ChaTIty reglstratlon number 1175948 Compaoy reglstratlon number 10784045 (England and Walgs) WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 illiiiMIIIII •hDCLFZ2R¥ 28J09r2024 COMPthIES HOUSE
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WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE LEGAL ANDADMINISTRATIVE INFORMATION Trustees MrWTCooper Mr R Curtis Mrs H R Blake Edwards Mr B R Curtis Mr C R Kurek Mr DA Gledhix Secretary Mr DA Gledhill Charlty number 1175948 Company number 10784045 Princlpal address HarvJar 2 Sandown. Isle of ghtTl Scoichells Biook Lane Isle of Wght P036 OJP Reglstered officè 9 St Johns PL8ce Newport Isle of Wght P030 1LH Independent examlner Mcore (South) LLP 9 Sl Johns P Newport 151e of Wght P030 1LH Bankers Newport NatV4W Bank PIC 107 St James Street Isle of Wght P030 1UT Sollcitors RJR Solicitcffs Portland House 18 MeM"Ile Street Ryde Ie ofwght P033 2AP
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE CONTENTS Page Trustees, report Independent examinerfs reF*Xt Staternenl of fmncial adbvities Bala8 sheet Notes to Ihe finaroal statements 8-15
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees wesent their amud rewt and financial slatements for the year erKled 31 Deeember 2023. The financi statements have been prepared in accordance with the accounting poliaes sel (*rt in note 1 to the finanual stslemenls and comply wih the chari$ Arlides and Memorandum of Assoeialion. the Companies Act 2006, and the charities Act 2011 and"Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in acwdance wth the Finanaal RertIng Standard applicable in the UK and Republic of Irel IFRS 102). (as amended for accountiThJ pr0d$ ttrfnmenaw frcth 1 Janvary 2019). Objectlves and a¢tlvltles The Objects of the Charity have not changed from Ih¢)se listed in the Artides and Memorandum ofAssociation and in summary they a lo establish & maintsin a w(xkiNJ museum for the exhibib'on and preservation of histonc and dasgic aircraft, associated artefacls and memorabilk8 for Ihe of the public. and to adv the educatson of the public in the history of aviation. Public benefft The trustees have paid due regard 10 9uidarKe issued by the Chanty Commission in deciding vthat activities the charity should undertake, and they are collertively aware of this guidance in ensuring that all their actions are for the public benefrt.
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlovements and perfomHnce SignrfKanl ac1wilS and achVeMents against obiectwes 2023 h85 been a very busy and sessl year for the Wght Aviatw Mu5eL¥n with a fvll season of operation wth the museum open for vi&lors from April. when the High Sheriff, Kay MarrioiL fomiafiy 'Opened the Museum. in the Spring which stayed open until ts end of October. Many of our ongoing proied$ have continued arxl have been further developed throughoui the year and new projeds added. The WAM Schools & Education Prcfject During 2023 the WAM Schools & Education Project has been further developed to make it more applicable lo the National Curri¢ulum al KS1 & KS2. Tr WAM Educabon Team began ts year in February 2023 with a visit to 8roadlea Primary Schod lo do a day on 'Rothets". Then throughout the Spring and Summer terms have had a number of schools sit the museum for workshop sessions on Rockets. Flight, and For9. These schoo15 Induded Barton. Newehurch and Broadlea. The CC7 Cushion Craft ReSIat 2023 has seen the ¢ontinuation of the restr)ralion work on the CC7 Cvshion Craft and the big news cn this proiecl is that the Cushion Craft has now been moved to a new. purpose buitt work and display area at the other end of"Ih8 green" right opposite to the main entranc£ to the museum. The Spitfire Project A large hand built 115th scale model of a Mk9 Spitfire was donated to the museum by Geoffrey Hall from Seaview. This has rthy been developed into wonderful display about the 'AOrnY and Developrnent. of the world famous Spiffire alrcraft. It includes many smaller models of different MaS arKI Vants of Spiffire and 'an Okl and Nevf fuselage 'Frame 11- part construded and donated bYrfraMeAsseMblle$. have a fackny on the other side ofthe airport. The Spartan Project A major NEW pfoiect which be9 in 2023 is the"Spartan Prqecf vknere WAM is planning to bring the last example of a 3 seater Simmons Spartan air¢faft, whieh was built in Sommerton Works. Cowes in 1933. which is Gurrently ID New Zealand. The current owner of ZK-ARH is Rod Hall-Jones. a renowneo hellpIer [01 worked extensively wth Jacques Cousteau operating a flying film ship for his TV series. He purchased