Registered number: 05639463 CharSty number.. 1115243 THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST (A company limited by guarantee) CONTENTS Page Reference and adminlstratiY¢ details of the Company, Its Trustees and advisers Trustee5' report Independent examiner's report statement of financial activities Balance sheet Notes to the financial statement$ 10-24
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Mr D J Ashton. Ttuslee Air Vice-marshal C Bairsto. Vice Chair Ms K Barker, Trustee Mr D Benton, Trustee TrJTs N Brown. Trustee Wing Commander E Ferguson MBE, Trustee Air vI-marShal I C Morrison CBE, Chair Wing Commander L R Powell, Trustee Air Marshal C Spink, Trustee Ms S Unadkal, Truslee Air Commdore I Stewart lappolnted 23 January 20241 Mr G Headland (appointed 23 January 20241 Company registered number 05639463 Charity reglstered number 1115243 Registered office The Benll8y Priory Museum Mansion House Drive stanmore Middlesex HA7 3FB Honorary secretary Wing Commander E Ferguson Accountants Magee Gammon Corporate Limtted Chartered Accounlanls Henwood House Henwood Ashford Kenl TN24 8DH Page 1
THE BENTLEY PRIORY BArrLE OF BRITAIN TRUST IA company Ilmited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present Iheir annual report together with the financial statements of the Company for the 1 January 2023 10 31 December 2023. The Annual report serves the purposes of both a Trustees, report and directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current slatulory requirements, the requirements of the charitable company's governing document and the provisions of the SlatemenÉ of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the Company qualifies as small under section 382 of the Companies Act 20C6. the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulation5 2013 has been omilled. Objectives and activitles a. Policies and objectives Bentley Priory Battle of Britain Trust was founded 8t the request of the Battle of Britain Fighter Association, with primary objective to create a Museum al Bentley Priory - Headquarters Fighter Command during the Battle of Britain. After 5 years of planning, fundraising, restoration and curation of accessible anol engaging exhibitions, Bentley Priory Museum was officially opened in September 2013. by HRH Prince of Wales, Patron of the Trusys fundraising appeal. The Museum aims lo raise awareness of the important hislory of Bentley Priory, focusing on its pivotal role during the Ballle of Britain as Headquarters Fighter Command, through facilitating engagement with the Museum's unique collection and 8rchile¢lure. The Museum's narrative focuses on 'The One,, Alr Chief M8rshal Sir Hugh Dowding, 'The Few,, Battle of Britain aircrew. and 'The Many,, Ih05e on the ground whose work was vi181 to victory. The Trustees consider that they have complied with the duty in section 17{51 of the 2011 Charities Act to have regard to Charity Commission guidance on public benefit. In setting objectives and planning for activibes, the Trustee5 have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a Charity (PB21'. Achievements and performance a. Achievements and audience developrnent The Museum welcomed a total of 10,828 visitors in 2023; our second bighest admissions since the Museum opened in 2013 (the highest being in 2018 with the RAF'S centenary celebrations) and an increase o129D/o from 2D22. The increase in admissions reflects the hard work of the Museum staff and volunteer team in welcoming back visitors within Ihe post-covid recovery period. 1741 of ihese visltors were SchoDI sluderlls, participating in facilitated workshops by the Museum's Learning Manager and volunteers- working as a team lo learn how to 'plot' the Battle of Britain and exploring the galleries narratives of leadership, courage and technology. The Museum celebrated its 10-year anniversary since it opened in September 2013 with a volunteer, staff and Trustee celebration event to thank everyone for their hard work and dedication in making the Museum so successful and welcoming over 80,000 visitors over the last decade. The anniversary was marked by Tonic Choif. who performed 'Bentley Priory Chronicles, a Series of Concerts of the history of Bentley Priory. A £83,080 grant was secured from the National Lottery Heritage Fund INLHFI to deliver a heritage project focusing on the women who served within the WAAF in the role of 'Clerk, Special Duties,; with £15,000 match Page 2
