Charity rogistralion number 1175948 IEn9land and Wales) Company regl$tration number 10784046 WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AEBZ4U8H 271(w225 COMPANIES HOLISE A21 255
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrWTC Mr R Cu.$ Mrs H R Blake EOward$ Mr B R Curtis MrCRKk Mr D A Gledhill Mi D Hughes (Apkxinted 12 December 20241 (Aptoinled 12 December 20241 (Appointed 12 December 2024) MrJMCLamb MSA Porter Secretary Mr DA Gledhill Charity number (England and Wales) 1175948 Company number 10784045 Prlnclpal addre$$ Hangar 2 Sandown, 14e of WghlAirport Scotchells 8rook Lane Sandown Ige of Wght P036 OJP Reglstered offlce 9 St Jot$ Place Newport Ie of Wght P030 1LH Independent examlngr m(¥) (South) LLP 9 Sl Johns Place Newport Isle of IAlght P030 1LH Banke Newport Natst Bank Pk 107 St James Street Nthy)rt Isle of Wght P030 1UT Sollcllors RJR Soliolors Portjand House 18 Memlle Street Ryde Ie of V¥lghl P033 W
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE CONTENTS Page Trustees. report Independent examinels report Slalemenl of finanaal ath"vities Balance sheet Notes lo the finanual stslemenls 9-17
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and finartial statements for the year ended 31 December 2024. The financial statements have teen prepared in accordan wilh the accounting policies set OLrt in note 1 to the financjal slaternenls and Comply the charitys Artides and MemorarKlum of Association, the Companies Acl 20C6, and the eharilies AGi 2011 and -Accounb"ng and Reporh"ng by Charith"es.' Stalemènl of Recommended Practice applicable lo Charities preparing their a(uunls in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021. (as amended for acUn"n9 pencds commenLing from 1 January 2019). ObJKtlvo$ and a¢tJvltles The Objects of the Charity have not thènged from trse listed in the Artides and Memorandum ofAssocialion and in summary they 8re to establish & maintain a working museum for the exhibrtion and preservation of historic and classic aircraft, associated artefacts memorabilia for the benefft of the pu1¢, and to advance the educion of the wJlic in the history of aviation. PublK benefft The trustees have paid due regard to guidance issued by the Charrty Commi55ion in deci¢Jing what activities the tharity should undertake, arKI they are ColltivelY aware of this guKlance in ensuring that all their actions are for the public benefrt. Achlevements and perf0mnCe SwnrfKanl actNities and h¢eVementS against obiectwes Visit by the Isle of Wight High Sheriff- Followng many months of hard work by the Wght Aviation Museum team of wlunteers. the museum re-opened to tl)e public on Saturday the 16th Marth 2024. To help Celebrate our opening weekend we were dh(ed to be able to give a guided tour to the ngN Isle of Wghl High Sheriff, Mrs Dawn K HaiThomas and her IwJsband Alex. They were extremdy impressed wlh all that the ght Awalit)n Museum has lo offer, Celebrating te Island's extra- ordinary hislory in aviation which spans from builthng Ihe earl$1 of aircraft in the 1910$, throu to giant Sea Planes, Fighter Jetrcraft and Space Rockets. Dawn also leamed about extraordinary Island people such as the late Mary Ellis ATA who Ilew mutiipse fighter aircraft and bombers from the factories to the FL4F airfields. IW2. She also got to lake controls of our 8eagle Bull Dog aircraft using the very latest in VR technolcgy for a 'virtual flight. around the Island which she thoroughly enjoyed. Gavin Stride Directoi of "Crnatl¥e Island". visits the museum: In April a pidure of pibts Pauh"ne Gower and Dorothy sr thw'r Spartan Aircraft called "Helen of Troy". was piesenled to Gavin Stride. Director ofCre"¥e ISLd. ty Helen Blake. chairpers ofwght Aviation Ltseum (WAMI. Gavin Stn'de visited WAM on a fact-finding knjr ol the Museum and leamt aboLrt the museum5 plans lo 1)g the last 1930's &se8ler Spartan aircraft back to the Isknd fr(¥n ils cuml home in New Zealand. Creative IslarKI is one of the Counal National Portfolio Organisatw)ns {NPOI on the IslaTrl. with the aim to encourage shared ambitiM. nurture tslent. support creative eduCatiC and develop a cultural strategy for the IS of Wight. Qulz Nlght Fundralsor. In May, 8 quiz night hdd ty the WghtAviation Musewn and ¢xganised by vohjnteer David 'Hobbif E¢ardS raised £200. wth thanks lo the Fiikin Deck Retsurant at G¢)ddard's Brewery for hosting the evenL
