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← Raf Manston Spitfire & Hurricane Memorial Museum

2024-08-31-accounts

CHARITY REGISTRATION NUMBER: 1159597

RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

UNAUDITED FINANCIAL STATEMENTS 31 AUGUST 2024

NEVILLE WESTON

Chartered Certified Accountants

3 High Street St Lawrence Ramsgate Kent CT11 0QL

RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

CONTENTS PAGE
Trustees' Annual Report 1 – 2
Independent Examiner's Report to the Trustees 3
Statement of Financial Activities 4
Statement of Financial Position 5
Notes to the Financial Statements 6 - 15
The following page does not form part of the financial statements

Detailed Statement of Financial Activities

17

RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees present their report and the unaudited financial statements of the Charity for the year ended 31 August 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity Name RAF Manston Spitfire & Hurricane Memorial Museum

Charity Registration Number 1159597 Principal Office The Airfield Manston Road Ramsgate CT12 5DF Kent THE TRUSTEES Mr D Jackson Mr S Collins (Resigned 1 November 2023) Mr P Beck (Chairman) (Appointed 29 November 2023) Ms S D Bradley (Appointed 27 September 2023) Mr S P Beech (Resigned 1 May 2024) Mr S Tindall Mr H Wilton Mr R Neale Mr P L Quaile (Appointed 19 June 2024) Mr C P Burton (Appointed 19 June 2024)

Independent Examiner C J N Weston FCCA, Neville Weston 3 High Street St Lawrence Ramsgate Kent CT11 0QL

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity was registered as a Charitable Incorporated Organisation on 12 December 2014 and its governing document is its constitution.

OBJECTIVES AND ACTIVITIES

Policies and Objectives

The objects of the Charity are to advance the education of the public by maintaining a museum for the exhibition to the public of World War aircraft and associated artifacts and memorabilia and to preserve the same in the best possible condition for the public benefit.

Activities for Achieving Objectives

In planning our activities for the year, the Trustees have ensured that they have complied with the duty in s17 of the Charities Act 2011 and kept in mind the Charity Commission's guidance on public benefit.

To achieve its objectives, the Charity runs the Spitfire & Hurricane Memorial Museum as a free entry attraction.

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND PERFORMANCE

With the completion of building works the Trustees feel they have achieved what they set out to do in the previous year. The addition of the conference room/education space has allowed the museum to grow its audience and diversify its revenue streams.

FINANCIAL REVIEW

Reserves Policy

The main policy is to ensure that there is a contingency or reserve figure available to cover emergency requirements e.g. building repairs, safety factors etc. Income related to expenditure dictates the policy on reserves. A figure of £25,000 is considered to be the minimum, due to the age of the museum buildings. Work is being carried out during 2023 to replace the café roof, upgrade the toilets, and fence and gate the museum grounds. The funds for these activities are not included in the £25,000 reserve figure.

Risk Management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

PLANS FOR FUTURE PERIODS

The Trustees will be seeking to build up their financial reserves over the coming financial year following significant expenditure on maintenance and expansion of the Museum buildings. The Trustees will also be planning and starting initial work on building a replica Spitfire PRXI fuselage section and supporting display to help drive footfall and attract new visitors.

The Trustees' annual report was approved on June 2025 and signed on behalf of the board of Trustees by:

……………………………………..

Mr P Beck Chair of Trustees

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM FOR THE YEAR ENDED 31 AUGUST 2024

I report to the Trustees on my examination of the financial statements of RAF Manston Spitfire & Hurricane Memorial Museum ('the Charity') for the year ended 31 August 2024.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

