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2021-12-31-accounts

Trustees' Annual Report for the period

Period start date 01 Jan 2021

Period end date 31 Dec 2021

From

To

Section A Reference and administration details

Charity name Hornchurch Aerodrome Historical Trust

Other names charity is known by RAF Hornchurch Heritage Centre Registered charity number (if any) 1182040

Charity's principal address Sutton’s House, 119 – 121 Suttons Lane, Hornchurch, Essex Postcode RM12 6RU

Names of the charity trustees who manage the charity

1
2
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5
6
7
8
9
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19
20		 Trustee name Office (if any) Dates acted if not for whole
year		 Name of person (or body) entitled
to appoint trustee(if any)
Tony Philpot Chairman
Terry Roberts Vice Chairman
Jeff Skillman Treasurer
John Donovan
David Goldstein
Paul Manning
Martin Friel
Geoff Clark From 30 November 2021

Names of the trustees for the charity, if any, (for example, any custodian trustees)

Name Dates acted if not for whole year

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Names and addresses of advisers (Optional information)

Type of adviser

Name

Address

Name of chief executive or names of senior staff members (Optional information)

Section B Structure, governance and management

Description of the charity’s trusts

Type of governing document Constitution.

How the charity is constituted

(eg. trust, association, company)[Charitable Incorporated Organisation (CIO).]

Trustee selection methods (eg. appointed by, elected by) Constitution.[Election and appointed by the Board of Trustees in accordance with the ]

Additional governance issues (Optional information)

You may choose to include additional information, where relevant, about:

Section C Objectives and activities

Summary of the objects of the charity set out in its governing document

  1. To advance the education of the public in the history of Hornchurch Aerodrome and its place in the defence of the United Kingdom throughout its operational life by the establishment and maintenance of a heritage centre to display artefacts, documents and associated media relating to Hornchurch Aerodrome.

  2. To promote the efficiency of the Armed Forces of the Crown, advance education and promote good citizenship amongst the public by commemorating the pilots and personnel who served at Hornchurch Aerodrome and the local civilians who supported them in such ways as the trustees see fit.

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The charity raises funds through public exhibitions to achieve the objectives of the Charity and to renovate the freehold property known as Sutton’s House. This property consisting of 2 semi-detached houses combined as a single property was generously gifted by Bellway Homes Limited on 20 November 2020 to become the RAF Hornchurch Heritage Centre. It is anticipated that the Heritage Centre will open in 2021 subject to the relaxation of COVID19 restrictions.

The Trustees understand and have acknowledged that they have a duty to ‘have regard’ to the commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant.

Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)

The Trustees understand and have acknowledged that as a charity trustee, ‘having regard’ to the commission’s public benefit guidance means being able to show that:

Additional details of objectives and activities (Optional information)

You may choose to include further statements, where relevant, about:

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Section D Achievements and performance

Summary of the main achievements of the charity during the year

  1. The transfer of title of the premises Sutton’s House to become a permanent Heritage Centre in November 2020 following the generous gifting of the freehold by Bellway Homes Limited.

  2. The final completion renovation works and artefact displays during H1 2021 to enable the premises to be ready to open as RAF Hornchurch Heritage Centre.

  3. The opening of RAF Hornchurch Heritage Centre to schools, voluntary groups and to the general public in June 2021 following the relaxation of COVID-19 restrictions by the Government.

  4. The formal opening of RAF Hornchurch Heritage Centre on the 19th September 2021 when it was officially opened by Air Chief Marshal Sir Michael Graydon GCB CBE. The event was supported by a flypast of a Spitfire and Hurricane from the RAF Battle of Britain Memorial Flight and distinguished guests included the Right Honourable Sir Iain Duncan Smith MP, President of the Charity and Brendan Finucane QC, Vice President of the Charity.

  5. Within the first 6 months of opening to 31 December 2021 the RAF Hornchurch Heritage Centre received 1,738 visitors which included 525 pupils from 8 local schools and it secured the membership of 131 members.

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Section E Financial review

Brief statement of the charity’s policy on reserves

The Charity’s policy on reserves can be summarised as:

  1. To maintain an agreed reserve amount as a contingency for emergency requirements in a liquid format for immediate access. This is currently £5,000 maintained as a minimum account balance.

