REGISTERED COMPANY NUMBER: 08148551 (England and Wales) REGISTERED CHARITY NUMBER: 1149429
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
FOR
SOUTH YORKSHIRE AIRCRAFT MUSEUM
Leesing Marrison Lee & Co Chartered Certified Accountants
46 Main Street Mexborough South Yorkshire S64 9DU
SOUTH YORKSHIRE AIRCRAFT MUSEUM
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 8 |
| Independent Examiner's Report | 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 to 12 |
| Notes to the Financial Statements | 13 to 18 |
| Detailed Statement of Financial Activities | 19 |
SOUTH YORKSHIRE AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 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 January 2019).
Purpose of the Charity
The South Yorkshire Aircraft Museum was established in 1974 and is run by volunteers to preserve South Yorkshire's aviation heritage. The Museum was registered as a charity (1051994) on the 15 January 1996 and is an Accredited Museum with the Arts Council England (ACE). The Museum subsequently became Incorporated from 1st April 2013 and the Registered Charity number changed to 1149429.
The South Yorkshire Aircraft Museum is committed to enabling as many people as possible to enjoy and learn from the history of aviation and understand its relevance in the South Yorkshire region and beyond. This is achieved through the restoration, preservation and interpretation of our collection of aircraft, historic airfield buildings and other aeronautical artefacts through exhibitions and events for the benefit of the public.
INCORPORATION
The charitable company was incorporated on 18 July 2012 and commenced trading on 1 April 2013.
Page 1
SOUTH YORKSHIRE AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
OBJECTIVES AND ACTIVITIES
Objectives and Activities
In shaping our objectives for the year ahead, and in planning our activities, the Museum has considered the Charity Commission's guidance on public benefit and fee charging. The Museum relies on the income from entrance fees, group activities donations and events to fund our operating costs. Income from our Trading Company, The Doncaster 1909 Aeroplane Company Limited, also supports the museum in its objectives. In addition, we apply for Grants to support our restoration, building and other projects to enhance the experience of our visitors. In setting the level of fees, charges and concessions, the trustees give careful consideration to the accessibility and affordability of the museum as a public attraction to those on lower incomes, particularly in the South Yorkshire region.
The Museum's key objectives are:
-
Ensure financial and operational sustainability through good governance and business practice; diversification of income streams; and through the effective recruitment of suitably skilled volunteers and employees.
-
Improve the preservation of, and access to, the collection by planning and undertaking restoration projects, maintaining and improving museum buildings and providing undercover exhibition space for significant and vulnerable objects.
-
Widening our Education and Leisure offering by attracting more family and school visits; forging stronger links with local schools and communities; and improving awareness of, and access to the museum.
The strategies we employ to achieve these objectives are to:
Consider the needs and requirements of our visitors and plan ways to improve the accessibility of the collection to widen our audience and increase footfall. Regularly review and improve our policies and procedures to meet ACE (Arts Council England) Standards. Assess and review resource requirements and recruit to meet those, ensuring trustees and other volunteers receive effective induction training and ongoing guidance. The Museum also considers ways to diversify and increase our income to meet ever increasing running costs. In addition, we assess, develop and review the Museum's Restoration Project Plan and Buildings Maintenance Plan and monitor progress against these to ensure we meet our charitable objectives.
We also seek support and guidance through membership of the following organisations
-
Museum Development North
-
Association of Independent Museums (AIM)
-
Arts Council England (ACE)
-
Aviation Heritage UK
-
The Museums Association
-
Doncaster Visitor Economy Group
-
Doncaster Chamber of Commerce
Page 2
SOUTH YORKSHIRE AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
ACHIEVEMENT AND PERFORMANCE
Visitor Numbers
Visitor numbers were 23,345 compared to 22,118 from the previous full year. Regular increases over the past ten years, excluding the Covid disruption, have brought us to a very sustainable level and activity this year, 24/25, is already showing an improvement on last year, however this could be due to the 'Easter anomaly'. Considerable effort had been put in, prior to Covid, to publicise the museum and encourage the expansion of our audience pool. Future publicity plans are being considered but our generic growth comes mostly from 'word of mouth' recommendations. We are now back to normal pre-covid operations with the dressing up room having been recently reopened. Our online presence continues to be improved with the better use of 'Facebook' to keep our 'watchers' updated and, hopefully, eager to visit. This will be further enhanced with our recruitment of our 'Media Manager' from within our volunteers. Our shop staff and volunteers deserve credit and praise for their cheerful and enthusiastic efforts in keeping essential activities going and ensuring safe and enjoyable visits.
