Registered number: 06743823 Charity number: 1126776 AIRBORNE ASSAULT LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AIRBORNE ASSAULT LIMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charitable Company, its Trustees and Advisers Trustees. Report Independent Auditorfs Report on the Financial Statements Statement of Flnancial Activities 2-12 13-16 17 Balance Sheet 18-19 Notes to the Financial Statements 20-38 AIRBORNE ASSAULT LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Brig (Retd) M P Lowe, Chaimian Brig (Retd) A Wright, Vice-chaiman Col. (Retd) G Livingslone Col. {Retd) M R Wills Mr G Boyd (resigned 6 February 20251 Col J D Loudoun (resigned 8 February 2024) Mr R Moore W02 S Evans MrMPrtt Col. G R Orpen-smellie Col. R Arter (appointed 11 July 20241 Company registered number C6743823 Charity registered number 1126776 Registered office Airborne AssaLtIt Limited Regimental Headquarters Merville Barracks Colchester Essex C02 7UT Independent auditor Sumer Audrtco Limited Statutory Auditor 820 The Crescent Colchester Business Park Colchester Essex C04 9YQ Bankers Holts Military Banking. RBS 200 Fowler Avenue Fowler Business Park Famborough GU14 7JP Solicitors Howard Kennedy LLP l London Bridge London SE19BG Page 1 AIRBORNE ASSAULT LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees of Airbome Assault Limtted IAAL), who are also Directors of the charrty for the purposes of the Companies Act 2006, present their Teport wtlh the financial stalemenls of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of 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 st January 2019). Since the Charitable Company qualthes as small under section 382 of the Companies Act 2006, Ihe Strategic Report required of medium and large companies under the Companies Act 20C6 {Slrategic Report and Directors, Report) Regulations 2013 has been omitted. OBJECTIVES AND ACTIVITIES Purposes and aims.. The Charitable Company's purposes are set out in the objects contained in the Articles of Association.. The education of the public and semce personnel about the history, deeds. tradrtions, and the role of The Parachute Regiment and Airborne Forces. The promotion of military efficiency by assisting recfuitment and retention and fostering the esprit de corps of The Parachute Regiment and Airborne Forces. The commemoration and remembrance of those members of The Parachute Regiment and Airborne Forces who have died while on active service., and the encouragement of public recognition of the Sacrifi￿ made by such persons. AAL comprise5 four distinct elements.. The Airborne Assault Museum Collection is an independent Museum located in the Air Space Hangar at IWM Duxford. 11 is the official regimental museum of The Parachute Regiment. The museum uses innovative interpretations in its object-rich colleclion. To integrate with its online archive, fixed Ipad kiosk terminals are also installed and available via visjtorfs mobile deVi￿S. ParaDala is The Parachute Regiment's and Airborne Forces, official online rnuRi-media digital archive operated, maintained and developed by AAL. 11 is an encyclopaedia of official and accurately researched information about The Parachute Regiment and Airbome Forces. Its aim is To provide an easily accessible and complete introductory history of British Aithrne Forces for the serving soldier and the public., An archive containing what the Trustees believe to be the world's grealesl collection of infoTmation on Brllish Airborne Forces which is c(Flocated wth the museum collection and is open to researchers and other interested members of the public by prior appointment. A Teserve collection of heritage assets that are held and managed in a secure controlled environment with objects regularly fotated through the museum display. made available for outreach activrties. or loaned lo other accredited museums in the UK and abroad. Ensuring the Trustees. Work Delivers Our Aims The board of Trustees reviews our aims, objectives and adivities in a forward plan. This plan looks in detail at the coming year and up to a maximum of 5 future years. In particular. al each meeting, the trustees consider how activities will contribute to the aims and objeclives that have been set and to maximise public benefit. Page 2 AIRBORNE ASSAULT LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Publlc Benefit AAL'S activities focus on engaging with the general public to educale them in the history of British airborne warfare. the character of an airborne soldier from formation to the present day, and commemorating nol only the sacrifice of those who have served but also the achievements of The Parachute Regiment and Airborne Forces. To do this. AAL has a modern. engaging gallery of objects and history combined wrth a free-lo-use online digital archive. The museum and website also provide a crucial presence in the community, covering the heritage link be￿een seNing soldiers, veterans, their families and the general public. ACHIEVEMENT AND PERFORMANCE Who used and benefited from AAL'S services? AAL welcomed 132,651 visitors to its Museum at Duxford. including the museum gallery and combined wrth visitors to the pop-up Airt)orne 80 and Drop Zone activrties in the conservation Hangar at Duxford. The majority of visitors were the general public, followed by veterans and serving soldiers along with their families. We were delighted to hosl 769 people