Washington Road., Sunderland, Tyne & Wear, SR5 3HZ
Trustees Annual Report 2020
This year has been a challenge for the museum and trustees as it has been for most charities.
The year started in January with the plan to re-arrange the main display hall and refresh the aircraft collection. With the assistance of GJD Aviation two long standing exhibits that were on loan from the National Museum of the United States Air Force were extracted from the main hall for reallocation to museums in Poland and Wales.
This acted as the catalyst for a complete re-arrangement of the building to bring in new exhibits and assemble some other exhibits. The work was brought to a halt by the COVID-19 pandemic and the enforced closure. Fortunately, as the stay at home restrictions were lifted a small team of regular volunteers were able to return to the museum to complete the re-arrangement.
The final exhibits were put into place a matter of days before the museum was re-opened to the volunteers and the public. The new arrangement has been a great success with many volunteers commenting that it is like a new museum.
Considerable time and money continues to be invested in improving the visual appearance of the site. After staff costs it has been the largest area of expenditure and has been met with many favourable comments from the visitors.
The museum was able to hold an important community event to mark the 80[th] Anniversary of the Defence of the North East of England on the 15[Th] August. The event was led by Susan Winfield the Lord Lieutenant of Tyne and Wear and supported by the Mayor & Mayoress of Sunderland and the Royal Air Force. A ceremony was held in to honour the role of 607 Squadron and their part flying from the museum site.
The museum continued to support the community by offering work experience to local schools, hosting school visits and training placements with both Sunderland and Newcastle Colleges.
Financially, 2020 has been a time for investing in improving the museum. The museum has benefited from the furlough scheme and the Local Rates Support Grants to defray some fo the COVID-19 financial challenges. At the year end the museum showed a healthy surplus of income over expenditure. The museum trustees take a prudent view and aim to keep a reserve equivalent to 6 months operational costs in reserve.
As chair I look back on 2020 with pride in the volunteers and trustees for the way that they have overcome the challenges presented by a global pandemic. We will look forward to a full return of visitors
David Charles
Chair
North East Land, Sea and Air Museum
Registered Charity Number 1150286 Company Registration 02828043
REGISTERED COMPANY NUMBER.. 02828043 (England and Wales) REGISTEPSD CHARITY Ntll4BER: 1150286 ort of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2020 for NE Land Sea and Air Mu5eurn Ltd. Robert Mlller & Co. Kings Hall 4 Imperial Buildings Houghton-le-spring Tyne and Wear DH4 4DJ
NE Land Sea and Air MuseuTr Ltd. Contents of the Financial Statements for the Year Ended 31 December 2020 Page Report of the Trustees Independent Exarniner, s Report statement of Financial Activities Balance Sheet Notes to the Financial Staternents Detailed Staternent of Einanclal Activities 10 to 11
NE Land Sea and Air Museum Ltd. ort of the Trustees for the Year Ended 31 December 2020 The trustees who are also director5 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 31 Decetnber 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recomended Practice applicable to charitxes preparing their account5 in accordance with the Financial Reporting Standard applicable in the VK and Republic of Ireland IFRS 1021 (effective l January 20191 STRUCTUR£, GOVKBNANCE AND blANACENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited companyi limited by guarantee. as defined by the Cornpanies Act 2006. REFERENCE AND ADMINISTBATIVE DETAILS RÈgi$t•red Company number 02828043 (England and Walesl R•g1&tAt Charity numbar L150£86 R•gi&t•rod office Washington Road Sunderland Tyne and Wear SR5 3H2 Tru8tO98 Mrs J Charles Director D Charles Surveyor A Charles Production Operative lappointed 2. 11. 201 R M Dean Retired Iresigned 9. 1.201 D Dellot4 Production Operative l appointed 2 . 11. 201 Leonard Director (resigned 15. 9.201 S M&rlee Salesman I Mclaren Historian J W Palliser Software Engineer (resigned 2. 11.201 R Potts Systems Analyst (appointed 2. 11. 201 Indép•nd•ttt ExaJniner Philip N. Browr. B.Sc. (Econl ACA Robert Miller & Co. Kings Hall 4 Irnperia l Buildings Houghton-le-spring Tyne and Wear DH4 4DJ Approved by order of the board of trustees on 11 N0Vener 2021 and slgned on behalf by.. its D Charles Trustee Page I