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Museum Expanslon: The same month saw the Wghl Aviabon Museum lease the hangar adjaeent lo the main museum. This wll enable the museum's collectson to grow over time as well as offer the opportunty to hold MO events and educab.on aebvi1$ as part of WAM'S outreath w(>3ranme. This also allows the museum to create a bigger workshop facility for its Mell in Sheds group which has proven extremely popular, as well as enabling the creation of a new arthiving facility in ts pre¥u$ workshop. Tho Wight Aviation Museum Schools Hovercraft ProJecL" The Wght Aviation Museum Education Team wor*ed wth Year S pupsls from Oakfield School in Ryde. to find out how and why hovercraft work, the history of hovercraft on the Ie of Wght and the continued use of them by the Solent transp)rt provider: Hovertravel. The firsl ts¥o weeks of the four lessons run by Ihe museum in the schwl classroom and hall, where the pulS in Mr5 Robinw's dass discovered how hovercraft worked ussng balloons and CDS. The folowng week the class were very engaged in leaming how a large radioiontrolled model hovercraft operated over a range of surfaces in the schod hall. which proved great fun for the students. In the third week the lesson look place on a real hoveiciaft. very kindly hosted by Hovertravel al Ryde. The pupils were given a guided tour of the companies 'lsland Flyerf hovercraft ty Mike, not only explained how they worked but allowed the pupils to trr the vehide aThl sit in the 15 Seal. Pupils also explored the Wght aviatron Museum's CC7 Cushi0Th7aft, vmlh museum volunteer Mark Porter, who's leading the restoration of the craft. Mark also demonslraled a muth larger raditr¢Mtrolkd model of a Channet Hovercraft. Ann Porter. the WAM Edueth"on Tewn memter vtho organised the lesson5 and trips for Oakfield. said "We wero exlrgmelyplgased Hovertravel We able fo host Iha class fora visk. °Il gave Ihe pupHs a real-wohd example of why hovemft are used in certain arnas and fitted pwfectly into oui National Cuniculum scheme of wort( aboul forces." Tochnology support from Stainless Game5 Ltd: A flight simulator at the museum %Ya$ ertHn¢ed %Mth the supm of Islanfkbased videogame dgvelopment studio.. Stainle55 Games Ltd. When WAM needed a high-perfomiance graphics PC to the latest sotrare on a 3D flight simulator, Stainless Game5 kindly provided the suitable hardware. The simulator is housed in a genui Bulldog fuselage, vigtors usirvJ r( can experience takin9 off and fftying above the Island. Another fulty aYable eXhIt 1$ of Slainless Games. 2008 trtle.. Red Baron Arcade. The team from Stainless Games were wetomed lo the museum given a tour before "ng sel free to wt the Red Baron and the simulators through thwr pa. Helen Blake, the museum's Chairperson said.. "We are very fortunate to be supported al WAM by such a InternatallY known company who have really made a huge OrflenCe to the oper&ion and attRctth of our Flight Simulators." Slainlv35 were delighted to be involved in supporting this local attraction and the companies D1ctor Neil Bamden 'The Wght Aviation Museum is a brilliant celebration of the Iand'S rich aviation heritage. The foundets of Stsinless and many of our staff are Islanders by birth or marriage and can trace family lineage that has been involved in some way with that aeronautical heritage. Stainless is therefore proud lo te able to help the museum in a way that brings our industries logelherf Neil also created new hea&iTr the-hole boards for the museum u&ng graphK Al t1& The toards ere kindly dOrted lo the museum by Stsinless games.
