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2025-03-31-accounts

OROYAL AIRFORCE museum Royal Air Force Museum Accounts 2024-25 CP 1370

Royal Air Force Museum Accounts 2024-25

Presented to Parliament by the Secretary of State for Defence by Command of His Majesty July 2025

CP 1370

© Royal Airforce Museum copyright 2025

This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3.

Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.

This publication is available at www.gov.uk/official-documents.

Any enquiries regarding this publication should be sent to us at Royal Airforce Museum, Grahame Park way,Hendon,London,NW9 5LL.

ISBN 978-1-5286-5908-6

E03406277 07/25

Printed on paper containing 40% recycled fibre content minimum

Printed in the UK by HH Associates Ltd. on behalf of the Controller of His Majesty’s Stationery Office

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

CONTENTS

CONTENTS
Page
Annual Report
Administrative Information 1
Charitable Aims and Activities 2
Performance Report
Overview 9
Future Plans 10
Strategic Priorities 11
Performance Analysis 20
Financial Review 22
Accountability Report
Corporate Governance Report 30
Chief Executive Officer’s report and governance statement 31
Statement of the Board of Trustees’ and Chief Executive Officer’s Responsibilities
38
Remuneration and Staff Report 39
The Certificate and Report of the Comptroller and Auditor General 45
Financial Statements
Consolidated Statement of Financial Activities 50
Consolidated and Charity Balance Sheet 51
Consolidated Cash Flow Statement 52
Notes to the Financial Statements 53

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

ADMINISTRATIVE INFORMATION

Address of the charity

Address of the charity Royal Air Force Museum Grahame Park Way Hendon London NW9 5LL Registered charity number 1197541

Names and addresses of other relevant organisations

Auditor Comptroller and Auditor General National Audit Office 157-197 Buckingham Palace Road Victoria London SW1W 9SP Solicitors Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Bankers Barclays Bank Plc Leicester LE87 2BB

Bankers

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CHARITABLE AIMS AND ACTIVITIES

Our Purpose

The Royal Air Force has shaped our nation and our society. It has influenced how we live our lives today through its impact on world events, society and technology. The purpose of the Royal Air Force (RAF) Museum is to share the story of the Royal Air Force, past, present and future – using the stories of its people and our collections to engage, inspire, entertain and encourage learning.

The RAF Museum was established as a legacy of the RAF’s fiftieth anniversary in 1968, opening our London (Hendon) site in 1972 on the historic pioneering airfield in Colindale (previously RAF Hendon, and home of the London Aerodrome from 1910). Our Midlands site began as the Aerospace Museum at RAF Cosford (established in 1938 as a joint aircraft maintenance, storage and technical training site for the Ministry of Defence) in the spring of 1974 and joined the family in 1979. It was renamed RAF Museum Cosford in 1998, and more recently in March 2022 as RAF Museum Midlands. The Museum also has two external stores, one in Stafford and another within RAF Cosford.

Charitable Objects

The formal objects of the charity are to educate and inform the public and members of the Royal Air Force about:

In particular, but not exclusively, this will be achieved by collecting, conserving, preserving, managing, exhibiting and storing documents, items, artefacts and other materials in the collection, and encouraging research and sharing of information.

The RAF Museum was registered as a charity (Registered Charity Number 244708) in 1968 and to 31 March 2022 was governed in accordance with a Scheme of the Charity Commission dated 4 June 2007 which replaced the former trusts of the Museum. From 1 April 2022, the new incorporated charity with Royal Charter status (RC000922, Registered Charity Number 1197541) is governed in accordance with its Charter and Bye-laws to deliver the same charitable objects.

Governance

The RAF Museum is a National Museum, a Government Non-Departmental Public Body (NDPB) and a registered charity governed by Royal Charter. The Museum is the National Museum of the Royal Air Force, unique in its size and scope, and officially recognised as such. The Museum works closely with the Royal Air Force, its sponsor organisation at the Ministry of Defence, including liaising with the Air Historical Branch, RAF Heritage and RAF Engagement. His Majesty King Charles III is the Museum’s Patron, succeeding his father HRH Prince Philip, The Duke of Edinburgh, who was Patron of the Museum from its inception in 1968 until his death in April 2021.

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A trading subsidiary Royal Air Force Museum Enterprises Ltd (company number 1511481) is incorporated as a company limited by shares (wholly owned by the RAF Museum) to manage the associated commercial activities (and any activities that are ‘non-primary purpose trading’) for the benefit of the charity. All profits of RAF Museum Enterprises Ltd are gift-aided to the Museum on an annual basis, as agreed in a Deed of Covenant between the parties. Effective 1 April 2022, the shares held by nominees on behalf of the trust were transferred to the Royal Charter company, which became the sole shareholder of the Royal Air Force Enterprises Ltd company.

The Royal Air Force Museum Investments Limited (company number 4026995) is a wholly owned subsidiary which is incorporated as a limited liability company to hold the real property assets of the charity on behalf of the Trustees. In March 2005, the Cosford and Stafford leasehold property was transferred to this company from the charity, followed by the London (Hendon) freehold property in January 2008. Effective 1 April 2022, the shares held by nominees on behalf of the trust were transferred to the Royal Charter company, which became the sole shareholder of the Royal Air Force Investments Ltd company.

A Partnering Agreement is in place between the RAF Museum and the RAF which sets out the sponsor relationship and identifies the services that the Museum provides and the support given by the RAF in order that these aims are achieved. RAF colleagues past and present continue to provide fantastic support and inspiration to the Museum to enable us to share the ever-developing RAF story. Aligned with the Partnering Agreement is a Framework Document drawn up by the MOD in consultation with the RAF Museum and which sets out the broad governance framework within which the Museum and the MOD operates. It sets out core responsibilities, describes the governance and accountability framework that applies between the roles of the MOD and the Museum and sets out how the day-to-day relationship works in practice, including in relation to governance and financial matters.

The Public Bodies Review of the three Service Museums - National Museum of the Royal Navy, National Army Museum and Royal Air Force Museum - was carried out under the Cabinet Office’s Public Bodies Reviews Programme during 2023-24 and the Secretary of State-approved final report was published on 1 March 2024. The review considered the governance, accountability and efficiency of the three museums and evidence gathered through interviews, documentation supplied by the museums, museum visits, public reports about the wider cultural and heritage sector and desk-based research. The review found that MOD service museums are effective in fulfilling their purpose and should remain as NDPBs within the Ministry of Defence.