on separate school parties, veteran associalions, and serving military units on prebooked group visits. In addrtion, we reached 400 people al outreach events at Merville Barracks, Colchester, and over 300 people on organised lectures al Duxford. These aclivitie5 allow the team to inteTact, and provide a bespoke service from lectures to handling sessions and help us achieve our charitable objectives, particularly in a busy commemorative year. The admissions policy to the museum allows for free entry for setving 16 Air Assault Brigade Combat Team (16 AABCT) units and organised regimental associations, along with a 2-for-1 offer for veterans and their families visiting not in groups. The museum's digital archive, ParaData {www.ParaData.org.uk}, provided extensive free-t￿vieW content continuously moderated and added to by AAL, which can be accessed worldwide. In 2023 ParaData had 1.1 M visitors wrth 1.5M page views. In tenns of visitor numbers. this was a 230/4 increase on the previous year, and matched previous trends of increased visitor numbers in major commemoralive years. ParaDala provides an unequalled online aiTborne archival resource available for all to wew. 11 delivers a unique resource for researchers, veterans, historians, milrtaria enthusiasts and family members to view the complete history of Airborne Forces and those that have served, and continue to serve. It is the digrtal heart of AAL. Achievements For 2024 AAL has continued to advance the visitor experience. within the gallery, and online through ParaData and social media and for the first time in 2024, an extensive lecture program and enhanced event participation in conjunction with the IWM. Increasing Covopefation with the IWM and other Regimental Museums through the AAL-managed Airborne Museums Nelwork. in both the UK and abroad. allows for engagement wlh as wide an audience as possible. Airborne 80.. Building on the success of c(KJperation over the D-Day Trail in 2023. the museum leam liaised extensively with the IWM Events Team to help fomiulate an °Airborne 80" event at Duxford. This event spanning the weekend of the Summer Airshow, was staged in the Conservation Hangar and the immediate exterior lo the Airspace Hangar. AAL curated and managed a display consisting of 15 members of Ltving History, accredited by AAL, with Jeeps, equipment and weapons from the 1944 era, alongside detailed displays of each major airborne operation in 1944. and a Waco glider cockpit from the Dumfries and Galloway Aviation Museum. AAL was delighted to be joined by several airbome museum ne￿ork members, including The Royal Engineers Museum, The Royal Signals Museum, The Intelligence Cofps Museum and The Soldiers of Oxfordshire Museum, each with Science, Technology. Engineering and Maths {STEMI activities and displays for visilors. A gallery of images of 6th Airborne veterans was also added, providing a poignant display and allowing visitors to reflect on the achievements of 1944. On the intenor hangar wall Ihe IWM projected the AAL"Above and Beyond" 30-minule film, detailing the history of airbome operations in Nomiandy. In addition. the Army Parachute Display Team The Red Devils - provided a parachute display and ground content for vi511ors to learn about parachuting. The Parachute Regiment and Airbome Forces Charrty joined the Airborne Shop with displays, and the Infantry Engagement Team for the Parachute Regiment were on hand to explain lrfe as a paratrooper. Page 3 AIRBORNE ASSAULT LIMITED IA Company Limited by Guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The event was completed successfully with approx. 20.000 people passing through the Conservation Hangar over the course of both days. Saturday was the busier day, but that was largely due lo the weather interfering with the flying program and the audience having a high proportion of families wlth a link to aitborne operations. Sunday saw a family-lype audience, with a more complete flying program. A fee was payable to AAL, from the IWM. for the display. Drop Zone.. For the IWM September Airshow. AAL was asked to provide additional display, again in the Conservation Hangar. The museum team designed a bespoke adivty zone, including displays and STEM activf(ies, divided into zones: Drop Zone.. Where visitors could leam about the science of parachuting and deploy a para toy off Ihe mezzanine floor onto a target Mortar Zone.. Visrtors could learn to Fire a reproduction mortar at targets and learn about trajectories and velocity Wartime Zone.. visiiors leamed about soldiers. rations, modes of transport (with a Jeep on display). weapons carried, and how to parachute from a Dakota. This included a simulaled jump and roll from Horsa fuselage section Modern Zone.. Here visitors got to learn about soldiers, rations. modes of transport {with a Quad Bike on display}, weapons carried, and how Night Vision woths Together wth fully deployed parachutes on display and veteran volunteers on duty, the display provided activities and displays for a wide range of visrtors. It also provided the opportunity for visitors to try on equipment, including body armour, helmets and webbing, and contrast those between the wartime and modem variants. It is estimated that 10.000 visitors passed through the display over the course of the airshow weekend, with a fee payable to AAL from the IWM. ParaData.' For ParaData, the accessibility and search