Boscombe Down Aviation Collection Limited {a company limited by guarantee) Report of the Trustees and Financial ststemènls for the year ended 31 May 2025 R8gisler8d Company No. 06258182 (ETr3land af¥J Wales) Registered Charity No. 1142599
Boscombe Down Aviation Collection Limited (a company limited by guaranlee) Financial Statements year erKJed 31 St May 2025 CONTENTS PAGE TNstees Annual Report Independent Examinerfs Report Staiement of Financial activilies Balance Sheet 10 Notes to the Financial Statem¢nts 12
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Trustees Annual Report (incorporating the Directors, Report) year ended 3151 May 2025 Reference and Administrative details Boscombe Down Aviation Collection Limited Registered Charity name: Company Registration Number. 06258182 (England and Wales) Charity Registration Number. 1142599 Registered Office and operational address.. Hangar 1 Soulh. Old Sarum AIrfld. Old Sarum, Salisbury. SP4 6DZ Trustees: Sqn Ldr J. Sharpe MBE MRAES MCMI RAF retired Mr R. Fulton CENG FRAES MIET Mr P. Mogg MT C.Hodson C.Eng FRAes Mr D.Berryman Mr J.Hill {appoinled at AGM 11 Sept 24} Directors.. Sqn Ldr J. Sharpe MBE MRAES MCMI RAF retlred Mr R. Fulton CENG FRAES MIET Mr P.Mogg MT C.Hodson C.Eng FFi4es Mr D.Berryman Mr J.Hill (appoinled atAGM 11 Sept 24) Bankers.. Santsnder Buslness Banking Bridle Road Bootie L30 4GB ctr0pete Business Bank P.0. Box 250. Delft House Southway Skelmersdale WN8 6WT Metro Bank One Southampton Row London WC1B SHA Solicitors: Parter Bullen 45 Castle Street Salisbury SP13SS Independent Examiners: A Shamia FCCA Chalmers & Co {SW) Limited The Old Emwium Bow Streel. Langport TA10 9PQ
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Trustees Annual Report year ended 31¥t May 2025 {continued) The Charity Trustees. vtho are also Directors of Ihe Charrty for Ihe purpose5 of the Companies Act 2006, present their report wlh the fanCIal statements of the Charily for the year ended 31 st May 2025. Stru¢ture truclure The charity was incorporated i)n 24th May 2007 and Is g¢)vemed by Memorandum and Articles of Association. On 27 June 2011 it was registerod under the Charity Commission for England and Wales, nurnber 1142599, and is also a Company limited by guarantee, number 06258182. The Memorandum and Articles of Association require a minimum of 4 trustees to maximum of 7 Irustees to be appointed wrth one trustee due for re-appointment in any on8 year. Tnjstees may be (X)-opled until Ihey Can be nominated and voted on at the next Annual General M881ing (AGM). Norninations are made by the members from members who have demonstrated an interest or abnity in heritage or conservatK>n or vtho can fill a specifi¢ skills gap. ovgrnance and Mana ment The charity trustees are responsible for the overall management and control of the museum, meeting monthly to discuss Issues relating to the management and developrnent of the charl1S aims and objectives, Th8 trustees have set roles and responsibilities as Directors of Ihe charity. None of the trustees receive any remuneration from the charty. ana The trustees are also responsible for the day-to-day manag8ment and operation of ttr Colledn. Ther8 are no paKJ staff. volunteers undertake the daily running of the museum withln policies and practices as set out by the tnjslees. The twstees recognise that without this commitment and SUFS)Ort the museum woukl not function. In the management of the Charity and the preparation of these accounts the Trustees have paid due regard lo the Charity Governance Code. Rlsk Mana emonl The trustees have considered and analys8d the main risks to which the Charity Is exposed and establlshed procedures to review and manage such risks. Ob •¢tives and activities The main objective of the Colle¢tw)n is to advance the education of the public by the provision of a collection of exhibits covering the general Wessex area and centr8d on military flight testing at nearby Boscombe Down airfiekl. This V#ill ensure the proservation of local awation herrtage for future generations. Th8 Collection opened to the public al Old Sarum airfTr8ld on Juty 151 2012 having prevrously been located 8 miles away at B03combe Down airrld, a hLqh-5ecuriiy sile to which publlc access was rèstricted. VisitcKs to the Collection are offered a hand5-on experience wilh the majority of aircraft and helicopters being opened for access. In support of this policy the Collection has a skilled restoration team tho have completed a number of complex rebuilds since the museurn opened. The Collection also has a number of flight simulators and these allow the public to test their flying skills. The trustees confirn that they have paby due regard to the guidance given by the Charity Commission on public benefit.