One of the key recommendations was closer working between sponsor bodies and their museums and new regular liaison meetings have been scheduled between Assistant Chief of Air Staff, the RAF’s RAF Museum Board representative; Air Command’s Director of Resources (who leads the RAF’s sponsorship team); the Commandant and Station Commander from RAF Cosford; and the Museum’s Chief Executive.

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Our Activities

The RAF Museum’s vision is to ‘inspire everyone with the RAF story – the people who shape it and its place in our lives’. We are committed to using our collections to share the story of the Royal Air Force and its people. General entry to the Museum is free to the public and the Museum welcomes almost one million visitors a year across its two sister sites. Alongside this it undertakes impactful learning activities with children and young people, both formally and informally. As an educational charity, whether visitors are engaging with our displays, taking part in discussion and debate, studying our archive, holding a corporate event in our spaces, having fun at events and in our playgrounds, or enjoying a rest in our cafés, there are opportunities for inspiration from the incredible RAF story.

Our current strategic plan ‘Strategy 2030’ sets out an ambitious vision for the future, shaped and shared by our Trustees, staff team (employees and volunteers) and key partners, and which continues to guide the Museum during a complex period of our history, with climate change and an unstable international environment, and ever-present threats to our way of life. We have much to do, but we look forward with confidence and clarity. We strive to be a world class National Museum, respected for our commitment to focusing on our audiences and using our collections and spaces in creative ways to engage them with the RAF’s story. We shall remain financially sustainable, with firm foundations that enable an agile and creative future. Our collection is central to everything we are and do and comprises around 1.3m objects which we hold in trust for the people of the UK.

Our aim is to deepen further our focus on immersive RAF storytelling and be more ambitious in encouraging reflection and debate across our spaces and programmes, as well as welcoming all our visitors for a great day out. We are committed to engaging more people and, equally important, a more diverse range of people by ensuring that our governance, our teams, our collection and our storytelling are better reflective of the changing national population. Equally, we are committed to sharing the RAF story outside our walls across the UK and beyond through in-person outreach programmes and online engagement. Examples include touring iconic objects from the collection, research activities, community workshops, loans with partner organisations and storytelling through www.RAFStories.org.

Both our sites require significant investment to care appropriately for our unique collection and to reach wider audiences. Our priority project is the Inspiring Everyone: RAF Museum Midlands Development Programme which forms the first major step of a twenty-five year Master Plan for our Cosford site, while we continue to make significant improvements at London. The Midlands Development Programme of engagement and capital investment will transform our Museum and our impact through a series of phased projects – engaging audiences who may not obviously identify with the RAF story by finding common interests and histories which link them.

The scope of the London Master Plan rationalises our use of the Hangar 3, 4 and 5 building to maximise opportunities for visitors to engage with the collection in meaningful ways. It will improve both our operational effectiveness and visitor experience with a focus on our commercial imperatives while balancing considerations of collections care and reduction of our carbon impact. This will pave the way for a new Research Centre and Learning Centre, further

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improving the care of and access to our nationally important archive, library, photographic and art collection.

The RAF is iconic to so many people in the UK and overseas and we will continue to research and share its history. Equally, today’s men and women in the RAF are active on more fronts than they have ever been in our increasingly complex world. We ensure their stories are at the top of our agenda through contemporary collecting and programmes that keep us relevant and connected.

We are immensely appreciative of Government investment in its National Museums, and specifically grateful to the MOD and Air Command for their support for the RAF Museum. However, to achieve our Strategy 2030 ambitions, both across day to day programmes and capital improvement, the Museum must grow our commercial and fundraising further to address the challenging financial context we operate in. Creative income generation opportunities are embedded in Museum planning and will continue to be a focus as both additional storytelling platforms and essential enablers for our plans.

Inspiring Everyone: RAF Museum Midlands Development Programme

Our £28.6M RAF Museum Midlands Development Programme and fundraising campaign launched in March 2022 is supported by the National Lottery Heritage Fund (NLHF), the RAF, and a number of other funders comprising trusts and foundations, industry partners and individuals. Further detail is included in the Performance Report for the year. In October 2024, the Museum completed a two-year Development Phase, shaping detailed delivery plans (as below), which were awarded a major grant of £9.3M by the NLHF at the end of April 2025. The new spaces, developed in partnership with stakeholders and communities will open in summer 2027.

The Development Phase delivered investment in six new posts and uplifted two existing roles, enabling us to welcome 94 volunteers to the Programme who gave over 6,000 hours of support. Seven Midlands-based companies were appointed to our capital design team.

Through the Inspiring Everyone: RAF Museum Midlands Development Programme, we will:

The transformation programme comprises the Inspiring Engagement Programme underpinned by delivery of a new-build Collections Hub, a Learning Centre and a contemporary exhibition in a refurbished hangar, co-created interpretive interventions across the site, and a new public realm.

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Access and inclusion are at the heart of our engagement programme in our mission to tackle unequal access to heritage and create positive outcomes for everyone that engages with us. Barriers relating to socio-economic background, ethnicity and disability will be tackled across audiences to encourage the widest range of people to engage and ensure that the whole community can take part equally, confidently and independently.

The Inspiring Everyone Programme will help to define and create a new RAF Museum, firmly anchored in our community supporting us to reach out across the Midlands and the nation.

Our Vision and Values

We are working to achieve our vision through five strategic priorities that focus outwards with our collections and spaces at their heart. These priorities are supported by the ongoing development of strong internal systems which ensure we deliver creatively and responsibly.

We are a values-driven organisation with a team of talented and dedicated people who use their knowledge and creativity to make our collections sing and bring our spaces to life to

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inspire our audiences locally, nationally and internationally. Our work and our behaviour is underpinned by six guiding values:

Underpinning everything that we do, the Museum has three overarching commitments that inform our insight, business planning and strategy development, these are our:

Partnerships

The RAF Museum’s responsibility and remit is UK-wide and local, national and international partnerships are all vital to the Museum’s vision. The Museum works closely with our sponsor body, the RAF, and receives much valued support.

In addition to its own two public sites, the Museum seeks opportunities to share collections through UK and international loans and online, as well as through its enquiries service and research programme. The RAF Museum is a member of the UK Museums Association, the National Museums Directors’ Council, the Association of Leading Visitor Attractions, the Association of Independent Museums and the Group for Education in Museums. It is committed to supporting other museums both across the UK and internationally by involvement in national and international programmes.

As well as being a National Museum which tells globally important stories, the RAF Museum’s two public sites have an important role to play in their local communities. Museums help define a place: they help shape and convey a sense of identity and contribute to local distinctiveness. The Museum is committed to working with its local communities to collect and represent their diverse and collective history and heritage as part of the RAF story. We are immensely

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appreciative of our local authority neighbours: the London Borough of Barnet, Shropshire Council and Telford and Wrekin Council.