lunctionalty have consistentty enabled medi8 companies worldwide and family historians to source and utilize digitized content effectively. Visitor numbers were substanlially higher than the previous yeaf. tied to the 80th anniversary of 5 major airborne operations in the Second World War. Stltdent volunteers, trained in 2023, continued to develop content for the sile and focused on operations. From this work, enhanced articles were published for Operation Varsity, the Aden Campaign, the Battle of Sangshak and the development of Indian Airborne Force5. Biographies of key personalities were also improved, particularly that of Gen Sosabowski, commander of the 1st Independent Polish Parachute Brigade in the Second World War. Links lo SeNing Units and Veteran Groups.. The museum team and truslees are proud of our close links to the unrts of 16AABCT and were pleased to host a North Afnca Study day for unrts. with lectures, subject matter experts and a handling session. The museum team also provided bespoke displays for a number of regimental events, including the Regimental Day at Colchester. In addslion. 13 Air Assault Regiment RLC staged an exercise at Duxford, wrth their HQ Company utilising the sile to develop adequate command and control in a covert urban environment. The team provided a number of talks for the Pathfinders. and reciprocally, that unit helped update their display in the museum. For veterans. we were delighted to host a number of Parachute Regimentsl Association branches on group visits. Page 4 AIRBORNE ASSAULT LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Education and Outreach.. The IWM asked AAL if we could assisl with the Arnhem commemoralions wrth events or lectures. The museum team designed and implemented 2 weeks of activrties. with the team providing IAvice daily tours of the AAL archive, utilising rare Afnhem-related exhibits from the collection. whilst AAL-trained IWM guides provided guided tours of the A4L museum. This accredilalion of anolher museums volunteers went exceptionally well and each was presented with an AAL guide badge to mark the successful completion of their training. The curator also provided a lecture and Q&q session at an IWM screening of the film 'Theirs is the Glorf. Finally, AAL arranged foi a lecture day with subject matter experts, Gen Freer {Leclure on overall Op Market Garden), Giles Orpen Smellie (Lecture on what might have been rf Op Comet had gone ahead), Jory Brentjens (From Hartenstein Museum providing a lecture on Austrian and Gemian Jews fighting on the British sidel and Allen Esler Smith (Providing a lecture on the Amhem film.- Theirs is the Glory). These lectures covered the baltle from a variety of angles and topics. providing an ex￿lIent overvw of the most analysed 9 days of combat in the Second World War. The lecture was the highest selling in the history of lectures at Duxlord, and the audience was engaged throughout the day. leading to a slight overrun. Across the board, the AAL-supported events generated numerous 5-slar trip advisor reviews. As an added benefit the IWM kindly professionally photographed each AAL Arnhem object for AAL to use copyright-free on the new version of ParaData, and paid a fee to AAL for the lecture program. Media.. AAL provided carefully curated content for RHQ PARA social media streams to be utilised on various Stxial media platfomis to engage with a variety of users and all linked back to the museum and ParaDala. These overed the main Battle Honours for the The Parachute Regimenl and Airborne Forces. Continulng Development of AAL Reserve Collection.. After the move of the Reserve Collection lo MRTC Bassingbourn in 2023. new racking and shelving was added and in 2024 the team began a comprehensive Collections Review lo document every object in the collection and to meet the requirements of Accredtlation. As the holders of the m05t complete collection of British airborne-related artefacls in the UK. the managemenl of the collection is central to our processes and lo this end, the team travel weekly lo Bassingboum, equipped with SPECTRUM guidelines, cameras. laptops and copies of the Accession registers to documenl every object. utilising a master spreadsheet, the collection has been broken down into categories, and each object is assessed, documented, graded and photographed and allocated a collections review number. Any Accession numbers are also noted and the Museum Object Dala Entry System IMODESI is updated accordingly. We are pleased lo report that the museum rs on course to have all objects documented by De￿mber 2026. Acquisitions.. The colleclion received 35 separate donations of objects, notably including the collection of Capt Grubb. 