Washington Road., Sunderland, Tyne & Wear, SR5 3HZ
Trustees Annual Report 2024
2024 was a significant year for the museum as it marks the 50[th] Anniversary of the Society that started to collect exhibits for display and the 40[th] Anniversary of the society becoming a registered charity. These anniversaries culminated in the museum volunteers being notified in October that His Majesty King Charkes II had recognised the good work of the volunteers by bestowing the King Award for Volunteer Services on the museum. Such a high honour was a fantastic way to close the year.
Museum development continued throughout the year with considerable volunteer time and money invested in improving the visual appearance of the site. It has been the largest area of expenditure and has been met with many favourable comments from the visitors. The major investment in 2024 was the recertification of the fixed electric wiring and the laying of new ducting for a planned rerouting of the incoming electric supply.
The museum was able to hold a number of events through the year. One highlight was a very successful emergency services day hosted on behalf of the Special Lionesses. Living history weekends were also a success along with the first scale model show for a very long time. All the events were well attended. We were pleased to welcome the Mayoress of Sunderland in August to lead a wreath laying ceremony to mark the anniversary of the attack on the North of England by the Luftwaffe in 1940. The event saw multiple wreaths being laid.
In terms of collection development there were two significant arrivals. Thanks to RAF Heritage the museum was able to unveil a British Aerospace Hawk T.1 aircraft at a ceremony in May. The event was hosted by the Lord Lieutenant of Tyne and Wear and included representatives of the Lieutenancy from Northumberland, Durham and North Yorkshire. There was also a large RAF contingent and Civic representative from all the Tyne and Wear boroughs and Newcastle.
In September the museum was also able to add a Victa Airtourer G-ATCL which is an aircraft that spent nearly all its flying career at Sunderland Airport. The aircraft was kindly donated by its last owner and placed on display in the re-vamped Civil Transport shed.
The museum continued to support the community by hosting school visits. The museum has an active programme with four specialist autism support providers to help those in the transition to world of work.
Financially, 2024 has seen an increase in income of close to 40% from visitor admissions which reflects the hard work of the volunteers in improving and promoting the museum. At the year end there was a small increase in funds The museum trustees take a prudent view and aim to keep a liquid funds equivalent to 6 months operational costs in reserves.
David Charles on behalf of the Trustees
Registered Charity Number 1150286 Company Registration 02828043
Oocusign Envelope ID: 8DA89841-40EA-4670-A42C-72E73A9931AO COMPANY REGISTRATION NUMBER: 02828043 CHARITY REGISTRATION NUMBER: 1150286 NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Unaudited Financial Statements 31 December 2024
Do¢usign Envelope ID: BDABgB41-4DEA-4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Financial Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activittes (including income and expenditure account) Statement of financial position Notes to the financial statements 5-10 The following pages do not form part of the linancial statements Detailed statement of financial activities 12
Docusign Envelope ID: BDA89B414DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 December 2024 The t¥ustoes, who are also the directors for the purposes of company law, present their report and the unaudited financial stalements of the charity for the year ended 31 December 2024. Reference and administrative details Registered charity name NE Land Sea and Air Museum Ltd. Charity registration number 1150286 Company registration number 02828043 Principal office and registered Washington Road office Sunderland Tyne and Wear SF15 3HZ The trustees D Charles A Charles D Dellow S Marlee l Mclaren R Potts K Dellow M Frodsham K Lynch (Resigned 20 October 2024) (Resigned 20 October 2024) {Appointed 20 October 2024) (Appointed 20 October 2024) Independent examiner Jane Freeman Robert Miller & Company (NE) Limited. Kings Hall 4 Imperial Buildings Houghton-le-spring Tyne & Wear DH4 4DJ The trustees, annual report were approved on trustees by: 91212025 and signed on behalf of the board of Docusbgned by: 81 DEE948A821491. D Charles Trustee
Docusign Ellvelope ID: BDAB9B41-40EA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Independent Examiner's Report to the Trustees of NE Land Sea and Air Museum Ltd. Year ended 31 December 2024 I report lo the trustees on my examination of the finanGial statements of NE Land Sea and Air Museum Ltd. {'the ¢harity') for the year ended 31 December 2024. Responsibilities and basis of report As the trustees of the company {and also ils directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 audiled under Part 16 of the 2006 Act and are eligible for independent examination, I report IN respect of my examination of the 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 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 charity as required by section 386 of the 2006 Act. or the financial statements do not accord with those records. or the financial statements 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 financial stalemenls have not been prepared in accordance with the methods and principles of the Statement of Flecommended 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. Sig ntd by: E35200E9741 B4DT... Jane Freeman FCCA Independent Examiner Robert Miller & Company (NE} Limited Kings Hall 4 Imperial Buildings Houghton-le-spring Tyne & Wear DH4 4DJ
Docusign Envelope ID.. BDAB9B414DEA-4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Statement of Financial Activilies (including income and expenditure account) Year ended 31 December 2024 2024 Unrestricted funds Total funds Total funds 2023 No18 Income and endowments Donations and legacies Other Irading activities Total income 76,294 14,040 76,294 14,040 55,861 23,354 90,334 go,334 79,215 Expenditure Expenditure on raising funds: Charitable activities Governance costs 81,188 2,398 81,188 2,399 72,754 2,565 Total expenditure 83,586 83,587 75,319 Net income and net movement in funds 6,748 6,747 3,896 Reconciliation of funds Total funds brought forward Total funds carried forward 52,878 52,878 48,982 59,626 59,626 52,878 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 5 to 10 form part of these financial statements.