The Museum also works with a wide range of individual and corporate partners who share its vision of inspiring everyone with the RAF story. Our partners not only support us financially through grants, sponsorship and gifts in kind but they enable us to continue to engage and inspire our audiences through shared programmes and activities.

We work with partners to ensure the collection is kept up to date and cared for and rely on them to help us acquire new items of national importance. Partners also support our Learning and Engagement teams in London and Cosford to deliver workshops and activities for children across the UK. We have Memorandums of Understanding with museums across the world to learn from each other and share best practice together. The Museum also works in partnership with the RAF Museum American Foundation, sharing ideas and collaborating together on fundraising opportunities to support the RAF Museum and foster and celebrate relationships between our two air forces.

We should like to thank all those who have helped us continue to share the RAF story, particularly this year to our RAF Museum Midlands Programme funders, notably the National Lottery Heritage Fund (NLHF), the RAF, BAE Systems, the Garfield Weston Foundation, the Wolfson Foundation and the RAF Museum American Foundation.

Charitable Fundraising

The Museum has an in-house Development (Fundraising) team who raise funds to support our core work, as well as to enable our Strategy 2030 major capital projects. The Museum is a member of the Institute of Fundraising and a registered member of the Fundraising Regulator. We work to the Fundraising Code and Promise set out by the Regulator and are signed up to their Code of Practice.

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PERFORMANCE REPORT

Overview 2024-25

After recording our second most successful year in terms of visitor numbers in 2023-24, 202425 was a very challenging year. The Museum welcomed 784,000 visitors, compared to 929,000 visitors in the previous year. A reduction in visitors was anticipated due to the closure of the Colindale underground station for six months of the year, impacting the London site where a significant number of visitors traditionally arrive by public transport. However, visitor numbers have also been affected at both sites by the current economic environment and cost of living crisis. The Association of Leading Visitor Attractions (ALVA) has reported clear evidence of the cost of living crisis impacting the visitor economy. This is particularly true of the important family market.

During 2024-25 the Museum’s collection and knowledge has been reflected in an engaging programme of events and exhibitions. This included Community Days and a varied programme of activities during school holidays including Elf Cadet training over the Christmas period. During the summer the commercial events programme included a specially commissioned theatre programme at both sites which told the incredible story of the most revered helicopter in RAF history, Bravo November, and notable aviation trailblazers. Disappointingly, although high quality, this did not attract the anticipated number of visitors, contributing to the annual downturn.

The lower than anticipated visitor numbers and cost of living pressures impacted the performance of the Museum’s trading subsidiary, with most income streams performing less well than the previous year. However better performance than expected in other areas has resulted in the Museum slightly exceeding its target of breakeven for 2024-25 with an unrestricted operational surplus after controllable depreciation of £15,000 (2024: £289,000). Significant contributors were a successful challenge to our 2017 business rates valuation resulting in lower annual business rates, better than expected interest receipts driven by the continued high Bank of England base rate, and a focus on managing expenditure across the organisation.

The Museum has continued to progress other major projects and initiatives in line with our Strategy 2030, as well as investing in necessary infrastructure improvements when funds allowed. Work commenced on a £2.9m scheme to replace the gas heating system in Hangars 3 and 4 in London with a sustainable energy solution majority funded by a £2.4M grant from the Phase 3c Public Sector Decarbonisation Scheme (administered by Salix Finance), due to be completed in spring 2026. This project represents a major step forward in the Museum’s sustainability commitment to achieving carbon net zero.

Substantial progress has been made towards achieving our restricted fundraising target for the £28.6M Inspiring Everyone: RAF Museum Midlands Development Programme. The immensely generous £9.3 million grant award from the NLHF in March 2025 towards the delivery phase of the project (bringing their total contribution to £10million) has been complemented by fantastic support from other partners and friends. The Museum received a number of other significant donations, pledges and grant awards during the year including from BAE Systems, the RAF Museum American Foundation, John and Adrienne Mars, the Garfield Weston Foundation and the Wolfson Foundation, and a very generous gift to support the Midlands

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Development Programme’s JR Payden Learning Centre. The Museum now has just under £2m to raise.

Future Plans 2025-26

The framework to deliver Strategy 2030 is reviewed annually as part of the Museum’s business planning cycle, with an update of Strategy 2030 every three years, and within this context a detailed Budget and Business Plan has been developed for 2025-26. The primary focus for fundraising and project development is our Inspiring Everyone: RAF Museum Midlands Development Programme to raise the final £2m. As well as continuing to approach partners, trusts and foundations, a public fundraising campaign commenced at the end of May 2025 entitled The Crate Escape, focusing on the move of around 55,000 objects from Stafford to the planned new Collections Hub store at our Midlands site. Alongside this, we continue to develop and deliver additional London and Midlands projects that will move us towards our ambition of welcoming more visitors and extending our audience reach and impact on-site, off-site, and online.

The Museum’s 2025-26 Business Plan objectives are focused through our five strategic priorities in the context of Strategy 2030, against the backdrop of ongoing inflationary pressures and a challenging visitor economy. Notable cost pressures include the cumulative effect of the pay award over recent years, increased Employers NI effective from April 2025 and the increased costs of maintaining a sizeable and ageing estate. The Museum continues to be acutely conscious of the need to be agile in its approach and to build financial resilience. We aspire to grow and diversify our commercial and fundraising income streams to achieve agreed outcomes, while maximising use of our resources to deliver effectively within our means. At the same time, long term underfunding in our capital infrastructure means that our project phasing and financial plans must take account of the need for significant investment at both sites to deliver standards and outcomes befitting a National Museum, enabling us to care for and inspire with our amazing collection.

We will continue to develop and nurture meaningful partnerships and invest our funding strategically, recognising the importance of museums and culture to the social wellbeing and economic prosperity of our communities. Meanwhile, we shall continue to build and sustain the foundations we need in terms of collections care and management, our estate, and our IT and digital infrastructure. Our team is vital to all of this and our leadership and development programmes will help ensure our committed people are the best we can be to deliver our vision and purpose with and for our visitors.

Strategic Priorities 2024-25

Strategic priority 1: Inspiring innovative engagement, debate and reflection

Collection, Exhibitions and Interpretation

The RAF Museum collection represents the national memory of the RAF at work and play, war and peace. It includes:

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The Museum is developing a new exhibition for RAF Museum Midlands’ Hangar 1 as part of the Inspiring Everyone Programme. It will explore the recent history of the RAF, from 1980 to today, sharing the stories of those involved and inviting visitors to engage in debate and reflection about the impact of RAF activity and innovation on wider society and the future. The exhibition will present RAF airframes from the period, including the iconic Bravo November Chinook helicopter and a Red Arrows liveried Hawk, as well as a variety of fascinating small objects, from the newly designed Space Command badge to equipment used by Medical Emergency Response Teams during RAF operations.

