Registered number: 02689238 Charity number: 1010632
BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BRISTOL AERO COLLECTION TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 12 |
| Independent auditors' report on the financial statements | 13 - 16 |
| Consolidated statement of financial activities | 17 |
| Consolidated balance sheet | 18 - 19 |
| Charity balance sheet | 20 - 21 |
| Consolidated statement of cash flows | 22 |
| Notes to the financial statements | 23 - 46 |
BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
Page 1
BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
The Board of Trustees ("the Board") has pleasure in presenting its annual report together with the audited financial statements for the Trust for the year ended 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS102) (effective 1 January 2019).
Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Our Vision
An aerospace industrial museum and learning centre that inspires and entertains today’s and future generations through the stories and achievements of Bristol’s aerospace industry - past, present and future.
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BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Reference and administrative details of the Charity, its trustees and advisers
| Trustees | Sir I Gray CBE, Chair |
|---|---|
| J Body CBE, Vice Chair | |
| R Pettit, Secretary | |
| A Gregg (resigned 18 December 2023) | |
| P Craig | |
| J Finch (resigned 18 December 2023) | |
| P Chivers (appointed 18 December 2023) | |
| M Sanders | |
| S Smith | |
| S Cordwell | |
| R Yeandle (appointed 18 December 2023) | |
| R Corver (appointed 18 December 2023) | |
| J Williams (appointed 18 December 2023) | |
| D Gibbs (appointed 19 July 2024) | |
| Company registered number 02689238 Charity registered number 1010632 Registered office Aerospace Bristol Hayes Way Patchway Bristol BS34 5BZ Patron HRH The Princess Royal Vice Patrons Sir George White Bt. Mr. Jack Lopresti MP Independent auditors Randall & Payne LLP Chartered Accountants & Statutory Auditors Shurdington Road Cheltenham Gloucestershire GL51 4GA |
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BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Bankers
Lloyds Bank Canons House Canons Way Bristol BS99 7LB
CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ
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BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities
a. Policies and objectives
The Trustees have had due regard, as required by the Charities Act 2011, to the Charity Commission's general guidance on public benefit when reviewing its aims and objectives and in planning its activities.The Objects of the Trust, as stated in its Memorandum of Association are:
1) To advance public education in all matters concerning aircraft and the aircraft and aerospace industries, in particular by the provision of a museum for the public display, restoration and conservation of aircraft, flying boats, missiles, rockets, satellites, other flying aerial or space devices or machines and the component parts of them and drawings or archives and other products of, or relating to the aircraft and aerospace industries; and
2) To promote or undertake research into the history of aircraft design manufacture and operation including the history of the persons and companies involved in these activities and to publish and disseminate the useful results of that research.
The specific public benefits that flow from our Vision and Objects are:
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To enable a wide range of people to participate in and learn about the region's aviation heritage;
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To advance learning, skills and training, particularly in science, technology, engineering and design as well as heritage conservation skills;
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To conserve the aviation heritage, including Concorde 216, for present and future generations to experience, appreciate and enjoy; and
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To celebrate the world class achievements of the aerospace industry and the people who made it possible.
Achievements and performance
a. Main achievements of the Charity
The financial year saw a very welcome increase in visitors, to a total of 109,000. That’s 40% growth from the previous year, bringing visitor numbers back to pre-pandemic levels. This is to some extent a result of an improved visitor programme, planned and marketed further in advance, allowing for more coordinated promotion and bigger and better partnerships. In 2023, the first Supersonic Brick Day attracted more than 2,000 visitors, and the Father's Day Car Show generated 1,400 ticket sales.
The new simulator proved to be a big hit and 29,000 visitors ‘flew with the Red Arrows’ in its first year. The popularity of the simulator demonstrates the importance of offering experiences as well as objects and stories for visitors.
November, saw the celebration of the 20th anniversary of Concorde’s final flight with a temporary exhibition and special events, like the Captain's Lunch under Concorde. The buzz around this significant anniversary generated substantial national and local media coverage, raising the museums profile and highlighting the importance of the Trust’s work.
Two notable loans, the Rolls Royce archive items, and a Brabazon model, have become permanent donations. This is tremendous validation for Bristol Aero Collection Trust and shows a high level of trust in the team’s ability to care for important collections.
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BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
The focus on using the collection more creatively to attract visitors has continued this year with temporary exhibitions and activities. Events such as The Art of Flight and Concorde20, and collaborations with Luke Jerram, the Joystick club, and the Bristol Owners Heritage Club and an Owl experience have paved the way to greater engagement, attracted new visitors, and added value on annual tickets.
Visits from schools increased from 8,877 to 13,200 in 2023-24. Thanks to a £30,000 South Gloucestershire Council grant, we have been able to deliver a Travel Bursary of up to £1,000 per secondary and primary state school within South Gloucestershire. The bursary has already increased school visits, making 2023-24 a recordbreaking year for school visits to Aerospace Bristol. A new partnerships with South Bristol Youth has helped to promote the school offer. Pricing remained consistent, delivering better overall value, and the booking process has been streamlined to improve communication and build relationships with schools.
Connecting to the local community was a priority for 2023. The museum continued to make spaces available for community groups and began to host the Concord Church Bristol's International Hub in the café every Tuesday evening. The Trust also encouraged more people from the community to experience the museum with a generous donation of 500 tickets to Christmas hampers for local people.
Trainees have been brought into various departments across the Trust, providing much-needed help and giving young people fantastic opportunities to learn. The Facilities department provides trainees with practical learning for trade skills over six weeks. A new partnership with local South Gloucestershire College has welcomed hospitality and tourism students, and people training to become cabin crew, into work experience positions to gain experience in customer service.