  2. To undertake regular review or as may be required of the Charity’s reserve amount to ensure it is proportionate to the ongoing needs of the Charity taking into consideration but not exclusively operational requirements, funding requirements, risk mitigation, working capital and financial climate.

  3. To allocate specific reserves for specific projects or purposes as may be required to ensure that the ongoing operation of the Charity is not impacted.

  4. To regularly monitor and review the effectiveness of the policy in the light of the changing funding and financial climate and any other associated risks.

Details of any funds materially in deficit

There are no funds in deficit.

Further financial review details (Optional information)

You may choose to include additional information, where relevant about:

Section F Other optional information

Section G Declaration

The trustees declare that they have approved the trustees’ report above.

26[th] March 2022

March 2012

TAR

5

Registered Charity number: 1182040

Hornchurch Aerodrome Historical Trust CIO

Unaudited

Trustees’ report and financial statements

For the year ended 31 December 2021

Page 1 of 13

Hornchurch Aerodrome Historical Trust CIO

Contents
Page
Reference and administrative details of the charity, its trustees and advisers 3
Trustee’s report 4 – 5
Independent Examiner’s report 6
Statement of financial activities 7
Balance Sheet 7
Notes to the financial statements 8 – 13

Page 2 of 13

Hornchurch Aerodrome Historical Trust CIO

Reference and administrative details of the charity, its trustees and advisers For the year ended 31 December 2021

President

The Right Honourable Sir Iain Duncan Smith MP

Vice President

Brendan Finucane QC

Trustees

Mr T Philpot (Chairman) Mr T Roberts (Vice Chairman) Mr J Skillman (Treasurer) Mr J Donovan Mr D Goldstein Mr P Manning Mr M Friel Mr G Clark

Registered Charity number

1182040

Principal Office

Sutton’s House 119 – 121 Suttons Lane Hornchurch Essex RM12 6RU

Independent examiner

Mr A Currey

Bankers

National Westminster Bank plc 120 - 122 High Street Hornchurch Essex RM12 4UL

Page 3 of 13

Hornchurch Aerodrome Historical Trust CIO

Trustees’ report

For year ended 31 December 2021

The Trustees present their annual report together with the financial statements of the Charity Hornchurch Aerodrome Historical Trust CIO for the year 1 January 2021 to 31 December 2021. The Charity operates under the name of the RAF Hornchurch Heritage Centre.

Objectives and Activities

Policies and Objectives

The objects of the CIO called Hornchurch Aerodrome Historical Trust are:

  1. To advance the education of the public in the history of Hornchurch Aerodrome and its place in the defence of the United Kingdom throughout its operational life by the establishment and maintenance of a heritage centre to display artefacts, documents and associated media relating to Hornchurch Aerodrome.

  2. To promote the efficiency of the Armed Forces of the Crown, advance education and promote good citizenship amongst the public by commemorating the pilots and personnel who served at Hornchurch Aerodrome and the local civilians who supported them in such ways as the trustees see fit.

Activities for achieving objectives

In planning our objectives for the year, the Trustees have ensured that they have complied with the duty in S.17 of the Charities Act 2011 and kept in mind the Charity Commission’s guidance on public benefit.

To achieve its objectives, the Charity operates the RAF Hornchurch Heritage Centre as an educational heritage site to the general public at weekends and to School and Private Groups during the week. The Charity also attends local events with a mobile display and visits Schools for dedicated presentations. Finally, the Trust seeks to recognise and commemorate Hornchurch Aerodrome, its personnel and Armed Forces of the Crown by the organisation of specific events such as an annual Remembrance Service at the Heritage Centre.

Achievements and Performance

Review of activities

The Charity successfully secured the transfer of Sutton’s House as a permanent Heritage Centre in November 2020 following the generous gifting of the freehold by Bellway Homes Limited with completion of the renovation and artefact displays during H1 2021. Whilst the Coronavirus Pandemic prevented the Heritage Centre from opening to the general public during H1 2021, the subsequent relaxation of Coronavirus restrictions allowed the Charity to open the Heritage Centre to the general public from June 2021. The formal opening of the Heritage Centre took place on the 19[th] September 2021 when it was officially opened by Air Chief Marshal Sir Michael Graydon GCB CBE. The event was supported by a flypast of a Spitfire and Hurricane from the RAF Battle of Britain Memorial Flight and distinguished guests included the Right Honourable Sir Iain Duncan Smith MP, President of the Charity and Brendan Finucane QC, Vice President of the Charity. Whilst the Heritage Centre has only been open since June 2021, it has already received 1,738 visitors which included 525 pupils from 8 local schools and had 131 members as at the 31[st] December 2021. In 2022, the Charity is keen to build upon its success during 2021 through the expansion of its education program by proactively contacting all schools in surrounding local boroughs, increasing its display of artefacts through more creative and innovative displays and increased space and to widen the appeal to a greater audience including less abled visitors.