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Trustees Annual Report year ended 31st May 2025 (continued) Achievements and Perfomiance Since opening in Summer 2012 the museum has concèntraled on building its, public profile while increasing both its. wjlunteer base and visitor numbers. In 2014 the Collection expanded into a second adjoining 1917ryera Belfast truss hangar. Within this hangar the museum opened a World War One Royal Flying Corps display in 2020 which has proven popular wrth visilors Th8 Collection subsequently became FM)St for a display by the Royal Observer Corps Association and In 2023 for a dlsplay by the SuThival Association. The r8Storalion of exhibits is carried out on-site by a dedicated leam of volunteers, wth the on-going Vrk being visible to members of the public. Old Sarum airfield was closed to general aviation in 2019 with most of the museum-based private aircraft subsequently departing to be replaced as exhibits by milltary aircraft. During the Covid pandernic of 2021>2021 the Collection IVCe successfully applied for funding from the H8ritage Lottery Cultural Recovery fund and in addition received a number of Local Aulhorrty 5UPPOrt and recovery grants. During this period the opportunity was taken to install CCTV to improve the Collection's security. A proloiype Jet Provost T5 training aircrafl arrived in 2021 having been donated following a landing accident, the aircraft undergoing re-assembly and repalr by our restoratlon team before goin9 on public display. In 2022-23, a Lightning fhter prototype and Avro 707 arrived, both loaned by the RAF Museum and transported frorn the S¢ienc8 and Industry museum in Manchester. Courtesy of RAF Heritage the first British woduction Tornado strike trainer aircraft arrived and is now displayed resplendent in ils. early camouflage markings. The Collection was also grfted a Bea9le Bassett aircraft from QinetlQ and a Tucano procedures Irainer arrived on loan from th8 Tangmere Museum along wth cockpit sections of a Douglas C47 Dakota and prototype Nimrod that both arrived from private owners and are dlsplayed and accessible to visitors. The Restoration Team's hard work creating a Lancaster B1 special cockpit was cornpSeted and it opened lo visitors. Resloralion work on the Colleclion's Sycamore helicopter was also completed as did work to solve issu8s with the Link trainer. The 2023-24 reporting period saw our Meteor nhl-fIghter aircraft complete its, loan period at the National Trust propety at Croome Park and move lo its, new home al the wattshaM station Flight museum. Coming to us from Cosford Ylith thanks to RAF Heritage, the Collection received a Jaguar T2 aircraft wilh BoscoTnbe service history. A Pav8way 2 bomb was returned from loan lo the Scottish Nalional Museum of Flight and it joined a newly- receivecl and refurbished Jaguar phottrr8connaissance pod on the hangar floor. Most of the remaining light aircraft left in 2023 giving us the space to rtrassemble and display the Beagle Bassett aircraft previously re¢eived. While Ihis was going on the Restoration Teani were busy creating the frarnework of the bomb awner's forward posrtion for the Lancaster B.1 special. Wlth the need to more easily move i)ur larger exhibils. the Collection purchas8d an aircraft Tug and this was quickly put to use during a night photo shoot early in 2024. The Collection 8nhanc8d a number of ils. exhibits in this period and this included the addition of a third ejector $8at to a Canberra aircraft cockpit and upgrading instruments and fixtures in a number of airframes. At the end of the 2023-24 reporting perK)d the Trustees were pleased to report that the Collection was successful in its. application for Arts Council Museum Accreditation status.
