Charity regisiraiion number.. 1175731 Hucknall Flight Test Museum Annual Report and Financial 8tatem¢nts for the Year Ended 5 April 2024 Comn)unily Accounling Plus Uniis l & 2 North West 41 TalLx)i Street Noitingham NGI 5GL
Hucknall Flight Test Museum Contents (continued) Reference and Administrative Details Truste¢s' Report 2to3 Statement of TTU5tee5' Respon5ibilitie5 Independent Exaininels Report Statement of Fii)ancial Activities Balance Sheet Notes to the Financial Ststements 8t0 13
Hucknall Flight Test Museum Reference and Administrative Details Trustee5 Malcolm Todd Milan Petrovic Briaii Wilson Miles Barrett Sharon Severn Alan Spray Alan Randall Charity Registration Number 1175731 Principal Office The Wing Hangar Hives Way Hucknall Noiiinghamshire NG15 6YH Independent Examiner John O'Brien. employee of Commllnitj. Accounting Plus Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL Page I
Hucknall Flight Test Museum Trustees, Report The trustees present the annual report together with the financial stateinents of the charity for the year ended 5 April 2024. Obj¢£lives and activities Objeets urtduims To ensure the heritsge of Flight & Engine rest DevelopmenL and the unique Hucknall site is protected and available for the public and future generations. Objeclive.f, slrategies a¢livilies Provide a safe and secure site, plus an introduction and Museum tour that provides infomiation on the "world firsts" aLhieveinents at this historic site. plu5 artefacts, mode15 and ori¥inal engine5 from WW2 and be)'ond. Additionally, tell the stories of people who worked on this 5lte and their k)Ctivities. Publie bellejll By providing a wide range of material, including conservarilin and resioration of items for the public and educational purposes. It is envisaged to open up the archives collectedlassociated 1[h the sites heritage via an on-line link to video, photographic and historic records., once software collation has been completed. The trustees confirm that they have complied M'ith the requirements of sectioll 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Cotnmission for England and Wales. Structure. governance and management alure of¥uverniii&¥ dvcumeiit The charity is operated under the rules of its constitution/tru5t deed adopted 1411112017. Recrullmerti and&ppoI¢ettI Iruslees Current Trustees recommend persons concerned and the Chainnan and Vice Chairman interview and discuss roleslresponsibilities required. Subsequently. this will be discussed at the next Twstees meeting which includes a 'new Trustees" item on the agenda. Feedback is discussed and relevant appointments are then made. Page 2
Hucknall Flight Test Museum Trustees, Report (continued) Achievements and performance Pivotal di5CU5sions took place in Spring 2023, which paved the way for HUFTM to appoint lan Torr (Cle¥gs Solicitor5, Nottin¥hainl. and t]e¥otiate with Rolls-Royce PLC Property Manager Robert Orgill and their le¥al team at Ever5hed5. Worce5ter5hire. Whi15t le¥Tal negFotiation5 continued, it wa5 Still not possible to undertake activities within the Wing Hangar, other than tidy up work, via the stewardship of Neil Chattle (RRHT), a5 previously detailed in the 2022123 Chair s report. The trustees continued to work actively with Rolls-Royce Heritage Trust, to ensure the future of the Museuin and Hucknall's place in dviation historv. HUFTM Cl)aiman Al Spray attended several RRIIT Council Meeting5 in the abtsve period, updatin¥ and briefing Directors of the slow legal pro¥ress that ivas taking place. The r¢lea5e of the agreed £400K dvnlitivn was litnited by R-R Pi"op¢rty. to an initial sutn of approx. £25K to fund professional fees and warious expenses in mainlaining the building integrity during the Autuinn of ?023. Monthly meetings of HUFTMIRRHT members continued to lake place at "The Engine Rooms" plus Trustees meetings were now more frequent, as legal activiiy was stsrring to ramp up in OctlNov 2023, following the granting of planning approval for the Modular Building, previously reported. Unfortunately the ividely reported RAAC construction issue took place during this period and the supplylerection of HUFTM Modular building. planned for early 20?4 ivas pushed back 10 Springlsummer '24 as Schools and public buildings riohtly tLX)k priority in sourcing alternative 'iemporary accommodation" HUFTM frustees and volunieers amended business and site plans for the reopening of the Museum. however. finally on Januar), I Ith 2024, the si£ning of the miich aaIted short (5 yearl and long 199 year) leases were coinpletedl This action kick-started an immediate change in allowing members and volullteer% to provide their available siipport anjrtime during the weekl Whilst this period was the coldest and wettest time of the year, members and new volunteers working on internal projerts, hICh were listed and orchestrated by HUFTM