Inde endent Examiner 5 Re ort to the TrusLees of NE Land Sea and Air Museum Ltd. Independent èxaminer's report to the trusto0$ 0£ NB Land Sea and Mu8eullL Ltd. I I the Company, I report to the charity trustee5 on my examination 0£ the accounts of Company for the year ended 31 December 2020. the Re8P0118ibilitie8 and ba818 of r•p¢rt As the charxty's trustees of the Company land also Its directors for the purposes of coJtkpany lawl you are responsible for the preparation of the accounts in accordance with the Eequirernents of the Companies Act 2006 I'the 2006 Act, I Having satisfied myself that the accounts of the Company are not required to audited under Part 16 of the 2006 Act and are eligible f or independent exarnination I report in respect of my examination of your charity's accounts ¢arried out under section 145 of the Charities Act 2011 I'the 2011 Act'i carrying out my examination I have followed the Directions given by the Charity Corntnission under section 145151 Ibl of the 2011 Act. IndÈpÈndont examiner 8 statem•nt I have completed my examination. confirm that no rnatters have come to attention in connection with the exarnination giving me cause to believe.. my accounting record5 were not kept in respect of the Company as required by Section 386 of the 2006 Act,. or the accounts do not accord with those records.. or the accounts do not comply with the accounting requirements of section of the 2006 Act other than any requirernent 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 principles of the Statement of Recommended Practice for accounting reporting by charities lapplicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK Republic of Ireland IFRS 10211 396 and and in and I have no concerns and have corne 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 aceounts to be reached. Philip N. Brown B.Sc. (Econl ACA Robert Miller & Co. Kings Hall 4 Imperial Buildings Houghton-le-spring Tyne and Wear DH4 4DJ I l NoveKLber 2021 Page 2
NE Land Sea and Air Museum Ltd. Statement of Financial Activities for the Year Ended 31 December 2020 31.12.20 31.12.19 Unrestricted Total fund f unds Notes INCO AND ENDOWMSNTS FROM Donations and legacies 26.457 42.717 Other trading activities 44,694 21, 929 Total 71, 151 64,646 EXPENDITUPE ON Charitable activities Charitable Activitles 60, 315 139, 502 NET INCOMKI IEXPENDITtJREI 10. 836 174.8561 RECONCILIATION OF FUNDS otal £und8 brought forward 57,731 132, 587 ToAL FtJNDS CARRIED FORWAPD 68, 567 57,731 The notes fom part of these financial statements Page 3
NE Land Sea and Air MuseutA Ltd. Balance Sheet 31 Decelnber 2020 31. 12.20 31.12.19 Unrestricted Total fund f unds Notes FI)D ASSETS Tangible assets Inve5trnents 24,363 18,747 24,365 18,749 CURPENT ASSETS DebLots Cash at bank and in hand 7,922 69, 700 13, 871 33.098 77, 622 46.969 CREDITORS Anounts falling due within one year io 133,4201 17, 9871 NET CtJRRENT ASSETS 44,202 38, 982 TOTAL ASSET8 LESS CUBtsEN LIABILITIES 68,567 57,731 NET ASSETS 68,567 57,731 li Unrestricted f unds 68, 567 57,731 TQTAL FUNDS .68,567 57,731 The charitable company 15 entitled to exemption frorn audit under Section 477 the Companies Act 2006 for the year ended 31 Decernber 2020. of The ]nernbers have not required the company to obtain an audit of its f inaDCLal statements for the year ended 31 December 2020 in accordance with Section 476 the Cornpanies Act 2006. The trustees acknowledge their responsibilities f or ensuring that the eharitable company keeps accounting records that with Sections 386 and 387 of the CoTrpanie5 Act 2006 and Ibl preparing financial staternent5 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 cornply with the requirernents the Companies Act 2006 relating to f inancial staternents, so far as applicable to the charitable company. comply These financlal statements have been prepared in accordance with the provisions applicable to charitable companles subject to the small companies regime. The financial staternents were approved by the Board of Trustees and for issue on 11 ovember 2021 and were sicjned on its behalf by: authotised D Charles Trustee The notes form part of these financial statements Page 4