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevements and performance {continuedl funding from the MLtseum's designated fund lo enhance interpreL91ion within the Operations Room. Projecl volunteers and Museum staff worked together lo research these WAAFS and digilise artefacts to co-curale a temporary exhibition, cre8le new resources for the Brownies and families, and create a permanent interactive timeline 'Day in the Battle, for visitors to explore what was happening on each day during the Batde of Britain - on the ground as well as in the skies. The funding also enabled the Museum lo host a Dowding System Families Forum, bringing together families of WAAF veterans. and the first Dtswding System Day a day of talks. The project commenced in February 2023, and was completed in May 2024. The project's commissioned evaluation report and film highlighleol the positive impact Df the project on all its partrcipanls, from project volunteers lo visitors and families of the WAAF who seTved within these roles. An incredible archive lating lo the 8allle of Britain pilot and youngest Wing Commander in the RAF, Brendan Finucane, has been loaned to the Museum. Finucane's meda15, uniform and Iasure pipe are now on display. The external deCOratIon of the Mansion House was completed. paid by residents and the Escrow Fund. The redecoration ol the windows was paid directly by the Museum, as outlined in the lease. In October, the Museum's lift broke and after lengthy failed allempls to fix il, it was established that a new control panel is needed. Many visitors and volunteers are dependent on the lift to move beiween the Museum's 2 floors so gelling il fixed is a priority. Financial review Visitor admissions of 1D,828 generated an income of £55.418. Shop and café income amounted lo £51,794, and room hlre and event income was £6.872, The Endowment Fund granted £116,000 to the Museum, flecting its stable position The Museum Teceived a donation of £37,620 from the Slanmore and Harrow Historical Society upon its closure. A £10,000 donation was received lo repalr the irNgalion system and lo recreate a handle for the Bunker door lo replace one which was destroyed during the site works 10 years ago. a. Key flnanclal perfomiance indicators In the seventh full year of operations, the Museum generated income from admissions, Ihe café, shop, venue hire, fundraising and the Endowment Fund. Venue Hire continues lo be below budget due to levels of corporate hire being lower than prp-covid periods. b, Going concern The trustees have a reasonable expectation that the company has adeqLtale resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial slatemenls. Further details regarding the adoption of the going concern basis can be foLsnd in the Accounting Policies Page 3
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST IA Company Ilmited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 . Reserves At the AGM on 28 September 2022 Trustee$ agreed and adopted a ReseNes Policy which in ?ccordan¢e with the requirements of the Charity Commission lakes account of.. a major and expensive disruption to our operation; a degradation in revenue that ltIMatelY leads to the failure of the museum". the routine replacement of the inlerpretalion equipment and display material. The interim total level of ffseryes for 2017 was sel at £100,000 with the expectation of an increase lo £200,000 in future years provided that the Museum's core revenue streams reach their growlh targets. During 2021, in response lo the real threats lo small museum's from COVID the Trust further agreed that there was a requirement to further develop the Reserves policy. It was agreed that there should be.. A Designated Perpetual Mainlellance Fund of £100K lo meet the routine replacement and maintenance of fixtures and fittings and inlerpretalion and display malertal A Designated Closure Reserve of £100,000 is maintained, which would enable the Trust lo meet governance, employment and lease obligations in the event of closure. The TnJ51 had total reserves al 31 December 2023 of £732,g44. LIBOR Funding is accounted for in a separate designated fund, the LIBOR Fund. The balance on this fund at 31 December 2023 was £277,738. In addition lo the LIBOR Fund is the AIM Gallery Blinds Fund which held a balance of £Nil, this was also restriGled. A deslgnaled fund of £30,000 as seed funding for a future development of the OperdliDns Room, this had balance at 31 Dember 2023 of £23,000. Additionally, 8 designated fund of £322 has been set towards the funding for the resloralion of the bunker door handle. All other ftsnds amounting to £216.239 are general unrestricted funds. structure, governance and management Constltution Bentley Priory Ballle of Brrlain Tnjst is a company limited by guarantee governed by its Memorandum and Articles of Association dated 29 November 2005, as amended by a written resolution on 11 July 2006. 11 is registered with the Charities Commission, registered number 1115243 with effect from 12 July 2006. Anyone can become a member of the Company. if approved by the board of trustees, and there are currently 10 members, each of whom agree lo contribute £10 in the event of the charity winding up. Page 4