Workshop Manager. Site meetings subsequently took place with seiiior Wemick personnel to finali5e building erection area and siipply of power, water. sewage setryices. In addition, interjial details 'ere fine tuned to finalise overall costs and reconcile the 501 dep05lt. as per contract. At this point R-R Propert), transferred the balance of the donation, as expenses mounted and quotes were updated for supply of matcrials and labour for external painting, replacement glass, energ), saving Heat Pumps. By April 2024, 7 new volunteers had joined the teaTn and fiirther plaiining took place in aiiticipation of the modular building arriving in late Junelearly July. Financial review HUFTM Trustee5 were l)appy to receive a £400K doiiation,. spending £123K durin¥ the period coverin¥ this document. We were able to invest £85K of the donatioii and actively Tnonitor monthly expense5. since our bu5iiies5 plan was to Sustain the inuseuTn for a 5 year period and subsequent review for a long-teTm freehold lease. Poli¢y OR reserves Our poli¢}, on reserves, is based on oiir business plan and regular revieM".s. We need reserves for potential major expenditure like sile groundworks andlor complete roof repairireplacement, which a$ qiioied at £75K. Page 3
Hu¢knall Fliglit Test Musru Statement of Tru5te¥5' Respon5iblllties ThF IiusirrJ li iibponsibl¢ fuT pf¢pitiin¥ Ihe irusicc5' fiport and thL finiinLial sraiLincnt5 in acL(3rdAnLf Wlth Ihtr. Uniied Kiiigdom ALLIIUllliiig SiaTIAxrd.R ITliiiird Ktnudum Gejicrally AcL'ept¢d ALCOUlltlilg Pi'actliil and applicable13w 8nd reglllationg. Tlip applitwble w chdrJlie6 IPqUire'.- givc a tiur diid fdIl virw (Trl. di¢ STaTe of drraiTS ol tli¢ chai?ry and ot the InLuming Irsuurces and applicaiion ol. I"LSLIUt¥es uf EhL Lha[ty f¢)r thal PLriod. Jn prLparinv thLSL' fjnancidl stalcTncnts, tJi¢ titsstC¢8 arc r¢quirtd to.. select suital)le accoll]Iijiia politi¢< aRd dic11 ai)ply Ilicm c017%151CiitIy' observL Ihe method% and prinL Tples Jn Ihc Ch41ritic£ ,SORP. ijdkr Jud¥LrnEniq aiid &%iimaies Ihal are ieasonable wid prle11(. siaiL wh¢thLr applJcal)l¢ L¥DUntin0 514nddr(L% have hcLlI f(IllL)wed. subje¢l 10 any matLrial depamtrc.% disclosed and cxplained in the till]ela1 staiemeni%.' anA prep21e Lhe financial I[eltlS on th¢ goiiiu LOllLCnl bi1s5 unless li is indppropriate 10 preswne diat Lhe cliariLy 14.111 ioniinue In business The trusiec% art re.%pttttqihlp rrtr kpepin8 PlPer accouniins r¢cord6 shoi disclosc With r¢llsoiiablc aCCUraGy al any tirne the lin]CIal p10 of thc chanry aiid Ciidl>l¢ lliLIii Ll) CTlbUlC thaT thc tinaiicial gTaicmcnL% comply with the CliitriliLS ACI 701 l. thc Lhai-Ili¢s IAcc4)unls aiid Rcporusl Rcgulations 2008, aiid thc prL)Visioiis ol. thc constlluiioi?. The [rusi¢c al'e dl.40 re.4ponsible lor .safegTuarding lh¢ d.4%ei.% ol. Lh¢ charilv heiice lor laking T¢asonable steps IOF thc pi'eN'eniJvn anil deiection i)r liaud OLlier irreciulai'ilies. Thc ITUStLL$ arc r¢EpufisJblo tor thL ffjaliilcnanC ortd Iiitcgjtry uf tliL LIIII)ClldlL aiid finan¢iol IrOnall0 IIILluLlud iiIi the charTEahlc CDinpBny's ivebsilc. Lcgislaiion goi'¢rning thc preparation ]d dissemination of tiiiancial Siatcmcnts may ditlcr from l¢gislalion 11) othei- jurisdiclions. Approwcd by ilJL tsublffb vf Qjc ilidTiLy on / L. ..*Th"and si(nied on its bEhoif by-. Alaii Sjray TTUStec
Hucknall Flight Test Museum Independent Examiner's Report lo the trustees of Huel(nall Flight Test Museum Itldependent exarnitLer'5 report to the trustees of Hucknall Flight Test Museum I Itptsrt to the trustees tsn iny exainination ot'the accounts Ot. I lucknall Flight Test Museum (the Charity} for the year ended 5 April 2024. Responsibilitie5 and basis of report A.% the trnstees of the charity you are responsible for the preparation of the ac¢ounts in accordan¢e with the requirements of the Charities Act 2011 (the Act')- I report in respect of my examination of the Charity's accounts carried oiit under section 145 of the 2011 Act and in carry'ing out my examination I have follo.ed all the applicable directions given by the Charity Commission under section 145{5)(b) of the Act. llldependent exarnitler 5 Staternent Since the Chariiy's gross income exceeded £250.000 your examiner must be a member of a body listed in sectilin 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member and Felloiv of the Association of Charity Independent Examiners, which is one of the listed bodies. I have compleied my examination. I confimi that no matters have come to my attention in connectilin with the examinaiion giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the Act: or 2. the accounts do not accord with those records: or 3. the accounts do not Comply with the accounting requirements concerning the forni 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 'hICh is not a matter considered as part of an independent examination. I have concerns and have come acros5 110 other inatters iii connection with the examination to which attention sliould be drawli in this report iii order to enable a proper under5tandinu of the accouiits to be reached. John O'Brien Msc, FAIA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners Units l & 2 North West 41 Talbnt Street Nottingham NGI 5GL 2210512025 Page 5