NE Land Sea and Air Museum Ltd. Notes to the Financial Statements for the Year Ended 31 Decener 2020 ACCOUNTING POLICIES Ba618 of proparing the financial statements The financial stateroents of the charitable company which is public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: statetnent of ReconuThended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20L91 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The f inancial statements have been prepared under the historical cost convention, with the exception of investTrents which are included at market value. Income All incorne is recognised in the Statement of Financial Activities once charity has entitlement to the funds, it is probable that the income be received and the amount can be measured reliably. the will Expenclitura Liabilities are recognised a5 expenditure as soon as there is a leyal constructive obllgation CoTtlttIng the charity to that expenditure, it probable that trans fer of economic benefits w&ll be required in settlement and the amount 0£ the obligation can be measured reliably. Expenditure is accounted for on an aceruals basis and has been classified under headings that aggregate all cost related to the category. frlhere costs cannot be directly attributed to particular headings they have been allocated to activities on a ba515 consistent with the use of resources. or Tangibl4 fixed assets Depreciation is provided at the following annual rates in order to off each asset over its estimated useful life. write Fixtures and fittings- IO% on reducing balance Motor vehicles 25% on reducing balance Computer equipment 25% straight line basls Taxation The Charity is exempt from corporation tax on Its charitable activities. Fund accounting Unrestiicted funds can be used in accordance with the charitable at the discretion of the trustees. ob j ectives Restricted funds can only be used for particular restricted purposes the objects of the charity. Restrictions arise when specified by the or when funds are raised for particular restricted purposes. within donor Further explanation of the nature and purpose of each fund is included the notes to the financial staternents. Hito purchase and l•a$ing co]Dmitn•nt8 Renta18 paid under operating leases are charged to the Statement of Financlal Activities on a straight line basis over the period of the lease. P•n8ion costs and other po8t-retiram•ttt bettefits The charitable company operates defined contribution pension scheTre. Contributions payable to the charitable company, s pension Scheme are charged to the Statement of Financial Activities in the period to which they relate. Page 5 contlttued.
NE Land Sea and Air Museum Ltd. Notes to the Financial Statements continued for the Year Ended 31 DecellLber 2020 OTHER TBADING ACTIVITIES 31.12.20 31.12.19 Transfèr of profits frorn Subsidiary Sundry income Rental income Sale of exhibits Educat ion workshops Job retention scheme grants Governrnent grants 5.164 3,757 8,167 235 4.606 3, 759 5, 204 6, 281 29,450 44,694 21, 929 NET INCOME/ {EXPENDITUREI Net income/ lexpenditurel is stated after charging/ (crediting) 31.12.20 3L.12.19 Depreciation owned assets Hire of plant and rnachinery other operat ing leases Deficit on disposal of fixed assets 2,970 287 5,138 562 215 1,961 72,864 RUSTEES 1 REblUNEBATION AND BENEFITS There were no trustees, remuneration or other benefits for the year 31 December 2020 nor for the year ended 31 December 2019. ended Tru8t4•S' aXPgn$•$ There were no trustees, expenses paid for the year ended 31 Decellet nor for the year ended 31 DeCeller 2019. 2020 STAFF COSTS The average rnonthly number of employees during the year was as follows.. 31.12.20 31.12.19 Full time No employees received emolurnents in excess of £60,000. COMPARATIVES FOR THE STATEkENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOMK AND ENDOTrIMENTS FROM Donations and legacies 42,717 other trading activities 21, 929 otal 64,646 EXPENDITURE ON Charitable aetiviti•a Charitable Activities 139, 502 INccfr1 IKXPENDITUREI 174, 8561 Page 6 continued.