Ihe badty damaged air¢xaft in 1994 and spent 11 years restoring it to fying condition with it's Its original Cirrus Hermes Engine being rebuilt in 2005. A Spartan Project Team are now well undeDNay vith strategic planning and fundraising lo bring this aircraft to WGHT AVIATION MUSEUM vthich is the rightful relirefflenl home for this Spartan. A spwal VIP virAlor Ken &lis from FtyPast magazine. In July the Wghl Aviation Museum Team had the great pleasLtre lo welcome a well kn¢)wn and highly respected 'Aircraft Preservation Guru", avid Historian. Renovmed Author & Magaine Editor. Ken Ellis. Former editor for many years of the well known 'Flypasl" magazine, he is autlY)r of the btrannual Wecks and Relics. firsl puuished in 1961. n¢M in its 281h edition and is regarded by awatw)n enthusiasts and the airrxaft preseNation community as ils 'bible." Ken was shown around the museum by members of the WAM Team was very impressed with what the WAM Team have achieved in just a few years.
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Shedlesl Another "ShedFesi' event is being planned for next Summer on 29th and 30th June which il is hoped will be as successful as the last one and wll bring togelher all the varic¥Js Men In Sheds groups lo showcase their varied activities across the Island and recruit new members. WAM Volunteers The WAM Team of volunteers have been very busy during Ihe5e 'off season. months (while the museum is closed lo the public) working hard to repair and build new exhibtts and displays to be ready for next Spring when we will again ¢)pen lo the public for the "2024 Season.. Of course we a always looking for new volunteers bolh for the construction and development work btrt also as museum visitor guides in the new year when we re-open in early April 2024. GKN Team Day at the Wghl Aviation Museum We were delighted to host GKN Aerospace "Europe Defen Group". for a team day event where 30+ Staff attended from across Ihwr UK sites. The group Ik part in rarye of aviation themed aclwilies to strengthen team working 8s well as enjoyed a VR flight over the Isle of W9ht in our Bull Dog fltght simulator. If you would like to b¢)ok the museum for a unique team day experien please by text or leave a voice message by calling. 07949 704052 or by emailing". wghtaviationmuseum@gmail.com The Ops Room The'Op5 Room. has )ntinued lo prove its Vrth throughout the year as a venue for 8 variety of adivities. Regular monthly users are the 'Velerans' who hold their monthly meetings there. Il's frequently used by the Airport Tower Group as a 'Radio Training" room. If you would like lo book the Ops room please text or leave a Vol message on.. 07949 704052 or by emailing: wghtav1atnMU$¢UM@aIl.cam. Flnanclal review For the year ended 31 Dember 2023 the charity had income of £36.442 (2022 - £21.849) and expenditure of £25.653 (2022 - £20.588) leaving a surplus of £12.47312022- £1.261>- The totsl baance of funds al the year was £71,166 {2022 - £58.6931. 01 the total fvnds, £63,392 {2022 £36.5921 was invested in the museum collection. and £30.868 of these assets remain subject to restrictions. Th¢ remaining restricted funds will be incurred on orvjoing development projects al the museum. The charity has £27,918 of free reserves12022 - £20.629). Free reserves are unrestricted funds not tied up on fixed assets. Gng concem The Charity is caub'ous in commenung projects and incurring expendiiure until funds we available. given that th organisalion is in its infancy, and is developing the museum and its artelacts. The charty has suffered wth delays lo opening caused by the pandemic. although it has benefftted with support grants from the Ial authority, and agreement for a fijrther year al nil rent from ts base al Sandown IW Airport. The Iruslees are confident that in following their development ptans the ehanty rem&n a going CO for the next fvlelve months. ReseNes policy It Is the poli of the charity that unrestrided fvnds 1th have not been dwnaled for a specific use should be maintsined at a level equivalent lo befv4een three and six month's expendrture. The trust$ consider5 that reserves at this level will ensure that. in the event of a significant drop in funding, they wll be able to continue the charl5 urr&nl activrties while Considerati is given to ways in 7Athich addibonal fvnds may be rased. This level of reserves has been maintained Ihroughout the year. M8iornsks The trustee5 have a5ses5ed the major risks to whtch Ihe charity is eyposed. and are sab"sfied that systems are in ace to miligate exposure to the major risks.