Fosters Events are the new catering and events partner for the museum. They are more local than the previous suppliers, providing a closer relationship and stronger lines of communication, and they are generally a better fit for the organisation. This partnership means working with more local suppliers, delivering increased sustainability, and producing less waste.
The café has started to undergo improvements to the interior design and a new menu has been introduced.
Retail growth has hit an impressive 43%, which aligns with our boost in visitor numbers. The new Chair of BAC Trading Board, Lloyd Hughes, has brought a wealth of experience to the retail side of the business.
The Guide book is selling well due to improved pricing, and more point of sale opportunities, including promoting the guidebook to every visitor when they arrive at admissions.
Nicole Squire has recently started as Fundraising Manager, finally closing that gap in the team after more than a year.
The Trust was incredibly grateful to receive a generous legacy donation of £150,000 from Alan Raymond Ernest Angerson. It is invaluable when people are able to remember the charity in their will in this way. The Trust has created a designated fund to enable this legacy to be spent on transformational projects and activities that will ensure the future sustainability of the museum.
The restoration projects in our refurbished 1915 hangar have continued thanks to the dedicated workshop volunteers. The Bolingbroke now has both wings and its tail gate fitted and the Bristol Freighter has been opened up for visitors to walk inside more easily. Workshop volunteers have also helped build and repair a wide range of things on site.
The Trust is very grateful for the hard work, commitment and loyalty of its staff and volunteers during what has been an exceptionally challenging time. There is a continuing process of recruiting new volunteers and a drive towards increasing diversity, with some 170 volunteers currently contributing to the work of the Trust.
The Trust thanks all its members, individual donors, government-backed funders, companies and grant–giving
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BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
Trusts and Foundations that have supported the museum throughout the year and allowed it to survive and thrive into the future.
b. Fundraising activities and income generation
Aerospace Bristol does all its fundraising work in-house and does not outsource any fundraising nor rely on external expertise.
The Trust is registered with the Fundraising Regulator for which the voluntary levy is paid. Fundraising activity adheres to the Fundraising Code relating to ethical matters, fundraising standards and best practice. The Trust has received no complaints through the Fundraising Preference Service.
The Trust works hard to ensure that money is managed responsibly and that a good reputation is maintained by being transparent and trustworthy. Feedback is welcomed from donors, supporters and others who are approached for funds and is always taken seriously, serving to develop and improve activities and communications.
The Trust takes very seriously its responsibility towards supporters who may be considered to be in vulnerable circumstances. In line with being a Dementia Friendly Organisation, the Trust will carefully consider donations given by vulnerable adults and when appropriate consider the return of the donation. The team will comply with the donations 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 1992 with number 1010632.
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BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Financial review
a. Going concern
Since the 2023 financial year end, discussions and negotiations have been successfully completed to provide the following new financial arrangements:
The Charity held a £795,000 loan agreement with the South Gloucestershire Council and during the year has benefitted from a portion of the loan interest due being written off to the value of £57,600 for 2023-24. Loan Interest payments will commence from April 2024 onwards and capital repayments to commence from April 2025. South Gloucestershire Council have also agreed to provide a further funding of £31,000 for the next three years from a second pot of money from Whitehall, to help increase school trips.
An overdraft facility of £1.3 million obtained from Lloyds Bank is secured by a guarantee provided by BAE Systems, which was reduced from £1.35 million in November 2023. The current annual overdraft extends to 30th November 2024 but, supported by BAE System’s guarantee, the Trust is due to agree a new 12 months overdraft facility to 30th November 2025 in the coming weeks.
The Trust’s need for the above financial facilities is the result of a shortfall in funding for capital expenditure incurred in the implementation period prior to the opening of the museum in October 2017. This creates a level of uncertainty as the free fund is in deficit, and part of the deficit has to be funded by way of an overdraft facility. Legally an overdraft facility can be withdrawn at short notice even though a new facility has been granted until 30th November 2024 and is secured by BAE Systems’ guarantee.
The Trustees believe that the accounts should continue to be prepared on a “going concern” basis as: They remain confident that the current overdraft arrangements will continue to be made available, thanks to the ongoing support and guarantee provided by BAE Systems.
The results for the year ended 31 March 2024 are positive and visitor admissions have been steadily increasing. School and group bookings are encouraging and there is a cautious return of the museum’s events and hospitality business with the introduction of the new caterers Fosters from 1st February 2024. Overall income levels are expected to return to near pre-pandemic levels through 2024 and 2025, coupled with reduced operating costs where possible.
Moving forward, due to increased profitability, the Trust aims to reduce its bank overdraft limit, similar to that agreed with South Gloucestershire Council.
There are adequate resources available to fund the normal on-going activities of the Trust as well as pay down debt.
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BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
b. Principal risks and uncertainties
The Executive Management Committee, Audit Committee, and Board of Trustees monitor the risk management plan on a regular basis. The Audit Committee is specifically responsible for regularly reviewing the risks that the Trust may face, and for ensuring that there are adequate procedures to manage the identified risks. The main risks faced by the Trust are:
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Rising costs associated with the global energy crisis could have a real impact on the rates and utilities costs. In addition to this a cost of living crisis in the UK and rising costs for everyone could affect staff retention, visitor income and potentially many other income lines. This situation needs to be monitored closely and the Trust must remain alert and agile enough to make changes as needed. Financial risks relating to the repayment of debt as explained in the Financial Review above.