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Trustees Annual Report year ended 31st May 2025 (continued) During 2024-25 Kirk to complele the Lancasler's bomb-aimer posrtion continued apa and replica of its, Grand Slam bomb, constructed by a BDAC member, arrived on-site. Resloralion work commenced on the Collection's Jaguar two-seater aircraft and on the build of the Hawk cockpit back into a complete aircraft. In May 2025 the Collection were pleased to be gifted an English Electric P.1 (prototype L vJhtning) aircraft previously on loan from the RAF Museum. An earlier grft of material emanating from Norman Ginham and the Royal Flying Corps Veterans Association is recorded in the as58t list for the first time. During this reporting period the Trustees have engaged our landlord regarding purchase of the World war 1 hangars the Collection is housed in. The museum operations continued to expand thIgh the year and It r8malned open for 6- days a week. The Trustees expect this Stluati( to be maintained. Financial Review The Financial Dir8clor reports on the stalus of finances at monthly Board meetings and is responsible for reporting on any discrepancies. Daily taking5 through the 5hLV till are recorded on cashing-up sheets and rewewe<l at end of day. Large amounts are a¢Unted for individually through banking records. The charity has no investrnents, all monies being held in currenl bank accounts. The results for th8 period endin9 31st May 2025 are shown in the attached accounts. The main sources of incrne are from vi51tor admission charges. events, donations and sales in the museurn shop. All other fun(1 raising actiwties are directèd towards supplementlng Ihls income wth any surplus lunds being used towards exhibit restoration or obtaining additional exhibits. It is pjlicy nol lo start a Speci project or activity until Sufflent funding is in pla¢0. The COVID-19 panderni¢ affected income in both the 2019-2020 and 2020-2021 financial years and th• trustees have •nsured thal runniThJ costs continue to b8 dos8ly monitored. Reserves Poll The charity's policy for determining the level of reseNes is to ensure funds are retained to be able to deal with any unforeseen exp8ns8s arfsing in the next year, together with all day lo day running expenses. The Trustees require unrestricted reserve funds to be at least sufficient to ¢over one-month's outgoirNJs. estimated 81 £16,300 as of 31 May 2025. The trustees consider the slate of affairs of the wmpany to be salisfactory and that the level of unrestricted funds to be sufficienl to enable Ft to Continue meeting its, charitable obj8CtNes. Unrestricted funds were £362,264 at 31 May 2025. The uryeslricted funds Include an unrealised reserve (revaluation reserve) of £167,530. Com limited b Guaranteè Every Full Member of the Collection undertakes to contribute such amount as may be required (not exceeding £10) to the Collection's assets rf il should be wound up vthi18 Is)h8 is a Full Member or within one year after (s)he ceases to be a Full Member for payment of the Collection's debts and liabilrties contracted before (s)he ceases to be a Full Member and of the cost. charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves. Statèment of trustèas res onslbllitl The trustees (who are also Directors of Boscombe Down Aviation Ccllection Ltd for the purposes of Company law) are responsib for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United King(Icm AccountiTrJ Slandards (Uniled KirKJdom Generally Accepted Accounting Practice)
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Trustees Annual Report year ermled 31st Klay 2025 (continued) Company law requires the trustees to prepare Unts ts each financial yr which give a true and fair view of the stste of affairs of the cornpany at the end of the permyj and of the Incoming resources and applicati of resources. induding the income and expenditure. In preparing these accounts, the IneeS are required to'.