Charity registration number 1075858
Company registration number 03701299 (England and Wales)
GATWICK AVIATION MUSEUM
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MAY 2023
GATWICK AVIATION MUSEUM
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | A Scrase | |
|---|---|---|
| M Roach | (Appointed 14 June 2022) | |
| B Aitchison | (Appointed 14 June 2022) | |
| G Ramsdale | (Appointed 14 June 2022) | |
| A Colella | (Appointed 14 June 2022) | |
| L Berryman | (Appointed 14 June 2022) | |
| Charity number | 1075858 | |
| Company number | 03701299 | |
| Principal address | Vallance-By-Ways | |
| Lowfield Health Road | ||
| Charlwood | ||
| Surrey | ||
| RH6 0BT | ||
| Registered office | 1-7 Station Road | |
| Crawley | ||
| West Sussex | ||
| RH10 1HT | ||
| West Sussex | ||
| RH10 1HT | ||
| Independent examiner | Darren Harding ACA FCCA DChA | |
| Richard Place Dobson Services Limited | ||
| 1-7 Station Road | ||
| Crawley | ||
| West Sussex | ||
| RH10 1HT |
GATWICK AVIATION MUSEUM
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 14 |
GATWICK AVIATION MUSEUM
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 MAY 2023
The Trustees present their annual report and financial statements for the year ended 30 May 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's memorandum and articles of assocoiation, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The objects of the charitable company are to provide an educational centre for the general public (in particular students and school children) in the South East of England to promote the awareness of national aviation history. This is to be achieved by the establishment of a working aviation museum to restore, preserve, maintain and display historic and classic aircraft and associated memorabilia to the public and to provide a venue for lectures, seminars and practical workshops on aviation history and development.
Public benefit
The Charity's Trustees have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, they have considered how planned activities will contribute to the aims and objectives they have set.
Achievements and performance
2023 has been a year of progress for the Gatwick Aviation Museum. Visitor numbers have been rising throughout the year compared to 2022, and with the introduction of a new coffee shop has resulted in a significant uplift in revenues and are now above pre-Covid numbers. This has allowed the museum to develop new visitor attractions with confidence through the year.
We are continuing to attract visits from schools, fulfilling our brief to inform and educate children about the history of aviation in the UK, this is an ongoing feature of the museum.
Restoration work is ongoing with aircraft, along with plans to acquire a new aircraft to exhibit. We hope to be able to show some visible progress during 2024.
Finally, the trustees would like to acknowledge and thank the staff and volunteers for making 2023 a very successful year.
Financial review
During the year the charity has had net outgoing resources of £2,785 (2022 - Net outgoing resources: £32,719) as shown on the statement of financial activities on page 4 of the accounts.
Our reserves policy of 12 months of operating costs has proven to be sound and will continue.
Risk Management Policy
The Trustees have established a practice of reviewing a risk management matrix at each and every quarterly Trustee meeting to ensure that all financial, reputations and safety related risks are monitored, reviewed and addressed.
Trustees are currently engaged in determining a revised five-year plan focusing on a capital investment programme, enhancement in conferencing and encouraging a training route into aviation generally. We continue to have the goal of becoming an Accredited Museum which involves us having to demonstrate a high standard of administration and curatorial practices. The value of accreditation, among other things, is that accredited museums are first in line to receive, free of charge, high value disposals from other museums.
Structure, governance and management
Gatwick Aviation Museum, a company limited by guarantee which does not have a share capital, was incorporated on 26 January 1999. Gatwick Aviation Museum applied for and was granted charitable status. Its charity registration number is 1075858.
page 1
GATWICK AVIATION MUSEUM
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 MAY 2023
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
A Scrase M Roach (Appointed 14 June 2022) B Aitchison (Appointed 14 June 2022) G Ramsdale (Appointed 14 June 2022) A Colella (Appointed 14 June 2022) L Berryman (Appointed 14 June 2022) M Madden (Appointed 14 June 2022 and resigned 20 January 2023) Mr J Tickner (Resigned 8 November 2022) Ms M Reid (Resigned 8 November 2022)
None of the Trustees has any beneficial interest in the company.