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Environmental and other risks such as fire, flood and terrorism which could lead to the damage or destruction of the museum. Mitigating factors include insurance cover, good housekeeping and communication, emergency plans and staff training.
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Climate change causing extreme weather patterns, with high temperatures impacting a largely indoor attraction. Consideration is being given to what impact this might have on visitor numbers and behavior and what changes might be needed to the indoor and outdoor extending outdoor provisions.
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Incidents causing loss of reputation affecting visitor numbers and stakeholder confidence in the Trust. Careful recruitment and staff training, particularly in Visitor Services, plus close monitoring of social media and customer feedback are ways used to manage this risk.
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It is the policy of the Board to hold insurance on its collection of artefacts and archival material on the basis of the possible repair and restoration costs and/or alternative replacement costs, but not the likefor- like replacement cost that may be incurred, as most of the collection is unique and irreplaceable. Items under loan are insured for costs prescribed under the terms of loan agreement.
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Cyber risk remains a significant principal risk and uncertainty. We recognise the potential threats posed by cyberattacks and are committed to safeguarding our digital assets and protecting sensitive information. Our robust cybersecurity measures, IT control procedures and ongoing monitoring efforts aim to mitigate the impact of cyber risks on our operations and stakeholders.
Structure, governance and management
a. Constitution
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.
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BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management (continued)
b. Organisational structure and decision-making policies
New Articles of Association were adopted in May 2018 to bring them into line with current legislation and best practice, and to provide a suitable corporate governance framework for the future. Members of the Trust are required to renew annually and a register of members is maintained by the Trust.
The Board met formally 9 times during the financial year. Board is responsible for policy, setting strategic objectives and the overall direction of the Trust.
The Trust’s Nominations and Governance 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 future. There is a continual process of improvement in the governance of the charity, with the planned introduction of a Code of Conduct for Trustees, and new Trustees recruited through public advertisement.
The Trust’s Audit Committee meets regularly and has responsibility for reviewing, monitoring and reporting to the Board on financial performance, budgets and forecasts, policies and procedures, risk management, internal controls, external audit and the Annual Accounts.
An Executive Management Team, headed by a CEO, is responsible for the day-to-day operational management of the Trust’s activities.
The Board and its Management are supported by a Heritage & Collections Advisory Group which operates under formal terms of reference and are chaired by experienced Trustees.
Annual accounts are prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, 'Accounting and Reporting by Charities' (FRS 102 SORP).
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BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Plans for future periods
The Trust’s new Forward Plan sets out its strategic goals and plan of action for the period until 2024 in order to achieve its charitable purposes and maintain its financial sustainability.
To successfully, sustainably and safely operate a nationally-recognised and fully accredited museum
The Trust will aim to:
• Achieve an operating surplus in each year of operations and become debt-free over the next 10 years
• Make improvements against the standards set by Museum Accreditation, maintain a score of 90% or above under the Visit Britain’s Visitor Attraction Quality Scheme and achieve Archive Accreditation.
- Attract and retain high quality professional staff.
• Maintain a minimum of 170 volunteers to support the museum’s activities and improve the diversity of our staff, including volunteers, to reflect the community served by the museum.
• Continue to work towards achieving net zero greenhouse gas emissions by 2050 to meet the goal for the UK, as well as aligning with South Gloucestershire’s 2030 Zero Carbon target.
To advance learning, training and skills particularly history and heritage, and in science, technology and engineering, its past, present and future applications.
The Trust will build on its learning and outreach programmes, developing its partnership with local universities, colleges, schools, industry and community organisations. The museum will aim to offer more volunteering opportunities, especially for young people as a means of providing pathways into training and employment.
The Trust will aim to:
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Attract a minimum of 10,000 student visits in each year of operations, with an emphasis on those from
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disadvantaged backgrounds
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Deliver 200 formal and informal learning events
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Host/lead c. 5 major events or projects each year with STEM, community and heritage partners such as
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universities, industry and professional bodies
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Participate in or attend 5 major learning and/or community projects or events a year
To conserve heritage and enhance the collections for present and future generation to experience, appreciate and enjoy
The Trust will continue the major review of its reserve collection, digitise and catalogue the museum’s nationally significant archive and make our collections increasingly accessible to the public.
The Trust will aim to:
• Make the collections more accessible by documenting objects and archives to SPECTRUM/archive standards, and increase visibility of collections through community outreach, display, social media, digital platforms and engagement with specialist networks.
• Maintain a program of preventative conservation and deliver progress on large scale conservation and restoration projects: Bolingbroke, Fighter, and Freighter.
• Complete a collections review of the reserve collection to ensure the collections are appropriate; dispose of objects if required and identify gaps in the current collection.
• Prepare plans for the development of the next phase of exhibitions, storage and facilities for Building 16R and the ‘Futures’ gallery in Hangar 16S.
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BRISTOL AERO COLLECTION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
Auditors
The auditors, Randall & Payne LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on 7 November 2024 on their behalf by:
................................................ Sir I Gray CBE Chair of Trustees Chair Date: of Trustees
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BRISTOL AERO COLLECTION TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRISTOL AERO COLLECTION TRUST
Opinion
We have audited the financial statements of Bristol Aero Collection Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to note 1.2 in the financial statements, which indicates that there is a material uncertainty in respect of going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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BRISTOL AERO COLLECTION TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRISTOL AERO COLLECTION TRUST (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
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the parent charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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BRISTOL AERO COLLECTION TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRISTOL AERO COLLECTION TRUST (CONTINUED)
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our audit planning process gave consideration to the risk of material misstatement in the financial statements, using the calculated materiality level which itself factored in the nature of the Charity’s operations and the interpreted levels of inherent and control risk.