THE BENTLEY PRIORY BALE OF BRITAIN TRUST IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management Iconlinuedl b. Methods of appointment or election of Trustees As set out in the Articles of Association the Chair of Trustees must be a trustee who should be a retired officer of the Royal Air For in the rank of al least Air Vi~marShal. If no such person is, in the opinion of the Directors, suitable or no such person is available then al the Oiwlors, discretion the chairman may be a Director who is a retired officer of the Royal Air Force. Following the first Annual General Meeting where all director5 Ust retire from office, one third of the directors retire by rotation at subsequent Annual General Meetings. Trustees are eligible for re-election. New Trustees are appointed al the recommendation of the Board of Trustees and all members are circulated with invitations lo nominate trustees prior lo the AGM. The trustees serving 5inGe the last annual reRx)rt were a5 follows.. Mr David Ashton IAppDinted 28 Nov 17., resigned and reappointed 28 Sep 22., resigned 17 Jul 241 Air Vice-marshal Clive Bairslo IAppointed 6 May 15., resigned and reappointed 20 Sep 211 Miss Karen Barker (Appointed 28 Nov 17., resigned and reappointed 28 Sep 22) Ms N Brown (Appointed 28 Jul 14,. reslgned and reappointed 22 Aug 17., resigned and reappointed 12 Aug 201 Mr Dean Benton (Appointed 17 Sep 19) Wing Commander Erica FergusDn MBE (Appointed 05 Mar 15,. resigned and reappointed 20 Sep 21} Mr Gary Headland (Appointed 23 Jan 241 Air Vice-Marshal18n Morrison (Appointed 17 Sep 19., resigned and reappointed 17 Ocl 231 Wing Commander L R Powell (Appointed 17 Sep 09; resigned and reappointed al 6 May 15,. resigned and reappointed 18 Sep 18., Resigned 15 Apr 231 Air Marshal Cliff Spink {Appoinled 1 March 16., resigned and reappointed 17 Sep 20., resigned and reappointed 28 Sep 221 Air cd lan Stewart (Appointed 23 Jan 241 Ms S8ngila Unadkal (Appointed 28 Jul 14,. resigned and reappointed 22 Aug 17., reslgned and reappointed 12 Aug 20,. resigned and reappointed 17 Ocl 231 Organi$atlonal structure and declslon-maklng policies The Board of Truslees administers the charity. The minimum number of Trustees is 2, and the Trust is fortun8le to have an experienced. strong board of 10 Trustees, who bring a wide range of skills to the organisalion. A Skills Matrix of Trustees is regularly updated. On 28 Juty 2014, the Trustees endorsed the formation of an Executive Committee, lo provide the Mu5eurn Director with an interface between the operational management of the museum and the strategic goveman prowded by trustees. The Executive Committee currently consisting of 5 Trustees and the Museum's Director. While strategic governance is effected by the Trustee Board, the Museum Director has delegated authority lo manage the museum operation and the associated resources in order lo meet the annual objectives sel by the Trustee Board. The Executive Committee of Trustees gives operational oversight and supporL Routinely, the Executive Committee meet monthly. The Executive Commillee can aulhorise additional expenditure beyond that endorsed by Trustees in the annual budget, which itself is based on the five-year business plan, subject lo affordability, up lo £5,000 per quarter for running costs and £10,000 per quarter for GAPEX. Page 5
THE BENTLEY PRIORY BArrLE OF BRrrAIN TRUST IA company Ilmlt•d by gullrant•• TRU8TEE8' REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DE¢EM8ER 2023 Structurei qoveTn4nce and manAg?mtnt loontlnu•d d. Rlsk minAgem•nt The Trustees regu18rly ex8mlno the rtsk reglsler vthich r8cords the major slralegic, business and operational risks thal the charfty faces. Tru8tees Car8fUl monllor the Income and expendilura of the Museum at Executive committ and Board level lo ensure financial stability and 5UStainabllity. The Risk Register Is updated regularly and used lo identify eaily waming of trends and to make straleglc decisions at Trustee meetings. Stst•m•irt of Trust••5' r¢sponslbilitiè5 The Tnjstees (who are