Financial review

Constitution

The Charity was registered as a Charitable Incorporated Organisation on 14 February 2019 and its governing document is its constitution.

Page 4 of 13

Method of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the constitution. A new Trustee Mr G Clark was appointed with effect from 30 November 2021.

Accounting Policy

The Charity’s accounting policy for the preparation of its annual report and financial statements is on the Accruals basis in accordance with the SORP to provide a true and fair view of the activities of the charity.

Risk Management

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems and procedures are in place to mitigate its exposure to major risks.

Reserves Policy

The Charity’s policy on reserves can be summarised as:

  1. To maintain an agreed reserve amount as a contingency for emergency requirements in a liquid format for immediate access. This was increased from £1,000 to £5,000 and is maintained as a minimum account balance.

  2. To undertake regular review or as may be required of the Charity’s reserve amount to ensure it is proportionate to the ongoing needs of the Charity taking into consideration but not exclusively operational requirements, funding requirements, risk mitigation, working capital and financial climate.

  3. To allocate specific reserves for specific projects or purposes as may be required to ensure that the ongoing operation of the Charity is not impacted.

  4. To regularly monitor and review the effectiveness of the policy in the light of the changing funding and financial climate and any other associated risks.

Trustees’ responsibilities statement

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for the period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention of fraud and other irregularities.

This report was approved by the Trustees on 22[nd] February 2022 and signed on their behalf.

Mr J Skillman Treasurer and Trustee

Page 5 of 13

Hornchurch Aerodrome Historical Trust CIO

Independent Examiner’s report For year ended 31 December 2021

Independent examiner’s report to the Trustees of Hornchurch Aerodrome Historical Trust CIO (the ‘Charity’)

I report to the Charity Trustees on my examination of the accounts of the Charity Hornchurch Aerodrome Historical Trust for the year ended 31 December 2021.

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an Independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity’s Trustees as a body, for my work or for this report.

Responsibilities and basis of report

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

I report in respect of my examination of the Charity’s Accounts 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 2011 Act.

Independent examiner’s statement

Your attention is drawn to the fact that Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: 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) in preference to the Accounting and Reporting by Charities : Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extent regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I can confirm that no 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 2011 Act; or 2. the accounts do not accord with those records; or

  2. the accounts 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.

Signed

Dated 26[th] March 2022

Mr A Currey 105 Laburnham Walk, Hornchurch, Essex. RM12 5RJ

Page 6 of 13

Hornchurch Aerodrome Historical Trust CIO

Statement of financial activities

For year ended 31 December 2021

Note
Income from:
Donations and legacies
2
Other trading activities
3
Investments
Total Income
Expenditure on:
Charitable activities
4
Total Expenditure
Net income/(expenditure) before
other recognised gains and losses
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
13		 Unrestricted
funds
2021
£
15,234
3,285
0
18,519
9,644
9,644
8,875
8,875
7,150
16,025		 Restricted
funds
2021
£
0
0
0
0
0
0
0
0
0
0		 Total
funds
2021
£
15,234
3,285
0
18,519
9,644
9,644
8,875
8,875
7,150
16,025		 Total
funds
2020
£
12,505
0
0
12,505
11,578
11,578
927
927
6,223
7,150

All activities relate to continuing operations and reflect the combined operations of the Charity.

Balance sheet
As at 31 December 2021
Note
Fixed assets
Tangible assets
8
Investments
Total
Current assets
Debtors
10
Cash at bank and in hand
9
Gift/Souvenir stock
Tea Room stock
Total
Creditors
Amounts due within one year
11
Net Current assets
Net assets
Charity Funds
Restricted funds
Unrestricted funds		 £
0
18,773
296
111
19,180
0		 2021
£
13,285
0
13,285
19,180
32,465
0
32,465
32,465		 £
0
8,226
364
0
8,590
0		 2020
£
15,535
0
15,535
8,590
24,125
0
24,125
24,125

Page 7 of 13

Hornchurch Aerodrome Historical Trust CIO

Notes to financial statements

For the year ended 31 December 2021

  1. Accounting Policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

Hornchurch Aerodrome Historical Trust CIO constitutes a public benefit entity as defined by FRS 102.

