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
#322

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
consol￿ated Stalemenl of Financial Actiwties
18
The Charity's Stsiement of Financial ActiVi￿S
17
Balance Sheets
18
Consolidated stste￿nI 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
CoMmiss￿n,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 COn￿mir￿j 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.$ a￿at￿n
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 WI￿1¢ benefft OUt￿Me$.
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 addl￿nal £233.000 from round-th￿e 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¢x*l holidays aTrJ from 1 October 2021. AdmIss￿n
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 audien￿5. 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 c*al 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 coMmunit￿S 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 comple￿n. 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 Offi￿5. 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 thr￿jgh 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 e1￿ible 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$t Military Avi*tion Heritage Network.
Defgrred from 2020. the Trust subrnitted its updated application to Arts Council England's Museum
Accredilalion Scheme in August 2021 and is awailing award in the aubjmn.
The Trust is very grateful for the hard work. ￿mMItMent and loyaFty of its stsff and volunteers
during what has been an exceptionally challenging time. There is a continuing process of recruiting
new volunteers arKI a drNe towards increasing diversty, with some 170 volunteers ￿TrentlY
contributsng to the work of the Trust.
The Trust thanks all its members. individual donors. govemment-backed funders. compani95
and grant-giving Trusls and Foundations that have supported the w￿SeuM throughoutthe year
and allowed il lo svrvive and thrive into the ftjture.
Plan5 for the futuro
The Trust's Forward Plan sets out its strategic goals and plan of action for the period until 2024
in order lo achieve its charitable purposes and maintsin its financial sustainability-
To successfully. sustsin8bty and safely operate a nationally*¢ognised and fiHty acC￿dIted
museum
Highly prudent financial mAna9ement will ￿ntsTru8 to be crilhxl as the T￿slee5 consider that the
effects of the pandemic will continue to be felt throughout 2022. with operations not returning lo
fijll or near pre-CovKI levels until 2023.
The TDJSt w￿1 aim to
Achieve an operating surplus in each year of operations and become debt-free over the
next 10 years
Make improvements against the stsndard$ set by Museum A¢ueditation. maintsin a Gold

BRISTOL AERO COLLECTION TRUST
TRUSTEES. ANNUAL REPORT
YEAR ENDED 31 MARCH 2021
Accolade under the Wi$it Britsin's Visitor Attraction Quality Scheme and achieve Archive
Accreditation.
Attract and retain high quality professional staff.
Maintain a minimum of 200 volunteers to support museum's activities and improve the
diversity of our staff. induding volunteers. to reflect the ￿Mmunity served by the museum.
Continue lo work towards achieving net zero green￿USe gas emissons by 20%) to meet
the ￿al for the UK. as well as aligning with Soulh Glouceslershire's 2030 Zero Carbon
target.
To advance leaming, training andsknlls particulatyhistoryandheiitage, andin suen¢e. technology
and engineering. itspast. p￿sent and future applications
The Trust will build on its learning and outreach pwammes. developing its partnership with
local universities, colleges. schools. induslry and community organisations. The museurn will
airn to offer many more volunteering opportunrties, espeaally for young people as a means of
providing Pathwa￿ into training and employment and engage with hard lo reach audiences.
The Trust wll aim to..
Attract a fflinimum of 10.000 St￿lent visits in each year of operations. With an emphasis on
those from disadvantaged backgrounds
Deliver 200 formal and informal leaming events. induding through on-line actrvitres
Hosulead c.10 major events or projects each year with STEM. community and heritsge
partners such as Universit￿$. 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 collectic￿S 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 ne￿orkS.
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 year*nd 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￿$ favour*ly wrth the previous yearf$ inTr)w of
£10.6.
Going L))ncern
The Trustees believe the Charty is a g￿ng 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 un￿rtainty. the first loan and
Interest repayment was deferred to Marth 2022. wilh interesl accruing for the pr￿r
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 def￿1t 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 in￿rne 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 m￿thS.
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, simi￿r
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 n￿seUM fr￿n 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 ￿$1￿Cted fvnd ha5 been established to provide funds specifically for the conservation of
large objects of imF)Qrtance that the Trust intends to eventually exhibit. Currenuy the funds a
only held in respect of the Bolingbroke aircraft. In previous years, fund5 were used lo acquire the
8ri5tol Fightei F28 and Bristol Freighter; these funds were fully utilised in th05e years.