In 2024-25, the exhibition project team worked with external exhibition designers, AOC Architecture, to deliver a RIBA Stage 3 design for the exhibition. In advance of the commencement of the detailed design stage, the team have been refining exhibition storylines and content, consulting with a wide range of RAF contacts to develop information and source interviews and objects, as well as collaborating with diverse community groups to explore ways of shaping interpretation to connect with our audiences. Detailed interactive briefs have been prepared, proposing methods of engaging audiences with exhibition content in multi-sensory ways.

In December 2024, the Museum was delighted to open a new display sharing the inspiring story of Noor Inayat Khan GC, who served undercover in Paris during the Second World War with the Special Operations Executive (SOE) and ultimately gave her life for the Allied cause. On display is the George Cross posthumously awarded to Noor for her bravery while operating in German occupied France, generously loaned by Noor’s family. The new display is integrated within the Museum’s London ‘Strike Hard, Strike Sure: Bomber Command, 1939-1945’ exhibition, beside the Westland Lysander Mk III. On 16 June 1943, Noor was flown into France by Squadron Leader Frank ‘Bunny’ Rymills in a Westland Lysander. A record of this flight was recorded in his logbook, which is part of the RAF Museum’s archive collection, with a facsimile on display beside Noor’s George Cross.

To mark the 80th anniversary of the Long March, in March 2025 the Museum delivered a new display of loaned objects belonging to Sergeant George Thomson, who was force marched westwards from Stalag Luft VII in January 1945. George, a navigator, was imprisoned after baling out of a Lancaster while on a bombing raid over Frankfurt. The display is located within the Museum’s London ‘Strike Hard, Strike Sure’ Bomber Command exhibition, beside a Long March Memorial. Items on display include George’s diary, which gives a powerful insight into his experiences as a prisoner-of-war, as well as his navigator’s badge, flying logbook, prisonerof-war dog tags and wrappers from a Red Cross food parcel.

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Throughout 2024 the Museum marked the 75th anniversary of the Berlin Airlift through our Berlin Airlift Remembered project. The Museum led an international collaboration which included the Alliierten Museum, Militärhistorisches Museum and the National Museum of the United States Air Force. A bi-lingual website released stories in German and English featuring objects from the respective partners’ collections as part of a timeline telling the story of the airlift. We also used our existing online platforms to share these stories and the history of the RAF during the Berlin Airlift. This project has been captured in both the German and British digital archives ensuring it will be permanently preserved and accessible.

Collection Loans and Acquisitions

In 2024-25, 549 objects/object groups were accessioned to the Museum’s collection. Key acquisitions include:

We have continued to share our Collection widely at over 150 venues both nationally and internationally through our Loans Programme, with 1,041 items out on loan during 2024-25. New and renewed loans included:

RAF Stories

The Museum’s RAF Stories programme remains a crucial way for sharing content, as well as remaining agile and proactive in tracking new developments in the RAF’s story. In the past 12 months, a major focus has been to support the Inspiring Everyone: RAF Museum Midlands Development Programme Exhibition team, providing content that shapes the development of the new exhibition and reflects the contemporary RAF.

The RAF Stories team has also continued to collect and produce content - 43 unique interviews were recorded. Each multi-hour interview is capable of generating multiple pieces of content and 186 Stories were published. The team supported 17 co-curation and dissemination events. Projects with the Royal Air Force Aerobatic Team, Fighting with Pride and the RAF Widows Association as these projects all came to completion. Our relationships with UK Space Command and MERT Club continue to grow along with new relationships building with RAF

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Rugby, RAF Esports, RAF Music Services, RAF Police and the RAF Cyber school. We have a continuing relationship with the RAF Inclusion team.

The RAF Stories programme weaves through the wider activities of the Museum and is increasingly supporting the wider curatorial department with new object acquisitions, recording interviews with donors where appropriate, and lending their objects a first-hand human voice which provides enormously valuable context to in-gallery interpretation.

Research

The Museum’s Research Strategy continues to be supported by a voluntary Research Advisory Board, chaired by Sebastian Cox OBE, who has recently retired as Head of the RAF Air Historical Branch. In continuation with recent years, the 2024-25 research programme was offered in a hybrid format both virtually and in-person. During this period, the programme featured Air Power lectures with the Centre for War and Diplomacy at Lancaster University and lectures held at the Museum’s London and Midlands sites. Attendance has averaged around 90 ‘live’ views, both in-person and online. Further engagement has taken place via replays on Crowdcast, at around 100 views, and the back catalogue has begun to be uploaded via YouTube and shared on Social Media. The back catalogue lectures have attracted between 200 and 1,200 views on YouTube depending on the topic and the relevant Social Media post. The hybrid approach has been beneficial, as it has enabled the Museum to deliver engaging and intellectually rigorous content to a domestic and international audience. The UK and US made up the majority of the audience for talks, but countries represented in the audience include Japan, Brazil, Canada, Taiwan, Hong Kong and India.

The Museum hosted its annual conference on 5-6 September 2024, with the theme ‘The Future of Air Power: The Royal Air Force since 1980 and Beyond’, with 80 researchers, staff and delegates attending in-person at the Museum’s London site, and a further 151 individuals joining live via the online video. The Museum’s 2023 Academic Awards were presented to undergraduate, postgraduate and doctoral students, continuing to build upon our growing role in encouraging and developing the next generation of Air Power scholars. Academic prizes for 2024 have been awarded,and will be formally presented at the 2025 conference.

The Museum also continued to develop and nurture the next generation of Air Power specialists by supervising doctoral students at Lancaster University, King’s College London, Newcastle University, the University of Bristol and the University of Glasgow. A further doctoral project will commence in 2025 with the University of York.

The Museum’s Reading Room hosted 208 researchers between August and March. The Collections and Research team was also active in sharing knowledge, including creating records for the Museum’s Collections Online and delivering in-person stakeholder engagement sessions. Papers were given at national conferences and talks provided to visiting groups to the Museum, including students from the Defence Academy. The team contributed expert commentary for several media projects, including radio, print and television, and engaged with a number of partner organisations over the year to promote the Museum’s collections including Art UK.