In assessing the risk of fraud we reviewed management’s own assessment of potential for fraud within the entity and reviewed judgements made by management to identify possible bias, in addition to any opportunity and incentive for fraud that are in inherent in the nature of the Charity’s operations. Our detailed testing included review of accounting estimates and judgements and validation of prime ledger entries.
We confirmed our knowledge of the legal and regulatory environment of the entity through discussions with management. We analysed all information available to us in respect of relevant laws and regulations, including the Companies Act 2006, Charities Act 2011 and relevant UK tax legislation and enquired with management as to any possible breached in the aforementioned.
We agreed the accuracy of the financial statements to the supporting management information provided by the client and tested individually on a sample basis the income and expenditure in the financial statements to consider the business rationale behind the transactions and the accuracy of the financial records.
Our audit testing did not identify any issues in respect of the matters listed above, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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BRISTOL AERO COLLECTION TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRISTOL AERO COLLECTION TRUST (CONTINUED)
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Ryan Moore, CA (Senior statutory auditor)
for and on behalf of
Randall & Payne LLP
Chartered Accountants & Statutory Auditors Shurdington Road Cheltenham Gloucestershire GL51 4GA
Date: 8 November 2024
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BRISTOL AERO COLLECTION TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and legacies 2 Charitable activities 3 Other trading activities Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward Difference to be cleared in brought |
Restricted funds 2024 £ 95,000 - - 95,000 - 46,301 46,301 48,699 58,502 48,699 107,201 |
Unrestricted funds 2024 £ 326,747 1,188,089 2,126,629 3,641,465 1,524,118 2,115,857 3,639,975 1,490 14,320,644 1,490 14,322,134 |
Total funds 2024 £ 421,747 1,188,089 2,126,629 3,736,465 1,524,118 2,162,158 3,686,276 50,189 14,379,145 50,189 14,429,335 |
Total funds 2023 £ 266,211 780,580 2,006,559 3,053,350 1,204,332 2,052,151 3,256,483 (203,133) 14,582,283 (203,133) 14,379,150 |
|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 22 to 45 form part of these financial statements.
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BRISTOL AERO COLLECTION TRUST REGISTERED NUMBER: 02689238
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Tangible assets 10 Heritage assets 11 Investments 12 13 14 15 16 18 18 Current assets Stocks Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year Net assets Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
56,301 286,625 193,257 536,183 (1,311,500) |
2024 £ 15,725,323 234,992 - 15,960,317 (775,317) 15,185,000 (755,664) 14,429,336 14,429,336 107,201 14,322,135 14,429,336 |
42,395 556,937 178,942 778,274 (2,057,419) |
2023 £ 16,094,131 234,992 - 16,329,123 (1,279,145) 15,049,978 (670,832) 14,379,146 14,379,146 58,502 14,320,644 14,379,146 |
|---|---|---|---|---|
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 151 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
Page 17
BRISTOL AERO COLLECTION TRUST REGISTERED NUMBER: 02689238
CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Sir I Gray CBE Chair of Trustees Chair of Trustees Date: Date:
7 November 2024
The notes on pages 22 to 45 form part of these financial statements.
Page 18
BRISTOL AERO COLLECTION TRUST REGISTERED NUMBER: 02689238
CHARITY BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Tangible assets 10 Heritage assets 11 Investments 12 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Total net assets Charity funds Restricted funds 18 Unrestricted funds 18 Total funds |
190,425 112,980 303,405 (1,192,919) |
2024 £ 15,717,465 234,992 1 15,952,458 (889,514) 15,062,944 (750,067) 14,312,877 107,201 14,205,676 14,312,877 |
120,319 67,924 188,243 (1,534,036) |
2023 £ 16,090,934 234,992 1 16,325,927 (1,345,793) 14,980,134 (670,832) 14,309,302 58,503 14,250,796 14,309,299 |
|---|---|---|---|---|
The Charity's net movement in funds for the year was £ 5,903 (2023 - £(232,878)) .
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 151 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
Page 19
BRISTOL AERO COLLECTION TRUST REGISTERED NUMBER: 02689238
CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Sir I Gray CBE Chair of Trustees Chair of Trustees Date: Date:
7 November 2024
The notes on pages 22 to 45 form part of these financial statements.
Page 20
BRISTOL AERO COLLECTION TRUST
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Increase/(repaid) on bank overdraft Increase / (repayments) of borrowing Release of South Gloucestershire Council Loan (Note 16) Dividend received from BAC Trading Limited Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 22 to 45 form part of these financial statements |
2024 £ 281,956 (19,547) (19,547) (335,960) 79,235 (57,600) 66,231 (248,094) 14,315 178,942 193,257 |
2023 £ (30,738) (56,190) (56,190) (34,738) (35,000) (224,998) 35,633 (259,103) (346,031) 524,973 178,942 |
|---|---|---|
Page 21
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006.
Bristol Aero Collection Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.
Page 22
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies (continued)
1.2 Going concern
Since the 2023 financial year end, discussions and negotiations have been successfully completed to provide the following new financial arrangements:
The Charity held a £795,000 loan agreement with the South Gloucestershire Council and during the year has benefitted from a portion of the loan interest due being written off to the value of £57,600 for 2023-24. Loan Interest payments will commence from April 2024 onwards and capital repayments to commence from April 2025. South Gloucestershire Council have also agreed to provide a further funding of £31,000 for the next three years from a second pot of money from Whitehall, to help increase school trips.