Docusign Envelope ID: BDABgB414DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 10 11 16,990 17,409 16,992 17,411 Current assets Debtors Cash at bank and In hand 12 4,802 54,445 9,518 44,477 59,247 53,895 Creditors: amounts falling due within one year Net current assets 13 {16,613) 42,634 {18,528) 35,467 Total assets less current liabilities 59,626 52,878 Net assets 59,626 52,878 Funds of the charity Unrestricted funds 59,626 52,878 Total charity funds 15 59,626 52,878 For the year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 91212025 and are signed on behall of the board by: Docusigned by: 61 DEE948A821491 .. D Charles Trustee The notes on pages 5 10 10 form part of these financial st2t&ments.
DoGusign Envelope ID: BDABgB41-4DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Noles to the Financial Statements Year ended 31 December 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered In England and Wales and a registered charity in England and Wales. The address of the registered office Is Washington Road, Sunderland, Tyne and Wear, SR5 3HZ. Statement of compliance These financial statemenls have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republrc of Ireland,, the 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) (Charities SORP {FRS 102)) and the Gompanies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluatÈon of Certain financial assets and liabilities and inveslment propertFes measured at fair value Ihrough income or expenditure. The financial statements are prepared In sterling, which is the functionaf Currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Fund accounting Unrestricted funds are availabje for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are SLJbjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: resiricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the econornic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. Resources expended Expenditure Is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the staioment of financial aclivities to which it relates.
Docusign Envelope ID: BDAB9B41-4DEA-4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 December 2024 Accounting policies (conlltrued) Resources expended (conllnuedj All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequenlly stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumufated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, rn which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and fittings Motor vehicles Computer equipment 100/0 on reducing balance 25 % on reducing balance 25°/o Straight line basis Taxation The charity is exempt from corporation tax on its charitable activilies Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial ActivÉties on a straight line basis over the period of the lease. Pension costs and other post-retirement benefits The charitable company operated a defined contribution pension scheme. Contributions payable to Ihe charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Docusign Envelope ID: BDAB9B41-4DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Notes to the Financial Statements {continUed) Year ended 31 December 2024 Limited by guarantee NE Land Sea and Air Museum Ltd. is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being would up while he or she is a member, or within on year after he or she ceases to be a member. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations 5,569 5,569 4,351 4,351 Museum entrances 70,725 70,725 51,510 51,510 78,294 76,294 55,861 55,861 Other trading actlvities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Transfer of profits from Subsidiary Rental income Sundry receipts 8,587 2,300 3,153 8,587 2,300 3,153 18,136 3,050 2,168 18,136 3,050 2,168 14,040 14,040 23,354 23,354 Net income Net income is staled after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets Hire of plant and machinery 2,207 189 2,732 238 Staff costs The lotal staff costs and employee benefits for the reporting period are analysed as follows; 2024 2023 Wages and salaries Employer contributions to pension plans 23,423 1,576 21,306 1,663 24,999 22,969
Docusign Envelope ID: BDAB9841-4DEA-4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 December 2024 Staff costs (conflnuedj The average head count of employees during the year was 1 (2023: 1). No employee received employee benefits of more than £60,000 during the year {2023: Nil). Trustee remuneration and expenses No renumeration or other benefits from employmenl with the charity or a related entity were received by the Irustees. 10. Tangible fixed assets Fixtures and fittings Motor vehicles Computer Equipment Total Cost At 1 January 2024 Additions 34,332 1,788 4,150 1,766 40,248 1,788 At 31 December 2024 36,120 4,150 1,766 42,036 Depreciation At 1 January 2024 Charge lor the year At 31 December 2024 18,742 1 ,579 2,643 376 1,454 252 22,839 2,207 20,321 3,019 1,706 25,046 Carrying amount At 31 December 2024 15,799 1,131 60 16,990 At 31 December 2023 15,590 1,507 312 17,409 11. Investments Unlisted investments Cost or valuation At 1 January 2024 Additions At 31 December 2024 Impairment At 1 January 2024 and 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 There were no Investment assets outside the UK.