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Learning and Engagement London

The successful schools workshop programme continued to book well, with self-guided visitor numbers remaining high. 650 schools visited the London site, with an additional 13 schools joining us for online workshops. 885 learners were engaged through outreach to their schools or university. We engaged with 40,363 learners: 38,010 onsite and 2,353 offsite and online.

Schools’ reach was extended through a project with Brunel University led by the Museum’s Retail team which saw students design and prototype products to sell in the Museum’s shop.

In addition to the standard suite of school workshops focused on History, Science, Citizenship, Design and Technology and Literacy, we contributed to marking the 80th anniversary of D-Day with a weekend of family activities, and the 100th anniversary of the Royal Canadian Air Force with a video which explored the links between the two air forces. We took part in three nationwide initiatives: Kids in Museums Takeover Day, where pupils performed tasks usually undertaken by Museum staff; Children’s Art Week where we released daily videos sharing artworks in our ‘To the Stars’ temporary art exhibition and setting creative challenges inspired by that artwork; and Black History Month where we delivered free storytelling sessions focused on the story of Lilian Bader to local primary schools.

We continued to deliver Year 6 STEM Days and Scouts Days, both sponsored by the RAF. 671 Scouts received their Stage 1 Air Researcher Activity Badge having completed a day of activities at the Museum. We also welcomed Girl Guides for a workshop which explores the connections between the RAF and Girlguiding. New to our London portfolio this year was a large-scale event - Forces in STEM - where we welcomed 1,000 Year 5 and 6 pupils to the Museum for hands-on activities and shows provided by 20+ exhibitors from industry and various institutions.

Learning and Engagement Midlands

Our Midlands team engaged with 689 schools, of which 578 were onsite, 64 online and 47 offsite (a 100% increase for offsite engagements). In total we engaged with 46,509 learners: 29,940 onsite and 14,969 offsite and online. Due to demand, we had to turn 4,000 children away so are delighted the new learning centre opening in 2027 as part of the Midlands Development Programme will address our capacity challenges.

Aside from our core learning programme of school workshops with a focus on History and STEM, we expanded our events and outreach offer. Our Summertime Advanced Aeronautical Residency (STAAR) programme celebrated its seventh year. Supported by sponsors Northrop Grumman as well as our partners from RAF Cosford, and Tablet Academy (TA Education), the programme was delivered to 40 young people.

We also delivered a variety of events on behalf of our key partner, the RAF Youth STEM team. This included eight Key Stage 2 STEM Days, four Glider Challenges, and three Scouts Air Activity Badge Days with increased capacity from 200 Scouts per day to 600. Our national outreach has increased with an additional five STEM days delivered in South Wales. We also hosted the fourth annual Forces in STEM event, considered a flagship STEM event for the RAF Youth STEM team, increasing capacity and welcoming over 1,200 young people to the Museum to participate in over 35 activities delivered by over 25 partner companies. The

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demand for these free events continues, highlighting the need to continue offering learners these opportunities.

Strategic Priority 2: Inspiring our people within a dynamic, diverse and collaborative culture

At the heart of the RAF Museum is a vibrant and diverse community of over 245 dedicated employees and around 400 passionate volunteers, united by a shared commitment to preserving heritage, inspiring audiences, and shaping futures. We believe that when people feel valued, supported, and empowered, they thrive - and so does the Museum. Guided by our Equity, Diversity and Inclusion (EDI) commitment and supported by our active EDI Working Group, we are building a culture where everyone feels they belong and where every voice matters.

During 2024-25, The Inspiring Everyone: RAF Museum Midlands Development Programme became a powerful catalyst for change. It opened doors for deeper community engagement, greater learning opportunities, and meaningful personal growth — for both our audiences and for our team of employees and volunteers. The HR & Volunteering team played a key role in shaping the delivery strands of the programme around training, skills, volunteering, work experience and recruitment, helping us lay the foundations for a stronger and more inclusive future.

Our apprenticeships and skills development programmes have flourished. In partnership with organisations including Birmingham City University, the Ministry of Defence, Movements to Work, and Speakers for Schools, we are creating new pathways into the heritage sector, equipping individuals with the skills and confidence they need to succeed.

Our expanding work experience programme continues to break down barriers to heritage careers. In 2024–25, we welcomed 29 in-person students (17 in the Midlands, 11 in London, 1 remotely) and reached 152 more through four virtual work experience days, developed in partnership with Speakers for Schools. The impact is clear: students leave not only with knowledge, but with inspiration and ambition.

Volunteering at the RAF Museum continues to flourish. This year, over 400 volunteers across London, the Midlands, Stafford, and remote roles gave 25,024 hours of their time — a 26% increase on the previous year. Their dedication breathed life into our programmes, with 2,414 hours directly supporting the Inspiring Everyone development phase. Every hour donated by our volunteers is a testament to their passion, purpose, and belief in our vision.

Strategic Priority 3: Embedding an entrepreneurial, agile and sustainable approach

The Museum’s Commercial Strategy, managed through the trading company, focuses on maximising commercial opportunities and income generation, while delivering new and improved experiences for our visitors. RAFMEL’s net profit after tax for the financial year 202425 is £801,000 (2024: £1,178,000).

Despite the fall in visitor numbers and income on the previous year, the Museum achieved its income target for the year and once again were awarded for exceptional visitor experience. We were particularly proud to achieve Visit England Gold accreditation at our Midlands site, while both sites were ranked in the top 10% of all visitor attractions listed on TripAdvisor. Following the successful introduction of our new Public Events programme in 2023-24, we ran our most ambitious summer public event programme to date. The specially commissioned

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

theatre programme ran at both sites over the summer and told the incredible story of the most revered helicopter in RAF history, Bravo November and some of the most notable aviation trailblazers.

In line with our Fundraising Strategy and Plan, we continue to focus our efforts on campaign fundraising for the Inspiring Everyone: RAF Museum Midlands Development Programme, building our pipeline with the support of the Museum Fundraising Board, while delivering essential revenue fundraising to support core activity.

Strategic Priority 4: Leading the way with brilliant basics

The Museum’s Collections Development Strategy and associated policies and procedures are central to our delivery of effective museum management and our audience engagement. After over 50 years of formal collecting, the Museum continues to collect stories and objects to reflect the whole history of the RAF, including our priority to represent today’s service. The team also continues work to rationalise the collection, improve storage and conservation, and improve access to it.

Objects are collected, preserved and used proactively for a clear purpose of engagement, including exhibitions, events programmes and research, in accordance with identified dynamic collecting priorities. Considerable large object conservation, maintenance and logistical expertise is housed at our Midlands site’s Michael Beetham Conservation Centre (MBCC), complemented by small object conservation facilities at our London site.