NE Land Sea and Air Museurn Ltd. Notes to the Financial Statements continued for the Year Ended 31 December 2020 CC&IPARATIVES FOR THE STATKbJENT OF FINANCIAL ACTIVITIES - continuad Unrestricted fund PICONCILIATION OF FUNDS Total funds brought forward 132, 587 TOTAL FUNDS CARRIED FORWARD 57,731 TANGIBLE FID ASSETS Fixture5 and fittings Motor vehicles Computer equipment Totals COST At l January 2020 Additions Disposals 29. 132 4.400 1,800 4, 150 11, 8001 404 598 35 336 9,148 11, 8001 At 31 Dec&mber 2020 33, 532 4.150 1,002 38,684 DEPBECIATION At l January 2020 Charge f or year Elirninated on disposal 11,047 2,072 1,238 735 11.2381 304 163 12,589 2, 970 11,2381 At 31 December 2020 13, 119 735 467 14,321 NET BOOK VALUE At 31 December 2020 20.413 3,415 535 24,363 At 31 December 2019 18,085 562 loo 18,747 FIXED ASSET INVBSThSNTS Unlisted investments At l January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 There were no investrnent assets outside the UK. Page 7 contlnued.
NE Land Sea and Air Museurn Ltd. Notes to the Financial Statements continued for the Year Ended 31 December 2020 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.2Q 31.12.19 Other debtors PrepasTaents 4,639 3,283 12, 973 898 7, 922 13,871 io. CB2DITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.20 31.12.19 Social security and other taxes Ridley project Def erred incorne Accrued expenses 446 8,135 22,735 2,104 235 5,757 1, 995 33,420 7, 987 11. MOVEM8NT IN FUNDS Net tnovernent in funds At 31.L2 20 At 1.1.20 Unrestricted funds General f und 57,731 10, 836 68,567 TOTAL FtrNDS 57,731 10, 836 68, 567 Net EThovement in fund5, included in the above are as follows: Incorning resources Resources expended Movement in f unds Unrestricted funds General f und 71,151 160.3151 10, 836 TOTAL FVNDS 71.151 160,3151 10, 836 Cory¢paratives for movom•nt in fund$ Net movement in f unds At 31.12.19 At 1.1.19 Unrestricted funds General fund 132.587 174,8561 57,731 TOTAL FUNDS 132,587 174, 8561 57,731 Page 8 continued.
NE Land Sea and Air Museu]n Ltd. Notes to the Financial State]nent5 continued for the Year Ended 31 DeceTrer 2020 11. kf)VEMKNT IN FUNDS - Continued Comparative net movernent in funds, included in the above are as folLows'. Incorning resources Resources expended Move]nent in f unds Unrestricted funds Gene rè I f und 64,646 1139,5021 174,8561 TOTAL FUNDS 64, 646 1139, 5021 174,8561 A current year 12 months and prior year 12 months combined position is follows: a8 Net movement in f unds At 31.12.20 At 1.1.19 Unrestricted funds General f und 132. 587 164,0201 68,567 TOTAL FfJNDS 132, 587 164,0201 68,567 A current year 12 months and prior year 12 rnonths cornbined net movernent funds, included in the above are as follows: in Incorning resources Resources expended MoveThent in funds Unr8Stricted fund8 General f und 135,797 1199,8171 164,0201 TOTAL FU14DS 135, 797 1199, 8171 164,0201 12. RELATED PARTY DISCLOSURES There were no 31 December 2020. related party transactions f or the year ended Page 9
NE Land Sea and Air Museurn Ltd. Detailed Statement of Financial Activities for the Year Ended 31 December 2020 31.12.20 31.12.19 INCOME AND ENDITrJMKNTS Donations and legaci• Donations Grants received Musèurn entrances 6,237 3,543 16, 677 5, 598 3, 000 34,119 26,457 42,717 other trading actxvitie8 Transfer of profits from Subsidiary Sundry income Rental income Sale of exhibits Education workshops Job retention scheme grant5 GoverntAent grants 5,164 3,757 8,167 235 4,606 3,759 5, 204 6,281 29.450 44,694 21,929 Total incoming re8ource8 71.151 64,646 EXPENDITURE Charitable actxvitl•B Wages and salaries Pensions Hire of fixed assets Transportation f ees Rent, rates and water Insurance Light and heat Telephon Postage and statlonery Advertising Sundry expenses Repairs and renewals Motor and travelling expenses Events Acquisition of rnuseurn exhibits Ridley project Depreciation of fixtures and fittings Motor vehicles Cornputer equipment Loss on sale of tangible fixed assets Bank charges 16.859 933 287 5.138 3,010 1.748 2, 997 717 116 22 2,898 13.470 1,407 15,246 92 215 1,961 4. 177 .2,223 4,433 568 283 541 1, 611 17, 957 1, 477 2,257 436 524 5.000 2,072 735 163 3, 530 338 ioi 562 566 72,864 549 58,700 131, 383 Support co$ts Governance co8t8 Accountancy and book- keeping Carried f orward 1,553 1, 553 1,643 1.643 This page does not forrn part of the statutory financial staternents Page 10