Day to Day Management of Charity
Trustees continue to collectively take responsibility for the charity and all major decision making. Responsibility for the day to day running of the museum is delegated to the Museum Manager. The manager is allocated a devolved budget which is set and reviewed by Trustees.
The charity occupies a site which is owned by P.G. Vallance Limited, a company registered in England & Wales. The charity is charged only a nominal rent.
The Trustees report was approved by the Board of Trustees.
..............................
G Ramsdale Trustee Dated: .........................
page 2
GATWICK AVIATION MUSEUM
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GATWICK AVIATION MUSEUM
I report to the Trustees on my examination of the financial statements of Gatwick Aviation Museum (the Charity) for the year ended 30 May 2023.
Responsibilities and basis of report
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Darren Harding ACA FCCA DChA
Richard Place Dobson Services Limited 1-7 Station Road Crawley West Sussex RH10 1HT
Dated: .........................
page 3
GATWICK AVIATION MUSEUM
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 MAY 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income and endowments from: Donations and legacies 3 84,654 1,316 Other trading activities 4 15,678 - Other income 5 - - Total income 100,332 1,316 Expenditure on: Raising funds 6 1,517 - Charitable activities 7 101,817 1,099 Total expenditure 103,334 1,099 Net income/(expenditure) and movement in funds (3,002) 217 Reconciliation of funds: Fund balances at 31 May 2022 83,034 7,817 Fund balances at 30 May 2023 80,032 8,034 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 85,970 39,963 1,415 15,678 7,588 - - 250 - 101,648 47,801 1,415 1,517 368 - 102,916 81,567 - 104,433 81,935 - (2,785) (34,134) 1,415 90,851 117,168 6,402 88,066 83,034 7,817 |
Total 2022 £ 41,378 7,588 250 49,216 368 81,567 81,935 (32,719) 123,570 90,851 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
page 4
GATWICK AVIATION MUSEUM
BALANCE SHEET
AS AT 30 MAY 2023
| Notes Fixed assets Tangible assets 12 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities The funds of the Charity Restricted income funds 16 Unrestricted funds |
2023 £ 3,303 14,191 41,980 59,474 1,393 |
£ 29,985 58,081 88,066 8,034 80,032 88,066 |
2022 £ 3,862 12,888 50,557 67,307 2,039 |
£ 25,583 65,268 |
|---|---|---|---|---|
| 90,851 | ||||
| 7,817 83,034 |
||||
| 90,851 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 May 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
..............................
G Ramsdale
Trustee
Company registration number 03701299 (England and Wales)
page 5
GATWICK AVIATION MUSEUM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023
1 Accounting policies
Charity information
Gatwick Aviation Museum is a private company limited by guarantee incorporated in England and Wales. The registered office is Ground Floor, 1 - 7 Station Road, Crawley, West Sussex, RH10 1HT.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The trustees are of the view that the charity is a going concern.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
1.4 Income
All incoming resources are included in the statement of financial activities when the charity is entitled to, and virtually certain to receive the income and the amount can be quantified with reasonable accuracy.
Donations and other incoming resources relate to museum entrance fees are accounted for when receivable.
Other incoming resources include membership funds & event days, and are accounted for in the period to which they relate.
1.5 Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs and governance costs which support the Trust's activities. These costs have been allocated directly to the one charitable activity.
page 6
GATWICK AVIATION MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Straight line over 10 years Plant and machinery 15 % reducing balance
1.7 Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items
1.8 Cash and cash equivalents
Cash at bank and in hand includes cash and short term highly liquid investment accounts.
1.9 Financial instruments
The charitable company only has financial assets and 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.
Basic financial assets
Debtors are recognised at the settlement amount due after any discounts offered. Prepayments are valued at the amount prepaid net of any discounts due.