Energy Assessment & Report
As improvements to the Museum's buildings continue, great attention is paid to the inclusion of insulation and low energy lighting wherever possible. Energy use continues to rise slowly, mainly due to the increased amount of restoration work being undertaken, both on aircraft and buildings, for which the use of electric powered tools is necessary. The hangar and workshop have now had replacement low energy LED lighting installed. New LED tubes have been purchased for the entire, unconverted portions of the site and these have already been fitted to the shop/café area which was one of the most used areas yet to be converted. Solar panels have been fitted to the workshop roof to enable a reduction in the consumption of expensive 'outside sourced' electricity. These, along with more efficient de-humidifiers, should reduce our daytime consumption to almost zero in summer. The incorporation of timer switches on the de-humidifiers should ensure that they do most of their work when there is 'free' electricity available. Both the solar panels and de-humidifiers were 50% funded by a grant from SYMCA under the Government's Levelling-up Low Carbon Scheme. Our fixed rate contract ran out on the 31st of March 2024, and, after a horrendous year of dealing with British Gas, we have moved to EDF at a slightly reduced rate from last year.
Visitor Experience
We have held three, very successful, 'Open Cockpit Weekends', with record breaking numbers. We continue to hold caravan rallies and ghostie nights which supplement our income and visitor numbers. A busy schedule of events is already planned for this coming year.
Aircraft Restoration Projects
All of the restoration projects are carried out on site by our skilled volunteers. Activity in the workshop(s) is high with many projects, large and small, being started and other being completed.
Several more cockpits have been improved and will be able to be added to those available on 'Open Cockpit' days. Of note, the Falklands Scout helicopter is progressing well in the restoration. The fuselage of the civil version of the Auster is still now on display in the hangar. Work is progressing well on the Lightning with the new wings ready to be fixed in the fuselage.
The helicopter team is well advanced with the Dragonfly with the tail boom painted and fuselage in the workshop.
Vehicle and Engine Projects
The museum's vehicles continue to be maintained, both for display and on-site use, where relevant. Various parts of ground equipment have been refurbished. The massive Griffon engine restoration is showing great progress.
Buildings Projects
Work is complete on the 'Polish Room', to commemorate the contribution and sacrifice made by Polish forces in WW2. Formal opening is due in May 2024.
Work continues on the refurbishment of the exterior and interior of the wooden buildings as such areas require attention.
Free standing 'lean-to' structures have been constructed to help protect some of the more vulnerable outside exhibits.
Acquisitions
The Museum continues to acquire small items relevant to the collecting policy for display. Major acquisitions this year include the gifting of a Hawk T1 trainer, which used to be based at RAF Finningley, by RAF Heritage, along with a complete engine to display alongside. This has been a great attraction for visitors. We have also had gifted, by DHL, a complete RB211 engine on its stand.
Page 3
SOUTH YORKSHIRE AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
Equipment Renewal
The Museum continues to purchase ground handling and workshop equipment as needed for the ongoing operation of the museum.
Education
The Museum will continue to promote class/school visits and is continually looking at ways to attract more schools and improve the experience for visiting pupils.
The World War 2 and World War 1 exhibits continue to be used for lessons on how people lived during the Second World War and local WW1 attacks. A special collection of objects for handling has been put together for these school visits demonstrated by volunteer helpers and supervised by the teachers.
We will continue to host visits from different groups from the scout movement now we are open again as well as Air, and other, Cadet units.
Volunteers
The charity is very involved with the community and relies on the continuing support from our volunteers who turn up regularly to help with event delivery and management and the skilled restoration work on the museum exhibits and buildings. Much of the building maintenance is done by qualified volunteers which enables the museum to undertake modernisation that would otherwise be unaffordable. Approximately 40 volunteers from the Museum's membership regularly give their time and the Board of Trustees would like to take this opportunity to thank them for their diligence and loyalty. Volunteer applications continue to increase and suitable volunteers are duly recruited. We are fortunate that we have a full range of ages and abilities in our volunteer force.