NE Land Sea and Air Museum Ltd. Detai led Statement of Financial Activit ies for the Year Ended 31 December 2020 31.12.20 31.12.19 G¢v•rnance c08ts Brought f orward Consultancy fees Legal f ees 1,553 1,643 2,935 3,541 62 1, 615 8,119 Total resources expended 60, 315 139, 502 Net incthTe/ (eXpanto) 10,836 174, 8561 This page does not forrn part of the statutory financial statements Page 11
REGISTERED COMPANY NUMBER.. 02828043 (England and Wales) REGISTEPSD CHARITY Ntll4BER: 1150286 ort of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2020 for NE Land Sea and Air Mu5eurn Ltd. Robert Mlller & Co. Kings Hall 4 Imperial Buildings Houghton-le-spring Tyne and Wear DH4 4DJ
NE Land Sea and Air MuseuTr Ltd. Contents of the Financial Statements for the Year Ended 31 December 2020 Page Report of the Trustees Independent Exarniner, s Report statement of Financial Activities Balance Sheet Notes to the Financial Staternents Detailed Staternent of Einanclal Activities 10 to 11
NE Land Sea and Air Museum Ltd. ort of the Trustees for the Year Ended 31 December 2020 The trustees who are also director5 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 31 Decetnber 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recomended Practice applicable to charitxes preparing their account5 in accordance with the Financial Reporting Standard applicable in the VK and Republic of Ireland IFRS 1021 (effective l January 20191 STRUCTUR£, GOVKBNANCE AND blANACENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited companyi limited by guarantee. as defined by the Cornpanies Act 2006. REFERENCE AND ADMINISTBATIVE DETAILS RÈgi$t•red Company number 02828043 (England and Walesl R•g1&tAt Charity numbar L150£86 R•gi&t•rod office Washington Road Sunderland Tyne and Wear SR5 3H2 Tru8tO98 Mrs J Charles Director D Charles Surveyor A Charles Production Operative lappointed 2. 11. 201 R M Dean Retired Iresigned 9. 1.201 D Dellot4 Production Operative l appointed 2 . 11. 201 Leonard Director (resigned 15. 9.201 S M&rlee Salesman I Mclaren Historian J W Palliser Software Engineer (resigned 2. 11.201 R Potts Systems Analyst (appointed 2. 11. 201 Indép•nd•ttt ExaJniner Philip N. Browr. B.Sc. (Econl ACA Robert Miller & Co. Kings Hall 4 Irnperia l Buildings Houghton-le-spring Tyne and Wear DH4 4DJ Approved by order of the board of trustees on 11 N0Vener 2021 and slgned on behalf by.. its D Charles Trustee Page I
Inde endent Examiner 5 Re ort to the TrusLees of NE Land Sea and Air Museum Ltd. Independent èxaminer's report to the trusto0$ 0£ NB Land Sea and Mu8eullL Ltd. I I the Company, I report to the charity trustee5 on my examination 0£ the accounts of Company for the year ended 31 December 2020. the Re8P0118ibilitie8 and ba818 of r•p¢rt As the charxty's trustees of the Company land also Its directors for the purposes of coJtkpany lawl you are responsible for the preparation of the accounts in accordance with the Eequirernents of the Companies Act 2006 I'the 2006 Act, I Having satisfied myself that the accounts of the Company are not required to audited under Part 16 of the 2006 Act and are eligible f or independent exarnination I report in respect of my examination of your charity's accounts ¢arried out under section 145 of the Charities Act 2011 I'the 2011 Act'i carrying out my examination I have followed the Directions given by the Charity Corntnission under section 145151 Ibl of the 2011 Act. IndÈpÈndont examiner 8 statem•nt I have completed my examination. confirm that no rnatters have come to attention in connection with the exarnination giving me cause to believe.. my accounting record5 were not kept in respect of the Company as required by Section 386 of the 2006 Act,. or the accounts do not accord with those records.. or the accounts do not comply with the accounting requirements of section of the 2006 Act other than any requirernent 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 principles of the Statement of Recommended Practice for accounting reporting by charities lapplicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK Republic of Ireland IFRS 10211 396 and and in and I have no concerns and have corne 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 aceounts to be reached. Philip N. Brown B.Sc. (Econl ACA Robert Miller & Co. Kings Hall 4 Imperial Buildings Houghton-le-spring Tyne and Wear DH4 4DJ I l NoveKLber 2021 Page 2
NE Land Sea and Air Museum Ltd. Statement of Financial Activities for the Year Ended 31 December 2020 31.12.20 31.12.19 Unrestricted Total fund f unds Notes INCO AND ENDOWMSNTS FROM Donations and legacies 26.457 42.717 Other trading activities 44,694 21, 929 Total 71, 151 64,646 EXPENDITUPE ON Charitable activities Charitable Activitles 60, 315 139, 502 NET INCOMKI IEXPENDITtJREI 10. 836 174.8561 RECONCILIATION OF FUNDS otal £und8 brought forward 57,731 132, 587 ToAL FtJNDS CARRIED FORWAPD 68, 567 57,731 The notes fom part of these financial statements Page 3