1st Airlanding Reconnaissance Regiment. This complete colleclion included operational orders, unique unseen imagery, accounts, and correspondence from senior officers. This collection will be digttised and made available through ParaData. Regulatory Compliance.. We continue lo cornp￿ with all regulatory ￿quirementS for various aspec15 of the collection from Free From Explosives IFFE), Radiation and health and safety. Those parts of the collection are managed to the highest standard to ensure we safeguard bolh visitors and the museum team of staff and volunteers. In late 2024 we continued the process to reduce holdings of Radioactive material and are liaisir)g with relevant agencies to ensure the project is managed correctly and efficiently. Compliance is reported to the board at quarterly meetings and fomis a crucial part of the Govemance Calendar. Page 5 AIRBORNE ASSAULT LIMITED IA Company Limiled by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Liaison with Other Museums. Following the re-establishment of the Airbome Museums NeI￿Ork in 2023. Ihis year saw a reinvigoration of the network. Quarterfy meetings were held via Zoom lo allow as many geographically situated museums to attend, with support from The National Amiy Museum and The Army Museum Ogilby Trust. Discussions cenlred on providing a regimental museums hub al the Summer Airshow at IWM Duxford, and we were delighted to host a number of museums at the event. All featured STEM activities, promotional material and the chance for the museum teams to exchange best praclices and contact details in person. ParaData The museum's digital archive ParaDala Ibv•M.paradala.org.uk) continued lo act as a central, authentic resource for the wider airbome community. However. by the end of 2023, it was noted Ihat the current version of the Content Management System. DruPal 9.5, would no longer be supported. Coupled with an increase in the frequency of version upgrades. this srtuation impacted the AAL'S anticipated costs and future planning. To this end, the board was proactive a ParaData Working group was established to assess all possible options, which ranged from maintaining the status quo, archiving the srte. restricting access to the museum only. re-platforming to a different system. to exploring additional morsetization opportunities. These options were weighed against riteria such as affordability. revenue generation. fulfilment of charitable objectives. risk management, and reputational considerations. Consequently. a variety of potential courses of action were explored, and after thorough research into suitable companies, were selected to submit tenders. These options included transferring to another DruPal hosting company or engaging a dedicaled digrtal archive specialist. In collaboration with The Parachute Regiment and Airborne Forces Charity, the archwe specialist company, Pastview, was chosen based on their competitive pricing. perfomance, and proven track record wrth other archives and museums. Additionally, Pastview offers a user-friendly front end cornbined wrth an enhanced Content Management System. which signrficantly improves the visrtor experien￿. Many processes are automated, including password resets and imagery sales, and rt also provides the capability lo implement various membership levels and pricing for imagery and documents. The PRAFC generously provided a granl lo facilitate the Iransrtion to the new provider. work commenced on the project which was completed in April 2025. STRUCTURE, GOVERNANCE AND MANAGEMENT There continued to be a focus on both risk management and forward planning and providing quarterly reporting via a detailed Governance Calendar for Ihe board to consider. These reports form Ihe basis of our quarterly meetings, with a clearly laid out plan for future development across all the m(Jseum's activities and associated funding cycles. There were ongoing discussions and reviews as we adapted to the current economic climate and operational demands, especially with the developing IWM Maslerplan for Duxford. For 2024, all Accreditation documentstion was carefully reviewed, updated and approved by the board, as part of a biannual approval system. Several changes were made, particulady to the Colleclions Policy, Access Policy and a new Whistle Blowing Policy was also introduced. In addrtion, reporting was also added on staff training to ensure compliance with relevant legislation, such as working at height for hea￿h and safety and GDPR. Recruitmentrrraining We recruit new members to our Trustee Board from both Regimental and civilian backgrounds in order to ensure that the chartty has the correct balance of skills and knOw￿dge lo provide strong, effective governance and to deliver for our beneficiaries. stimulating herrtage rnalerials which chart the story of Airborne Forces over 80 years. We distribule relevant updates to policies and changes in the law to all Trustees as they are promulgated by the Charity Commission and coordinated via the Governance Trustee_ In addition, the Govemance and Collections Trustees regularly visit and liaise with the museum team to keep the board informed of developments. Page 6 AIRBORNE ASSAULT LIMITED (A Company Llmlted by Guarantee) TRUSTEES. REPORT {COPITINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 New Trustees are provided wtih.. copies of the AAL and PRAFMT governing documents," a regularly updated training Handbook which provides infomiation on their legal duties and responsibilities.. and a copy of the relationship and grant agreement between the PRAFC and AAL. The Trustees Handbook also acts as a key component in the induction process for polential new Trustees. We understand thal an effective board should have the necessary mix of professional skills. personal experience. and different perspeclives, combined with enthusiasm. Staffing A full-time C2 grade Ministry of Defence Civil SeNant manages AAL'S day-to4ay operalions and provides regular perfomance reports at the Trustee Board meetings. During the period under review. the Curator was supported by one full-time member of