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT) {CONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2024 Men in Sheds Festival- In June WAM hosted the annual Men in Sheds festival which was kindty spored by Ihe Royal Brrt"rsh Legion in P8rtnership with WghtAid & Community in Action Isle of Wghl. The event was well received. presenled joinuy by WAM and the Island's Men in Sheds grow)s with tho offiaal opening by Antony Meleawe. Head of Community ErMJagemenl al the Royal British Legion and Rob Lloyd from Men in Sheds. The festival included a Ve variety of stslls. of Arts and Crafts from a number ol the Island's Men in Sheds including,. Bembridge Shed, Nettlestone & Seaview Shed, Sandown sd, Imghl Shed and of course WAM Men in Hangars. The VI10[5 were entertained th live mugc from MbTrllPS Wootton Ao)ustic Music Shed and Whippingham Music Shed. There was also a nall Beer Festival. Due to the rather wel weather this all Ic)k pLqce in WAM'S nthv Hanger TtJ. with adth"tnal indoor space kindty promded by our nwghbours at SandowmA"rptyt, Abilty Dogs 4 Ywng PeorAe. Bull N¢)se Car Club al Ihe WlghlAviation Aquseum- July saw several busy even15 al the museum induding a visit from 90 members of the "Morris Bulln(r•e C¥ Club" who travelled from right across the UK to atteThJ. As well as displaying their vintage cars for all to enjoy, tre members also enjoyed a Sumptuous "Aftemoon Tea. provided by the museum volunteers in our 2nd Hangar. 1940'$ Weekend at WAM: July also saw the °The 1940's Weekend" hetd at Sandthvn rfield in partnership Ihe °Vectis 40,$ Vintage" Group. The event was attended by a rarhge of period ¥eheS and rfrenactors helpsng lo transport Visitors back to the wartime efa and proved to be very popular. Open Day at the Museum- After a busy summer season, the WghtAvialion Museum held an"Open DaK on Saturday the 21 sl September. The evenl was officially opened by Counallor Carl Love rewesenls East Cowes on the Island, an area that was at the heart of the Isle of Wgh15 aviab.on industy where Saunders Roe were based and is still the howE of GKN Aerospace today. As part of our campaign to leM the last &seater Spartan aircraft to the Isle of Vknght, museum volunteer Paul gave a talk about the history of these amazing 15iAnd built aircraft and the lasting legacy they had. in progressing women In aviation. The Open Day also included a fascAnating talk on "*trfnen arKI lty¥u' given by guest speaker Sally Smith aLrthor of 'Magnificenl Women and Flying Machines". Her tslk proved extremely popular ¥th attendees and she very kn'ndty donated the pfofrts from her book sales on the day, to Ihe museum. Tony Smart Trlbute: In late Autumn the Mus paid tribute to founding rrwnber and frnr trustee Tony Smart. who sa¢Jy passed away al the age of 87 after a short illness. Tony was inslrumental in projecl managing the buihjing of ts museum's replica Black Arrow rocket. wtmch now stands as a lribute to him. as well as all those who wthed on the rod(et prc•3ram in Ihe 1950's and 60's.