- select suitable Counting policies and then apply tt)em consistenty,. obseNe the methods and principles in the chare$ SORP., make judgements and estimates that are reasorthle and prudent: prepare accounts on the going con(xrn basts unless rt is inakwroprrdta to presume that the charity will continue in operation. State whether applicable UK Accouthng Standards have been lolk)wed subject to any material departurvs discussed ewained in the financial ststements. The trustees are responsible keeping aduate actnting records that disclose with reasonable accuracy at any time, the fman¢ial posrtion of the company and enable them to ensure Ihat the accounts (x)mpty with the Corrpanies Act 2006. The trustees are asso responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detsdi of fraud and other irregularities. This report has been prepared in accordance with the Special provisions relating to Companies Subject to the wnall companies wime within Part 15 of the Companies Act 2006 and the Charities SORP (FRS102) 2019. ed by th• board oth Jnd signed on it• bohalf. Sqn. Ldr. J. Project Di eld) tor
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Independenl Examinerfs Report to the Trustees of Boscombe Down Aviation Collection Limited year ended 3151 May 2025 I report to the trustees on my examination of the financial statèments ol Boseombe Oown Aviation Collèction Limited (Ihe charity) for the year ended 31s1 May 2025. Re8ponslbllltl•s and bas18 of r•port As the Irust88s of the company {and also its dir8ctcrt for the purposes of cc4mpany lawl you are responsible for the preparation of the financial statemènts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfi8d mys8lf that the accounts ol the company are not required to be audited under Part 16 ol the 2006 Act and are eligible for Ind8pendenl examinalion. I rekyyt in respect of rny examination of the charity's aCnIS as carried out under seclion 145 of tr* Charilies Act 2011 (Yhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commissk?n urnder section 14515llbl of the 2011 Act. Indep•nd•nt •xamln•f$ 8t•t•m•nt I have wpleted my examlnaiknn. I confirm Ihat no rnatters have come lo my attontion in o)nn8¢1ion wlth the examln8tion giving me cause lo believe: accounting records were not kew in respect of Ihe charity as requred by seCtn 386 of the 2006 Act., or tho finan¢lal Statements do nol acc(ffO wlh those records; or the financial #tal8ments do not ComY1th the 8¢¢ounting rewirements of section 396 of the 2006 Act other than any requirement Ihal the aCCnts give a Irue and folrf vigw which 18 not a matter considered as part ol an indepeThJenl examination- or the financial statements have not been prepared in accordance wth the methods and principles of the Statement of Recommended Pracli¢e for accounting arKI reporting by charities applicable lo charities preparing Iheir accounts in acrdanCe with thè Financial Reporting Standard apFAicabl6 in the UK and Republic of Ireland IFRS 102). I have no concems and have come acro8$ no other matters In eonneclon wlth the ex8mlnalion to which attenlK)n should be drawn in this report in order 10 enable 8 proper underslandlng of the accounts to be reached, A SHARMA A Shamia FCCA Indeper)dent Examiner Trading as Chalmers & Co. The Old EmFMxlum Bow Street Langport Somerset TA10 9PQ Date 24 Februa 2026
Boscombe Down Aviation Collection Limited (a company limiled by guarantee) Statom•nt of Financial activities {including Inc4)me and Expenditure Account) For the year endad 31st IAay 2025 Not¢ Unresln'Ct Restricted Year to lurK15 fijnds 31.5.25 Y•ar to 31.5.24 INCOME FROAI: DonatKJns and le9aci68 26,230 539 26.769 40,456 Charitable activrtie8 186,179 186.179 176,458 TOTAL INCOME 212.409 212.948 216.914 EXPENDITURE OM: Chanlable aclivith'08 191,884 151 192,035 211.245 Governan 3.531 3,531 3.599 TOTAL EXPENDITURE 195.415 195.566 214,844 N•t In¢om• I loutgolngl r•¥ourc•¥ for th• year Rgvalu81ion of exhi)il$ 16.994 388 17.382 2,070 S4.905 Transfer on purchase of assets N•t mov•m•nt In funds 516 1516) 72.415 1128) 72.287 2.070 R•con¢lll*Uon ol funds,. Total fund$ 811 June 2024 289.849 128 289,977 287.907 Tot•1 fuTrd• at 31 Play 2025 16117 362,264 362.264 289,977 The Statement ol Fknancial Activiti8$ includes all galns arml losses recognised in the year. All income and expénditufe rdates to contsnuing aGtiviiies.