An overdraft facility of £1.3 million obtained from Lloyds Bank is secured by a guarantee provided by BAE Systems, which was reduced from £1.35 million in November 2023. The current annual overdraft extends to 30th November 2024 but, supported by BAE System’s guarantee, the Trust is due to agree a new 12 months overdraft facility to 30th November 2025 in the coming weeks.
The Trust’s need for the above financial facilities is the result of a shortfall in funding for capital expenditure incurred in the implementation period prior to the opening of the museum in October 2017. This creates a level of uncertainty as the free fund is in deficit, and part of the deficit has to be funded by way of an overdraft facility. Legally an overdraft facility can be withdrawn at short notice even though a new facility has been granted until 30th November 2024 and is secured by BAE Systems’ guarantee.
The Trustees believe that the accounts should continue to be prepared on a “going concern” basis as: They remain confident that the current overdraft arrangements will continue to be made available, thanks to the ongoing support and guarantee provided by BAE Systems.
The results for the year ended 31 March 2024 are positive and visitor admissions have been steadily increasing. School and group bookings are encouraging and there is a cautious return of the museum’s events and hospitality business with the introduction of the new caterers Fosters from 1st February 2024. Overall income levels are expected to return to near pre-pandemic levels through 2024 and 2025, coupled with reduced operating costs where possible.
Moving forward, due to increased profitability, the Trust aims to reduce its bank overdraft limit, similar to that agreed with South Gloucestershire Council. There are adequate resources available to fund the normal on-going activities of the Trust as well as pay down debt.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Page 23
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Long-term leasehold property Length of lease, straight line Exhibitions and collections - 20 years straight line - Fixtures and fittings 7 years straight line
The lease of the site is for 150 years ending December 2166. Leasehold land and buildings are reviewed annually by the Trustees for any indication of impairment.
Only assets costing more than £1,000 are capitalised.
Page 24
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies (continued)
1.6 Heritage assets
Where heritage assets have been acquired and there are records available, these are recognised at cost together with direct restoration costs. Where no such records are available, the heritage assets are not recognised on the balance sheet on the grounds that the cost of obtaining this information would outweigh the benefit in doing so.
The heritage assets acquired are considered to have indefinite lives by the Trustees and therefore are not depreciated. Annually at the reporting date, the heritage assets are reviewed by the Trustees for indications of impairment.
Conservation costs are written off each year as an expense.
1.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
1.8 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
1.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.
Page 25
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies (continued)
1.12 Financial instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.13 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
1.14 Fund accounting
General funds (free funds) are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 26
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Income from donations and legacies
| Donations and grants Sponsorship Legacy 3. Income from charitable activities |
Restricted funds 2024 Unrestricted funds 2024 £ £ 95,000 166,747 - 10,000 - 150,000 95,000 326,747 |
Total funds 2024 £ 261,747 10,000 150,000 421,747 |
Total funds 2023 £ 258,711 7,500 - |
|---|---|---|---|
| 266,211 | |||
| Unrestricted funds 2024 £ Visitor admissions 1,132,028 Filming 56,061 Total 2024 1,188,089 4. Expenditure on raising funds Costs of raising voluntary income |
Total funds 2024 £ 1,132,028 56,061 1,188,089 |
Total funds 2023 £ 749,256 31,324 |
|---|---|---|
| 780,580 | ||
| Cost of generating donated income Costs of raising voluntary income - wages and salaries Costs of raising voluntary income - NI Costs of raising voluntary income - pension costs |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 10,863 - 15,540 - 1,390 - 104 - 27,897 |
Total funds 2024 £ 10,863 15,540 1,390 104 27,897 |
Total funds 2023 £ 35,223 46,381 4,161 945 |
|---|---|---|---|
| 86,710 |
Page 27
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. Expenditure on raising funds (continued)
Other trading expenses
| Unrestricted funds 2024 £ Cost of sales - operations of BAC Trading Limited 1,489,493 Intergroup activity - Cost of sales - operations of BAC Trading Limited 4,252 Administration expenses 2,476 1,496,221 |
Total funds 2024 £ 1,489,493 - 4,252 2,476 1,496,221 |
Total funds 2023 £ 1,558,515 (450,657) 9,764 - |
|---|---|---|
| 1,117,622 |
5. Analysis of expenditure on charitable activities
Summary by fund type
| Visitor services Learning and volunteering Museum facilities management and development costs Collection conservation and management |
Restricted funds 2024 Unrestricted funds 2024 £ £ 46,301 600,802 - 194,053 - 1,265,724 - 55,278 46,301 2,115,857 |
Total 2024 £ 647,103 194,053 1,265,724 55,278 2,162,158 |
Total 2023 £ 454,441 185,901 1,276,948 134,861 |