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 End of the 2024 Holiday Season: At the end of October, the museum dosed to the general PU1¢ for the winter. although educatton visits continued Ihrough lo December. Work also started on creating Ihe new bigger Men in Sheds workshop in the 2TrJ hangar. This wll also enable the previous smaller workshop to be converted into a rW archtve fac41ity. providing crucial storage for the many detuments the museum has colleded Sin its inception. The year ended with the museum holding rts annual AGM the 101h December wthich was ¥11 attended by over 40 persons. This saw the appointment of 3 new directors.. Jonathan Lamb. vtho also took on the role of joint deputy chair alongside existing deputy chair Brian Curtis. Ann Porter who assists wth WAM'S educ8th.on trjlreach work and Donald Hughes is now overseeing the museums membership scheme as well as other administralive tssks. TheAGM also re4ppointed Helen Blake-Edwards as Chairpwson and David Gledhill as the Cornpany Secrelary. Overvlew of 2024: The museum saw similar fr1 compared lo the p¥10$ year but overall higher revenue from vi%itors compared to 2023. This year also saw an increase in membership wth 14 ad¢lib"Lxwl members Joining compared lo 2023. In addition several new volunteers Tr)ined the museum's team assisb.ng with a range of athvtties. Fundraising continued to bring the last 3-se8ler 1930'$ spart airrxaft back to the Ie of Wght, %Mth the launch of a new campaign on Just GNing. The museum is a150 working with RAF Museums wilh the aim of displawng tr SR-53 jetfighter al the museum. The aircraft was designe<J and built on the Island by SaurKlers Roe in the 1950,5. The museum stll faces chalknges in generating revenue tMJt the l)ard are confdent that these can met. as Ihg museums activities inerease going forward irtto 2025. Flnanclal review For the year ended 31 December 2024 Ihe tharty had income of £45,296 12023 - £38.1261 expendilure of £52.03512023- £25.6531 leaving a deficit of £6,739 (2023- suwus of £12.4731. The total balance of funds at the year end was £64.427 (2023 - £71,166}. 01 the total fvnds. £36,592 12023 - £36,592) was invested in the museum couection. and £30,868 of these assets remain 5ubj.ect to restrictions. The remaining reslricte¢J will be incurred on orKJoing development prqects at the museum. The charity has £27.118 of free reseNes {2023 - £27,918) Free reserves e unrestricted fimds not tsed LFP on fixed assets. Going concem The Charty is cautious in crmnmenang proiei#s and incurriTrJ experKliture unlil fijnds afe available, given that the organisalion is in its infancy. arKI is developing the museum and its artefacts. The charity has suffered with delays lo opening caused by Ihe pandemie, atthough rt has benefftted support granls from the Ial aulhonty, and agreement for a further year at nil nI from rts base at Sandown IW Airport. The trustees are confident that in following their devel¢Jwient FAans the tharty will remwn a going concern for the next months. Rgs8Thes pY 11 is the policy of the eharrty that unostricted fijnds have not been designated for a specific use should be maintained al a level equiVanI to between three and six monlh's expenditure. The tnjstees considets that reserves at this level will ensure that, in the event of a 9gnfficanl drop in fvnding. they wll be atle to continue the charity's cuent activities while consideration is gNen to ways in whth additKinal lunts may be raised. This thel of serVeS has been maintained throughout the year.
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Major17sks The truslees have assessed Ihe major risks lo tpthtch the rtrity is exposed. and a sath"sfied that systems are in place lo mitigate exposure lo Ihe major llsks. Stru¢tur•. governance and management The charity is a company limited by guarantee and is govemed by the MemorarKlum and Articles of Association posted by the charib.es Commission and at C¢Jmpanies House re incorporated on 23 May 2017. There havg been regular meelin9s of the 608rd since fomation. There is a monthly meeting of all Directors that is minuted. The Treasurer uateS cash tlows and balances monthly for discussions by the Truslees. For govemance wrposes there are rules for attendanc* and other matels for Diredors including spend and financial authorisali¢)n limits for payments. We also operate a wrchase order system against agreed speryfications for orders placed suppliers. The trustees, who are also the dIreCtS for the purpose of company law, and vtho ser¥ed during the year and up to the dale of signature of the financial statements were". Mr WT Cooper Mr R Curtis Mrs H R Blake E(hvards Mr B R Curtis Mr C R Kurek Mr D A Gledhill Mr D Hughes MrJMCLamb Ms A Porter (Apw'nted 12 December 20241 (Apwinted 12 December 2024) IApp)inted 12 December 2024) RocruitnnÈ and appointment oftnjstees The trustees are from paid up members of the Vght Aviation Museum and volunteers or through personal recommendatim. Roles of the trustees are needs assessment based on petsonal skills and eypèrEnces. N¢)ne of the trustees has any beneficial inleTe5t in the company. All of lh8 trustees are members of the company and guarantee lo contribute £1 in the event of a wnding up. The trustees. report was approved by the Bowd of Trustees. Mr R Curtis Truslee Dale..