staff, one part-time member of staff, and a team of dedicated volunteers. Pay scales and expenses are set bylcomparable to equivalent MOD Civil Service grades and assessed against The Museums Association Salary Research and Recommendalions paper, published in November 2022, for curatorial pay bands. An above-inflation pay award was made to the team during this period. and a staff reporting system was utilised to provide feedback lo the team. Volunteers The Trustees would like to record their profound gratitude for the unpaid tine donated by the volunteers. The volunteer team at AAL are proactive and an integral part of operations. AAL encourages volunteers to play an active role and appreciates the skill set of a mixed team of retired and serving aitborne soldiers, subject matter experts. interested members of Ihe public and the affiliated living hislory groups. They provide invaluable assistance to the curatorial team in all aspects of the museum's operations, inclvding group visils, enquiry research, collection management tasks and digitisation and Cfealion of narrative for ParaData. The team is managed day to day by the curator, with a trustee also taking an active role in managing the events diary and keeping volunteers informed via a monthly newsletter. We continued to develop the relationship with Anglia Ruskin Universivs History Department and were joined by additional volunteers in 2024. These new volunteers have been ulilised to develop content on Par8Data, digitise archival records and have also undertaken training on MODES to assist with collection management tasks. Of nole, one volunteer digitised 23,000 post-war parachute course reports into a database to enable the Welfare Team at RHQ PARA to receive instant responses to verification checks for seTvice from veterans askin9 for support. Heritage Assets The Parachute Regiment and Airborne Forces Museum Trust holds a large number of objects in connection with the history of Airbome For￿$ and consists of the Museum's collections both on and off display. They include medals, unifoms, equipment, vehicles. an extenswe archive of documents and imagery and other artefacts. The objects are considered heritage assets under the Slatemenl of Recommended Practice terms as they are tangible assels of historic or artistic importance; consequentty. no value is placed on either the asset or the donation for accounting pury)oses. The management policy in respect of heritage assets is summarised in the note below. The valuation is not inclltded in the accounts as, in our view. they would never be sold. There are 4 main elements to the collection." the display in Duxford. the physical archive al Duxford. the digital archive ParaData. and the reserve collection held sepaTalely at Ba5singbourn. The public is able to access the museum in Duxford when the site is open during the week, the archive by appointment and can view ParaDala online. Heritage assets from the reserve collection can be retrieved by museum staff for prearranged viewing at DLtxford. Page 7 AIRBORNE ASSAULT LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The charity does not actively seek new items for the museum but does regularly receive items, both donated and on loan, from both serving members of the Parachute Regiment and those who have previously served in Airborne Forces or their families. The charity utilises digital and physical recording for each asset and has an approved Collections Policy and Plan to the Collections Trust SPECTRUM 5.1 guidelines. Any disposals from the collection, including the sale of individual objects, are approved by the trustees following The Collections Trust SPECTRUM 5.1 guidelines and Ihe museum's disposal policy. The trustees reserve the right to sell an individual object but onty after careful consideration of ils provenance, condrtion and relevance. and only after careful consideration and extensive efforts to ￿turn to the original donor or relocate lo other institutions. The entire collection would never be offered for sale. Heritage Assets Note As the majority of artefacts were accrued in the 1950$ and 1960s. upon the initial establishment of the original museum in Aldershot, they would never be sold in Iheir entirety, and for this reason, the value is not included in the accounts. Fundraising Activity We were delighled lo see an increase in funding in 2024, with cooperative working with the IWM on a number of projects, with support provided by AAL for lectures and airshows. The museum team designed 2 separate bespoke support packages foi the IWM Summer and ALrtumn airshows. wtth the first focusing on telling the history of airborne operalions 80 years ago, with Ihe second providing hands-on activities relating lo parachuting and comparing and conlrasting wartime and modern paratroopers. For both airshows, AAL was paid a fee. and this mutually beneficial support will continue into 2025. and it is hoped thereafter. In addition, the airshow allowed for The Parachute Regiment and Airt)ome Forces Charity and the Airborne Shop to have retail stands, with good sales reported for both, which assists the group of tharities. The museum team ha5 had retail stock available, with a range of products and pnces, to meet visitors, needs. Stock types and levels have been adiusted to better refled the ongoing nationwde financial srtuation. We were also delighted to be asked to provide the