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Balance Sheet as at 31st May 2025 Jle 2025 2024 Flx•d Ass•ts TAngible Assets 10 233,642 177,703 Current Assets Stocks Debtors 12 5.501 18,938 5,472 19.074 13 Cash al bank and in hand 143.007 131.100 Total Curr•nl A•••ts 167.446 155.646 Credttors.. amwnts falllng due vthhin one year 14 25.561 26,427 N•t Curr•nt A•Mts 141.885 129,219 Tot41 Ass•ts lus Curr•nt Ll*bJlltl•¥ Crèditors: wnounls falling due after more than one year 375.527 306.922 15 13.263 16,945 NelAssets 362.264 289,977 Ch•rlty Funds Resldclod nme furMI8 16 128 Unreslricted Micome funds 194,734 167.530 177,224 112,625 Revaluation reserve Total Unrestricl¢d fund5 16 362,264 289,849 Total Charlty funds 17 362.264 289,977 For the year ended 31 st May 2025 the company is entiued to exemption from audit under the provisions of $tiOn 477 of the Companies ALX 2006 relatiTr3 to small companles. Members have not requir8d the company lo ol)tsin an audit of its financial statements for the year ended 31 st May 2025 in accordance with sedion 476 of Ihe Compani85 Ad 2006. io
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Balance sheet -continued As at 31 May 2025 The trustee's acknowledge thew resFK)nsibilities kr, i) ensuring that trE company keeps acrA)untwbg re(x)rds Ihat COM wtlh sections 386 and 387 of the Companies Act 20(. and ?} preparing financial statements which give a irue and fair view of the state of affairs of the company as at the er)d of each financial year. and of its results each financial year in accordance within the requirements of the Companies Act 201X relating to finanal statements. so lar as applicable to the company These financial statements have been prepared in accordance with the provisTrons applicable to small companies subject to the small ccrfnpanies regime and in accordan with FRS 102 SORP. Thefi sign ancial statements we approved by the Board of tNslees and were on their behalf by. SqnL Proje r J. Sharpe D1ctor and trustee.
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Notes to the Financial Statements year ended 31 May 2025 1. General Inforrnatlon The charily is a publi¢ benefit entity and a private company limited by guarantee, registered in United Kingdom and a registered charty in England and Wales. The address of the registered office is Hanger 1 South. Okl SaTumAirf181d. Old Sanjm, S81isbury SP4 6DZ. 2. Slatornent of compllanGe These financial staternents have been prepared in compliance with FRS 102, The Financbal Reporting Stsndard applicable in the UK and Ihe Republic of Ireland,, the Statement of Recommended Practice applicable to chariti8s preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP 2019 (FRS 102)) and the Companies Act 2006. 3. Accounting Policies Basls of preparlng the financial st4tem•nts: The financial statements have been prepared in a¢¢ordan¢e with the Statement of Recommended Practice.. Accounting and Reporting by Chartlies preparing their accounls In accordance with the Financial Reporting Slanéards applicable in the UK and Republic of Ireland IFRS 102) issued in October 2019, the Financial Reporting Stsndard applicable In the United Kingdom and Republic of Ireland IFRS 1021 and with the Charities Act 2011, The Charity Constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared in sterling which is the functional currenty of the charity. The significant accountiTrJ policies applied in preparation of these financial stat8m8nts are set out below. These pcAicies have been consislently applied to all years presented unless othernmse stated. Income: All Income is recognised in the Statement Of Financial Activities (SOFA) on th8 date that the charity has legal entitlemenl lo the funds and the amount can be quanlifTred with r8asonable accuracy. Tumover includes amounts derived from Ihe provislon of goods and Is stated n8t of trade discounts, other sales taxes and net of VAT. Expendlturo: Expenditure is accounted on an a¢¢wals basis and has b8en classified under th8 relevant heading thal aggregate all costs related lo the category. Where costs cannot be directly attribuled to particular headings they have been all¢xated to the relevant category on a basis consistent with the use of resources. Resources expended on tharitabbe actiwties cemprise all the resources applied by the charty in undertaking its work to meet rts, charilable objectives. Grants: Grant income is recognised on a receivable basis. Where a restriction is placed on the use of the grant the amount of the grant is induded in restricted funds. Grant expenditure is reccN3nised on a payable basis. 12