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 strncturel governance and managernent The charity is a company limited by guarantee and is governed by the Memorandum and A1CleS of Assoaalion p)sted by the Charities Commission and at Comparnes House and were incorporated on 23 May 2017. Thère have n regular meetings ofthe Board &nce fomation. There is a m¢)nlhly meeting of otl Direcors that is rrunuled. Tr Treasurer utthtes cash Ilows and balances monthly for discussions ty the Trustees. For govemance purposes there are rules for attendance and other maters for Oireclors induding spend and financial authorisation limits for payments. We also operate a purchase order system against agreed specific21ions for orders placed bvith SuplerS. During the year lo 31 May 2019 the appointments were m&Je by resolution of the Board al the 1 AGM followknJ casting of votes ty members aThJ one Pro vole and the resignations were accepled by the board. Mr W T Cwper Mr R Curtis Mrs H R Blake Edvlards Mr B R Curtis Mr C R Kurek Mr D A Gledhill Mr J A C Beaitie Ms M Irving (Resigned 28 February 2023) (Resigned 7 December 2023) Recmitment and appoinlnyent oftnislees The trustees, repxt was apwoved by the Board of Trustees. Mr R Curtis Trustee Dale.. CLO*
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WIGHT AVIATION MUSEUM I report to the trustees ¢)n my examination of the financial statements of Wight AvialKJn Museum Ilhe charity) for the year ended 31 December 2023. Responslbllltles and basls of report As the Iruslees of the charity (and also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in aeoydance with the requirements of the Companies Act 2006 (the 20C6Act). Having satisfied myseir that the financial statements of thaiity are not required lo be audited under Part 16 of the 2006 Aet and are eligible for independent examination. I report in SpeCt of my examination of the charity's financial statements carried out under section 145 of the chariti.es Act 2011 {the 2011 Act). In carrying out my examination I have followed al the applicatJe Directi¢Ms given by the Charity Coxnmisson under section 14515)Ib) of the 2011 Act. Independent examlnerfs statement I have completed my examination. I confirm that no matters have come to my attention in connecticn wlh the examination giving me cause lo believe tliat in any material ie5pect'. accounting records were not kept in respecl of the chartty as rewired by section 386 of the 200SAct.' or financaal statements do not accord with those records.. or the financi statements do not compty the accountsng rewrements of section 396 of the 21)06 Act other than any requirement that the accounts gNe a true and fair view is not a matter considtted as part of an independent examination., or the financial statements have not been prepared in accordance wth the methods and principles of the Slalemenl of Recommended Practice fcff a¢untIng and reporting by charitigs applicaNe lo charities preparing their accounts in accordance with the Financial Reporting Standard apICable in Ihe UK and Republic of Ireland {FRS 102)- I have no concems and have come across no other matters in connection vitth the ex*ninali¢)n to vrfhich attenti¢ should be drawn in this report in order lo enat4e a woper understsnding of Ihe financial statements to be reached. Kevin Cooper BA FCA DChA For and on behalf of Moore {South) LLP g Sl Johns Place Neyort Isle of Wghl P030 ILH Dated..
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Reslrfcted funds funds 2023 2023 Totsl Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notes Donations and legacies 34.816 3.310 38.126 21.849 21,849 Chariiable activities 24.727 25.653 20.563 25 20.588 Net In¢ome for Ihe yearl Net movement In funds 10.089 12.473 1.286 (25} 1,261 Fund balances at 1 January 2023 26.353 32.340 58.693 25.067 32,365 57,432 Fund balances at 31 December 2023 36.442 34.724 71.166 26.353 32.340 58,693 The statement of financia] actiwties indudes all gains and losses recognised in the year. The statement of financial actItieS indudes all gains and losses recognised in the year. All income and frxpendilure dwive from continuing a"V"e$. The statement of financial activities also compl8 wrth requirements for an income and expenditure account under the Ccfflpanies A¢t 20C6.