|---|---|---|---|
| 2,052,151 |
Page 28
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. Analysis of expenditure by activities
| Visitor services Learning and volunteering Museum and facilities management and development costs Collection conservation and management |
Activities undertaken directly 2024 £ 347,584 97,118 633,460 27,664 1,105,826 |
Support costs 2024 £ 299,519 96,935 632,265 27,613 1,056,332 |
Total funds 2024 £ 647,103 194,053 1,265,725 55,277 2,162,158 |
Total funds 2023 £ 454,441 185,901 1,276,948 134,861 |
|---|---|---|---|---|
| 2,052,151 |
Page 29
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Other direct costs |
Visitor services 2024 £ 218,978 128,606 347,584 |
Learning and volunteerin g 2024 £ 90,361 6,757 97,118 |
Museum and facilities managemen t and developent costs 2024 £ 158,466 474,993 633,459 |
Collection conservatio n and managemen t 2024 £ - 27,665 27,665 |
Total funds 2024 £ 467,805 638,021 |
|---|---|---|---|---|---|
| 1,105,826 |
Prior year analysis of Direct Costs
Total staff costs for 2023 were £517,690 Direct costs for 2023 were £563,716
Analysis of support costs
| Staff costs Other support costs Governance costs |
Visitor services 2024 £ 76,812 211,057 11,650 299,519 |
Learning and volunteerin g 2024 £ 24,403 72,532 - 96,935 |
Museum and facilities managemen t and developmen t costs 2024 £ 159,169 473,096 - 632,265 |
Collection conservatio n and managemen t 2024 £ 6,951 20,662 - 27,613 |
Total funds 2024 £ 267,335 777,347 11,650 |
|---|---|---|---|---|---|
| 1,056,332 |
Prior year analysis of Support Costs
Total staff costs for 2023 were £299,952 Other support costs for 2023 were £663,568 Governance costs for 2023 were £7,226
Page 30
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. Auditors' remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts (all services) | 8,850 | 8,750 |
| Fees payable to the Charity's auditor in respect of: | ||
| Audit of the subsidiary financial statements | 3,050 | 3,000 |
| All non-audit services not included above | 4,325 | 4,200 |
8. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
Group 2024 £ 689,127 50,657 12,389 752,173 |
Group 2023 £ 793,245 61,837 14,048 869,130 |
Charity 2024 £ 689,127 50,657 12,389 752,173 |
Charity 2023 £ 793,245 61,837 14,048 |
|---|---|---|---|---|
| 869,130 |
The average number of persons employed by the Charity during the year was as follows:
| Group | Group | |
|---|---|---|
| 2024 | 2023 | |
| No. | No. | |
| Employees | 35 | 47 |
The average number of employees (headcount) during the year was 35 (2023 - 47). The employees of the Group are employed by the Charity, a charge of employee time that is utilised by the trading subsidiary is invoiced to BAC Trading Limted as a management charge.
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| Group | Group | ||
|---|---|---|---|
| 2024 | 2023 | ||
| No. | No. | ||
| In the band £80,001 | - £90,000 | 1 | 1 |
The total aggregate employment benefits, including employer pension costs and employer's national insurance contributions, received by key management personnel were £285,144 (2023 - £334,774).
Page 31
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £84,997) .
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .
Page 32
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. Tangible fixed assets
Group
| Cost or valuation At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Long-term leasehold property £ 13,868,097 - 13,868,097 487,572 92,454 580,026 13,288,071 13,380,525 |
Plant and machinery £ 34,776 - 34,776 26,700 4,968 31,668 3,108 8,076 |
Fixtures and fittings £ 691,347 5,721 697,068 555,207 98,968 654,175 42,893 136,140 |
Office equipment £ 1,209 - 1,209 722 172 893 316 488 |
Computer equipment £ 146,798 13,826 160,624 52,296 21,199 73,495 87,129 94,502 |
Other fixed assets £ 3,411,847 - 3,411,847 937,447 170,592 1,108,040 2,303,807 2,474,400 |
Total £ 18,154,074 19,547 |
|---|---|---|---|---|---|---|---|
| 18,173,621 | |||||||
| 2,059,944 388,353 |
|||||||
| 2,448,297 | |||||||
| 15,725,324 | |||||||
| 16,094,131 |
Page 33
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. Tangible fixed assets (continued)
Group (continued)
Charity
| Cost or valuation At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 |
Long-term leasehold property £ 13,868,097 - 13,868,097 487,572 92,454 580,026 |
Plant and machinery £ 34,776 - 34,776 26,700 4,968 31,668 |
Fixtures and fittings £ 686,454 - 686,454 552,786 98,065 650,851 |
Office equipment £ 1,209 - 1,209 722 172 893 |
Computer equipment £ 145,712 13,826 159,537 51,934 21,044 72,978 |
Other fixed assets £ 3,411,847 - 3,411,847 937,447 170,592 1,108,040 |
Total £ 18,148,095 13,826 18,161,920 |
|---|---|---|---|---|---|---|---|
| 2,057,161 387,295 |
|||||||
| 2,444,456 |
Page 34
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. Tangible fixed assets (continued)
Charity (continued)
| Net book value At 31 March 2024 At 31 March 2023 |
Long-term leasehold property £ 13,288,071 13,380,525 |
Plant and machinery £ 3,108 8,076 |
Fixtures and fittings £ 35,603 133,668 |
Office equipment £ 316 488 |
Computer equipment £ 86,559 93,777 |
Other fixed assets £ 2,303,807 2,474,400 |
Total £ 15,717,464 |
|---|---|---|---|---|---|---|---|
| 16,090,934 |
The National Heritage Memorial Fund has a £4,682,000 legal charge over the assets in the event of a sale. See note 20 for additional details.
South Gloucestershire Council has a £789,234 floating legal charge over the assets of the Trust in relation to their outstanding loan.