1.2 Income

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

1.3 Expenditure

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 operations, including purchase of artefacts, support costs and costs relating to governance of the Charity.

1.4 Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of a fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Furniture, fittings and equipment – 10% per annum straight line.

The Trust exhibits artefacts that have been donated to the Trust when it was a Society prior to becoming a Trust and a Registered Charity. The value of these artefacts is not included within the fixed assets of the Charity on the basis that to determine an accurate value would prove difficult and costly. This additional cost would not create a benefit to users of the financial accounts in assessing the stewardship of the Charity’s assets.

The Trust formally received the generous gift of the Freehold property known as Sutton’s House, 119 – 121 Suttons lane, Hornchurch, Essex RM12 6RU in November 2020 from Bellway Homes Limited to operate the Heritage Centre from. However as this fixed asset was acquired at no charge and is otherwise subject to a legal covenant which prevents the Trust from selling it, no value is attached to this fixed asset in the financial accounts.

Page 8 of 13

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity. This is normally upon notification of the interest paid or payable by the Bank.

1.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2. Income from Donations and Legacies

Entrance fees
Membership fees (Annual)
Membership fees (Lifetime)
School Visit fees
Group Visit fees
Donations – Other
Donations - Events
Donations - Raffles
External Funding
Total		 Unrestricted
funds
2021
£
4,516
2,130
3,893
2,100
793
1,087
438
277
0
15,234		 Restricted
funds
2021
£
0
0
0
0
0
0
0
0
0
0		 Total
funds
2021
£
4,516
2,130
3,893
2,100
793
1,087
438
277
0
15,234		 Total
funds
2020
£
0
590
750
0
0
6,387
0
0
4,778
12,505

Donations (Other) was sourced from the following sources:

Co-op
Tesco
Go Fund Me
Public donations
Collection tins
Total		 2021
£
0
0
0
809
278
1,087		 2020
£
3,703
450
110
0
2,124
6,387

No External Funding was sourced during 2021 as all resources were committed towards the formal opening of the Heritage Centre and its opening to the general public and local schools. However, the Charity plans to seek external funding during 2022 to support its commitment to the expansion of its education program, to increase its display of artefacts through more creative and innovative displays and increased space and to widen the appeal to a greater audience including less abled visitors.

Page 9 of 13

3. Other trading activities

Gift/Souvenir net income
Refreshment net income
Artefact disposal net income
Bank Gesture of Goodwill
Bank Interest
Total		 Unrestricted
funds
2021
£
345
2,425
465
50
0
3,285		 Restricted
funds
2021
£
0
0
0
0
0
0		 Total
funds
2021
£
345
2,425
465
50
0
3,285		 Total
funds
2020
£
0
0
0
0
0
0

A Gesture of Goodwill payment of £50 was received from the Bank following a complaint regarding Bank statements. Bank interest received totalled just £0.32 and has been excluded as all the financial accounts have been completed in whole pounds sterling (£).

Other trading activities relate to the sale of gifts, souvenirs and light refreshments to visitors at a small margin which contributes towards the Charity’s overall income as follows:

2021
£
Gift/Souvenir sales
Less cost of sales
Opening stock
364
Purchases
196
Less Closing stock
(296)
Gross Profit (Income)
Refreshment sales
Less cost of sales
Opening stock
0
Purchases
1,124
Less Closing stock
(111)
Gross Profit (Income)		 2021
2020
£
£
609
364
0
(364)
264
345
3,438
0
0
(0)
1,013
2,425		 2020
£
0
0
0
0
0
0

Page 10 of 13

4. Charitable activities

Insurance
Electricity
Gas
Business Rates
Legal fees
External certification
Printing, postage and stationery
Website fees
Card Payment fees
Fuel
Opening Day costs
Remembrance Day costs
Property Improvements
Maintenance
Fixtures and fittings
Depreciation
Artefacts
Total		 Unrestricted
funds
2021
£
2,204
1,464
1,413
0
0
108
390
0
32
0
593
15
744
234
732
1,715
0
9,644		 Restricted
funds
2021
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 Total
funds
2021
£
2,204
1,464
1,413
0
0
108
390
0
32
0
593
15
744
234
732
1,715
0
9,644		 Total
funds
2020
£
2,020
0
0
0
754
0
43
0
0
10
0
0
2,047
885
4,373
1,278
168
11,578