also the dlTeclors of the Comparby for the purposes of company law) are responsible for preparlng the Trustees, report and the flnRncial slalements In accordance with aPplicae law and United Kingdom Accounting Standards Iunlled Kingdom Generally Accepted Accounung Pract[1. Company law reqLMres the Trustees to preparo flnanelal statements for each financial . Under company kw. the Trustees must not approvè the financial statements unlèss they are solisfied that they give a true and fair view of the sla16 of affairs of the Company and of Ils inwming resources ?nd applic£tlon of resources, including Its Income and expendlture. for that pe0. In preparfng these flnancial statemènts, the Trustees are required lo- select sullable accountir¢g policles and then apply them consistentl, ObSee the methoLl$ and principlos ofthe ChaeS SORP IFRS 1021.. make judgm9nts and aOUnting estimates th8t ar8 reasonable and prudent., state wheiher applicable UK Accounting Standard5 (FRS 102) have been followed, subject to any m3iertal departures disclosed and explained In the finanEi&l statements., prepare the financial st81ements on the going concern basis unless It is inappropriata lo presume that the Cornpany will conllnue In buslness. Th8 Trustees are responslble for keeping adequate accountlng records that are suffi¢Eent to show and explain the Companvs Iran58Ctlons and dlsclose wllh reasonable accuracy at any Ilme Ihe financial position of the Company and enabl& them to ensure that the financyal statements comply th the Compatiies Act 2Q(6. They are also responsible for safeguarding the assets uf the Comparry and hence for taking reason8ble steps for thè preventlon and detection of fraud and other irregularftias. Approved by order of the members of tha board of Tfustees on 24 September 2024 and signed on their tehaif by: lanc orriso BE FRAeS Chair of the Board of TnJsl885 Pago 6
THE BENTLEY PRIORY BArrLE OF BRITAIN TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examiner's report to the Trustees of The Bentley Prlory Battle of Brltaln Trust I'thg Company'l I report lo the Gharity Trltslees on my examination of the accounts of the Company for the year ended 31 December 2023. Responsibilities and basls of report As the Trustees of the Company land ils directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accotsnls of the Company are not required lo be aLJdiled under Part 16 of the 2006 Act and are eligible for independent examlnalion, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charitie5 Act 2011 I'lhe 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 14SI5)(bl of the 2011 Act. Independent examinerfs statement Since the Company's gross incorne exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of Institute of Chartered Accountants in England and Wales. whlch is one of the listed bodies. I have completed my examination. I confirm that no mallers have come to my attention in connection with the examination giving me cause lo believe-. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Acl,- or the accounts do not accord with those CordS,. or the accounts do not comply with the accounting requlrements of section 396 of the 2006 Act other than any requirement Ihal the accounts give a 'lrue and fair, view which 15 not a maller considered as part of an independenl examination,. or the accounts have not been prepared in accordance with the methods and principles of the Slalement of Recommended Practice for accounting and reporting by charities lapplicable lo charilles preparing thelr accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 10211. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this port in order to enable a proper understanding of the accounts lo be reached. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Account5 and Reports) Regulations 2008. My work has been undertaken so that I might slate lo the Compafiy's Trustees those mallers l am required to stale to them in an Independent examineffs report and for no other purpose. To the fullest extent permilled by law, I do not accept or assume responsibility to anyone other than the Company an ompany's Trustees as a body, for my work or for this report. Signed.. Roland Parry FCA Magee Gammon Corporate Limited Chartered Accountan15 Dated-. 24 Septembèr 2024 Inslilule of Chartered Accounlanls in England and Wales Page 7