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WIGHT AVIATION MUSEUM I report lo the trustees on my examinalion of the finanoal statements of IAfjght Aviation Museum (the charity) for the year ended 31 December 2024. Re$ponslbllltle$ and basis of report As the trustees of the chanty land also rts directors for the ppose$ of company law). you are responsible for the Pfepar81ion of the ffinanual statements in accordance vlilh the requirements of the Companies Act 2006. Having sth"sfied myself that the finanual statements of thanty are not re¢pired to be audited urKler Part 16 of the Companies Ad 20 and a digible for independent examinab"on. I report in respect of my examinats'on of the charity's finanoal statements carrted out under section 145 of the Charities Act 2011. In carying out my examination I have foll¢)wed the thrections gIn by the Charty Cornmission under sedron 14515llb} ol the CharibesAct 2011. Independent examinerfs ststernent I have completed my examination. I confimi th no matters have cCe to my attention in connedion wilh Ihe examination giving me cause lo believe that in any material iespecl.. ac¢ounting records were rM kept in resFect of the ehwity as required by seclion 386 of the Companies Act 2006. the financial statements do not aeeord those records: or the finanoal ststements do not comply ¥Mth the accounting fequirements of seciion 396 of the Companies Act 2006 other than any requirement that the finanaal ststements give a true and fair view. which is rt a matter considered as part of an independent examination.. or the financial statements have not been prepared in ¥cordan with the methods and principles of th8 Statement of Recommended prath. for accountsro and reporb.ng by charities applicable to charities preparing their finanoal slatements in x¢tydance ryth the Financial ReportIr Stsndard applicable in the UK and Republic of Ireland IFRS 102). have no cOnmS and have eome aeross no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper undefslanding of the finanual slalemenls lo be reached. tf C&K)L Kevin Cooper BA FCA DChA For and on behalf of Moore {Southl LLP 9 Sl Johns Ple Nevoort Isle of Wght P030 1LH Dated..
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Rescted funds funds 2024 2024 Total UnrestrS¢ted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legaoes 37.865 7.431 45.296 34.816 3.310 38.126 Total Income 37.865 7.431 4S.296 34,816 3.310 38,126 Expenditure on.. Charitsble activities 41,465 10,570 52.035 24.727 926 25.653 Totsl expendlture 41.465 10.570 52.035 24.727 926 25,653 Net Incomellexpendlturel and movement In fvnds {3,600) 13,139) 16,739) 10.089 2.384 12,473 R8¢on¢lllatlon of fund$: Fund balances al 1 January 2024 36.442 34.724 71,166 26,353 32,340 58,693 Fund balances at 31 December 2024 32.842 31,585 64.427 36.442 34.724 71,186 The statement of financial ac*vrties incMMJes all gains and losses recLwwd in the year. All irwme and expenditure derive from continuing activrties.
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE BALANCE SHEET ASAT31 DECEMBER 2024 2024 2023 Flxed assets Tangible assets 10 38,832 39,392 Current assets Debtors Cash at bank and in hKI 11 24,000 23.065 24,000 33.153 47.065 57.153 Credltors.. amounts lalllng due Tlthln one year 13 {21.470) 125,379) Net current assets 25.595 31,774 Totsl assets less current liabilities 64.427 71,166 The funds ofthe charity Restricted income funds Unrestricted fijnds 14 31.585 32.842 34,724 36.442 64.427 71,166 The company 1$ entitled to the exempts'on from the audrt requirement contained in section 477 01 the CompaniesAct 2006, for the year ended 31 Decernbef 2024. The d1CtOrS acknowledge their SP)nSi1"lltles for eomplyrng with the requirements of the Companies Act 2006 th respe to accounting records arn1 the pparatiOn of finawal *atements. The members have not reqiyred the compary to obtain an audit of its rKi¥l statements for the year in question in accordar with section 476. These financial statements have been prepared accordance with the provisit)ns applicable to companies subjeet lo the small companies regime. The finanaal stalemenls We approved by the trustees on . .... Mr R Curtis Trustee C¢)mpany registration nunber 10784045 {England and Kèles)