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assèts Tangible assets 10 39,392 36,592 Current assets Debtors Cash at bank and in hand 11 24.000 33,1 $3 23.346 57,153 23.346 Credltors: amounts falllng due wlthln one year 13 125.379) (1.245) Net current assets 31.774 22.101 Total assets less current liabilities 71,166 58,693 Thp funds of the charlty Restricted income funds Unrestricted funds 14 15 34,724 36.442 32.340 26.353 71.166 58,693 The company is entitled lo the exemption from the audil reqrernent ccffttained in seC)ft 477 of the Companies Act 2006. for the year ended 31 December 2023. The directors acknovAedge their responsibilib.es fc* comptying wth the requirements of the Companies Ad 2006 th respect lo aOnting records and the preparab.on of financial statements. The members have not required the company to obtain an audrt of its financial slalements for the year in question in accordance with section 476. These financial statements have bgen prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the trustees on .... Mr R Curbs Trustee Company regislralK)n number 10784045 (England and IAlales)
WIGHT AVIATION MUSEUM
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollcles
Charity Infomlation
ght Aviation Museum is a private eornpany limited by guarantee incorporated in England and Wales. The
registered office is 9 Sl Johns Place. Newport. 151e of Wght. P030 1LH.
1.1 Accounting convention
The financial statements have been prepared in accordance wth the tharity's memorandum and articles the
Companies Act 2006 and "Accounting and Repth'ng by Charities". Slalement of Recommended Practice
applicable lo charities preparing their accounts in accordance wth the Finanaal Reporting Standard
applicable in the UK and RepU•C of Ireland IFRS 1021. {8s amended for aOUntIng persods commencsng
from 1 January 2019). The charity is a PUNIC Benefit Enlty as defined by FRS 102.
The charity has tsken advantage of the prwsions in the SORP for tharities applying FRS 102 Update
Bulletin 1 not to prepare a Statement of Cash Flows.
The finarKial stalemertts we Prepared in ststling. whith is the functional wrrency of the charty. VKJnetary
noynls in these fLnancial statements are rounded to ts nearest £.
The financial ststements have been prepared under ts historical cost Convention. Imodified to include the
revaluation of freehdd properties aThJ to indude investment properties and certsin financial instruments al fair
valuel. The princ3pal accounting polictes adopted are sel out below.
1.2 Going concern
At the time of approving the financial statements, Ihe trustees have a Teasonable expectation thal the chaTbty
has adequate resources to ntInUe in operational eStence for the foreseeable future. Thus the Iruslee5
continue to adopt the going corKem basis of accounting in preparing the financial statements. The Trustees
monitor eXndItUre on proj¥as and only commence projects and activities when that fijnding is in place.
1.3 Charitable funds
Unreslricte
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles {Continugd) 1.5 Resources expended Expenditure is recognised once Ihere is a legal or eonstrudive 019ation to transfer economic benefit to a third paty, il is probable that a transler of economic benefits be required in setttemenl, arKI the amount of the obligation can be measuied reliabty- Expenditure is dassified ty activity. which txffrentty consists of just one athvty of setting up the Wghl Aviation Museum. The costs of each acb.vity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activtty. Direct (x)sls aitributable lo a single actNily are allocated directly lo that activity. Shared costs which contribute to more Ihan one activity and SUFPJt costs which are not attributable lo a single activity are app0rticrf belween Ihose actiwtres on a basis consistent th the use of resources. The charity is operated by vdunteers at this time and M valuation is put on their lime. 1.6 Tanglble fixed assets Tangible fLK¢d asset$ are initially measured al cost and yjbsequenty measured al cost or vatualion. net of depreciation and any impairment105ses. Depre¢iab¢)n is recognised so as to WTile ¢)ff Ihe cost or ¥ation of assets less their re5iduat values over their useful lives on the followiro bases.. C(Nrputers Museum Cdlection 20% reducing balance Under develt)pment and not depieciated The gain or loss arin9 on the disposal of an asset is determined as ts difference ben the sale proceeds and Ihe Carrying value of the asset. and is reeognised in the statement of financial adivilies. 1.7 Impalmient of flxed assets At eath Teporting end date. the charity reVw3 the carrwry amounts of its tangible assets to detemiine whether there is any indi(ation that those assets have suffered an impaiment loss. If any such indralion exists, the recoverable amcwnt of the asset is eslimaled in der to delemiine the extent of the impaimient loss lif any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deFrf)STts held at cal wlh banks. other short-temi liquid investments with ollginal rnalurrlies of three months or less. and bank overdtafts. Bank overdrafts are shown vthhin borrowngs in Current liabile$. 1.9 Flnanclal Instruments The charity has eleded to awy the wovisions of settl 11 'BaS Financial Instrument5. and Sectk)n 12 'Other Financial Instruments Issues, of FRS 102 to all of ils finawal instruments. Finanaal inslruments are recognised in the tharit$ balan sheet when the charity beccrfnes paty to the contractual provIonS of the instrument. Finanu81 assets and lialItieS ale oflset, with the nel arnounts presented in the financial stalemenls, when there is a legally enforceable right to set off the reccYJnised amounts and there is an intention lo settle on a net basis or to realise the a&set and settle the liatd.lity $vnthne(wsly.