THE BENTLEY PRIORY BAThLE OF BRITAIN TRUST IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestri¢t¢d funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income frorn: Donations and legacies Charitable activities InvestrFJenls Other income 77,726 49,648 230,084 3,724 3,680 127,374 230,084 3,724 3,680 15,446 196, 749 4, 680 3, 698 Total income 77,726 287,136 364,862 220,573 Expenditure on: Charitable activities 60,766 340,023 400,789 352.986 Total expenditure 60.786 340,023 400,789 352,986 Net incomel{expenditurel Transfers between funds 16,960 14,2631 152,8871 4,263 135,9271 (132,413) 17 Net movement in funds 12,697 48,6241 135,9271 (132.413) Reconclliation of funds: Total funds brought forward Nel movement in funds 280,696 12,697 488,175 148,6241 768.871 {35,9271 901,284 (132,413) Total funds carrled forward 293,393 439,551 732,944 768.871 The Statement of financial a¢livities includes all gains and losses recognised in the year. The notes on pages 10 to 24 form part of these financial statements. Page 8
THE BENTLEY PRIORY BArrLE OP 8RITAIN TRUST IA company Ilmlt•d by gu•r#nt••) REGISTERED NUMBER: 05639463 BALANCE 8HEET A8 AT310ECEMBER 2023 2023 2022 Not• Flxed ass•ts Tangible assets 12 144,864 204.437 144,864 2Q4,437 Currtnt Issets Stocks Debtors Cash al bank and In hand 13 14 17,267 40.848 668,366 13,683 35,324 548,OLN4 616,480 597,017 Creditors: amounts falling due within one year 15 {28AOOI {32,577) Net current assets 588,D80 564,434 Total n¢1 ass 732,944 768.871 Chaiiiy fvnds Restricted fvnds Unrestricted funds 293,393 439,651 280,696 488. t75 17 Total funds 732,944 768,871 The Company was entiiled to exemption from audlt undèr secvtsn 477 of the Companias Act 2006. The members have not required the company to obtsin an audit for the year In question ir¢ aOrdance with secoon 478 of Companies Act 2QO6. The Trustees acknowledge thelr resp)nslbilllles for eamptylng wlth the requirements of the Act with rpspect to acxxjunting records 8nd prep8r8tion of financ¢al slatemenls. The financial staternpnts have b8fjn prepared Irb 8rdance with th8 provlsions appllcabla io entities subject to the small CA)mpanles reglme. The financi818tatsments were appr¢)ved and aulhorlsed for Issu8 by th8 Trust868 on 24 Seplember 2024 and Signed on their beh81f by: LAE Fqdj The notos on pages 10 to form of Ihe6e flnanclal 818leman Pgge 9
THE BENTLEY PRIORY BAThLE OF BRITAIN TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General inlormation The Bentley Pryory Batue of Britain Trusl, a charitable trust, incorporated in England and Wales under company number 05639463, registered with the Charity Commission under charity number 1115243. The registered ollice of the charity 15 Bentley Priory Museum, Mansion House Drive, Stanmore, Middlesex, HA7 3FB. The company is limited by guarantee. The members of the company are the trustees named on page 1. In the event of the Company being wound LJP, the liability in respect of the guarantee is limited lo £10 per member of the company. Accounting pollcies 2.1 Basis of preparation of financlal statements The financial statements have been prepared in 8ccordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol I13nd IFRS 1021 leffeclive 1 January 20191, the Financial Reporbng Stsndard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2008. The Bentley Priory Battle of Britain Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historic81 cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Income All income is recognised once the Company has enlitlemenl lo 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 enlillement lo a legacy exists when the Company has sufficient evidence that a gift has been left lo 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 eslale. Receipt of a legacy must be recognised when il is probable that Il wll be received and the fair value of the amount receivable, which will generally be the expected cash arnounl to be distributed lo the Company, ¢an be reliably measured. Grants are included in the Slatemenl of financial activities on a receivable basis. The balance of income received for Specific purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of ents'tlemenl of reTript, ils recognition is deferred and included in creditors as deferred income. Where enlillemenl occurs before income is received. the incame is accrued. Where the donated good is a fixed asset, il is measured al fair value, unless it is impractical to measurè this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donallons and a corresponding amount is included in the appropriate fixed 8ssel class and depreciated over the useful economic life in accord8nce with the Companls accoynting policies. On receipt, donated professional services and fa¢ilities are recognised on the basis of the value of the gift lo the Company which is the amount il would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open markel; a corresponding amount is then recognised in expenditure in the period of receipt. Page 10