IWM wilh support for the Amhem commemorations over a 2- week period. To deliver this package, the museum team designed a carefully curated twice4aily leclure telling the story of the battle from first-hand accounts and with objects associated with the battle. This was followed by a lecture day with talks by subject matter experts covering a wide variety of topics relating to Operation Market Garden. These tours and lectures proved very successful. wrth the lecture day breaking records for lecture-type events at Duxford. For this activity. AAL was paid a fee by the IWM, and it is hoped to expand this in future years with different topics to the benefit of both museums. The museum van, kindly donated by our Museum Ambassador, Mr Bruce Crompton. proved invaluable in attending events, and fo¥ tfansporting objects securely and safely to and from the reserve collection and onsite at Duxford. For 2024, our digrtal archive, ParaData, continued to offer a steady income stream from paid enquiries, donations, and imagery sales as well as medialpublishing companies and, crucially, enhanced income from the digital Friends premium membership scheme, which entitles those who loin to enhanced access lo the digital archive, including every issue of the regimental joumal. Pegasus, from 1946 to 2008, in a searchable formal. All the commercial activity on ParaDala is managed within a finance module linked lo PayPal and provides a simple interface for reporting income, with minimal administrative overheads for the museum team. We also carefully reassessed the commercial model for both the museum and ParaData. An in-depth study was made of charging schemas at other museum5, covering all commercial activities, including image sales, enquiries, Friends schemes, along wrth outreach and media assistance. From that study, a series of recommendations was made and discussed in depth. An assessment wa5 made against the need to raise funds, along with ensuring access for all to the collection. The new chaTging scheme. wrth modest price increases. which came out of those discussions, will be implemented al the relaunch of ParaDala In 2025. Page 8 AIRBORNE ASSAULT LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 All funds generated are designated for future development projects to continue the ongoing work of the Museum and its digital archive. FINANCIAL REVIEW Flnancial Managernent To operate its business effeclively, AAL produces management planning and information d¢xuments covering at least three financial years ahead. These have taken Ihe form of a Forward Plan and associated Resource Plan, allied wilh a funding agreement (on the same timescale) from the parent Parachute Regiment and Airborne Forces Charity (PRAFC}. and an Annual Plan for operations. AAL plans include a forecast of income and expenditure suitabty classified by activity and key objectives, taking account of guidance on resource assumptrons and policies provided by staff. Quartedy reporting and in4epth discussion on financial management by AAL Trustees ensures AAL is informed of any issues as they arise and can plan accordingly. The Curator. togelher wlth financial management support provided by the Regimental Headquarters through The Parachute Regimenl Treasurer, ensure prudent financial management of AAL'S finances. Financial Position Total income lor the year amounted to £183.234 (2023.. £135,913). Museum running costs amounted lo £200,286 {2023: £199,957), which includes governance costs of £4,832 {2023.' £6,805). Expenditure on raising funds totalled £123 {2023- £107). The ¢)verall deficit for the period amounted to £17.17512023 £64,151). Total funds to carry fornard at 31 December 2024 were £829.078 (2023: £846,253) of which £631,624 (2023.. £670,687} relates to The Parachute Regiment and Airt)orne Forces Museum Trust and is treated as a restncled fund in the charity's accounts. The main element of the deficrt relates to the depreciation charges for the lease, museum display, artefacts and archwe fixtures and fittings which total £54,051 {2023'. £54,659). The undedying operating deficit was £9,352 12023.. deficit of £9.492). On the museum's move to IWM Duxford in 2008 it spent funds frtting out the new space for displays-, these fixtures and fittings were caprtalised and depreciated annually until the end of 2018. The annual charge lo the SOFA until 2018 had been in excess of £184,000 but is £41,247 {2023', £41,856). Principal Funding Sources The charity's main funding sources are.. The Ministry of Defence which employs one member of staff (Curator) who works full time for the Museum, and provides grant in aid for a Museum employee. as well as some support to cover the charity's day to day costs. The PRAFC which provided a grant in 2024 of £57.432. In addition. income is generated through grants, donalions. research and archive visit fees. profrts from the chanty's trading subsidiary, merchandising and book sales. The Trustees are extremely grateful for all the voluntary incoTne provided by charities and individuals lo help keep AAL operating and wish to express their thanks for this ongoing support. This most important sotJr¢e of Income is crucial for ML to meet its objectives in preserving the unique history of The Paiachute Regiment and Airborne Forces for future generations_ Page 9 AIRBORNE ASSAULT LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Related Parties The AAL