Development Plan Volunteer
Volunteers continue to go through the induction in groups or as individuals and can choose to improve their skills with the help of more experienced volunteers.
Collection Management
Work continues on the Documentation Back Log Action Plan, dated 30 January 2011. This is an action required by the Accreditation Standards, set by ACE and progress is continuing. Work continues in the library in preparation for easier access. Renewal of Accreditation has been submitted this year.
Partnerships
The Museum is in partnership with the Northern Battle of Britain Memorial Appeal to facilitate the construction of a memorial on land in the Museum and the formal unveiling of 'Stage 1' is due in May 2024.
The local plastic construction kit club holds monthly meetings at the museum this year. This has helped with the income for the shop in models sale turnover, as well as occasional assistance by providing relevant models for some of our displays.
We have hosted several paranormal groups investigating the site for any paranormal activity. We already have a backlog of groups wishing to book such events for next year.
There are regular caravan and motorhome rallies held at the museum by organised and recognised clubs. These events not only contribute to the Museum's income but also create many 'ambassadors' who return to their areas with good things to say about this friendly and very interesting place.
Events
The main events for this year have been the 'Open Cockpit' weekends and we have also hosted the Battle of Britain Day Sunset Service again. Several extra events are planned for 2024/25 including the NBoBM unveiling, the Polish Room formal opening, the Canberra 75th anniversary and the Museum's own 25th anniversary. Museum volunteers continue to represent, and promote, the Museum at events at other venues.
Page 4
SOUTH YORKSHIRE AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
FINANCIAL REVIEW
The Treasurer reports at Committee meetings, the status of the finances and is responsible for reporting any discrepancies in the accounts. All takings are reviewed daily through the shop till and cashing up sheet. Larger amounts, e.g. grants, are accounted for individually with bank paying in slips. A new accounting program, 'Sage', has been adopted for the recording of the museum's finances to replace 'Quicken', which is no longer compatible with more modern computers. To enable 'history' to be accessible, two previous years data has been input on the new system.
Financial Review, Investment Policy and Reserves
The charity has no investments as all monies are held in charity bank accounts and are therefore classed as reserves. The monies are used to cover day to day running costs, maintain the museum buildings and to fund projects. The trustees consider that 20% of turnover be kept as a reserve. These funds, currently standing at over £75,000 have been set aside to cater for any unforeseen costs with the hope that they will not be required and can then provide 'stake' monies for major projects in the future. This policy of retaining, and gradually increasing, the reserve will continue, as well as saving for the future site development. Improving visitor income has enabled the Museum to increase its reserve, this year, and think towards capital investment for the future of the site. A new higher interest savings account, with United Trust Bank, has been opened at the beginning of April 2023 to both earn additional income to hedge against inflation and keep our funds in any one institution within the Deposit Protection Scheme.
Duty of care
The Trustees are also aware of the duty of care to the public, visitors and the museum membership. The collection and buildings are covered by insurance and the public is covered by third party insurance. The membership and the public are covered by our Third Party Insurance and our employees by Employee Liability Insurance. The Museum also holds a Trustees indemnity policy for the protection of the Trustees. There are also procedures in place to cover Health and Safety issues.
Page 5
SOUTH YORKSHIRE AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
PLANS FOR THE FUTURE Sustainability
The Board of Trustees have drawn up a Site Development Plan which includes short and longer term plans for the site. The plan has received high level approval from Doncaster Council and includes the erection of a new display hangar, a new visitor centre and car park improvements. These projects will require external funding and the trustees will be working on this over the next few years. Initial approaches for guidance have been made in this regard during March 2024.
In addition, the proposed construction of the Northern Battle of Britain Memorial will be a joint project, led by a separate organisation in partnership with the museum. An interim solution has been found to construct a reduced version of the monument on the existing museum site pending developments and additional funding being secured. This is ongoing.
The museum will continue to seek guidance and support from our Museums Development Officer, Alan Bentley.
Public admissions, donations, and events income will continue to provide the main operating income for the day to day running costs of the museum. Our Trading Company, The Doncaster 1909 Aeroplane Company Limited, will continue to provide additional income through shop sales. The main source of funding for capital projects will be through Grants and savings.
