provision has been made in respect of the grant as the CmJitn5 are deemed unliTrely to cwjr. 21 Golng ¢on¢em The Trustees believe the Charity is a gorTrJ conc*m. however. due to the ¢)Jrrent challenges faced by the Trust, there are material un¢ertainlies regarding this matter. The overdraft facility has been renewed for a furtheT year until 30 November 2022 and is guaranteed by BAE Systems. The £1 m loan capitsl arKi Inte sl repayments to South GlouGesler5hire Council have been deferred until March 2022. Since re-opening the museum in May 2021, vigtor a(Jmissions have been steady, school and group bookings are encouraging and there is a cauts.ous retum of the museum's events and h05PTtality business. Despite Ihe polentl81 threat of fvrther lockdown and continued impact of Cwd-19 on consumer and business )nfidenCe. it is expected that overall income levels wll retum lo near pre-pandemic levels throuuth 2022 and by 2023. oyjpled with reduced operating 515 which have been driven over the last eighleert month& When the Museum was open rt operabj SUCLessfully and a ntr of funding grants were applied for and the Trust was successful in these applicaltons. The monies received are being, and will be. carefully monitored by the Trust's Finance team to ensure that they are used in the best way possible lo ensure the Trust rema$ a goiThJ c(. 8ased on the above and positive results from our 2022 forecasts. the financlal sLqlements are prepared on Ihe assumption that the entity is a gng concem. 31
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 22 Movernenl In funds At 1 April 2020 At 31 Mar¢h 2021 Current year Income Expendllure Transfers Re$trl¢ted lunds Aerospace Bristol fund Restoration fund Physical and Digftal Infrastruclure fund Other restricted lurKIs 341,591 148.242 {357.173) 132,660 22,083 244,000 40,367 244.01)0 42.580 4.600 {6,813) 368.274 434.822 {6.813) (357.1731 439.110 Unrestricted funds Deslgnated lunds Fixed asset fund Free lunds 16,732,206 (2,628.6601 {369.747) 11.647.858 359,555 12,382} 16,722,014 12,408.547) 1.870,353 14.103.546 1.870,353 12.017.605) 357,173 14,313.467 Total funds Charity 14.471,820 2.305.175 12.024.418) 14,752,577 8AC Trading Limited funds InterntIty transactions 2.871 {1) 36.671 {6.643) 138.6961 6.643 846 Total funds Group & Charlty l4.474.6sl 2,335.203 2.056,471 14,753.422
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 Mov•mant in funds (Continuedj At 1 Aprll 2019 At 31 Mar¢h 2020 Pr•vious y•ar Inme Expendlture Transfers Restricted funds Aerospace Brislol fvnd Resloralion fund Play 8rea fund Other restrictsd funds 329.1(K) 571.995 {559.5041 341,591 22.083 (781) (17.784} (54.4561 5.219 12.565 58,106 4,600 358.133 642,666 (73.021) {559.5041 368,274 Llnrestrfcted funds D8signat•d funds Fixed asset fund Free funds 16,611,289 {2.745.5481 1366.758) (2.253,115} 487.675 71,829 16.732,206 {2.628,6601 2.298.174 13.865,741 2.298.174 {2.619.873} 559.504 14.103.546 Tolal funds Charlty 14.223.874 2.940,840 (2,692.894} 14.471,820 BAC Trading Limited funds Inler-enlity transaclions Total funds Group & Charlty 90.197 {1} 1.420.532 {527.916) {1.7.856} 527.916 2,871 {11 14,474.690 14,314.070 3,833.456 3,672.836 Free funds The free funds of the Charity are used in line vmh rts PUfK*)ses at the discrebon of ihe Trustees. The free funds of the Charity arg in deficit at the year-end. Usually the creation of a designated fund cannot result in a negative general funds position. However. the Tnjslees have chosen to show the net t#)ok value of the tangib fixed assets and heritage assets a5 a designaled fund in order to deaty show the negalive Iree reserves pots.0n of the charity. Flxed asset fund This fund. designated by Ihe Trustees. is sel aside at the net book value of the charitable fixed assets and heritage assets. Aerospace Brlstol fund The lund incorporates all the restricted funds receiv speofically relating to creating Aerospace Brislol less related overhead costs and capital transfers to the Fixed asset fund. The remainir¥J restricted fuTrds are held lo complete outstanding building work rdaling to building 16M. Restoratlon fund Previously, Indid81 lunds were established for the restoration of a Bdingbroke aircraft, a Bristol Fightsr F2B arcraft and additionally. in 2017. funds werg established the awuisition of 8rist Freighler. The funds relating to the Bri5101 Fighter and 8ristol Freighter were fulty utslised in 2018 and prior years. This. therefore leaves funds speCifGallY reslricled . for the restoration of the Bolingbroke airuaft. Physlcal and Dlgllal Infrastructure fund This fund is lo ensure that the charity can react and make uiti.cal adaplalions lo the museum space and digital infrastructure. It will enable the charity to reopen the museum safely in May 2021 and restart its charitable actiwts.es wilh added breadth. Other Restrlct¢d funds This wlUdeS a number of grants received spe thrt twm projects and actimties.