Page 35
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. Heritage assets
Assets recognised at cost
| Carrying value at 1 April 2021 and 31 March 2022 | Heritage assets 2024 £ 234,992 234,992 |
Total 2024 £ 234,992 |
|---|---|---|
| 234,992 |
Page 36
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
12. Fixed asset investments
| Charity Cost or valuation At 1 April 2023 At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Investments in subsidiary companies £ 1 |
|---|---|
| 1 | |
| 1 | |
| 1 |
Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
| Name | Country | Principal activity | Class of | Holding |
|---|---|---|---|---|
| shares | ||||
| BAC Trading Limited | England and | To carry out retail, | Ordinary | 100% |
| Wales | events and catering | |||
| activities within | ||||
| facilities provided by | ||||
| Bristol Aero Collection | ||||
| Trust. |
The financial results of the subsidiary for the year were:
| Name | Income | Expenditure | Profit/(Loss) | Net assets |
|---|---|---|---|---|
| £ | £ | for the year | £ | |
| £ | ||||
| BAC Trading Limited | 1,602,391 | (1,489,645) | 112,746 | 116,363 |
Page 37
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. Stocks
| Group | Group | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Goods for resale | 56,301 | 42,395 |
14. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
Group 2024 £ 137,203 52,170 97,252 286,625 |
Group 2023 £ 456,869 (15,181) 115,249 556,937 |
Charity 2024 £ 113,417 (13,699) 90,707 190,425 |
Charity 2023 £ 39,744 (30,812) 111,387 120,319 |
|---|---|---|---|---|
15. Creditors: Amounts falling due within one year
| Bank overdrafts Covid 19 'Bounce Back' loan Council loan Trade creditors Other creditors Accruals and deferred income |
Group 2024 £ 825,762 10,000 50,000 235,764 10,843 179,131 1,311,500 |
Group 2023 £ 1,161,722 10,000 50,000 314,781 94,393 426,523 2,057,419 |
Charity 2024 £ 825,762 10,000 50,000 163,094 10,843 127,623 1,187,322 |
Charity 2023 £ 1,161,722 10,000 50,000 118,069 94,393 99,852 |
|---|---|---|---|---|
| 1,534,036 |
16. Creditors: Amounts falling due after more than one year
| Covid 19 'Bounce Back' loan Council loan |
Group 2024 £ 10,833 744,831 755,664 |
Group 2023 £ 20,833 649,999 670,832 |
Charity 2024 £ 10,833 744,831 755,664 |
Charity 2023 £ 20,833 649,999 |
|---|---|---|---|---|
| 670,832 |
Page 38
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
A bank loan with capital totalling £1,000,000 from Lloyds Bank was due for repayments on 30 April 2019 but was converted to an overdraft by the bank. The overdraft is guaranteed by BAE Systems who have an indemnity agreement with the Charity. This facility is extended until 30 November 2024 and, as an overdraft, is repayable on demand. The total facility available as at 31 March 2024 is £1,300,000.
The council loan from South Gloucestershire Council is secured by a floating legal charge on the Charity's assets and was originally due for repayment on 30 March 2019. During the prior year the South Gloucestershire Council waived repayment of a portion of the loan totalling £315,888. Of which, £258,288 in 2022-23 and the balance of £57,599.89 was applied to interest accruing in 2023-24. In accordance with FRS 102 and the SORP, this release of the liability has been accounted for as donation income in the period. The total amount remaining on the Council Loan as at 31 March 2024 is £794,831.
17. Financial instruments
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Financial assets | ||||
| Financial assets measured at fair value | ||||
| through income and expenditure | 193,257 | 178,942 | 112,980 | 67,924 |
Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
Page 39
BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
18. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Fixed asset fund Legacy Transformation Fund General funds General Funds - all funds Share capital Reserves (BAC Trading Limited Total Unrestricted funds Restricted funds Aerospace Bristol fund Restoration fund Other restricted funds Total of funds |
Balance at 1 April 2023 £ 16,325,926 - 16,325,926 (2,075,130) 1 69,849 (2,005,282) 14,320,644 286 16,882 41,334 58,502 14,379,146 |
Income £ - - - 2,034,631 - 1,606,834 3,641,465 3,641,465 - - 95,000 95,000 3,736,465 |
Expenditure £ (387,294) - (387,294) (1,758,686) - (1,493,994) (3,252,680) (3,639,974) - (1,130) (45,171) (46,301) (3,686,275) |
Transfers in/out £ 13,826 150,000 163,826 (97,595) - (66,231) (163,826) - - - - - - |
Balance at 31 March 2024 £ 15,952,458 150,000 16,102,458 (1,896,780) 1 116,458 (1,780,323) 14,322,135 286 15,752 91,163 107,201 14,429,336 |
|---|---|---|---|---|---|
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BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
18. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Fixed asset fund General funds General Funds - all funds Share capital Reserves (BAC Trading Limited) Total Unrestricted funds Restricted funds Aerospace Bristol fund Restoration fund Physcial and Digital Infrastructure fund Other restricted funds Total of funds |
Balance at 1 April 2022 £ 16,657,777 (2,237,481) 1 40,104 (2,197,376) 14,460,401 24,727 19,288 18,802 59,065 121,882 14,582,283 |
Income £ - 1,383,178 - 1,625,467 3,008,645 3,008,645 - - - 36,515 36,515 3,045,160 |
Expenditure £ (388,041) (1,254,791) - (1,560,090) (2,814,881) (3,202,922) (2,336) (2,406) (18,801) (21,829) (45,372) (3,248,294) |
Transfers in/out £ 56,190 33,964 - (35,632) (1,668) 54,522 (22,105) - - (32,417) (54,522) - |
Balance at 31 March 2023 £ 16,325,926 (2,075,130) 1 69,849 (2,005,280) 14,320,646 286 16,882 1 41,334 58,503 14,379,149 |
|---|---|---|---|---|---|
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BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
19. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 April 2023 £ 16,325,926 (2,005,282) 58,502 14,379,146 |
Income £ - 3,641,465 95,000 3,736,465 |
Expenditure £ (387,294) (3,252,680) (46,301) (3,686,275) |
Transfers in/out £ 163,826 (163,826) - - |
Balance at 31 March 2024 £ 16,102,458 (1,780,323) 107,201 14,429,336 |
|---|---|---|---|---|---|
Free funds (General Funds)
The free funds of the Charity are used in line with its purposes at the discretion of the Trustees. The free funds of the Charity are in deficit at the year-end. Usually the creation of a designated fund cannot result in a negative general funds position. However, the Trustees have chosen to show the net book value of the tangible fixed assets and heritage assets as a designated fund in order to clearly show the negative free reserves position of the Charity.