During 2024-25, the Museum’s conservation work was dominated by activities to maintain and develop exhibitions and prepare objects for movement over the next three years to the planned Collections Hub at our Midlands site along with the ongoing care, maintenance and movement of aircraft and large objects in a variety of environments across three sites. A total of 12 aircraft were moved in part or whole, including the Tornado F3 from London to temporary storage at RAF Shawbury, the Comper Swift moved to The Hooton Park Trust for outward loan and the Gloster Meteor F8mod for outward loan with Newark Air Museum.

The team based at our MOD Stafford storage facility began preparing for the move to our Midlands site though a programme of conservation, documentation, hazards checking and packing, in addition to supporting Collections and Loans Reviews. To date 19,425 objects have been barcoded, 9,359 hazard flagged, 15,636 condition flagged, 1746 cleaned and 507 packed.

The Museum is in the twelfth year of a comprehensive Collections Review, with its Collections Review team and Disposal Recipients Selection Committee working in line with the Museums Association’s Code of Ethics. Where objects are duplicates, or fall outside the Museum’s Collections Development Strategy, these are either offered as part of a proactive loans programme or gifted to Accredited museums following the Museums Association’s Disposals Toolkit guidelines. All disposals are approved in accordance with the RAF Museum’s Disposals Policy and Procedures.

To date 19,648 mainly large objects have been reviewed and 9,079 have been flagged for potential transfer, including 4,396 items/groups of items from the Spares Collection. During the

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

year, a total of 217 loans-in were returned to owners and work continued to progress returns, while 804 objects remain on outward loan with other UK and overseas museums. Deaccessions included one aircraft – the Slingsby Prefect gifted to Air Cadet Historic Flight – and nine vehicles gifted to RAF Manston History Museum, National Army Museum, Museum of Army Flying and Aeropark Heritage Aircraft Collection.

Strategic Priority 5: Connecting with communities and partners

Exhibitions and Interpretation

Co-creation is integral to the Inspiring Everyone: RAF Museum Midlands Development Programme. We have engaged with a wide range of community and audience groups, delivering co-creation workshops to develop content and interpretation. Key to our approach has been establishing relationships that will be nurtured throughout the exhibition development phase and post-delivery, ensuring deep-rooted connection and engagement with our audiences long-term. We have learned throughout the co-creation process, refining our approach with each group based on findings from initial sessions. This process will continue to evolve throughout the project, based on our learnings.

Co-creation within the RAF community has been carried out with many groups, including with the MERT (Medical Emergency Response Team) Club to develop interpretation for the ‘Support’ theme of the exhibition, with Nos 13 and 31 Squadron at RAF Waddington to build content on RAF drone operations, with RAF Cosford Radio School to discuss representation of cyber, with RAF Police on humanitarian aid to Gaza, with Space Command on representation of the RAF’s role in the space domain, and with RAF Cranwell on content on recruitment and training. These co-creation activities have been enormously important to developing representation of the diverse and complex RAF story from 1980 to today, as well as to building excitement and interest in the Museum’s Midlands Development Programme within the RAF community.

We are delighted to be collaborating with graphic design students at the University of Wolverhampton’s School of Creative Industries to co-design the new exhibition’s timeline. The dates selected for an exhibition timeline have also been co-created with audiences proposing the most relevant dates from 1980 to today to include. A total of 867 people engaged in the project, from general audiences, our Carer’s Café and the Museum’s Youth Panel.

We will work with Combat Stress, the veterans’ mental health charity, to develop trigger warnings for the new exhibition and discuss ways that we can meet their members’ needs. We have established a strong relationship with Blind Veterans UK,and look forward to working with them to co-create an immersive soundscape for the interior of Bravo November within the new exhibition.

Community Engagement, London

We continued to play a key role in local forums including the Grahame Park Strategy Group and Colindale Consortium, and this year took an active role in their ‘Reimagining the Concourse’ project. This year we increased our involvement with Heritage Barnet which resulted in Barnet Museum and the Library Service providing us with primary sources to inform an intergenerational VE Day 80th anniversary project with older adult groups in the borough and three local primary schools.

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Continuing relationships included a series of bi-weekly sessions for Age UK members, partnering with Barnet Libraries to launch their Summer Reading Challenge, hosting a weekly reading group and an art group at the Museum, and representing the Museum at Armed Forces Day at the Royal Orthopaedic Hospital. An Historic Hendon talk, and a new talk focused on African and Caribbean personnel in the RAF were offered to care homes, dementia groups and older people groups (both in-person and online) and were enjoyed by 176 people.

A new area of work this year involved the Community Engagement Manager working with the Museum’s Curator of Fine Art and the armed forces charity ‘Fighting with Pride’ to scope a project, produce a brief and select an artist to work with community groups and co-create an artwork to mark the 25th anniversary of the lifting of the ban on gay people serving in the military.

The research skills support that we offered last year to a group of local residents with an interest in exploring specific aspects of the history of Colindale and Grahame Park resulted in an exhibition at the Museum. The other exhibition staged in the community exhibition space this year showed the outputs of a project with local charity, Maxability, where groups of adults and young people responded to RAF themes and local aviation history through the medium of clay.

We connected with our family audience in a variety of ways: a D-Day 80 Family Day in June; twice monthly ‘Little Swifts’ sessions for the under-fives; celebrating National Illustration Day with children and their adults who practised their illustration skills using our collections for inspiration; and a special under-fives session to celebrate the 80th anniversary of the RAF’s first helicopter unit.

We continued to connect with our young adult audience via the Museum’s Youth Panel who participated in a summer project where they curated a display to mark the 30th anniversary of the merger of the Women’s Royal Air Force with the RAF. We engaged with older audiences by once again joining with other local organisations for a large Silver Sunday event held at Middlesex University. Working with the London Borough of Barnet, we hosted summer holiday activities for children in receipt of free school meals and supported the launch of their new ‘Art in Barnet’ campaign.

Our Access Advisory Group advised us on new accessible seating at the Museum, a sensory map that is in development, a new access guide which will bring all information together in one place, and the accessibility of our digital trails platform. They worked with the Marketing and Communications team to advise on the brand refresh and on a disability histories project which will be shared via an online exhibition.

Led by the Community Engagement Manager, the RAF Museum London was re-accredited as a Dementia Friendly Venue improving our rating from bronze to silver. Our dementia work has been extended this year, and we are now offering regular dementia friendly tours.