Material changes for 2021 reflect the costs in connection with the formal opening of the Heritage Centre and the subsequent opening to the general public from June 2021. Property operating costs are understated because the Rateable value has yet to be determined and the Business Rates charge set by the London Borough of Havering. Whilst the Charity will qualify for 80% relief, it is understood that the London Borough of Havering does not currently exercise its discretion to waive the remaining 20% and that a charge is likely.

5. Trustee Expenses

Number of trustees who were paid expenses
Nature of expenses
Total amount paid		 2021
£
0
0		 2020
£
1
Vehicle fuel
10

During the year, no Trustees received any remuneration or any benefits in kind, there were no transactions with related parties and there were no paid employees or pension scheme payments (2020 – Nil).

6. Net Income/Expenditure

This is stated after charging:

Depreciation of tangible fixed assets 2021
£
1,715		 2020
£
1,278

Page 11 of 13

7. Fees for examination or audit of the accounts

2021 2020
£ £
Independent examiner’s or auditors' fees for reporting of accounts 0 0
Other fees paid to the independent examiner or auditor 0 0

8. Tangible fixed assets

Cost
At 1 January 2021
Additions
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year (existing assets)
Year 5 of 10
Charge for the year (purchased 2019)
Year 2 of 10
Charge for the year (purchased 2020)
Year 1 of 10
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Furniture,
fittings and
equipment
£
15,535
732
16,267
1,267
35
1,243
437
2,982
13,285
15,535		 Total
£
15,535
732
16,267
1,267
35
1,243
437
2,982
13,285
15,535

During 2019 to 2021, the Charity utilised income and funding received to renovate and make improvements to the freehold property known as Sutton’s House which opened in June 2021 as the RAF Hornchurch Heritage Centre. As the freehold of this property was generously gifted to the Charity for nil consideration and is valued at nil as a fixed asset, any expenditure undertaken on renovation and to make improvements to this asset attracts no value and expenditure has been recorded as Maintenance and Property Improvement costs. The Fixed Assets held relate to separate items purchased and include display cabinets, electrical appliances and equipment which could realise a value to the Charity if sold.

9. Cash at bank and in hand

Cash
Bank account
Total
10. Debtors – Amounts due within one year
Debtors		 2021
£
821
17,951
18,772
2021
£
0		 2020
£
502
7,724
8,226
2020
£
0

Page 12 of 13

11. Creditors – Amounts due within one year

2021 2020
£ £
Creditors 0 0

12. Trust Artefacts

In accordance with its objectives, the Trust exhibits a number of aviation artefacts relating to Hornchurch Aerodrome alongside associated memorabilia to members of the public. Some of these are owned by the Charity and some have been loaned to it. All artefacts are recorded in the Charity’s inventory with each artefact identified by a reference number, description, condition and owner. The inventory is available at the Heritage Centre. The Trustees consider that the value of the artefacts cannot easily be determined due to their incomparable historic nature and importance and that the cost involved in accurately determining such a value would be onerous compared to the benefits derived by the Charity and the users of the accounts.

The Trust received a number of artefacts through donation during the year which cannot be accurately valued for reasons stated above. The value of artefacts purchased at the cost value and disposed of at their sale value were as follows. This figure includes some donated artefacts of low commercial value such as books and magazines which have been sold to visitors to raise additional funds for the Charity. Such items are only sold with the prior consent of the donor.

Artefacts
Purchased by the Charity
Less disposals by the Charity
Net movement		 2021
£
0
(465)
(465)		 2020
£
168
0
168

13. Statement of funds

For year ended 31 December 2021
General Funds
For the prior year
General Funds		 Balance at
1 Jan 2021
£
7,150
Balance at
1 Jan 2020
£
6,223		 Income
£
18,519
Income
£
12,505		 Expenditure
£
(9,644)
Expenditure
£
(11,578)		 Balance at
31 Dec 2021
£
16,025
Balance at
31 Dec 2020
£
7,150

Page 13 of 13