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Notes to the Financial Statements year ended 31 May 2025- continued Tangible fixed assèts: All fixed assets are initially recorded at cost. Iteffls exhibits forrning the Mus8um display are carried at valuation and ale not subject to set deweuation. Deprecialion is charged on Ihe remaining tarKJible ed assets over thelr estimated useful lives as foll0v.. Offices equipment Fixtures and Fittings 1 OQ/4 reducing balance 10•/0 redung balance Fund a¢¢ountlng: Unrestrict8d funds can be used In accord8nce with the charitable objectives at the discretion of the tnjstees. Restricted funds can only be used for Spear purposes vhthln the objectives of the charity as lald down by the donor. stock: Stock is shown in the balance sheel at tho lower of th6 Cost and not realisable value. Golng concern Th8r8 are no material uncertainties about the charitys abrfity lo continue. Taxallon The crxnpany is a registered charity. As such the company has obtained confimiation from HM Revenue and Cust¢JnS Ihat corp¢Jration tax is not payable on Ihe surpluses generaled. Flnanclal Instruments Financial instruments are classrfi8d and accounted for. accordlr@ to Ihe substance of the contractual arrangement, as either financial assets, financial liabilitTres or equity instruments. An equity inslrument 15 any contract that ewdences a resmjual inlerest in the assets of the company after deducting all of its liabilities. 13
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Notes to the Financial Ststements year ended 31 May 2025 (continued) Unrestricted R8Stricl8d funds fvnd$ Yèar to Year to 31.5.2025 31.5.24 4 Donallons and l•gacl•s Donatlons 12.155 12,155 21,980 Glft Aid 10,320 10,320 8,778 Grants 539 539 4,946 Subs¢nptions 3.755 3.755 4,752 26,230 539 26,769 40,456 Unrestrlcled Reslrlcled funds funds Year lo Year to 31.5.2025 31.5.2024 5 Charlt•bl• actlvltl Museum entry fees 137.706 137,706 122,757 Shop sales Events and 8C1ltieS income 31.369 31,369 34.266 8,993 8,993 13.567 other trading income 8.111 8,111 186,179 186,179 176,458 14
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Notes to the Financial Statements year ended 31 May 2025 (continued) Unrestricted ReStrted Year to funds funds 31.5.25 Yearlo 31.5.24 6. Charltabl• actMtI•s Advertising & promotion 5.774 5.774 5,658 Clèanlng 8xp8nses Cost of gwds sdd 1.209 1,209 1,033 17.057 17.057 15,855 Credit card charges Depreciation 3,816 3,816 4,052 2.045 2.045 2,119 Donation of fixed assets (notè 10> 5,450 Dues & Subscriptions Exhlblt Malnlenance & Purchase 388 355 2.09D 2,090 6,175 Insurances 5.964 5,683 IT Expenses 2.380 12 2.392 509 Llghl & Heal HÈallh & Safely Offlce expense$ 9,363 13.500 1,429 1,429 1.861 11 1.964 2,032 Ratès & Wat•r 6.862 6,832 6,330 Rent & sèpliee ch8rgos 128.1 128,160 128.160 Repairs and m8inlenanc8 Tran$port ¢ostg 1.$87 128 1,715 3,021 1.807 1,807 6,300 Miscellaneous 338 Training Travel & subsistence 2,814 191.884 151 192.035 211,425 Unrestricted Restricted furKIs funds Year to 31.5.25 Year to 31.5.24 7 Gov•rnanc• costs Accounlanw fves 2.7WI 2.790 2,760 8ank ServKe charge 271 271 272 Coryonies House 13 Interest 470 470 3,531 3,531 3.599 15