charty is sole Iruslee of The Parachute Regiment and Airborne Forces Museum Trust IPRAFMTI. The latter charity, which is incorporated, was established to protect the heritage assets held by PFIAFMT. A Charity Commission Section 26 Order authorises the Iransaclional relationship between the two charities. Transactions tse￿een the charities are set out in the accounts. AAL received a grant from the PRAFC of £57,432, with further funding agreed for 2025, in line with the signed relationship agreement. Two AAL Trustees are also trustees of the PRAFC. during 2024. Investment Policy The Investment Policy for AAL and PRAFMT is to hold those funds nol immediately required to finance operating expenses in short tetm deposit accounts. Reserves Policy AAL'S Reserves Policy is to maintain a sum sufficienl to cover the annual core operatin9 deficit excluding the PRAFC grant income. The annual core operating deficit is the shortfall be￿een the charitys operating income and expenditure and excludes depreciation and development projects income and expenditure (as well as PRAFC grant income). The annual core operating deficit is presently estimated at approxirnately £70,285. As al 31 st December 2024 the charity had unrestncted funds of £129,096. This comprised £43,748 of general funds for use as Charity reserves and £85.348 of designaled funds. PRAFMT'S Reserves Policy is to hold £28,000 in cash as a contingency fund for the safeguarding and protection of the heritage collection in the event of AAL ceasing to trade. LOOKING AHEAD We are fully focused on the future. wtlh a clear and comprehensive plan up lo the year 2040. This overarching forward programme will be utilised to infom the 5 yearty forward plan alongside the assaciated risk re9lSter. We remain committed to mainlaining a highqualty, cosl*ffective and sustainable museum operation, to continue to fulfil its charitable objectwes. And thereby contributing to the engagement of the public and airborne family with the heritage and stories of The Parachute Regiment and Airbome Forces, and contrrbuting to Regimental morale and recruitment. For 2025, we will continue to support the IWM wrth expert airborne-based activities across their airshow and event days. In particular, we will look al the provision of an assauK course type activity, staffed by trained paralfoopers and a unique viewing of Ihe museum in darkness utilising Night Vision Goggles. This cooperative work will maximise both publicity and income for both museums. We will also conlinue to monrtor IWM'S own plans and how they impact our own over the next few years, paying careful attention to their master plan and associated timelines. To this end. we already have a draft plan in place for the redevelopment of the exterior of the museum, and a change in focus from the Second Wortd War to a Cold War and Contemporary one, irb line with the IWM'S future thematic changes. Wofk will be accelerated wrthin the reserve collection to build upon the improved storage, combined wrth continued progress on the extensive collections review to better shape collectin9 policy in the fulure and ensure the collection remains viable. We will also work wrth our colleagues in the Airborne Museums Network, by continuing lo develop mulually beneficial events and business opportunitie5. alongside supportive working with loans and subject matter expertise. We will also look to include museums in countries with a link. and will explore improved links with the Polish Airbome Forces in Krakow as part of a governmenl-led imitattve at the defence level between both countries. Page 10 AIRBORNE ASSAULT LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Our primary focus will be on ParaData and ils future. both in terms of the development and release of the new version wrth our colleagues al Pastview. First published in 2008, this lalesl tteralion will provide an enhanced user experience with better search facilities and an emphasis on commercial opportunities, with improved access to images and documents for sale, and a streamlined enquiry servi￿. STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees (who are also the directors of Ihe Charitable Company for the purposes of company law} are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdorn Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial slatements unless they aFe satisfied that they give a true and fair view of the stale of affairs of the Charitable Company and of its incoming resources and application of resources, including rts income and expenditure. for that period. In preparing these financial slatements, the Trustee5 are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP {FRS 102)., make judgments and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards {FRS 1021 have been followed, subjecl to any material departures disclosed and explained in the financial slatements.. prepare the financial statements on the going concern basis unless rt is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adeouate accounting records that are SLffFicient to show and explain the Charitable Company's transactions and disclose wrth reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure Ihal the financial slatements comply with the Companies Ad 2006. They are also responsible for safeguarding the assets of the Charilable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Trustees at the time