3 High Street St Lawrence Ramsgate Kent CT11 0QL

C J N Weston FCCA Independent Examiner

Neville Weston Chartered Certified Accountants

June 2025

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Unrestricted
Funds Total Funds Total Funds
Note £ £ £
Income and Endowments
Donations and Legacies 4 114,815 114,815 119,524
Other Trading Activities 5 71,173 71,173 61,919
------------------------------------- ------------------------------------- -------------------------------------
Total Income 185,988 185,988 181,443
===================================== ===================================== =====================================
Expenditure
Expenditure on Charitable Activities 6,7 90,836 90,836 76,258
------------------------------------- ------------------------------------- -------------------------------------
Total Expenditure 90,836 90,836 76,258
===================================== ===================================== =====================================
Net Income and Net Movement in Funds 95,152 95,152 105,185
===================================== ===================================== =====================================
Reconciliation of Funds
Total Funds Brought Forward 771,295 771,295 666,110
------------------------------------- ------------------------------------- -------------------------------------
Total Funds Carried Forward 866,447 866,447 771,295
===================================== ===================================== =====================================

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 6 to 15 form part of these financial statements. - 4 -

RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2024

2024 2023
Note £ £ £
FIXED ASSETS
Tangible Fixed Assets 12 772,894 736,251
Investments 13 150 150
------------------------------------- -------------------------------------
773,044 736,401
CURRENT ASSETS
Debtors 14 63,734 27,113
Cash at Bank and in Hand 40,183 15,687
------------------------------------- -------------------------------
103,917 42,800
CREDITORS: amounts falling due within one
year 15 10,514 7,906
------------------------------------- -------------------------------
NET CURRENT ASSETS 93,403 34,894
------------------------------------- -------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 866,447 771,295
------------------------------------- -------------------------------------
NET ASSETS 866,447 771,295
===================================== =====================================
FUNDS OF THE CHARITY
Unrestricted Funds 866,447 771,295
------------------------------------- -------------------------------------
TOTAL CHARITY FUNDS 17 866,447
=====================================		 771,295
=====================================

These financial statements were approved by the board of Trustees and authorised for issue on June 2025, and are signed on behalf of the board by:

…………………………………… Mr P Beck Chair of Trustees

The notes on pages 6 to 15 form part of these financial statements. - 5 -

RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. GENERAL INFORMATION

The Charity is a public benefit entity and a registered Charity in England and Wales and is unincorporated. The address of the principal office is The Airfield, Manston Road, Ramsgate, CT12 5DF, Kent.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic 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 Charities Act 2011.

3. ACCOUNTING POLICIES

Group Financial Statements

These financial statements do not consolidate the results of the Charity and its wholly-owned subsidiary, Manston Spitfire and Hurricane Memorial Trust Limited, as the gross income of the group is below the threshold for group accounts having to be prepared under the Charities Act 2011. A summary of the company's transactions and financial position is set out in note 20.

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

There are no material uncertainties about the Charity's ability to continue.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

3. ACCOUNTING POLICIES (continued)

Incoming Resources

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Resources Expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Charitable activities are costs incurred on the Charity's obligations, including support costs and costs relating to the governance of the Charity.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently 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 accumulated 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, in 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:

Investments in subsidiaries are valued at cost less provision for impairment.

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

3. ACCOUNTING POLICIES (continued)

Investments in Associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in Joint Ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Charity are assigned to those units.

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

3. ACCOUNTING POLICIES (continued)

Financial Instruments

A financial asset or a financial liability is recognised only when the Charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

4. DONATIONS AND LEGACIES

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
DONATIONS
Donations from Manston Spitfire and
Hurricane Memorial Trust Limited 50,698 50,698 36,891 36,891
Other Donations 62,777 62,777 82,633 82,633
Donations from The Manston
Lancaster Experience Limited 1,340 1,340 – –
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
114,815
=====================================		 114,815
=====================================		 119,524
=====================================		 119,524
=====================================

5. OTHER TRADING ACTIVITIES

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Shop Income 71,173
===============================		 71,173
===============================		 61,919
===============================		 61,919
===============================

6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Museum Management 88,536 88,536 74,059 74,059
Support Costs 2,300 2,300 2,199 2,199
------------------------------- ------------------------------- ------------------------------- -------------------------------
90,836
===============================		 90,836
===============================		 76,258
===============================		 76,258
===============================