Fixed asset fund (Designated Funds)
This fund, designated by the Trustees, is set aside at the net book value of the charitable fixed assets and heritage assets.
Transformation fund (Designated Funds)
This fund, was designated by the Trustees in the financial year ended 2024 following the receipt of a legacy and is set aside to support planned Transformational projects at the Trust.
Restricted Funds
Aerospace Bristol fund
The fund incorporates all the restricted funds received specifically relating to creating Aerospace Bristol less related overhead costs and capital transfers to the Fixed asset fund. The remaining restricted funds are held to complete outstanding building work relating to building 16M.
Restoration fund
Previously, individual funds were established for the restoration of a Bolingbroke aircraft, a Bristol Fighter F2B aircraft and additionally, in 2017, funds were established for the acquisition of the Bristol Freighter. The funds relating to the Bristol Fighter and Bristol Freighter were fully utilised in 2018 and prior years. This, therefore leaves funds specifically restricted for the restoration of the Bolingbroke aircraft.
Physical and Digital Infrastructure fund
This fund is to ensure that the charity can react and make critical adaptations to the museum space and digital infrastructure. It has enabled the charity to reopen the museum safely in May 2021 and restart its charitable activities with added breadth.
Other Restricted funds
This includes a number of grants received for specific short term projects and activities.
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BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
19. Summary of funds (continued)
Summary of funds - prior year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | Transfers | 31 March | |||
| 1 April 2022 | Income | Expenditure | in/out | 2023 | |
| £ | £ | £ | £ | £ | |
| Designated funds | 16,657,777 | - | (388,041) | 56,190 | 16,325,926 |
| General funds | (2,197,376) | 3,008,645 | (2,814,881) | (1,668) | (2,005,280) |
| Restricted funds | 121,882 | 36,515 | (45,372) | (54,522) | 58,503 |
| 14,582,283 | 3,045,160 | (3,248,294) | - | 14,379,149 | |
| Analysis of net assets between funds | |||||
| Analysis of net assets between funds - current period | |||||
| Restricted | Unrestricted | Total | |||
| funds | funds | funds | |||
| 2024 | 2024 | 2024 | |||
| £ | £ | £ | |||
| Tangible fixed assets | - | 15,725,324 | 15,725,324 | ||
| Fixed asset investments | - | 1 | 1 | ||
| Heritage assets | - | 234,992 | 234,992 | ||
| Current assets | 107,201 | 428,982 | 536,183 | ||
| Creditors due within one year | - | (1,317,097) | (1,317,097) | ||
| Creditors due in more than one year | - | (750,067) | (750,067) | ||
| Total | 107,201 | 14,322,135 | 14,429,336 |
20. Analysis of net assets between funds
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BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
20. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Heritage assets Current assets Creditors due within one year Creditors due in more than one year Total |
- | Restricted funds 2023 £ - - 58,503 - - 58,503 |
Unrestricted funds 2023 £ 16,094,131 234,992 1,677,608 (3,015,253) (670,831) 14,320,645 |
Total funds 2023 £ 16,094,131 234,992 778,273 (2,057,419) (670,832) |
|---|---|---|---|---|
| 14,379,148 |
21. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Increase in stocks Increase in debtors Increase in creditors Net cash provided by/(used in) operating activities 22. Analysis of cash and cash equivalents |
Group 2024 £ 50,189 388,353 (13,906) (262,402) 53,491 215,725 |
Group 2023 £ (203,133) |
|---|---|---|
| 388,896 (899) (945,406) 729,804 |
||
| (30,738) | ||
| Cash in hand Total cash and cash equivalents |
Group 2024 £ 193,257 193,257 |
Group 2023 £ 178,942 |
|---|---|---|
| 178,942 |
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BRISTOL AERO COLLECTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
23. Analysis of changes in net debt
| Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year |
At 1 April 2023 £ 178,942 (1,161,722) (60,000) (670,832) (1,713,612) |
Cash flows £ 14,315 335,960 - (79,235) 271,040 |
At 31 March 2024 £ 193,257 (825,762) (60,000) (750,067) (1,442,572) |
|---|---|---|---|
24. Contingent liabilities
In the event of the sale of the property, the National Lottery Heritage Fund have the right to receive £4,682,000 for a period of 20 years from the completion and opening of the museum which occured in October 2017. No provision has been made in respect of the grant as the conditions are deemed unlikely to occur.
25. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £12,390 (2023 - £14,048).
26. Operating lease commitments
The Group and the Charity had no commitments under non-cancellable operating leases at 31 March 2024.
27. Related party transactions
BAC Trading Limited is the trading subsdiary of Bristol Aero Collection Trust. In the financial year ended 31 March 2024 BAC Trading Limited made a gift aid donation of £66,231 (2023 : £35,633) to Bristol Aero Collection Trust. In addition to this, BAC Trading Limited paid management charges of £450,657 (2023: £393,943) to the Charity in respect of rent and overheads. There were no amounts due to the Charity from the subsidiary at the year end (2023: £nil). There were no other related party transactions other than those disclosed in the accounts.
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