THE BENTLEY PRIORY BArrLE OF BRITAIN TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policles {continuedl 2.2 Income (continued) ncome tax recoverable in relation lo donations received vn(Jer Gift Aid or deeds ol covenant is recognised al the lime of the donation. Income lax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on complets'on of the service. 2.3 Expenditure Expenditure is recognised once there is 8 legal or constructive obligation to transfer economic benefit lo a third paty, il is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity a made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs allribulable to a single activity are allocated directly lo Ihal actlvity. Shared costs which contribute lo more than one activity and support costs which are not atlribulable to a single acl¢vity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on thè basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Tangible fixed assets and d9proclatlon Tangible fixed assets costing £500 or fflore 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 recogni5ed at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their eslimaled Ljseful lives, on an appropri31e basis. Depreciation is provided on the following bases.. Plant and machinery Fixtures and fittings Office equipment BelN4een 3 years and 6 years slraighl line Behveen 3 years and 25 yeaTS straight line 33410 Straight line 2.5 stocks stocks are valued at the lower of cosl and net realisable value after making due alk*wance for obsolete and slow-rnoving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Page 11
THE BENTLEY PRIORY BAThLE OF BRITAIN TRUST (A company limited by guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcies {continuedl 2.6 Debtors Trade and olh2r debtors are wognised al the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the dale of acquis11ion or opening of the deposit Dr similar account. 2.8 Liabilltles and provlslons Liabilities are recognised when there is an obligation al the Balan¢e sheet date as a result of a past event. il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to sellle the debt or the amount il has received as advanced payments for the goods or seNices it musl provide. Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where the effect of the b.me value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specifi'c lo the liability. The nwinding of the discount is recognised in the Statement of financial aclivilie5 as a finance cost. 2.9 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest melhod. 2.10 Penslons The Company operates a defined Conlrlbtrtlon pension scheme and the pension charge represents the amounts payable by the Company to the fund In respeet of Ihe year. 2.11 Fund accountlng General funds are unrestricted funds which are available for tjse al the discretion of the Trustees in furtherance of the general objectives of the CDmpany and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fvnd is set Dut in the notes to the financial stalemenl5. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged agaillsl the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial ststements. Investment income, gains and losses are allocated to the appropriate flind. Page 12
THE BENTLEY PRIORY BArrLE OF BRITAIN TRUST IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from grants, donatlons and legacies Restricted Unrestrl¢ted funds funds 2023 2023 Total funds 2023 Donations Grants 49,648 49,648 77,726 77,726 77,728 49,648 127,374 Restricted Unrestricted funds funds 2022 2022 6,488 6,000 Tol81 funds 2022 6,488 8.958 Donations Grants 2,958 2,958 12,488 15,446 Income from charltable activitie5 Unre$trl¢ted funds 2023 Total funds 2023 Museum entrance income Endowment income Shop and catering income Room hire and everlt income 55,418 116,000 51,794 6.872 55,418 116,000 51,794 6.872 230,084 230.084 Unrestricted funds 2022 rolal funds 2022 Museum entrance income Endowmenl income Shop and catering income Room hire and event income 46,429 100,000 43,212 7,108 46,429 foo,000 43,212 7,708 196, 749 196.749 Page 13
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income Unrestrlcted funds 2023 Total funds 2023 Interest received 3,724 3,724 Unr8s117Cted funds 2022 Total funds 2022 Interest received 4,680 4, 680 Other Incoming resource5 Unrestricted funds 2023 Total funds 2023 Royalties Partial exemption VAT recoupment 68 3,612 68 3,612 3,68D 3.680 Unreslricled funds 2022 Total fvnds 2022 Partial exemption VAT rècoupment Royalties Business interruption Glaim 3,174 24 3,174 24 500 500 3,698 3,698 Page 14