Docusign Envelope ID: BDAB9B414DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 12. Debtors 2024 2023 Prepayments and accrued Income Other debtors 703 4,099 966 8,552 4,802 9,518 13. Creditors: amounts falling due within one year 2024 2023 Accruals Deferred income 3,078 13,535 16,613 2,694 15,835 18,528 14. Pensions and other posl retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation lo defrned contribution plans was £1,576 (2023: £1,663). 15. Analysis of charitable funds Unrestricted funds At 31 December 2024 At 1 January 2024 Income Expenditure General funds 52,878 90,334 (83,586) 59,626 At 31 December 2023 At 1 January 2023 Income Expenditure General funds 48,982 79,215 (75,319) 52,878
Docusign Envelope ID: BDA89B414DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 December 2024 16. Analysis of nel assets between lunds Unrestricted Total Funds Funds 2024 Tangible fixed assets Inveslments Current assets Creditors less than 1 year Net assets 16,990 16,990 59,247 (16,613) 59,626 59,247 {16,613) 59,626 Unrestricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 19,341 19,341 49,749 (20,110) 48,982 49,749 (20,110) 48,982 10
Docusign Envelope ID: BDA89B414DEA4670-A42G-72E73Ag931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Management Information Year ended 31 December 2024 The following pages do not form part of the financial statements. 11
Docusign Envelope ID: BDAB9B414DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Income and endowments Donations and legacies Donations Museum entrances 5,569 70.725 4,351 51,510 76,294 55,861 Other trading activities Transfer of profits from Subsidiary Rental income Sundry receipts 8,587 2,300 3,153 18,136 3,050 2,168 14,040 23,354 Total income 90,334 79,215 Expenditure Charilable activities Wages and salaries Pension costs Rent, rates and water Light and heat Repairs and maintenance Acquisition of museum exhibits Insurance Hire of fixed assets Telephone Postage and stationery Depreciation Sundry expenses Bank charges 23,423 1,576 1,690 5,518 32,689 5,901 2,585 189 934 471 2,209 1,718 2,285 21,306 1,663 119 4,902 34,880 210 2,438 238 877 47 2,730 1,655 1,689 81,188 72,754 Governance costs Accountancy and book-keeping Legal fees 2,299 100 2,212 353 2,399 2,565 Total expenditure 83,587 75,319 Net income 6.747 3,896 12
Oocusign Envelope ID: 8DA89841-40EA-4670-A42C-72E73A9931AO COMPANY REGISTRATION NUMBER: 02828043 CHARITY REGISTRATION NUMBER: 1150286 NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Unaudited Financial Statements 31 December 2024
Do¢usign Envelope ID: BDABgB41-4DEA-4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Financial Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activittes (including income and expenditure account) Statement of financial position Notes to the financial statements 5-10 The following pages do not form part of the linancial statements Detailed statement of financial activities 12
Docusign Envelope ID: BDA89B414DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 December 2024 The t¥ustoes, who are also the directors for the purposes of company law, present their report and the unaudited financial stalements of the charity for the year ended 31 December 2024. Reference and administrative details Registered charity name NE Land Sea and Air Museum Ltd. Charity registration number 1150286 Company registration number 02828043 Principal office and registered Washington Road office Sunderland Tyne and Wear SF15 3HZ The trustees D Charles A Charles D Dellow S Marlee l Mclaren R Potts K Dellow M Frodsham K Lynch (Resigned 20 October 2024) (Resigned 20 October 2024) {Appointed 20 October 2024) (Appointed 20 October 2024) Independent examiner Jane Freeman Robert Miller & Company (NE) Limited. Kings Hall 4 Imperial Buildings Houghton-le-spring Tyne & Wear DH4 4DJ The trustees, annual report were approved on trustees by: 91212025 and signed on behalf of the board of Docusbgned by: 81 DEE948A821491. D Charles Trustee
