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 AIrf￿ld. 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 ctr0pe￿t￿e 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 f￿anCIal 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 charl1￿S 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 Colled￿n. 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 airr￿ld, 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 V￿rk 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 IV￿Ce 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 f￿hter 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 n￿hl-fIghter aircraft complete its, loan period at the National Trust propety at Croome Park and move lo its, new home al the watt￿shaM 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 $8at to a Canberra aircraft cockpit and upgrading instruments and fixtures in a number of airframes. At the end of the 2023-24 reporting perK)d the Trustees were pleased to report that the Collection was successful in its. application for Arts Council Museum Accreditation status. Boscombe Down Aviation Collection Limited (a company limited by guarantee) Trustees Annual Report year ended 31st May 2025 (continued) During 2024-25 Kirk to complele the Lancasler's bomb-aimer posrtion continued apa￿ and replica of its, Grand Slam bomb, constructed by a BDAC member, arrived on-site. Resloralion work commenced on the Collection's Jaguar two-seater aircraft and on the build of the Hawk cockpit back into a complete aircraft. In May 2025 the Collection were pleased to be gifted an English Electric P.1 (prototype L vJhtning) aircraft previously on loan from the RAF Museum. An earlier grft of material emanating from Norman Ginham and the Royal Flying Corps Veterans Association is recorded in the as58t list for the first time. During this reporting period the Trustees have engaged our landlord regarding purchase of the World war 1 hangars the Collection is housed in. The museum operations continued to expand thI￿gh the year and It r8malned open for 6- days a week. The Trustees expect this Stluati(￿ to be maintained. Financial Review The Financial Dir8clor reports on the stalus of finances at monthly Board meetings and is responsible for reporting on any discrepancies. Daily taking5 through the 5hLV till are recorded on cashing-up sheets and rewewe 5,450 Dues & Subscriptions Exhlblt Malnlenance & Purchase 388 355 2.09D 2,090 6,175 Insurances 5.964 5,683 IT Expenses 2.380 12 2.392 509 Llghl & Heal HÈallh & Safely Offlce expense$ 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.$87 128 1,715 3,021 1.807 1,807 6,300 Miscellaneous 338 Training Travel & subsistence 2,814 191.884 151 192.035 211,425 Unrestricted Restricted furKIs funds Year to 31.5.25 Year to 31.5.24 7 Gov•rnanc• costs Accounlanw fves 2.7WI 2.790 2,760 8ank ServKe charge 271 271 272 Coryonies House 13 Interest 470 470 3,531 3,531 3.599 15 Boscombe Down Aviation Collection Limited (a company limited by guarantee) Notes to the Financial Statements year ended 31 May 2025 {conlinued) 2025 2024 Ind•p•nd•nt Examlnatlon Fa•s Fee PaYa￿e to the independent examiner for independenl examination of the financial statements including ¢ompilalion of Ihe slalulory accounts. 690 660 9 Truite•s remuneratlon and benefft• There vme no Iruslees. remuneral￿n, other bwefits or reimlyJrse(l expenses paid for the year ended 31 May 2025 nor for the year ended 31 May 2024. 10 Tanglbl• flx•d as••t$ Exhibhs are carried at valuatK*n and as are not suty'eet to d&preciation. Th8 a$8etg ware rgvalued on 31 May 202S by the Charity's Project Director and Technical Diffjctor. Exhibits Office Fixtur88 equipment ané fittings Total C￿t or valuatlon., As al 1 ju￿ 2024 158.629 13,447 17,465 189.541 Add11k￿$ 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 Car￿ng 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 Y￿rt0 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 br￿nce 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 Inte￿St 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 a￿etS 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