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysls of expenditure on charitable actlvities Summary by fund type Restricted Unrestricted funds funds 2023 2023 Total 2023 Museum costs 60,786 340.023 400,789 Restricted Unrestricted funds funds 2022 2022 Total 2022 Museum cosls 5,987 346,999 352,986 Analysis of èxpenditure by a¢tlvltie$ Support costs 2023 Total funds 2023 Museum costs 400,789 400,789 Support costs 2022 Total funds 2022 Museum costs 352.986 352.986 P8ge 15
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities Icontlnuedl Analysis ofsupport costs Total funds 2023 Activitles 2023 Staff costs Depreciation Insurance Maintenance costs Rates and utility bills A(Jminislralion and office expenses Learning centre aclivitles Museum costs 141,971 63,836 26,670 40,569 141.971 63,836 26,670 40,569 li 15,536 47.450 547 50,000 1,634 9,270 3,306 1S,536 47A50 547 50,000 1,634 9,270 3,306 Marketing costs Accountsncy fees Independent examination fees 400.789 400.789 Total lunds 2022 Activities 2022 Stsff costs 130,249 74,803 24,613 45, T49 14.405 37.289 89 10,583 3.266 8.820 130,249 74,803 24.613 45, 749 14,405 37.289 89 Depre¢iation Insurance Maintenance costs Rates and utility bills Adminislralion and office expenses Learning centre activities Museurn costs Marketing costs Accountancy fees Independent examination fees 10,583 3,266 8,820 li 3.120 3,120 352,986 352,956 Indepondent examiner's remuneration The independent examiner's remuneration amounts to an independent examiner fee of £3,306 (2022 £3, 1201 Page 16
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST IA company limÈted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Stsff c05ts 2023 2922 Wages and salaries Social security costs Contribution to defined contribution pension schemes 133,381 4,986 3,602 123,130 3, 733 3,386 141,971 13Q.249 The average number of persons employed by the Company during the year was as follows.. 2023 No. 2022 No. No employee received remuneration amounllng lo more than £60,000 in either year. 11. Trustees, remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2022- £NIL). During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL). Page 17
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Tangible fixed assets Plant and Flxtures and machinery fittings Office equlpment Total Cost or valuation Al 1 January 2023 Additions 171,476 3,405 1,032.246 26,634 858 1,230,356 4,263 At31 December 2023 174,881 1.032.246 27,492 1.234,619 Depreciation At 1 January 2023 Charge for Ihe year 154,906 15,693 846,031 46,302 24,982 1,841 1,025,919 63,836 At 31 December 2023 170.599 892,333 26,823 1,089,755 Net book value Al 31 December 2023 4,282 139,913 669 144,864 At 31 December 2022 16,570 186,215 1,652 204,437 13. Stocks 2023 17,267 2022 Finished goods 13,683 14. Debtors 2023 2022 Due withln one year Other debtors Prepayments and accrued income 16,294 24,554 13,817 21,507 40.84B 35,324 Page 18
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Creditors-. Amounts falling due wlthln one year 2023 2022 Trade creditors Other laxalion and social se¢urity Pension fund loan payable Accruals and deferrecs income 3,499 3,219 1,020 20,662 1,846 2,542 912 27,277 28,400 32.577 16. Flnancial instruments 2023 2022 Financial assets Financial assets measured at fair value through income and expenditure 558.364 548,004 Financial assets measured al fair value through income and expenditure comprise cash al bank and in hand. Page 19
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST A company limited by guaranteEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds Statement of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Transfers inlout Income Expendlture Unrestricted funds Designated funds Perpetual Maintenance Fund Closure Reserve Operations Room Bunker Door Handle 100,000 100.000 30,000 322 100,000 100,000 23,000 322 17,000) 230,322 17,0001 223,322 General funds General Funds 257,853 287,136 {340,0231 11,263 216,229 Total Unrestrlcted funds 488,175 287,136 1340,0231 4.263 439,551 Restricted funds The Ministry of Defence (LIBORI AIM Gallery Blinds Clerk Special Duties IHLFI 277,738 2,958 2TI,738 2,954 74,772 {5,9121 154,884} 14,2631 15,655 280,696 77,726 160,7661 {4,2631 293,393 Total of funds 768,871 364.862 {400,7891 732,944 Page 20