NE Land Sea and Air MuseutA Ltd. Balance Sheet 31 Decelnber 2020 31. 12.20 31.12.19 Unrestricted Total fund f unds Notes FI)D ASSETS Tangible assets Inve5trnents 24,363 18,747 24,365 18,749 CURPENT ASSETS DebLots Cash at bank and in hand 7,922 69, 700 13, 871 33.098 77, 622 46.969 CREDITORS Anounts falling due within one year io 133,4201 17, 9871 NET CtJRRENT ASSETS 44,202 38, 982 TOTAL ASSET8 LESS CUBtsEN LIABILITIES 68,567 57,731 NET ASSETS 68,567 57,731 li Unrestricted f unds 68, 567 57,731 TQTAL FUNDS .68,567 57,731 The charitable company 15 entitled to exemption frorn audit under Section 477 the Companies Act 2006 for the year ended 31 Decernber 2020. of The ]nernbers have not required the company to obtain an audit of its f inaDCLal statements for the year ended 31 December 2020 in accordance with Section 476 the Cornpanies Act 2006. The trustees acknowledge their responsibilities f or ensuring that the eharitable company keeps accounting records that with Sections 386 and 387 of the CoTrpanie5 Act 2006 and Ibl preparing financial staternent5 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 cornply with the requirernents the Companies Act 2006 relating to f inancial staternents, so far as applicable to the charitable company. comply These financlal statements have been prepared in accordance with the provisions applicable to charitable companles subject to the small companies regime. The financial staternents were approved by the Board of Trustees and for issue on 11 ovember 2021 and were sicjned on its behalf by: authotised D Charles Trustee The notes form part of these financial statements Page 4
NE Land Sea and Air Museum Ltd. Notes to the Financial Statements for the Year Ended 31 Decener 2020 ACCOUNTING POLICIES Ba618 of proparing the financial statements The financial stateroents of the charitable company which is public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: statetnent of ReconuThended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20L91 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The f inancial statements have been prepared under the historical cost convention, with the exception of investTrents which are included at market value. Income All incorne is recognised in the Statement of Financial Activities once charity has entitlement to the funds, it is probable that the income be received and the amount can be measured reliably. the will Expenclitura Liabilities are recognised a5 expenditure as soon as there is a leyal constructive obllgation CoTtlttIng the charity to that expenditure, it probable that trans fer of economic benefits w&ll be required in settlement and the amount 0£ the obligation can be measured reliably. Expenditure is accounted for on an aceruals basis and has been classified under headings that aggregate all cost related to the category. frlhere costs cannot be directly attributed to particular headings they have been allocated to activities on a ba515 consistent with the use of resources. or Tangibl4 fixed assets Depreciation is provided at the following annual rates in order to off each asset over its estimated useful life. write Fixtures and fittings- IO% on reducing balance Motor vehicles 25% on reducing balance Computer equipment 25% straight line basls Taxation The Charity is exempt from corporation tax on Its charitable activities. Fund accounting Unrestiicted funds can be used in accordance with the charitable at the discretion of the trustees. ob j ectives Restricted funds can only be used for particular restricted purposes the objects of the charity. Restrictions arise when specified by the or when funds are raised for particular restricted purposes. within donor Further explanation of the nature and purpose of each fund is included the notes to the financial staternents. Hito purchase and l•a$ing co]Dmitn•nt8 Renta18 paid under operating leases are charged to the Statement of Financlal Activities on a straight line basis over the period of the lease. P•n8ion costs and other po8t-retiram•ttt bettefits The charitable company operates defined contribution pension scheTre. Contributions payable to the charitable company, s pension Scheme are charged to the Statement of Financial Activities in the period to which they relate. Page 5 contlttued.