Community Engagement, Midlands

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The Midlands Development Programme has continued to be a key focus of engagement this year, including piloting 37 new community activities, with events held onsite and offsite. These included a Digital Skills development project with the over 60s, six creative arts projects, takeover days for young people, and work with the Armed Forces Covenant and their outreach team to support veterans, not just among our visitors but our paid staff and volunteers too.

We engaged with over 10,000 people through extensive consultations to inform the development of the Midlands Programme. This involved collaboration with a diverse range of stakeholders, including the public, community groups, schools and advisory panels. Partners included the Telford and Wrekin CVS Young Carers Group, Shropshire Art Society, the Alzheimer’s Society, Shropshire Veterans Outreach, Birmingham Central Mosque, Staffordshire Venture and Telford and Wrekin Interfaith Council.

In March 2024, we welcomed 100 women to our first Sisters Iftar, linked to International Women’s Day and supported by Birmingham Central Mosque. In September 2024 we held our second Community Day in partnership with Telford and Wrekin Interfaith Council sharing stories of RAF personnel from diverse backgrounds, with many people attending that had never visited the Museum before.

Our Access Advisory Panels have continued to be a huge support, advising on many areas from content to direct accessibility, both online and onsite. All members are registered as volunteers so they can access the associated support. The panels are held three times a year and contributions so far have included consultation on the accessibility guide for the RAF Museum Midlands website, inputting into the new Hangar 1 exhibition, consultation for the outdoor realm and input into all other strands of the Inspiring Everyone Programme.

Carers Café activity piloting sessions have gone from strength to strength with a monthly Carers Café Social which offers an opportunity for carers to come along for an informal chat. Carers Café volunteers were the proud recipients of the Marsh Trust Volunteers for Museum Learning Award for the Midlands.

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Performance Analysis

The Museum uses a number of KPIs to measure and assess its performance. These are reported to the Board on a quarterly basis and reviewed by management monthly.

Key Performance Indicator: 2024-25 2023-24
Visitor numbers (including events such as
the Midlands Air Show)
-
London
-
Midlands
-
Total		 421,005
362,808
783,813		 496,250
433,057
929,307
Trading income £ £3,884,000 £4,447,000
Number of learners – onsite, online, offsite
-
London
-
Midlands
-
Total		 40,363
46,509
86,872		 44,057
44,909
88,966
Visitor satisfaction ratings*
-
Enjoyment
oLondon
oMidlands
-
Likelihood to recommend
oLondon (net promoter score)
oMidlands (net promoter score)		 89%
92%
75%
80%		 91%
94%
73%
83%
Social media interaction (no. of Facebook
followers,
Twitter
users,
Instagram
subscribers and TikTok followers)		 275,170 258,836
Social media engagement (no. of likes,
comments, shares)		 264,378 249,815

Visitor Numbers

Visitor numbers totalled 783,813 for 2024-25, a significant reduction compared to (2023-24: 929,307). As already outlined, this was due to the closure of the Colindale underground station for a significant proportion of the year and the economic and cost of living pressures impacting the visitor economy.

Trading Income

Turnover of £3,884,000 is reported for the year (2024: £4,447,000). The decrease over the prior year (the Museum’s most profitable trading year since its inception) is mainly due to the impact of lower visitor numbers on commercial activity. In addition the summer commercial events programme underperformed with attendance lower than anticipated. During the year, a number of Museum staff and other resources were utilised in furtherance of commercial activities resulting in a cross charge of £708,000 (2024: £654,000). The profit after taxation for the year was £801,000 (2024: £1,178,000), with a distribution of £801,000 Gift Aid to the Museum (2023-2024: £1,178,000).

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Visitor Satisfaction

Visitor surveys show that both sites continue to achieve very high ‘Enjoyment’ and ‘Net promoter score’ ratings which remain above the industry average. We are also happy to report that both our London and Midlands sites received full accreditation under Visit England’s Visitor Attraction Quality Assurance Scheme, with London improving its overall quality score to 90% (2023-24 89%) and our Midlands site remaining at 94% (2023-24 94%). As a result, our Midlands site has again been nominated for a Gold award.

Social Media Interaction

Social media continues to be a key tool in engaging visitors with increased visits and interaction with the Museum’s social media channels.

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Financial Review

Statement of Financial Activities (SOFA) Total income for the financial year 2024-25 amounted to £18,914,000 (2023-24: £21,608,000), with the decrease year on year primarily related to restricted grant-in-aid not being awarded in 2024-25 and reduced trading income as a result of reduced visitors. In 2023-24 the Museum was fortunate to receive £2,734,000 in restricted Grant in Aid funding (see below).

The Museum received £10,975,680 of Grant in Aid (2023-24: £13,391,000) for the financial year 2024-25 all of which is attributable to revenue funding (2023-24: £10,657,000 revenue, £734,000 capital, £2,000,000 reserves allocation).

During the year, a total of £2,861,000 (2024: £2,991,000) (Note 3) was received by way of grants and donations from industry partners and sponsors, trusts and foundations, and individual donations to fund the work of the Museum. This included a grant from the National Lottery Heritage Fund of £367,000 and a generous donation of £1.1 million from John Mars towards our RAF Museum Midlands Development Programme and a £758,000 grant from Salix finance towards the decarbonisation of Hangars 3 and 4 in London.

Total unrestricted income received by the Museum was £16,126,000 (2023-24: £16,296,000) with the increase in revenue Grant in Aid offset by a decrease in trading income and unrestricted donations. Income generated by the trading company on non-charitable activities was £3,885,000 (2023-24: £4,447,000), which, after accounting for associated expenditure, resulted in a total Gift Aid payment of £801,000 (2023-24: £1,178,000) to the Museum.

Total expenditure on Museum activities amounted to £20,135,000 (2023-24: £19,358,000). The majority of costs, including the costs of salaries, are in respect of core charitable activities. Net loss before transfers between funds and other recognised gains and losses totalled £1,220,000 (2023-24: Net profit £2,250,000). The £3,355,000 unrestricted loss for the year (2023-24: loss £1,952,000) is driven principally by depreciation of property assets and fully funded permanent exhibitions, which totals £3,688,000 for 2024-25 (2023-24: £3,548,000) (Note 7a). Excluding depreciation costs of property and permanent exhibitions, the Museum has generated an unrestricted operational surplus of £15,000 during the year (2023-24: £289,000) which is above the targeted breakeven.

A total of £912,000 (2023-24: £2,043,000) (Note 14) has been transferred from restricted to unrestricted funds in 2024-25, reflecting the restricted funding of capital projects which transfers to unrestricted fixed asset funds when complete and principally relates to the Salix funded decarbonisation works at the London site.