Basic financial liabilities
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
1.10 Taxation
The charitable company is not subject to corporation tax or any other taxes on income or gains arising from its charitable objectives.
1.11 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
There is no holiday pay given to the employee.
1.12 Retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
page 7
GATWICK AVIATION MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
2 Critical accounting estimates and judgements
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The main judgments and accounts estimates included in the accounts are:
-
Prepayments and Accruals - Management has made estimates and established prepayments and accruals is respect of potential assets and liabilities as at the balance sheet date.
-
Depreciation - Management has made assumptions and estimated depreciation rates in respect of showing a true and fair view of the assets at the balance sheet date.
3 Income from donations and legacies
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 84,654 | 1,316 | 85,970 | 39,963 | 1,415 | 41,378 |
4 Income from other trading activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Charity Shop | 15,678 | 7,588 | |
| 5 | Other income | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Other income | - | 250 |
page 8
GATWICK AVIATION MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
6 Raising funds
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fundraising | and publicity | ||
| Advertising | 1,517 | 368 | |
| 1,517 | 368 |
7 Expenditure on charitable activities
| Property and | Property and | |
|---|---|---|
| office costs | office costs | |
| 2023 | 2022 | |
| £ | £ | |
| Direct costs | ||
| Staff costs | 32,295 | 33,522 |
| Rates and water | 5,604 | 6,600 |
| Insurance | 4,060 | 7,054 |
| Light and heat | 10,716 | 6,240 |
| Sundries | 1,314 | 1,406 |
| Repairs | 12,304 | 1,101 |
| Charity Shop | 5,982 | 3,537 |
| Events Day | 1,274 | 1,542 |
| Shackleton | 2,094 | 1,342 |
| Lighting | - | 48 |
| Engineering | 6,207 | 2,941 |
| Cleaning | 3,092 | 2,044 |
| Paypal Charges | 932 | 292 |
| Shop Canteen | 3,058 | 946 |
| 88,932 | 68,615 | |
| Share of support and governance costs (see note 8) | ||
| Support | 10,300 | 8,472 |
| Governance | 3,684 | 4,480 |
| 102,916 | 81,567 | |
| Analysis by fund | ||
| Unrestricted funds | 101,817 | 81,567 |
| Restricted funds | 1,099 | - |
| 102,916 | 81,567 |
page 9
GATWICK AVIATION MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
8 Support costs allocated to activities
| Depreciation Postage and stationery Subscriptions Travel Computer expenses Bank charges Consultancy Governance costs Analysed between: Property and office costs Governance costs comprise: Accountancy Legal and professional Independent examination fees |
2023 £ 4,470 1,761 203 597 3,269 - - 3,684 13,984 13,984 2023 £ 1,049 1,785 850 3,684 |
2022 £ 4,725 442 644 166 1,546 24 925 4,480 |
|---|---|---|
| 12,952 | ||
| 12,952 | ||
| 2022 £ - 1,713 2,767 |
||
| 4,480 |
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or were reimbursed expenses during the year.