7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

Activities
Undertaken Support Total Funds Total Fund
Directly Costs 2024 2023
£ £ £ £
Museum Management 88,536 – 88,536 74,059
Governance Costs – 2,300 2,300 2,199
------------------------------- -------------------------- ------------------------------- -------------------------------
88,536 2,300 90,836 76,258
=============================== ========================== =============================== ===============================
NET INCOME
Net income is stated after charging/(crediting):
2024 2023
£ £
Depreciation of Tangible Fixed Assets 11,937 9,146
Operating Lease Rentals 1,212 1,230
=============================== ==========================
INDEPENDENT EXAMINATION FEES
2024 2023
£ £
Fees Payable to the Independent Examiner for:
Independent Examination of the Financial Statements 2,300 2,200
========================== ==========================

8. NET INCOME

9. INDEPENDENT EXAMINATION FEES

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

10. STAFF COSTS

The total staff costs and employee benefits for the reporting period are analysed as The total staff costs and employee benefits for the reporting period are analysed as follows:
2024 2023
£ £
Wages and Salaries 31,738 29,940
Employer Contributions to Pension Plans 718 664
------------------------------- -------------------------------
32,456
===============================		 30,604
===============================

The average head count of employees during the year was 2 (2023: 2).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

11. TRUSTEE REMUNERATION AND EXPENSES

During the year no Trustees received any remuneration or expenses from the Charity.

12. TANGIBLE FIXED ASSETS

Land and Plant and
Buildings Machinery Total
£ £ £
Cost
At 1 September 2023 913,620 126,307 1,039,927
Additions 37,420 11,160 48,580
------------------------------------- ------------------------------------- -----------------------------------------------
At 31 August 2024 951,040 137,467 1,088,507
===================================== ===================================== ===============================================
Depreciation
At 1 September 2023 178,649 125,027 303,676
Charge for the year 8,507 3,430 11,937
------------------------------------- ------------------------------------- -----------------------------------------------
At 31 August 2024 187,156 128,457 315,613
===================================== ===================================== ===============================================
Carrying Amount
At 31 August 2024 763,884 9,010 772,894
===================================== ===================================== ===============================================
At 31 August 2023 734,971
=====================================		 1,280
=====================================		 736,251
===============================================

Freehold land of £505,282 has not been depreciated.

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

13. INVESTMENTS
Shares in
Group Other
Undertakings Investments Total
£ £ £
Cost or Valuation
At 1 September 2023 100 50 150
Additions – – –
---------------- ---------------- ----------------
At 31 August 2024 100 50 150
================ ================ ================
Impairment
At 1 September 2023 and 31 August 2024 – – –
================ ================ ================
Carrying Amount
At 31 August 2024 100 50 150
================ ================ ================
At 31 August 2023 100 50 150
================ ================ ================
All investments shown above are held at valuation.
14. DEBTORS
2024 2023
£ £
Amounts Owed by Group Undertakings 61,490 27,113
Other Debtors 2,244 –
------------------------------- -------------------------------
63,734 27,113
=============================== ===============================
15. CREDITORS: amounts falling due within one year
2024 2023
£ £
Accruals and Deferred Income 9,975 7,675
Social Security and Other Taxes 489 181
Other Creditors 50 50
------------------------------- --------------------------
10,514
===============================		 7,906
==========================

16. PENSIONS AND OTHER POST RETIREMENT BENEFITS

Defined Contribution Plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £718 (2023: £664).

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

17. ANALYSIS OF CHARITABLE FUNDS

Unrestricted Funds

Unrestricted Funds
At At
1 September 31 August 2
2023 Income Expenditure 024
£ £ £ £
General Funds 206,461 185,988 (90,836) 301,613
Freehold Land and Buildings Fund 564,834 – – 564,834
------------------------------------- ------------------------------------- ------------------------------- -------------------------------------
771,295 185,988 (90,836) 866,447
===================================== ===================================== =============================== =====================================
At At
1 September 31 August 20
2022 Income Expenditure 23
£ £ £ £
General Funds 101,276 181,443 (76,258) 206,461
Freehold Land and Buildings Fund 564,834 – – 564,834
------------------------------------- ------------------------------------- ------------------------------- -------------------------------------
666,110 181,443 (76,258) 771,295
===================================== ===================================== =============================== =====================================
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Total Funds
Funds 2024
£ £
Tangible Fixed Assets 836,778 836,778
Current Assets 40,183 40,183
Creditors less than 1 year (10,514) (10,514)
------------------------------------- -------------------------------------
Net Assets 866,447 866,447
===================================== =====================================
Unrestricted Total Funds
Funds 2023
£ £
Tangible Fixed Assets 763,514 763,514
Current Assets 15,687 15,687
Creditors less than 1 year (7,906) (7,906)
------------------------------------- -------------------------------------
Net Assets 771,295 771,295
===================================== =====================================