Docusign Ellvelope ID: BDAB9B41-40EA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Independent Examiner's Report to the Trustees of NE Land Sea and Air Museum Ltd. Year ended 31 December 2024 I report lo the trustees on my examination of the finanGial statements of NE Land Sea and Air Museum Ltd. {'the ¢harity') for the year ended 31 December 2024. Responsibilities and basis of report As the trustees of the company {and also ils directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 audiled under Part 16 of the 2006 Act and are eligible for independent examination, I report IN respect of my examination of the 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 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 charity as required by section 386 of the 2006 Act. or the financial statements do not accord with those records. or the financial statements 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 financial stalemenls have not been prepared in accordance with the methods and principles of the Statement of Flecommended 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. Sig ntd by: E35200E9741 B4DT... Jane Freeman FCCA Independent Examiner Robert Miller & Company (NE} Limited Kings Hall 4 Imperial Buildings Houghton-le-spring Tyne & Wear DH4 4DJ
Docusign Envelope ID.. BDAB9B414DEA-4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Statement of Financial Activilies (including income and expenditure account) Year ended 31 December 2024 2024 Unrestricted funds Total funds Total funds 2023 No18 Income and endowments Donations and legacies Other Irading activities Total income 76,294 14,040 76,294 14,040 55,861 23,354 90,334 go,334 79,215 Expenditure Expenditure on raising funds: Charitable activities Governance costs 81,188 2,398 81,188 2,399 72,754 2,565 Total expenditure 83,586 83,587 75,319 Net income and net movement in funds 6,748 6,747 3,896 Reconciliation of funds Total funds brought forward Total funds carried forward 52,878 52,878 48,982 59,626 59,626 52,878 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 5 to 10 form part of these financial statements.
Docusign Envelope ID: BDABgB414DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 10 11 16,990 17,409 16,992 17,411 Current assets Debtors Cash at bank and In hand 12 4,802 54,445 9,518 44,477 59,247 53,895 Creditors: amounts falling due within one year Net current assets 13 {16,613) 42,634 {18,528) 35,467 Total assets less current liabilities 59,626 52,878 Net assets 59,626 52,878 Funds of the charity Unrestricted funds 59,626 52,878 Total charity funds 15 59,626 52,878 For the year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 91212025 and are signed on behall of the board by: Docusigned by: 61 DEE948A821491 .. D Charles Trustee The notes on pages 5 10 10 form part of these financial st2t&ments.
DoGusign Envelope ID: BDABgB41-4DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Noles to the Financial Statements Year ended 31 December 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered In England and Wales and a registered charity in England and Wales. The address of the registered office Is Washington Road, Sunderland, Tyne and Wear, SR5 3HZ. Statement of compliance These financial statemenls have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republrc of Ireland,, the 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) (Charities SORP {FRS 102)) and the Gompanies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluatÈon of Certain financial assets and liabilities and inveslment propertFes measured at fair value Ihrough income or expenditure. The financial statements are prepared In sterling, which is the functionaf Currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Fund accounting Unrestricted funds are availabje for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are SLJbjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: resiricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the econornic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. Resources expended Expenditure Is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the staioment of financial aclivities to which it relates.