Other restricted fill￿s
This includes a number of grants received f(ff specific short-tenn projects and ath"vib"es.
The Trust 1$ extremely grateful lo all those that have provided knnds during the year.
Prlnclpal rlsks and uncertalntlès
The Executive Management C￿nmIttee. ￿di1 co￿lttee. and Board of Trustees monitor the
risk management pLan on a re￿lar 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 redUCt￿n 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
succeSs￿n 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 replace￿ntc0SI 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 poSi￿n during the Cov*J pandemic, revertyng lo meeting monlhly from February
2021. The Board is resP￿S￿e 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. b￿jgetS 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 De￿mber 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}, tr￿eVer
members of the Development team are irKliwdually registered with the loF. Memt*rs 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$fv￿rthy. Feedback is welcomed from donors.
supporters and others who are approached for frjnds and is always taken seriwsly, serving lo
develop and improve adivitie5 and o)mmunications.
The Trust takes very seriously its responsibilty towards supporters who may be ￿nSIdered to be
in vulnerable Circumstan￿$. 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 nUM￿r 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 D￿mber 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 I￿land {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 I￿jgments and accounting estimales that are reasonable and kxudent.,
slate whether applicable UK Act￿nting 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 ￿tr￿e5 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 A￿pted 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 AC￿pIed
Accounting Practice:
have been p￿pa￿d in accordance with the reqUI￿rnents 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 al￿11 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 NOveM￿r 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 a￿UntIng in the preparation of the ffinan￿aI 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 resp￿S*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 Y￿rk 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 0x￿ption
In light of the kno￿edge 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 y￿th 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 sL*ements
Our objectives are to obtain reasonable assurance at￿1 ￿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. incI￿11ng fraud and non-complian* with L4ws and regulatNJns. was as follows..
the engagemenl partner ensured Ihat the engagement team CO1￿cl￿e￿ 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. ant￿brIbery. 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 tr￿Y 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(Tr￿mplianCe with
laws and regulations- and
understsnding the design of the group's remuneration polic*s.
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 polic￿5 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 financ￿91 statement d1sd0su￿S to underfwng supportiThJ docu1￿n￿t10n.
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 compan￿5 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 SL*ement of Financial Activit*s.
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 n￿nber. 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 ca￿tal 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 cOnvent￿n. 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 g￿ng wncem.
Notsithslanding this Un￿rtainty. the accounts have been prepared on a g￿n9 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 defe￿ed 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 g￿elated 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$ L￿￿￿di￿"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 r￿t been included in these accwnts.
1.04 Expendlture
Expenditure is recDJni$8d on an acwls bags as a liabilty is incwred.
Expenditure on rai5irvJ fijnds'comprises Ihe costs associated y￿th altracting donatirn. grant wd legacy incom& and the
costs of trading for lundraising pUr(￿eS.
Expenditure on tharitstle actiV￿e$ 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 alts1￿￿ed lo xtivilies are allocated on 8 basis consislenl with the
use of the resource.
Governance costs whi¢* are included wthin supwrt costs of Charits￿e acaivities indude all those costs associated with
meeting the constitutional and statutory requ1￿MentS of the Charity and indude the audit fees and costs linked to Ihe
strategic rnanagerY*nl 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. Dep￿latiOn 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 m￿e 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 ir￿efiNIte lives by the trustees and therefore are not depreciated.
Annually at the reP￿ting 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 diso￿nts 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 acquisit￿n 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￿ avaIla￿e for use at the discretion of the Trustees in fUrthera￿e 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 as*Je 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 fu￿1$ are funds whith are to be used in acCr￿danCe 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•r*roup 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 Managern￿t
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 prev￿US 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 conne￿ed 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 re￿1ved 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 emplo￿nent 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 expendi￿re
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 mernc￿al 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 COU￿￿1 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 ag￿ement 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
Be￿en 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 CmJit￿n5 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 n￿t￿r 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 g￿ng 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
Inter￿ntIty transactions
2.871
{1)
36.671
{6.643)
138.6961
6.643
846
Total funds Group & Charlty
l4.474.6s￿l
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
In￿me
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 po￿ts.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, Indi￿d￿81 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 speCif￿GallY 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 w￿lUdeS 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 fr￿n 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.