NE Land Sea and Air Museum Ltd. Notes to the Financial Statements continued for the Year Ended 31 DecellLber 2020 OTHER TBADING ACTIVITIES 31.12.20 31.12.19 Transfèr of profits frorn Subsidiary Sundry income Rental income Sale of exhibits Educat ion workshops Job retention scheme grants Governrnent grants 5.164 3,757 8,167 235 4.606 3, 759 5, 204 6, 281 29,450 44,694 21, 929 NET INCOME/ {EXPENDITUREI Net income/ lexpenditurel is stated after charging/ (crediting) 31.12.20 3L.12.19 Depreciation owned assets Hire of plant and rnachinery other operat ing leases Deficit on disposal of fixed assets 2,970 287 5,138 562 215 1,961 72,864 RUSTEES 1 REblUNEBATION AND BENEFITS There were no trustees, remuneration or other benefits for the year 31 December 2020 nor for the year ended 31 December 2019. ended Tru8t4•S' aXPgn$•$ There were no trustees, expenses paid for the year ended 31 Decellet nor for the year ended 31 DeCeller 2019. 2020 STAFF COSTS The average rnonthly number of employees during the year was as follows.. 31.12.20 31.12.19 Full time No employees received emolurnents in excess of £60,000. COMPARATIVES FOR THE STATEkENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOMK AND ENDOTrIMENTS FROM Donations and legacies 42,717 other trading activities 21, 929 otal 64,646 EXPENDITURE ON Charitable aetiviti•a Charitable Activities 139, 502 INccfr1 IKXPENDITUREI 174, 8561 Page 6 continued.
NE Land Sea and Air Museurn Ltd. Notes to the Financial Statements continued for the Year Ended 31 December 2020 CC&IPARATIVES FOR THE STATKbJENT OF FINANCIAL ACTIVITIES - continuad Unrestricted fund PICONCILIATION OF FUNDS Total funds brought forward 132, 587 TOTAL FUNDS CARRIED FORWARD 57,731 TANGIBLE FID ASSETS Fixture5 and fittings Motor vehicles Computer equipment Totals COST At l January 2020 Additions Disposals 29. 132 4.400 1,800 4, 150 11, 8001 404 598 35 336 9,148 11, 8001 At 31 Dec&mber 2020 33, 532 4.150 1,002 38,684 DEPBECIATION At l January 2020 Charge f or year Elirninated on disposal 11,047 2,072 1,238 735 11.2381 304 163 12,589 2, 970 11,2381 At 31 December 2020 13, 119 735 467 14,321 NET BOOK VALUE At 31 December 2020 20.413 3,415 535 24,363 At 31 December 2019 18,085 562 loo 18,747 FIXED ASSET INVBSThSNTS Unlisted investments At l January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 There were no investrnent assets outside the UK. Page 7 contlnued.