The major source of information about the Museum which is attracting visitors is 'The Internet' and steps have been put in place to improve our representation online. Considerable work has now been done on improving the museum's website and ability to utilise 'online' opportunities to find additional visitors and we now have a dedicated Media Manager on the Board of Trustees. Almost all comments are positive with most visitors finding the current 'style' of the Museum a great factor in their enjoyment of their visit. Regular references to the 'helpfulness' and 'friendliness' of staff is a real reflection of the dedication of both staff and volunteers.
We continue to attract differing groups and businesses to use our facilities for 'meetings with a difference'.
Collections Care, Access and Preservation
The construction of a new Display Hangar will provide additional undercover display space for our most significant and vulnerable objects. At the same time it will enable us to re-interpret the collection to enhance the educational content for our visitors. Initial enquiries are being made to, hopefully, move forward on these plans in the not too distant future. We continue to improve the aircraft signage and ensure other new display material is produced to a higher, although more expensive, standard.
Education & Leisure
The Trustees will continue to review and develop plans to improve the visitor experience and widen our audience. A programme of events will be drawn up which will aim to continue to expand the family audience. This will be supported by a Marketing Plan to make more people aware of the museum and attract new visitors.
STATEMENT OF TRUSTEES RESPONSIBILITIES
Charity law requires the trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing those financial statements, the trustees are required to:
-
Select suitable accounting policies and apply them consistently
-
Make judgements and estimates that are reasonable and prudent
-
State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the charities act 1993. They are also responsible for safeguarding the assets of the charity and hence must take reasonable steps for the prevention and detection of fraud and other irregularities.
Page 6
SOUTH YORKSHIRE AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charity's Constitution can be viewed on request.
Trustees
The Board of Trustees can have up to 9 members. None of our trustees receive any remuneration from the charity. A new trustee receives copies of the previous year's annual report and accounts, and a copy of the charity Commission's leaflet CC3 'The Essential Trustee: What you need to know'. The Chair of the trustees is responsible for the induction of new trustees and experienced trustees will support the ongoing development of any new trustee as required.
Procedures and Policy Making
The Trustees meet monthly to consider risks and other issues in the day to day running of the Museum. Representations can be made by members on any issue relevant to the Museum and its collection.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The major risks, to which the charity is exposed, as identified by the trustees, are under constant review as are the systems established to mitigate those risks.
The following controls are in place: Trustees Declaration Statement Formal agendas for meetings Terms of reference for committee roles Planning Emergency Plan Written Policies Accounting Systems Authorisation procedures Daily shop, till and banking records
It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
08148551 (England and Wales)
Registered Charity number
1149429
Registered office
Dakota Way Doncaster Leisure Park Doncaster South Yorkshire DN4 7FB
Page 7
SOUTH YORKSHIRE AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2024
Trustees
W Fern N Moore J Stables A Beattie I Cairns (deceased 8.6.2024) G R Owen D Headland (appointed 24.2.2024) S Scrimshaw (appointed 24.2.2024)
Independent Examiner
Leesing Marrison Lee & Co Chartered Certified Accountants 46 Main Street Mexborough South Yorkshire S64 9DU
Solicitors
Waring Law Limited Ddol Isaf Trefechan Road Afonwen Mold Wales CH7 5UT
Curatorial Adviser
Sheauran Tan
Museum Development Officer
Alan Bentley Museum Development North
Bankers
Virgin Money 1 Frederick Street Rotherham South Yorkshire S60 1QP
United Trust Bank 1 Ropemaker Street London EC2Y 9AW
Insurance Brokers
Marquis Insurance 3rd Floor Kidd House Whitehall Road Leeds LS12 1AP
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................ A Beattie - Trustee
Page 8
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTH YORKSHIRE AIRCRAFT MUSEUM
Independent examiner's report to the trustees of South Yorkshire Aircraft Museum ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Robert Tippett FCCA
Leesing Marrison Lee & Co Chartered Certified Accountants 46 Main Street Mexborough South Yorkshire S64 9DU
Date: .............................................