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 88sl¢ flnanclal assets Basic finanaal assets, whKh irKaude debth and cash and bank baances, are initially measured Iransaclion price including transaction costs aThJ are subsequenty carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets das5ified as receivabte vAthin one year are not amOrtd. Basic financial liabilities Basic finanrjal lialK"lilies, induding creditors and bank108ns are niibally recognised at transaetion price unless the arrangernent conslilules a finanong transaction. where the debt instrument is measured al the present value of the future paymen15 discounted at a m8thet rate of interest. Finanoal liabiltiies classified as payable ilhin one year a Mt amorti5ed. Trade creditors are obligations to pay for goods or semces that have been aUired in the ordinwy course of cyeralions frorn suppliers. Amounts payable are dassffied as Current liabilities if payment is due wthin one year of less. If not, they are presented as non-current liabilities. Trade creditors are recognised initialty at transaction price and subsequenuy measured at amortised cost Using the effective interest method. crftical accounting 8$limates and judgements In the application of the charity's a¢tounting pdicies. the trustees are required to make judgements, eslimat&s Kl assumptions about the carrying amount of assets and liabilib.es thal are not feadily apparent from other $ours. The estimates and assouated assumptions are based on historical experience and other factcs that e considered to be relevant. Actual results may drffer from these estimates. The estimates aftd undeTlying assumptions a reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects cmly that riod. or in the period of the revision and future peric¥Js kne Ihe revision affects t)th curienl and future Feriods. Income from donatlons and Iqgatitis Unrestrktèd Restrlcted funds fvnds 2023 2023 Total Unrestrlcted Restrfcted fvnds fund5 2022 2022 Total 2023 2022 Donations and gifts Granls Membership fees 32.966 2.310 1.000 35.276 17,607 2,823 1.419 17.607 2.823 1,419 1.850 34.816 3.310 38.126 21,849 21,849 Govemment giants received in the year relate lo Coronawws Supwt Grants from the Isle ol Wight Council. 10-
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on charltable athltie5 Avlatlon Museum 2023 Avlatlon Museum 2022 Oirect costs Depreryalion and impaim)& Museum project $1$ MarkelirYJ and pr¢)moti¢)n Insurance Rent (donated in kind) Brochures and winting Website $1$ Healing and lighting Travel and subsistence Fundraising Office and communications Maintenance Sundry costs 700 5,641 908 3,039 6,000 1.082 306 1.454 1.758 389 816 1,193 315 9,180 2,5 1.473 1.246 578 718 254 2,253 23,601 18,602 Share ol support and governanGe costs (see note 5) Goveman 2,052 1.986 25.653 20.588 Analy$ls by fund Unrestricted frjnds Restricted fvnds 24,727 926 20.563 25 25.653 20,588 Support costs allocated to activltlos 2023 2022 Govemance costs 2,052 1,986 Analysed between: Aviation Museum 2.052 1,986 2023 2022 Governan¢• costs comprise: Accountirg and eX0ThnatiOn 2,052 2,052 1.986 11
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Net movement In fvnds 2023 2022 The nel movement in funds is slated after Charg1(Credit[n9j. Depreaalion of owned tangible fixed assets 700 Trustee5 None of the trustees (or any pers(Mts coMe(led ¥h them) received any remuneration or benefits from the charity during the year. Employees The average monlNy number of employees durir& the yearwas: 2023 Number 2022 Number Totsl There were no employees whose annual remuneration was more than £60.0. Taxation The charity is exempt from taxation on its adivibes because all ils inrnmg Is applied for charitabie purpose5. 10 Tanglble flxed ass•ts Museum co1¢1)n Totsl Cost Al 1 January 2023 Additions 36.592 36,592 3.500 3,500 Ai 31 December 2023 3.500 36.592 40,092 Depreclation and Impalmient Depreciation charged in the year 700 700 At 31 December 2023 700 700 Carylng amount At 31 Deeember 2023 2.800 36,592 39.392 At 31 Oecember 2022 36.592 36.592 12-