NE Land Sea and Air Museurn Ltd. Notes to the Financial Statements continued for the Year Ended 31 December 2020 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.2Q 31.12.19 Other debtors PrepasTaents 4,639 3,283 12, 973 898 7, 922 13,871 io. CB2DITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.20 31.12.19 Social security and other taxes Ridley project Def erred incorne Accrued expenses 446 8,135 22,735 2,104 235 5,757 1, 995 33,420 7, 987 11. MOVEM8NT IN FUNDS Net tnovernent in funds At 31.L2 20 At 1.1.20 Unrestricted funds General f und 57,731 10, 836 68,567 TOTAL FtrNDS 57,731 10, 836 68, 567 Net EThovement in fund5, included in the above are as follows: Incorning resources Resources expended Movement in f unds Unrestricted funds General f und 71,151 160.3151 10, 836 TOTAL FVNDS 71.151 160,3151 10, 836 Cory¢paratives for movom•nt in fund$ Net movement in f unds At 31.12.19 At 1.1.19 Unrestricted funds General fund 132.587 174,8561 57,731 TOTAL FUNDS 132,587 174, 8561 57,731 Page 8 continued.
NE Land Sea and Air Museu]n Ltd. Notes to the Financial State]nent5 continued for the Year Ended 31 DeceTrer 2020 11. kf)VEMKNT IN FUNDS - Continued Comparative net movernent in funds, included in the above are as folLows'. Incorning resources Resources expended Move]nent in f unds Unrestricted funds Gene rè I f und 64,646 1139,5021 174,8561 TOTAL FUNDS 64, 646 1139, 5021 174,8561 A current year 12 months and prior year 12 months combined position is follows: a8 Net movement in f unds At 31.12.20 At 1.1.19 Unrestricted funds General f und 132. 587 164,0201 68,567 TOTAL FfJNDS 132, 587 164,0201 68,567 A current year 12 months and prior year 12 rnonths cornbined net movernent funds, included in the above are as follows: in Incorning resources Resources expended MoveThent in funds Unr8Stricted fund8 General f und 135,797 1199,8171 164,0201 TOTAL FU14DS 135, 797 1199, 8171 164,0201 12. RELATED PARTY DISCLOSURES There were no 31 December 2020. related party transactions f or the year ended Page 9
NE Land Sea and Air Museurn Ltd. Detailed Statement of Financial Activities for the Year Ended 31 December 2020 31.12.20 31.12.19 INCOME AND ENDITrJMKNTS Donations and legaci• Donations Grants received Musèurn entrances 6,237 3,543 16, 677 5, 598 3, 000 34,119 26,457 42,717 other trading actxvitie8 Transfer of profits from Subsidiary Sundry income Rental income Sale of exhibits Education workshops Job retention scheme grant5 GoverntAent grants 5,164 3,757 8,167 235 4,606 3,759 5, 204 6,281 29.450 44,694 21,929 Total incoming re8ource8 71.151 64,646 EXPENDITURE Charitable actxvitl•B Wages and salaries Pensions Hire of fixed assets Transportation f ees Rent, rates and water Insurance Light and heat Telephon Postage and statlonery Advertising Sundry expenses Repairs and renewals Motor and travelling expenses Events Acquisition of rnuseurn exhibits Ridley project Depreciation of fixtures and fittings Motor vehicles Cornputer equipment Loss on sale of tangible fixed assets Bank charges 16.859 933 287 5.138 3,010 1.748 2, 997 717 116 22 2,898 13.470 1,407 15,246 92 215 1,961 4. 177 .2,223 4,433 568 283 541 1, 611 17, 957 1, 477 2,257 436 524 5.000 2,072 735 163 3, 530 338 ioi 562 566 72,864 549 58,700 131, 383 Support co$ts Governance co8t8 Accountancy and book- keeping Carried f orward 1,553 1, 553 1,643 1.643 This page does not forrn part of the statutory financial staternents Page 10
NE Land Sea and Air Museum Ltd. Detai led Statement of Financial Activit ies for the Year Ended 31 December 2020 31.12.20 31.12.19 G¢v•rnance c08ts Brought f orward Consultancy fees Legal f ees 1,553 1,643 2,935 3,541 62 1, 615 8,119 Total resources expended 60, 315 139, 502 Net incthTe/ (eXpanto) 10,836 174, 8561 This page does not forrn part of the statutory financial statements Page 11