Page 9
SOUTH YORKSHIRE AIRCRAFT MUSEUM
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 237,898 Investment income 2 1,927 Total 239,825 EXPENDITURE ON Raising funds 3 132,829 NET INCOME 106,996 RECONCILIATION OF FUNDS Total funds brought forward 358,434 TOTAL FUNDS CARRIED FORWARD 465,430 |
Restricted funds £ 11,994 - 11,994 1,164 10,830 10,700 21,530 |
31.3.24 Total funds £ 249,892 1,927 251,819 133,993 117,826 369,134 486,960 |
31.3.23 Total funds £ 161,370 203 |
|---|---|---|---|
| 161,573 | |||
| 119,563 | |||
| 42,010 327,124 |
|||
| 369,134 |
The notes form part of these financial statements
Page 10
SOUTH YORKSHIRE AIRCRAFT MUSEUM
BALANCE SHEET 31ST MARCH 2024
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 313,384 Investments 8 1 313,385 CURRENT ASSETS Debtors 9 18,327 Cash at bank and in hand 137,752 156,079 CREDITORS Amounts falling due within one year 10 (4,034) NET CURRENT ASSETS 152,045 TOTAL ASSETS LESS CURRENT LIABILITIES 465,430 NET ASSETS 465,430 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 313,384 Investments 8 1 313,385 CURRENT ASSETS Debtors 9 18,327 Cash at bank and in hand 137,752 156,079 CREDITORS Amounts falling due within one year 10 (4,034) NET CURRENT ASSETS 152,045 TOTAL ASSETS LESS CURRENT LIABILITIES 465,430 NET ASSETS 465,430 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 21,530 - 21,530 - - - - - 21,530 21,530 |
31.3.24 Total funds £ 334,914 1 334,915 18,327 137,752 156,079 (4,034) 152,045 486,960 486,960 |
31.3.23 Total funds £ 253,047 1 253,048 17,507 99,341 116,848 (762) 116,086 369,134 369,134 358,434 10,700 369,134 |
|---|---|---|---|---|
| 465,430 21,530 486,960 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 11
SOUTH YORKSHIRE AIRCRAFT MUSEUM
BALANCE SHEET - continued 31ST MARCH 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. A Beattie - Trustee
The notes form part of these financial statements
Page 12
SOUTH YORKSHIRE AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on reducing balance Fixtures and fittings - 15% on reducing balance Motor vehicles - 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| 31.3.24 | 31.3.23 | |
|---|---|---|
| £ | £ | |
| Bank interest | 1,927 | 203 |
continued...
Page 13
SOUTH YORKSHIRE AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024
3. RAISING FUNDS
Raising donations and legacies
| Support costs | 31.3.24 £ 133,993 |
31.3.23 £ 119,563 |
|---|---|---|
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.3.24 | 31.3.23 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 6,221 | 6,035 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were trustees' expenses of nil paid for the year ended 31 March 2024 (2023 : £nil)
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 161,370 Investment income 203 Total 161,573 EXPENDITURE ON Raising funds 118,968 NET INCOME/(EXPENDITURE) 42,605 RECONCILIATION OF FUNDS Total funds brought forward 315,829 TOTAL FUNDS CARRIED FORWARD 358,434 |
Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 161,370 Investment income 203 Total 161,573 EXPENDITURE ON Raising funds 118,968 NET INCOME/(EXPENDITURE) 42,605 RECONCILIATION OF FUNDS Total funds brought forward 315,829 TOTAL FUNDS CARRIED FORWARD 358,434 |
Restricted funds £ - - - 595 |
Total funds £ 161,370 203 |
|---|---|---|---|
| 161,573 | |||
| 119,563 | |||
| 42,605 315,829 358,434 |
(595) 11,295 10,700 |
42,010 327,124 |
|
| 369,134 |
continued...
Page 14
SOUTH YORKSHIRE AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024
7. TANGIBLE FIXED ASSETS
| Improvements to property £ COST At 1st April 2023 26,448 Additions 23,988 At 31st March 2024 50,436 DEPRECIATION At 1st April 2023 10,732 Charge for year 1,986 At 31st March 2024 12,718 NET BOOK VALUE At 31st March 2024 37,718 At 31st March 2023 15,716 |
Museum Exhibits £ 212,370 64,000 276,370 - - - 276,370 212,370 |
Fixtures and fittings £ 36,684 - 36,684 17,910 2,589 20,499 16,185 18,774 |
Motor vehicles £ 11,000 100 11,100 4,813 1,646 6,459 4,641 6,187 |
Totals £ 286,502 88,088 |
|---|---|---|---|---|
| 374,590 | ||||
| 33,455 6,221 |
||||
| 39,676 | ||||
| 334,914 | ||||
| 253,047 |
The Museum Exhibits are included in the accounts at valuation, as no accounts were prepared prior to the year ended 31 March 2006. The Museum constitution states that assets cannot be sold, and in the event of the Museum being dissolved any assets must be distributed to other charitable institutions at no cost.
8. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | ||
|---|---|---|
| Shares in | ||
| group | ||
| undertakings | ||
| £ | ||
| MARKET VALUE | ||
| At 1st April 2023 and 31st March 2024 | 1 | |
| NET BOOK VALUE | ||
| At 31st March 2024 | 1 | |
| At 31st March 2023 | 1 | |
| There were no investment assets outside the UK. | ||
| The company's investments at the balance sheet date in the share capital of companies include | the following: | |
| Doncaster 1909 Aeroplane Company Limited | ||
| Registered office: Dakota Way, Doncaster Leisure | Park, Doncaster, DN4 7FB | |
| Nature of business: Retail sales of aircraft model kits and toys | ||
| % | ||
| Class of share: | holding | |
| Ordinary | 100 | |
| 31.3.24 | 31.3.24 | |
| £ | £ | |
| Aggregate capital and reserves | 5,226 | 5,226 |
continued...
Page 15
SOUTH YORKSHIRE AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accrued expenses 11. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds MLA Grant Success Doncaster grant TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds MLA Grant Success Doncaster grant TOTAL FUNDS |
At 1.4.23 £ 358,434 100 10,600 10,700 369,134 Incoming resources £ 239,825 - 11,994 11,994 251,819 |
31.3.24 31.3.23 £ £ 18,327 17,507 31.3.24 31.3.23 £ £ 3,230 - 804 762 4,034 762 Net movement At in funds 31.3.24 £ £ 106,996 465,430 (14) 86 10,844 21,444 10,830 21,530 117,826 486,960 Resources Movement expended in funds £ £ (132,829) 106,996 (14) (14) (1,150) 10,844 (1,164) 10,830 (133,993) 117,826 |
|---|---|---|
continued...
Page 16
SOUTH YORKSHIRE AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.22 | in funds | 31.3.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 315,829 | 42,605 | 358,434 |
| Restricted funds | |||
| MLA Grant | 116 | (16) | 100 |
| Success Doncaster grant | 11,179 | (579) | 10,600 |
| 11,295 | (595) | 10,700 | |
| TOTAL FUNDS | 327,124 | 42,010 | 369,134 |
| Comparative net movement in funds, included | in the above are as follows: | ||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 161,573 | (118,968) | 42,605 |
| Restricted funds | |||
| MLA Grant | - | (16) | (16) |
| Success Doncaster grant | - | (579) | (579) |
| - | (595) | (595) | |
| TOTAL FUNDS | 161,573 | (119,563) | 42,010 |
| A current year 12 months and prior year 12 months combined position is as follows: | |||
| Net | |||
| movement | At | ||
| At 1.4.22 | in funds | 31.3.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 315,829 | 149,601 | 465,430 |
| Restricted funds | |||
| MLA Grant | 116 | (30) | 86 |
| Success Doncaster grant | 11,179 | 10,265 | 21,444 |
| 11,295 | 10,235 | 21,530 | |
| TOTAL FUNDS | 327,124 | 159,836 | 486,960 |
continued...
Page 17
SOUTH YORKSHIRE AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds MLA Grant Success Doncaster grant TOTAL FUNDS |
Incoming resources £ 401,398 - 11,994 11,994 413,392 |
Resources Movement expended in funds £ £ (251,797) 149,601 (30) (30) (1,729) 10,265 (1,759) 10,235 (253,556) 159,836 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
The Doncaster 1909 Aeroplane Company Limited is a wholly owned subsidiary of the charity. During the year donations of 24,320 (2023: £24,167) were paid to the charity.
At the year end an amount of £18,327 (2023: £17,507) was due to the charity and is included in debtors.
Page 18