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Notes to the Financial Statements year ended 31 May 2025 {conlinued) 2025 2024 Ind•p•nd•nt Examlnatlon Fa•s Fee PaYae to the independent examiner for independenl examination of the financial statements including ¢ompilalion of Ihe slalulory accounts. 690 660 9 Truite•s remuneratlon and benefft• There vme no Iruslees. remuneraln, other bwefits or reimlyJrse(l expenses paid for the year ended 31 May 2025 nor for the year ended 31 May 2024. 10 Tanglbl• flx•d as••t$ Exhibhs are carried at valuatK*n and as are not suty'eet to d&preciation. Th8 a$8etg ware rgvalued on 31 May 202S by the Charity's Project Director and Technical Diffjctor. Exhibits Office Fixtur88 equipment ané fittings Total Ct or valuatlon., As al 1 ju 2024 158.629 13,447 17,465 189.541 Add11k$ 1.700 1.380 3.080 Disposalg Rev8lualion 54.905 As at 31 May 2025 215,234 14.827 17,465 247,526 16
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Notes to the Financial Statements year ended 31 May 2025 (continued) D•preclatlon: As al 1 ju 2024 5.039 6.799 11.838 Charg¢ for the year 979 1.067 2,046 As at 31 May 2025 6,018 7,866 13.884 N•t book valu• Al 31 M8y 202S Al 1 June 2024 215,234 8,809 8.408 9.599 10.666 233,642 177.703 158.629 The Carng amount of the exhibits had they been carried under Ihe cost model would have beer) £31.440. 11 R•valuation of Ass•ts The mus8um's collection of exhibits are reported in the b81ance sheet initially at purchasè price ané then al market value, valuation5 being reviewed every 3 years. Y•arto 31.5.25 Y•¥r to Valuallon of Exhlblts 31.5.24 The asso18 werè last valued in 2025 by the Charity's Project Director and Technlcal Oirecior based on market value. 21 158629 12 Slock Yrt0 31.5.25 Y•ar to 31.5.24 Goods for resa 5.501 5.472 5.501 5,472 Yearto 31.5.25 Year to 31.5.24 13 D•btors Accothits receNable 268 440 Prepawnonts 18.670 18,634 18,938 19.074 17
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Notes to the Financial Statements year ended 31 May 2025 (continued) Year to 31.5.25 Year lo 31.5.24 14 Credttor8; Amounts falllng wlthln on• year Trade credrtors 5.730 6,596 Other creditor3 1.148 1.148 Secured loans 15.350 15,350 Unsocured loan8 3.333 3.333 25.561 26.427 The secured108ns of £15.350 have been made by Twstees of lh8 Charfty. No Int•r•$l is charged on Ihe loan$ and the loans are repayable demand. Thg loans are securgd on th8 Collections aircraft exhibts. The outstsnding balance8 at 31 May 2025 are a$ follo. Sqn Ldr J Sharpe Mr & Mrs R Fullon 12.200 3,150 15.350 Ye•r to 31.5.25 Y•arto 31.5.24 15 Cr•dftor8: Amount$ folllng dufr aft•r more than 1 year Unsecured k)ans 13,263 16,945 A brnce back loan of £30.C#)O was taken in 2020 vthth ks repayable over 120 months. Repayments commenced in July 2021. Interest ¢harged al 2.5% with the first years InteSt belng paid by the UK Govemmenl. 18
Boscombe Down Avlation Collection Limited (a company limited by guarantee) Notes to the Financial Stalements year ended 31 May 2025 (continued) Al 1 June Incomlng Outgoing Flxed asset At 31 May 2024 Rosourc•s Expen$os movementsl 2025 r•valuation$ 16 N•t Movèment in funds Unrèstrlcted funds Rw4trfct•d funds Re81ncted funds are treated as explained in the Accouniing Policy on page 13. A grant of £539 was recoiv8d from NATS during the year to ba usod towards th8 cost of an A3 printer and ink. 17. An•lysls ol the n•t aetS by fund Unr•itrlct•d R•strlct•d Totll Funds Total g•nornl fvnds Funds 2025 Funda 2024 T8ng*Jle A8$01s Current Assels: 233,642 233.642 177.703 Stocks 5.501 5.501 5,472 18.938 19,074 143,007 131,100 167.446 155,646 Debtors 18.938 Cash al bank and In hand 143,007 167.446 Creditors.. Amounts fallin9 due wilhin one ar (25.561) 125.561) 126,4271 Nél current assets Credllors 8mounls falling du8 after one year N81 Assets Fund Balances 19
Boscombe Down Aviation Collection Limited (a company limited by guarantee) Notes to the Financial Statements year ended 31 May 2025 (continued) 18. Financial Commilm•nt$ The company the folbwiNJ tolal fulure operating lease comrnilments as at 31 May 2025. Land and Pro Lpases.e Rent and servlce charges 19. R•lat•d P•rty Tr•n••ctlona There have been related party Iransaclions in Ihe period that requlre discknsure. 20