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity infonnation Wight Aviation Museum 1$ a private company limited by guarantee incorp)raled in England and IAkdes. The registered offi¢e 1$ 9 St Johns Place, Newport, Ie of Wghl. P030 1 LH. 1.1 A¢¢ountlng convenllon The finanual slalemenls have been wepared m ac¢¢ydance wth the charitys memoraTrJum and artides the Compans Act 2006 and "Aecfjunkn"ng and Reporring by Charities.. Statement of Recommended Pradiee applicable lo charities preparing th•r accounts in accordan wrth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102)- {as amended fc accounb.ng periods commencing from 1 January 20191. The charity is a Benefit Enty as defined by FRS 102. The tharity has taken advantage of the provisions in Ihe SORP f tharities applwng FRS 102 Updats Bulletin 1 rt lo prepare a Ststement of Cash Flows. The finanual 5ts1ement5 are pPared in sterling, whith is the fvnctional currency of the charity. Monetary amounts in these financkal stslemenls are rounded to the r*arest £. The financial slalemenls have been wepared der the historical eosl convention. The prinupal accounting policies adopted are set out bekw. 1.2 Going concem At the time of approving the finarwl slatements. the trustees have a reasonable expectalron that the charity has adequate resources to continue in operatsonal e$tence fof the foreseeable future. Thus the trntslees continue to adopt the going concern basis of accounting in preparing the finanaal ststements. The Trustees monrtor expenditure on projects and only cLJmmence projects and activities when that funding is in pla. 1.3 Charitable funds Uniestricted fvnds are availab for use at ts discrekn.on of the trustees in frjrtheranee of their charitable obJ'ectNes. Restricted (d$ are subje(a lo spe(ific condrtions by donors ¢X grantors as to how they may used. The purposes and uses of the restricted are sel OLrt m the notes to the finanoal statements. 1.4 Income Income is recognised when the charity is Wlly enlilled to il after any perfomiance condilions have been mel, the amounts can be measured liably, and il is probable that irKome wll be received. Cash donations are recognised on receipt. Other donalions are reccgnised once the chartty has been notified of the donation, unless perfOrmaTr conditK)ns require deferral of the amount. Income tax recoverable in relation to donations received under Grf1" or deeds of covenant i8 recognised at the time of the th)nalion. Legacie5 are recognised receipt olheThMse rf the charity has been notified of an impending distribution, the amount is kn¢)wn. and receipt is expethd. If the amount is not known, the legxy 15 treated as a contingent aet. Assets given for use by the tharity are recogrised vthen rl¥able. In kind donations indude Ihe rent for the museum premises for the year.
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles l¢ontinued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party. il is pr¢)bable that 8 transfer of ecorMiC beneffts 11 be required in settlement. and the amount of the obligath.on can be measured reliabty. Expenditure is dassified by activrty. vtt¥ch currentty cg)nsists of just one a(vty of setting up the WghtAwalion Museum. The costs of each acbvty a made up of the totsl of direct costs and shared costs. including support costs involved sn undertaking eath acb'vty. Direct costs attn'butable to a single activty are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a ngle activity ale apPortned betsveen those activities ¢M a basis consistent wilh the use of resources. The charty is operate¢J by volunleers at this tme and no valuation is put on their kn"me. 1.6 Tangible fixed assets Tangible fixed asse15 are initially measured at eosl and subsequently measured at cost or valuation. net of depreciation and any impaiment losses. Depreciabon is recognised so as to vKite off the cost or valuation of assets less their reshlual values over their seful lives on the fdlow.ng bases.. Cne[S Museum Collection 20% reduong balance Under develorAnent and Mt depreaated The gain or loss #rin9 on the disposal of an asset is determined as the drference between the sale proceeds and the caryng value of the asset. and is recognised in stslemenl of financial actsvrties. 1.7 Impalrment of fixed aets Al each reporting end date. the chanty reviews the Carng amounts of tts tsngible assets to determine whether there is any indication that those assets have suffered an impaimienl loss_ If any such indication exists, the recoverable amount of Ihe asset is estimated in order to detemiine the extent of the impairment loss (if any). 