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 23 AnatyBis of net assels between funds Tangible Fixed assets Other Net a$$•ts As at 31 March 2021 Total Restricted funds Aerospace Bristol Centre fund Re5toralion fvnd Physical ar Digitsl Infrastnjcture fiJThJ Other restricted fiJn(Js 132,660 22.083 244.000 40.367 132.660 22,083 244,000 40,367 Unre$trl¢ted funds Fixed asset fund Free funds 16,722.014 16,722.014 12.408.547) 14,752,577 {2.408.547) {1.969.437) Total Charfty 16,722.014 8AC Trading Limited Total Group 845 16,722.014 1,968,592 14.753.422 Tangible Fixed assets Other Net assels As at 31 March 2020 Tolal Restricted lunds Aerospace Bristol fund Resloralion fund Other restricaod fvnds 341.591 22,083 4.600 341,591 22,083 4.600 Unrestricted funds Fixed asset fund Free fijnds 16.732.206 16,732.206 12,628,660) 12.628.660} 12.260.386} 2,870 Total Charity 8AC Trading Limited Tolal Group 16.732.206 14.471.820 2.870 16.732.206 2,257.516 14.474,690
BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021 24 Reconciliation of net movemenl In funds to net ush Infiow from operallng athltles Group 2021 2020 Statement of Financial Activfftes.. Net movement in funds Depreciat*)n Capital grants Increasel{de¢rease) in operalionaj uedilors: current Irabilib'es Ilncreaseydecrease in operational debtors Oecreasel{increasel in stocks 278,732 370.298 1392,2421 1271,9481 421,205 11,5781 160,620 367.257 1584,5601 48.554 1136,9611 14.418 404.467 130.672 25 Analysis of changes In cash and equlvalents Group Currnnt year 2021 2020 Change Cash at bank and in hand 372,663 57,427 315,236 Prlor ar 2020 2019 Change Cash at bank and in han 57,427 46.852 10.575 26 Analysis of ¢hangos In net debt Group At 1 April 2020 Cash Ilow movements At 31 March 2021 Current year Cash al bank and in hand Overdrdft Council loan 57,427 11.012.754) (1.046,7341 315,236 197.232} 96.734 372,663 11.109,9861 {950,000} 2,C(J2,061 314,738 1.687,323 Al 1 Aprll 2019 Cash flow movements Al 31 March 2020 Prlor year Cash al bank and in hand Overdraft Council loan 46,852 {1.280.7641 11.IX#).l)001 10.575 268.010 146.734) 57,427 11.012,7541 11.046,7341 2,233.912 231,851 2,2,061 Related partles BAC Trading Lld is the trading subsidiary of Bristol Aero COllecb"c Trust. In the finanaal year ended 31 March 2021 BAC Trading Ltd made a gift aid donalion of £nil (2020.. £222.3571 to Bristol Aero Cc4lection Trust. In addition lo Ihis. BAC Trading Ltd paid £nil {2020". £305.5591 to the Charity in respect of rent and overheads. At the end, £85.173 was due lo the Charity12020.' £72.075 was due frn Ihe Charity) from the subsidiary in respect of a short-leTh inter-company loan. There were no other related party Iran5actions other than those disdosed in the accounts.