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Debtors 2023 2022 Amounts falling due wlthln one year: Other debtor5 24.000 Other debtors indudes the wepayrnent to seujre the SpartanAiruaft for the museurn. 12 Loans and overdrafts 2023 2022 Loans from related parties 24.000 Payable within year 24.000 The loan is unsecur&J. Th8 loan was made from a Truslee towards the purchase of the Spartan Airuaft project. Th8 loan carries no interest and has no repayment date. 13 CreditOf5: amounts falling due within one year 2023 2022 Loan from related party Accruals and deferred income 24,000 1.379 1,245 25.379 1,245 14 Restrl¢ted fund$ Thg reslricled funds of the charity comprise the Unexded balanS of donations and grants held on trust subject lo specific cormlilions by donots as lo how t may be used. At 1 January 2023 Incoming resources Resources expended At31 December 2023 Museum Exhibits Mary Ellis display Rrfket HLF Project S¢hool$ Hovercraft Projed SpartanArcraft Project 30.868 356 997 1,OC4) 1.503 475 997 11191 1.000 2.310 18071 32,340 3,310 1926) 34,724 13-
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Restricted lunds (COntIned Prgvlous year. At 1 January 2022 Incomlng Resources resources expend8d At31 December 2022 Museum Exhiknts Mary Ellis display Rocket HLF Project 30.868 30,868 475 997 {2S) 32.365 25 32,340 Individua donations have been provKlgJ tNiards building the collections. induding BLqck Arrow Project, Rocket and Cushion Craft. The balances also indudes those irKurred on the museum collection and which are reflected in restricted assets totalling £30.868 al the perioJ end {2021- E30,868}. 15 Unrestrlcted funds The unreslricied funds of the charty comprise the unexpended balances of donations and grants which are not subject to speafic conditions by donors and grantors as lo how they may be used. These include designated filnds which have been set agde out of unreslricled knds by the trustees for specific purposes. At 1 January 2023 Incomlng rèsources Resources expended At31 DeceMr 2023 General funds 26.353 34.816 124,727) 36.442 Prevlous year. At 1 January 2022 Incomlng Resources resources exponded At31 December 2022 General funtls 25.CE7 21.849 120,563} 26,353 16 Analysls ef net assets beiwe•n funds Unrestrlcted nds 2023 Restrlcted funds 2023 Total 2023 At 31 Oecember 2023: Tangif)le assets Current as5(lIablIiesI 8,524 27,918 30,868 3,856 39,392 31.774 36.442 34,724 71.166 14-
WIGHT AVIATION MUSEUM ACOMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Analy$ls of net assets belween funds (Continued) Unrestrfded funds 2022 Restricted funds 2022 Total 2022 At 31 December 2022: Tangible assets Current asselsllliabilities) 5.724 20.629 30,868 1,472 36.592 22,101 26.353 32,340 58.693 17 Operating lease commitments The Charity occupies Hangar 2 al Sandownpirwrt on a IwKe to (Kcupy on a rent free basis. 18 Related party transactions Transactions with related partles During the year the tharity entered into the follc**ing transacticfts with related parti8S'. A Trustee loaned the eharity £24.000 in SpeCt of the Spartan airuaft wrchase proied, whh is disclosed wilhsn cre(4ilors. 15-