1.8 Cash and cash •quNalents Cash and cash equivalents include cash in hand. deposrts held at call banks. other short-term liquid investments with original malurrties of three months or less. and bank overdrafts. Bank overL1rafts are shown thin borrowings in cwrrent liabilities. 1.9 Flnanclal Instruments The charity has dected to apply the provisicMs of Section 11 'Basic Finanaal Irb5truments' and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its finanual instruments. Financial instruments are reccgnised in the balw sheet when the charity be$ paty to the conlTa¢tual provisions of the instrurnent. Financtal assets and liabililies are offseL tylh the rt amounts presenled in the financial statements. when there is a legally enforceable rwJht to set off the recognised aMots and there is an intention to settle on a net basis or lo realise the asset and settle Ihe liats.lity SimultaneouY. 10-
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢ios (Continued) Basie financial assets Ba&c financial assets. vthith indude debtors and cash and bank balans. are initially meaSUd at transactifm price including Iran5ac"on costs and are subsequentty carried at amorti5ed tt usng the effeth've inlere$l method unless the arrangement constrtutes a finanong transaction, where the transaction is measured at the wesenl value of the future rec•pls discwnted at a met rate of interest. Financial assets classified as r1Vable wthin one year are not aM0.Sed. Basic financialllabllitles Basic financial liabilities. induding credrtors and bank loans are initially recognised at transaction price unless the arrarrfjement constrtutes a financing transaction. where the debt instrument is measured al the present value of Ihe future payments discounted at a market rate of intere. FInaval lialylrties dassified as payable Athin one year are not am¢Ylised. Trade creditors are obligations to pay fof gts)ds or serwces thal have been acquired in the ordiny course of operat'ons from suppliers. Amounts payable are dassffied as current liabilities rf payment is due within ong year OT less. If nol. they are presented as non-ojrrent liaknlities. Trade Creditors are recognised initially at transaclion price and subsequentty measured at amthsed cost usng the effective interest method. Critlcal accountlng estimates and judgements In the application of the Charity's accounling pyicies. the trustees a required to make judgements, estsmales and assumplions about the carrying amount of assets and liabilities that are not reaclily apparent from other sources. The e5b"mate5 arKI associated aSsumptn$ are based on historical experience and other factors that a considered to be relevant. Actual results may differ from these esb"males. The estimates and underfyry asyJmptions are ree•ld an orooing basis. Revisions to accounts.ng estimates are recognised in the period in wl)id) the estimate is revised re the revision affeets lY that period, or in the period of the revisi and future periods where the revision affects t)oth current and future peri¢xIs. Income from donations and leg8¢ies Unrestricted Restricted funds funds 2024 2024 Total Unrnstrictsd Restricted fund$ funds 2023 2023 T¢)tal 2024 2023 Don*ions and gifts Grants Membership fees 35.242 255 7.116 315 42.358 570 2.368 32. 2,310 1,000 35.276 1,000 1,850 37.865 7,431 45.296 34.816 3,310 38,126 11
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charltable aclivities AvS•tlon Museum 2024 Aviation Museum 2023 Dlrect costs Oepreoab'on and impairnit Museum proiect costs Marffeling and promobon Insurance Rent (donated in kindl Brothures and pnntsTr3 Website costs 560 22,001 458 2.570 7,000 302 145 700 5,641 908 3,039 6,000 1.082 306 ¥ 11 Heating and lighting Travel and subsistence Fundraising Office and COMMOtionS Maintenance Sundry costs 1,358 3,197 2,705 4,381 3,327 1,649 1,454 1.758 389 816 1.193 315 49.653 23,601 Share of support and governance costs (see note S) Govemance 2,382 2.052 52,035 25.653 Analysb by lund unrestn.cled funds Re$tricled funds 41.465 10.570 24.727 926 52.035 25,653 Support costs allocated to activities 2024 2023 Govemance costs 2.382 2,052 Anaty5ed betwwn: Aviation Museum 2.382 2.052 2024 2023 Governance costs compri. Accounting and examination 2.382 2.052 2.382 2,052 12-