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. MUSEUM ARTIFACTS

In accordance with it's objectives, the Trust exhibits a number of aviation artifacts from the Second World War along with associated memorabilia to the public. Some of these are owned by the Trust and some have been loaned to it.

The main artifacts include the Hawkes Hurricane Aircraft and the Supermarine Spitfire Aircraft which have been loaned to the Trust by the Royal Air Force Museum. These artifacts are both insured by the Trust.

All artifacts are recorded on the Museum's register with individual accession numbers making each artifact easily identifiable, the description of the artifact and the name of the owner. This register can be seen at The Spitfire and Hurricane Memorial Museum.

The Trustees consider that the value of the artifacts cannot easily be determined due to their incomparable historical nature and importance. It is felt that the cost involved in determining such a value would be onerous compared with the benefits delivered by the Museum and the users of the accounts.

Therefore, Artifacts are not reported in the Statement of Financial Position.

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

20. MANSTON SPITFIRE AND HURRICANE MEMORIAL TRUST LIMITED

A summary of the company transactions and financial position, extracted from the latest available accounts, is set out below.

Profit and Loss Account

Profit and Loss Account
2024 2023
£ £
Turnover 69,901 62,238
Cost of Sales (29,687) (30,295)
-----------
 ----------
Gross Profit 40,214 31,933
-----------
 ----------
Donations to Manston Spitfire and Hurricane CIO/Trust (50,698) (36,891)
Administrative Expenses (32,049) (35,169)
----------
 ----------
Profit/(Loss) before Tax (42,533) (38,267)
-----------
 -----------
Profit/(Loss) after Tax
(42,533) (38,267)
--------
 --------
Balance Sheet
2024 2023
£ £
Fixed Assets 4,146 8,138
Current Assets 29,894 29,569
Creditors (73,503) (34,637)
---------
 ----------
Net Assets (39,463) 3,070
---------
 ---------
Called Up Share Capital 100 100
Profit and Loss Account (39,563) 2,970
---------
 ----------
Shareholders' Funds (39,463) 41,337
--------
 --------

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024

The following pages do not form part of the financial statements.

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RAF MANSTON SPITFIRE & HURRICANE MEMORIAL MUSEUM

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUSUT 2024

2024 2023
£ £
Income and Endowments
Donations and Legacies
Donations from Manston Spitfire and Hurricane Memorial Trust Limited 50,698 36,891
Other Donations 62,777 82,633
Donations from The Manston Lancaster Experience Limited 1,340 –
------------------------------------- -------------------------------------
114,815 119,524
------------------------------------- -------------------------------------
Other Trading Activities
Shop Income 71,173 61,919
------------------------------- -------------------------------
Total Income 185,988 181,443
===================================== =====================================
Expenditure on Charitable Activities
Museum Management
Activities Undertaken Directly
Purchases 1,510 3,775
Wages and Salaries 31,738 29,940
Pension Costs 718 664
Operating Leases 1,212 1,230
Light and Heat 10,573 9,100
Repairs and Maintenance 9,037 4,800
Insurance 7,291 5,558
Legal and Professional Fees 711 362
Telephone 68 46
Depreciation 11,936 9,147
Laundry and Cleaning 568 684
Sundry Expenses 6,736 5,531
Advertising 6,438 685
Software – 2,261
Subscriptions – 278
------------------------------------- -------------------------------------
88,536 74,059
------------------------------------- -------------------------------------
Governance Costs
Governance Costs – Accountancy Fees 2,300 2,199
------------------------------- -------------------------------
Total Expenditure on Charitable Activities 90,836 76,258
=============================== ===============================
-
Net Income 95,152 105,185
=============================== =====================================

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