10 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| 2 | 1 | |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 30,808 | 32,809 |
| Other pension costs | 1,487 | 713 |
| 32,295 | 33,522 |
page 10
GATWICK AVIATION MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
10 Employees
(Continued)
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Aggregate compensation | 39,369 | 33,635 |
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Tangible fixed assets
| 12 Tangible fixed assets |
|
|---|---|
| Land and buildings Plant and machinery £ £ Cost At 31 May 2022 17,886 30,572 Additions 4,362 4,510 At 30 May 2023 22,248 35,082 Depreciation and impairment At 31 May 2022 8,944 13,931 Depreciation charged in the year 1,862 2,608 At 30 May 2023 10,806 16,539 Carrying amount At 30 May 2023 11,442 18,543 At 30 May 2022 8,942 16,641 13 Stocks 2023 £ Finished goods and goods for resale 3,303 |
Total £ 48,458 8,872 |
| 57,330 | |
| 22,875 4,470 |
|
| 27,345 | |
| 29,985 | |
| 25,583 | |
| 2022 £ 3,862 |
page 11
GATWICK AVIATION MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
14 Debtors
| Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income |
2023 £ - 9,190 5,001 14,191 |
2022 £ 407 10,913 1,568 |
|---|---|---|
| 12,888 |
15 Creditors: amounts falling due within one year
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2023 £ - 100 193 1,100 1,393 |
2022 £ 939 - - 1,100 |
|---|---|---|
| 2,039 |
16 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 31 May 2022 | At 31 May 2022 | Incoming | Resources | At 30 May 2023 |
At 30 May 2023 |
|
|---|---|---|---|---|---|---|
| resources | expended | |||||
| £ | £ | £ | £ | |||
| Shackleton | 7,107 | 690 | - | 7,797 | ||
| Lightning | 710 | 389 | (1,099) | - | ||
| Venom | - | 237 | - | 237 | ||
| 7,817 | 1,316 | (1,099) | 8,034 | |||
| Previous year: | At 31 May 2021 | Incoming | Resources | At 30 May 2022 |
||
| resources | expended | |||||
| £ | £ | £ | £ | |||
| Shackleton | 5,692 | 1,415 | - | 7,107 | ||
| Lightning | 710 | - | - | 710 | ||
| 6,402 | 1,415 | - | 7,817 |
The restricted funds for Shackleton and Lightning and the running costs of two planes.
The Venom restricted fund relates to funds generated to be spent solely on the preservation and renovation of our Venom aircraft.
page 12
GATWICK AVIATION MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MAY 2023
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 31 May 2022 | Incoming | Resources | TransfersAt 30 May 2023 | TransfersAt 30 May 2023 | |
|---|---|---|---|---|---|---|
| resources | expended | |||||
| £ | £ | £ | £ | £ | ||
| Land and Buildings | 8,942 | - | (1,862) | 4,362 | 11,442 | |
| General funds | 74,092 | 100,332 | (101,472) | (4,362) | 68,590 | |
| 83,034 | 100,332 | (103,334) | - | 80,032 | ||
| Previous year: | At | 31 May 2021 | Incoming | Resources | TransfersAt 30 May 2022 | |
| resources | expended | |||||
| £ | £ | £ | £ | £ | ||
| Land and Buildings | 10,731 | - | (1,789) | - | 8,942 | |
| General funds | 106,437 | 47,801 | (80,146) | - | 74,092 | |
| 117,168 | 47,801 | (81,935) | - | 83,034 |
The Land and Buildings fund represents grants and donations received in the year that have been used to develop the Museum and represents capital asset. The transfer represents improvements made to the building during the year.
18 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2023 2023 £ £ Fund balances at 30 May 2023 are represented by: Tangible assets 29,985 - Current assets/(liabilities) 50,047 8,034 80,032 8,034 Unrestricted Restricted funds funds 2022 2022 £ £ Fund balances at 30 May 2022 are represented by: Tangible assets 25,583 - Current assets/(liabilities) 57,451 7,817 83,034 7,817 |
Total 2023 £ 29,985 58,081 |
|---|---|
| 88,066 | |
| Total 2022 £ 25,583 65,268 |
|
| 90,851 |
page 13
GATWICK AVIATION MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
19 Financial commitments, guarantees and contingent liabilities
At the balance sheet date, the charity was involved in an ongoing employment tribunal which has not yet been resolved. It is probable that there will a cash outflow as a result but it is not possible quantify the amount, so no adjustment has been made in respect of the tribunal.
20 Related party transactions
During the year, P.G. Vallance Limited, a company of which trustees Gary Ramsdale, Laurence Berryman, Milton Roach and Andrew Scrase are directors, invoiced the charity £Nil (2022: £324) for engineering costs. P.G Vallance Limited supports the charity through free use of the site, equipment and exhibits.
page 14