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds (continued) Statement of funds - prior year 8alancg 81 31 Decemb81 2022 Balance al l January 2022 Transfers in/oul Income Expenditure Unrestricted funds Designated funds Perpetual Maintenance Fund Closure Reserve Operations Room Bunker Door Handle loo,000 100,OQQ 30,000 loo.000 loo.000 30,000 322 322 230,000 322 230,322 General funds General Funds 374,251 217,293 (346,999) 13,308 257,853 Totsl Unrestricted funds 604,251 217,615 (346.999) 13,3Q8 488, t75 Restricted funds The Ministry of Defence (LIBORI NLHF Bunker Project AIM Gallery Blinds 281,805 15,228 (4,067) {1, 920) 277, 738 (13,308) 2,958 2,958 297, 033 2,958 (5.987) f73,308) 280,696 Total of funds 901,284 220,573 (352,986) 768,871 Page 21
THE BENTLEY PRIORY BATTLE OF BRITAIN TRUST IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18, Description of funds The Minisl of Defence LIBOR Restricted F n LIBOR funding from the Ministry of Defence IMODI on behalf of Her Majesty's Treasury IHMT} to enable the enhancement of the Museum's Learning Genlre, develop the SGhools Learning Resource and lo subsidise school lessons. The Nation l Lotle Herita e Fund Reslrlcted Fund The Bunker funding from the National Lottery Fund for Heritage is a grant lo deliver a project, focuslng on the changing role of the Bentley Priory Bunker and those who worked t5nderground in il from World War 2 lo the Cold War. The transfer in the year is to reimburse the expenditure and staff costs incurred by the general fund on behalf of this prolect. Association of Inde endenl Museums AIM Restricted Fund The lullding received from Association of Independent Museums is a grant for the filling of blinds lo one of the museums galleries lo prevent sunlight damage lo the collection. Per elual Maintenance Fund De51 naled Fund In 2017 the trustees sel up this designated fund lo cover the Charity's running G05ts in the event of a major disruption. Closure Fund Desi naled Fund In 2021 the trustees sel up this deslgnated fund. of £100,000, which would enable the Trusl to meet g0veman, employment and lease obligation in the event of closure. Desi nated Fun erats'ons Room Fund A designated fund of £30.000 has been sel towards the fLSnding for future developments of the aperalions Room, by the trustees. in the year. Bunker Door H ndle Fund Desi nated Fund A deSnated fund of £322 has been sel towards the funding for the restoration of the bunker door handle. Clerk S HLF ecial Du ies A grant received from The National Lottery Heritage Fund, focusiny on the WAAF who served in the role of 'Clerk. Special Duties, during World War 11. Project volunteers recruited lo co-curale a temporary exhibition and new inleraclive timeline 'Day in the Battle,, with new reSOurS created for families and for Brownies. Page 22
THE BENTLEY PRIORY BArrLE OF BRITAIN TRUST {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Summary of funds Summary offund5 - current year Balance at 31 December 2023 Balance at I January 2023 Transfers inlout Income Expenditure Designated funds General funds Reslricled fLtnds 230.322 257,853 280,696 17,0001 11,263 14,2631 223,322 216.229 293,393 287,136 77,726 1340,0231 160,7661 768,871 364,862 1400,7891 732,944 Summary of funds- prlor year Bal8nGe al Balance al 1 January 2022 Decgmber 2022 Transfe in/oul Income Expenditu 322 217,293 2,958 Designated funds General funds Restricted funds 230,000 374,251 297,033 230,322 257, 853 280, 696 (346,999} (5, 987) 13,308 (13,308) 901,284 220,573 (352,986) 768.871 20. Analy$ls of net assets between funds Analysls of net assets between funds - current year Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Difference 144,864 321.177 {26,4801 11UI 144,864 616.480 (28,4001 295,303 11,9201 10 Total 293,393 439,561 732.944 Page 23
THE BENTLEY PRIORY BArrLE OF BRITAIN TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Analysls of net assets between funds Icontlnued) Analysls of net a5$ets between funds - prior year Restricted Unrestncted funds funds 2022 2022 Total funds 2022 Tangible ffixed assets Current assets CTedilors due wilhin one year 204,437 314,395 (30, 657) 204,437 597,011 {32.577J 282,616 (1,920) Total 280,696 488,175 768,871 21. Pension commitments The trust operates a defined contribulion per¢sion scheme. The assets of the scheme are held separalety from those ol the trust In an independently administered fund. The pension cost charge represents contributions payable by the trust to the fund and amounted to £3,602 (2022 - £3,386>. Contributions tolalling £1,020 12022 - £9121 were payable to the fund al the balance sheet date and are included in creditors. Page 24