Hucknall Flight Test Museum Statement of Finaneial Aetivities for the Year Ended 5 April 2024 Total 2024 Total 2023 UThrestricted Note Income and Endowments from: Donations and legacies Other trgding activities Investment income 400,261 318 400.261 318 6.000 Total Income 400,586 400,586 6,000 Expenditure on: Charitable aciiviiies (116,030) 1110.030) {202) Totsl Expenditure Net movement in funds (116,030) 1116.030) {202) 284,556 284,556 5,798 Reconciliation of funds Total funds brought fonvard 8.495 8.495 2.697 Total funds Caled fotiward 293,051 293,051 8.495 All of the charity's activities derive from continuing operation5 durin¥ the above two period5. The fund5 breakdown for the period 15 Shown in note . Total 2023 Unrestrieted Note Income and Endowments from: Donation5 and legacies Expenditure on: Charitable activities 6,000 6,000 (202) (202) Total Expenditure (202 (202 Net movement in funds 5.798 5.798 ReeonciliAtiun of funds Total fund5 broiight forward 2.697 2.697 Total funds carried fotTrvard 8,495 8,495 The notes on pages 8 to 13 form an integral pan of Ihese financial ststements. Page 6
Hucknall Trlight Test Museum IRegistration number: 1175731) Balance Sheet as at 5 April 2024 2024 2023 Note FiA¢d a55tt5 Tangible assets 6.360 Current assets nebiors L'asti at bank an¢J In han io 2,131 2¥).4VU ¥,4Y) 287,531 8,495 Creditors.. Amouttt$ fallirtg duè within one ye*r 12 Ig40) Net currertt 0$5et$ 28(),691 8.495 Net assets 293,051 8,495 Fiinds Ibf th& ehgriti.: Unrestricted Income funds I lllrpEtrirtpil fiinilq ?.Yry,nSl %.495 Total funds 993.051 8.495 Th¢ fJnanLial stst¢m¢nts on pag&% 6 io 13 w¢rc approv¢d by th¢ trustccs, and authoris¢d for issuc on and Sied on their behalf by.. MalLubll TnL%te¢ The notes on pa8es 8 to 13 fom gn Intesral patt of these fingttcial statements. Pa8¢ 7
Hucknall Flight Test Museum Notes to the Financial Statements for the Year Ended 5 April 2024 l Accounting polieies Statement of eompliartee 'I'hc financial statcincnts have been pr¢par¢d in accordance with the second ¢dition of th¢ Charities Statement of Rccommended Practice issued in Octi)ber 2019. the Financial Reporting Standard applicable in the United KinbFdoin at]d Republic of Ireland IFRS 102) aiid the Cl)aritie5 Act 2011. Basis of preparation Hucknall Flight Test Museum meets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 ale initiall}. reco¥ni5ed at Iii5torical cost or transactioii value unless OtheTWiSe Stated in the relevant accountin¥ policy notes. Exemplion from preparing g cash flow statement Under the exemption available to STnaller charities the Board of Trustees has chosen not to include a Statement of Cash Flows w'ithin the financial statements. CJoing concern The financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast sigiiificant doubt on the ability of the charity to continue as a going concem. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. Preiious period comparison The previous pcriod's figures have not been included for comparison because the layout used in the previous period wa5 substantially different and does not lend itself to clear comparison. Income and endowments Voluiitary income including donation5, gifts. legacies and grants that provide core funding or are of a general nature is recotTt115ed w'heii the charity has entitleinent to the income, it is probable that the ii)come will be received and the amoiint can be measured with sufficient reliability. Donullons legucles Donations are recognised when the charity has been noiified in wriiing of boih the amL)unt and settlement date. In the event that a donation is subject to conditions that require a level of performance by the chariry before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Grémts receiv&hle Grants ale ieco¥ni5ed wheii the charit), ha5 ali entitleineiit to the funds and aii}' conditions linked to the grants have been niet. Where performaiice conditions are attached to the ¥rant and are yet to be met, the iiicome is recognised as a liabilify. and included on the balance sheet as deferred income to be released. Page 8