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net movement In funds 2024 2023 The net movement in fund$ is stated after dwrgiWlcredthng}". Depreciation of Ined tangible fixed assets 560 700 Trusteeg None of the trustees (or any persons connected wlh them) received any remunerntion or benefits from the charity during the year. Employees The average monthly number of ernOYeeS durirKJ the year was" 2024 Number 2023 Number Totsl There were no ernoYeeS annu remunerats'on wa5 more than £60.000. TaxatSon The charity is exempl Irom taxation on its activitbes because all its wKcrfne is applied for charitsble purposes. 10 Tangible fixed assets Aluseuffl coltIon Tolal Cost At 1 January 2024 3,500 36.592 40.092 At 31 December 2024 3,500 36.592 40.092 Depre¢latlon and impairment At 1 January 2024 Depreciation charged in the year 700 560 700 560 At 31 December 2024 1,260 .1,260 Carying arnount At 31 0Kember 2024 2,240 36,S92 38,832 At 31 December 2023 2.800 36,592 39,392 13-
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Oebtorn 2024 2023 Amounts falllng due wlthln one year. other debtors 24,000 24,000 other debtors includes the prepayment to secure the FpartanAireraft for the museum. 12 Loans and overdrafts 2024 2023 L¢)ans from reted parties 20.000 24,000 Payable within one year 20,000 24.000 The loan is unseeured. The loan was made from a Trustee towards the Nwchase of the Spartan rcraft proiect. The loan carries no interest an¢J has no repayment date. 13 CredIto- amounts falling due within one year 2024 2023 Loan from relate¢l party Accruals and deferred income 20,000 1.470 24,000 1,379 21.470 25.379 14-
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 14 Restricted funds The restricted funds of the charity comwse the unexpended balances of donaDons and grants held on trust subject to specific condrticms by donors as to hlyw they may be used. At 1 January 2024 Incomlng Resources expended At31 December 2024 Museum Exhibits Mary Ellis display Rocket HLF Project Sthools Hoverrxaft Project Spartan Aircraft Projecl Men in Sheds Festiv IOW Science Festival Education Project 30.868 356 997 1.000 1.503 30.868 {3561 19971 11.0001 12.6031 12,2991 13.0001 13151 1.1C 3.016 3,0 315 717 34.724 7.431 110,570) 31,585 Prevlous year. Al 1 January 2023 Incomlng Resources expended At31 December 2023 Museum Exhibits Mary Elli$ display Rocket HLF Project Schools Hovercraft Project Spartan Aircraft Project 30,868 475 997 30.868 356 997 1,000 1,503 11191 2.310 18071 32.340 3.310 {926) 34.724 IndivithJal donations have t>een prowded t¢Jward5 building the collections, including Black Arrow Projed, Rocket and Cushion Craft. The balarKes also inclusjes lISe incurred on the museum collection and which are reflected in restrKte(l assets totslling £30.868 at the period end {2023- £30.8681. 15-
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Unrostrlcted funds The unrestricted funds of the chwty ¢xympnse the unexpended balarKes of donations and granls which are not subject lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside QLrt of unrestricted funds by the trustees for speufic purposes. Al 1 January 2024 Ineoming Tesources Re$ourees expended At31 December 2024 General fvnds 36,442 37.865 (41,465) 32,842 Previous ye*r: At 1 January 2023 Incomlng Resources resources expended At31 December 2023 General fvnds 26,353 34.816 124,727) 36,442 16 Analysi$ of net assets bètween funds Unrestricted funds 2024 Rtstricted funds 2024 Total 2024 At 31 December 2024: Tangible assets Current assetsllliabilth"es) 30,868 717 38,832 25,595 24,878 32.842 31,585 64.427 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 December 2023: Tangible assets Current assetsllliabilities) 8.524 27.918 30.868 3,856 39,392 31,774 36.442 34,724 71,166 17 Operating lease commnments Lessee The Charity ocujpies Hangar 2 at SandovmAirport on a licence to on a nI free basis. 16-
WIGHT AVIATION MUSEUM A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Related party transactions Transactions with related partles During the year the chanty entered into the follow.ng transactions with related parties: Disdosed wthin Lyedrtors is the oulstandirwJ loan from th8 Trustee for ts Spartan airuaft purchase project. The balance is £20.000 (2023- £24.000). 17-