Docusign Envelope ID: BDAB9B41-4DEA-4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 December 2024 Accounting policies (conlltrued) Resources expended (conllnuedj All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequenlly stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumufated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, rn which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and fittings Motor vehicles Computer equipment 100/0 on reducing balance 25 % on reducing balance 25°/o Straight line basis Taxation The charity is exempt from corporation tax on its charitable activilies Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial ActivÉties on a straight line basis over the period of the lease. Pension costs and other post-retirement benefits The charitable company operated a defined contribution pension scheme. Contributions payable to Ihe charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Docusign Envelope ID: BDAB9B41-4DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Notes to the Financial Statements {continUed) Year ended 31 December 2024 Limited by guarantee NE Land Sea and Air Museum Ltd. is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being would up while he or she is a member, or within on year after he or she ceases to be a member. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations 5,569 5,569 4,351 4,351 Museum entrances 70,725 70,725 51,510 51,510 78,294 76,294 55,861 55,861 Other trading actlvities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Transfer of profits from Subsidiary Rental income Sundry receipts 8,587 2,300 3,153 8,587 2,300 3,153 18,136 3,050 2,168 18,136 3,050 2,168 14,040 14,040 23,354 23,354 Net income Net income is staled after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets Hire of plant and machinery 2,207 189 2,732 238 Staff costs The lotal staff costs and employee benefits for the reporting period are analysed as follows; 2024 2023 Wages and salaries Employer contributions to pension plans 23,423 1,576 21,306 1,663 24,999 22,969
Docusign Envelope ID: BDAB9841-4DEA-4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 December 2024 Staff costs (conflnuedj The average head count of employees during the year was 1 (2023: 1). No employee received employee benefits of more than £60,000 during the year {2023: Nil). Trustee remuneration and expenses No renumeration or other benefits from employmenl with the charity or a related entity were received by the Irustees. 10. Tangible fixed assets Fixtures and fittings Motor vehicles Computer Equipment Total Cost At 1 January 2024 Additions 34,332 1,788 4,150 1,766 40,248 1,788 At 31 December 2024 36,120 4,150 1,766 42,036 Depreciation At 1 January 2024 Charge lor the year At 31 December 2024 18,742 1 ,579 2,643 376 1,454 252 22,839 2,207 20,321 3,019 1,706 25,046 Carrying amount At 31 December 2024 15,799 1,131 60 16,990 At 31 December 2023 15,590 1,507 312 17,409 11. Investments Unlisted investments Cost or valuation At 1 January 2024 Additions At 31 December 2024 Impairment At 1 January 2024 and 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 There were no Investment assets outside the UK.
Docusign Envelope ID: BDAB9B414DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 12. Debtors 2024 2023 Prepayments and accrued Income Other debtors 703 4,099 966 8,552 4,802 9,518 13. Creditors: amounts falling due within one year 2024 2023 Accruals Deferred income 3,078 13,535 16,613 2,694 15,835 18,528 14. Pensions and other posl retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation lo defrned contribution plans was £1,576 (2023: £1,663). 15. Analysis of charitable funds Unrestricted funds At 31 December 2024 At 1 January 2024 Income Expenditure General funds 52,878 90,334 (83,586) 59,626 At 31 December 2023 At 1 January 2023 Income Expenditure General funds 48,982 79,215 (75,319) 52,878
Docusign Envelope ID: BDA89B414DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 December 2024 16. Analysis of nel assets between lunds Unrestricted Total Funds Funds 2024 Tangible fixed assets Inveslments Current assets Creditors less than 1 year Net assets 16,990 16,990 59,247 (16,613) 59,626 59,247 {16,613) 59,626 Unrestricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 19,341 19,341 49,749 (20,110) 48,982 49,749 (20,110) 48,982 10
Docusign Envelope ID: BDA89B414DEA4670-A42G-72E73Ag931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Management Information Year ended 31 December 2024 The following pages do not form part of the financial statements. 11
Docusign Envelope ID: BDAB9B414DEA4670-A42C-72E73A9931AO NE Land Sea and Air Museum Ltd. Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Income and endowments Donations and legacies Donations Museum entrances 5,569 70.725 4,351 51,510 76,294 55,861 Other trading activities Transfer of profits from Subsidiary Rental income Sundry receipts 8,587 2,300 3,153 18,136 3,050 2,168 14,040 23,354 Total income 90,334 79,215 Expenditure Charilable activities Wages and salaries Pension costs Rent, rates and water Light and heat Repairs and maintenance Acquisition of museum exhibits Insurance Hire of fixed assets Telephone Postage and stationery Depreciation Sundry expenses Bank charges 23,423 1,576 1,690 5,518 32,689 5,901 2,585 189 934 471 2,209 1,718 2,285 21,306 1,663 119 4,902 34,880 210 2,438 238 877 47 2,730 1,655 1,689 81,188 72,754 Governance costs Accountancy and book-keeping Legal fees 2,299 100 2,212 353 2,399 2,565 Total expenditure 83,587 75,319 Net income 6.747 3,896 12