Hucknall Flight Test Museum Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) Inveslment Income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure. it is prL)bable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to thai category. Where costs cannot be directly attribuied to particular headings the}. have been allocated on a basis consistent with the use of resources. with central staff CL)sis allocated L)n the basis of time spenL and depreciation charges allocaied on the portion of the asset's use. Other siipport costs are allocated based on the spread of staff costs. Charilable aclivilies Charitable expenditure comprises those cost5 incutTed by the charity in the delivery of its activities and services for its beneficiaries. It include5 both cost5 that can be allocated directly to such activities and those costs of a indiTect nature necessary to support them. Taxation The charity is considered ro pass the tesis set out in Paragraph I Schedule 6 of Ihe Finance Act 2010 and therefore li meets the definition of a charithble company for UK corporaiion tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capiial gains received withiii Categories covered by Chapter 3 Part I l ol. the Corporation Tax Act 2010 or Seeiion 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed a55et5 Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciaiion and subseqiient accumulated impairment losses. Depreciation and arnort15ation Depreciation is provided on tangible fixed assets so as to write off the CL)St or valuation, less any estimatsd residual value. over their expected useful economic life as fLIIIows'. A55et cla55 Fixiures &- fittings Depreciation method and rate 20/0 straight line Trade debtor5 Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impaimient of debtors is established when there is objective evidence that the chariry will not be able to colleci all amounts due according to the original terms of the receivables. Cash and Cash equivalents Cash and cash eqiiivalents comprise cash on hand and call deposits, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject to at] insignificEt risk of change in value. Page 9
Hucknall Flight Test Museum Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) Borrowings Interest-bearing bOOw1n¥S are initially recorded at fair value, net of transaction costs. Intere5t-bearin¥ borrowings are 5ub5equently carried at amort15ed c05t, with the difference between the proceeds, net of transaction cost5. and the amount due on redernption being recognised as a charge to the over the period of the relevant borrowin¥. Interest expense 15 recogni5ed on the basis of the effective interest method and is included in interest payable and siinilar charges. Boffowings are classified as current liabilities unless the has an unconditional right to defer settleinent of the liability foi at least twelve inonth5 after the reporting date. Fund structure Unrestricied income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. 2 Income from donation5 and legacies Unrestricted Total Total 2023 G¢neral Donations and legacies., Donatitsns Irom individuals Grants, includii)g capital grants; Grants from companies 261 261 6,000 400,000 400,000 400,261 400,261 6,000 3 Income from other trading actii'ities Unrestricted funds CeDeral Total funds Total 2023 Fundraising 318 318 i18 4 Investment irteome Unrestricted funds CJ¢ner&l Total Total 2023 Interest receivable and similar income. Interest receivable on bank deposits Page 10
Hucknall Flight Test Museum Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) 5 Grants and donations Unrestricted funds Total fund5 Rolls-Royce PLC Give As You Live 400,000 ?61 400,000 261 400,?61 400,261 6 Expenditure charitable activitie5 Unrestricted funds General Total 2024 Total 2023 Legal & professional fees Miscellaneous Communicatior15 Security Modular building Mgintengnce Sanitary requirements Insurance tkpreciation Museum n]nning costs 26,716 690 26,716 690 456 456 1,513 82.600 1,275 553 637 1,590 82.600 1.275 553 637 1,590 202 116,030 116,030 202 7 Independent examiner's fees During the period, the fees payable (excluding VATI to the charity's independent examiner Community Accounting Plus are anal)Ised as follows.. 2024 2023 Independent examination 700 700 Pagell
Hucknall Flight Test Museum Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) 8 Taxation The charity is a registered charity and 15 therefore exempt from taxation. 9 Tangible fixed assets Fixtures & rittings Total Cost Addition5 7,950 7.950 At 5 April 2024 7,950 7.950 Depreciation Charge for the year 1,590 1,590 At 5 April 2024 1,590 1,590 Net book value At 5 April 2024 6,360 6,360 10 Debtors 2024 2023 Prepayments 2,131 I I Cash and cash equivalents 2024 2023 Cgsh on hand Cash at bank 285,398 8,493 285,400 8,495 12 Creditors: amount5 falling due within one year 2024 2023 Accrua15 840 13 Related party transactions TheTe weie nv ielated party transactions in the year. Page 12
Hucknall Flight Test Museum Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) 14 Trustees remuneration and e%penses No tru5tee5, nor any persons cotjnected with them, have received any remuneration from the charity durin¥ the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Page 13