when this Truslees, Report is approved has confimed that.. so far as Ihal Trustee is aware, there is no relevant audit infomiation of which the charity's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Truslee in order to be aware of any relevant audit infomiation and to establish that the charitys audrtor is aware of that infomiation. AUDITOR The auditor, Sumer Auditco Limited, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the audilor at a meeting of the Trustees. Page 11 AIRBORNE ASSAULT LIMITED IA Company Limited by Guardnteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING EXEMPTIONS In preparing this report, the Trustees have taken advantage of the small companies exemplions provided by section 415A oflhe Companies Act 20CE. Approved by order of the members of the board of Trustees and signed on their behalf by: Bri adler M P Lowe MBE Chair of Trustees Dale= i•li/ Page 12 AIRBORNE ASSAULT LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRBORNE ASSAULT UMITED Opinion We have audited the financial slalements of Airborne Assault Limited (the 'charitable company'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and Ihe related notes. including a summary of signrficant accounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland, {Uniled Kingdom Generally Accepted Ac￿Unting Practice). In our opinion the financial slatements". give a true and fair view of the slate of the charitable companls affairs as at 31 December 2024 and of its incoming resources and application of resources. including its income and expendrture for the year then ended., have been property prepared in accordance with United Kingdom Generalty Accepted Accounting Practice., and have been prepared in accordance wtlh the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS IUKI) and applicable law. Our responsibilities under those stsndards are further described in the Auditorfs responsibilities for the audil of Ihe financial statements section of our report. We are independent of the charilable company 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 eltiical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalements, we have concluded that the Trustees. use of the going concÈm basis of accountin9 in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that. individualty or collectively, may cast significant doubt on the charitable company's abilrty to ontinue as a going concem for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the Trustees wth resped to going concem are described in the relevant sections of this report. Page 13 AIRBORNE ASSAULT LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRBORNE ASSAULT UMITED (CONTINUED) Other information The other infornation comprises the infomiation included in the Annual Report other than the financial slalements and our Auditor's Report thereon. The Trustees are responsible for the other infomation contained within Ihe Annual Report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our ￿pOrt, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomation and. in doing so, consider whether the other infomalion is materially inconsistent wrth 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 perfomed. we conclude Ihal Ihere is a material misstalemenl 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 audrt.. the infomation given in the Trustees, Report for the financial year for which the financial statements are prepared is consistenl wrth the financial statements. 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 knO￿edge and underslanding of the charitable company and ils environment obtained in the course of the audit, we have nol identified matenal misstatements in the Trustees, Report. We have nothing to ￿port in respect of the following mattets in relation lo which Companies Act 2006 requires us to report to you rf, in our opinion-. adequate accounting records have not been kepl. or retums adequate for our audrt have not been received from branches not Vlsiled by us-, or the financial statements are not in agreement with the accounting records and retums,. or certain disclosures of Trustees, remuneration specified by law are nol made", or we have not received all the infomalion and explanations we require for our audit,. or the Trustees were not entitled to prepare the financial statements in accordance with the small cornpanies regime and take advantage of the small companies, exemplions in preparing the Truslees. Report and from the requirement to prepare a Strategic Report. Page 14 AIRBORNE ASSAULT LIMITED (A Company Lirnited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRBORNE ASSAULT UMITED {CONTINUED Responsibilities of trustees As explained more fulty in the Trustees. Responsibilities Statement, the Trustees {who are also the directors of the charrtable company for the purposes of company law) are responsible lor the preparation of the financial staternenls and for being satisfied Ihat 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 lo fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the Trustees etther intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Auditorfs 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 Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, bLrt is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstalemenls 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, includin9 fraud, are instances of non