The quinquennial revaluation of both the freehold (London) and leasehold (Cosford and Stafford) properties comprising the RAF Museum Estate took place in 2022/23. An annual revaluation adjustment of £1,744,000 upwards (2023-24: £1,373,000 upwards) has been made in the year-end accounts using the annual indices provided by MOD to comply with Modified Historic Cost Accounting (MHCA) legislation per HM Treasury guidelines.

After transfers between funds and adjustment for recognised gains or losses on revaluation of fixed assets, the net movement of funds for the year was an increase of £524,000 (2023-24:

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

£3,623,000 ) and total funds carried forward as at 31 March 2025 amounted to £140,925,000 (2023-24: £140,402,000).

Grant in Aid Funding

Despite the challenges of recent years, the Museum is fortunate to be in a relatively stable financial position, because we are c.70% funded through Government Grant in Aid, and partly because we have a reserves policy in place to mitigate risk and build available funds for delivery of Strategy 2030.

The RAF Museum does not have access to planned capital funds through the MOD and has been reliant on ad-hoc in year Grant in Aid capital allocations when funds allow. The Museum did not receive any capital Grant in Aid allocation in 2024-25 (2023-24: £734,000). There has been recognition from Government of the need for significant investment in UK museums’ infrastructure – national, regional and local with allocations made to the DCMS National Museums to address issues identified, plus the launch of the MEND fund to support regional museums, but the long-term need of the MOD-funded service museums has not been addressed. We continue to work with our sponsor to explore opportunities to include a planned capital allocation through the spending review in the same way as the DCMS-funded National Museums.

Balance Sheet

The value of the group net assets as at 31 March 2025 is £140,925,000 (2024: £140,402,000). The value of freehold and leasehold property represents 70% of the Museum’s net assets at £98,331,000 (2024: £98,756,000); and the value of heritage assets (over the capitalisation threshold and accessioned since 1 April 2001) represents 16% of the Museum’s net assets at £22,188,000 (2024: £22,199,000) (Note 7a). The Museum Group holds a cash at bank and in hand balance as at 31 March 2025 of £16,365,000 (2024: £14,320,000), with the increase primarily due to funds raised for the Midlands Development Programme.

Trading Company

Any non-charitable activities are undertaken by RAF Museum Enterprises Ltd, a wholly owned subsidiary of the Museum, with all profits gift-aided to the parent charity. The trading company generated total turnover of £4,024,000 (2024: £4,636,000) (Note 4b), with associated costs of sales and overheads of £3,246,000 (2024: £3,468,000). During the year, a number of Museum staff and other resources were utilised in furtherance of those activities resulting in a cross charge of £708,000(2024: £654,000). This resulted in a net profit in the subsidiary of £801,000 (2024: £1,178,000) (Note 9).

Reserves Policy and Funds

During the year, and with reference to guidance from the Charity Commission, and further to review and recommendation by the Audit and Risk Committee and Finance and Resources Committee (combined from 1 April 2024 as the Audit, Risk and Resources Committee), Trustees have confirmed that as at 31 March 2025 the organisation continues to hold unrestricted and undesignated free reserves (that is funds not tied up in fixed assets or designated or restricted funds) sufficient to cover approximately two months of budgeted operational expenditure in order to enable financial stability and act as a safeguard against volatile and unpredictable income streams and unforeseen expenditure or liabilities. Any

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

remaining operational net surplus (i.e., after transfers to / from the fixed asset fund and maintaining free reserves of approximately two months of planned operational expenditure) is transferred to the Strategy 2030 Designated Fund.

In addition, the Museum holds a £2m Resilience Reserve Fund following a 2023-24 Public Body Review which recommended that ‘the department and museums should consider building museum financial reserves for future resilience against financial shock events such as a pandemic’. Air Command allocated an additional £2m in restricted funds in 2023-24 to establish a Resilience Reserve Fund to protect the RAF Museum from a future financial shock (which could include, but is not limited to, unavoidable closure, irreparable infrastructure failure, major cyber-attack) and provide funds for critical ‘invest to save projects’ that further support the Museum’s resilience.

The Strategy 2030 Designated Fund is used to support delivery of the Museum’s current key strategic priorities as detailed in the strategic plan Strategy 2030 including: planning for future capital development at both sites; ensuring the sustainability of the estate; recording of contemporary stories of RAF men and women; and development of the Museum’s collection through new acquisitions.

The RAF Museum Midlands Designated Fund holds funds earmarked to support the Museum’s priority £28.6M RAF Museum Midlands Development Programme as part of the Cosford Master Plan and Strategy 2030 ambition. In addition, the RAF Museum Midlands Match Designated Fund was approved by Trustees to ringfence the Museum’s commitment of funding to be invested in the Inspiring Everyone: RAF Museum Midlands Development Programme.

The closing balance held in designated funds at 31 March 2024 is £6,796,000 (2024: £7,093,000).

The Audit, Risk and Resources Committee monitors the levels of reserves at the Museum on a quarterly basis as part of their review of the Management Accounts. The Board of Trustees reviews the reserves policy when circumstances change and at least annually.

Payment of Creditors

The Museum’s policy, in accordance with the Government-wide standard on the payment of creditors, is to settle all undisputed bills within 30 days or in accordance with the supplier’s terms of business. The Museum’s actual payment performance during the year was an average of 44 days (2024: 41 days ).

Investment Policy

The Trustees continually monitor levels of all the Charity’s funds. Available funds are currently invested in a variety of term deposits to maximise the level of return but with minimum risk. The amounts and terms of the investments are based on the Trustees’ opinion of the immediate and future needs of the Museum and the Chair of the Audit, Risk and Resources Committee reviewed the principal deposits during 2024-25.

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Environmental Policy and Sustainability Report

The Museum has committed to address the climate emergency through our operation and with our audiences. Our Museum-wide Sustainability Group engages across the organisation and ensures environmental principles are always at the forefront of our thinking. We will operate in an environmentally sustainable way, applying the principles of sustainable development for the benefit of current and future generations.

The Museum’s Sustainability Commitment agrees four areas of focus:

Key points of the commitment are:

The Museum already has a number of initiatives in place which underpin the creation of a more sustainable and environmentally friendly organisation. These include energy conservation measures, a comprehensive recycling programme and new building construction which is consistent with reducing the Museum's carbon footprint. The Museum continued to roll out carbon literacy training to staff during the year and in 2024/25 became a Silver Carbon literate organisation accredited by the Carbon Literacy Project.

The Museum measures performance against the Greening Government Commitments (GGC) framework for 2021 – 2025 which sets targets for government departments to:

All data below is shown against the baseline year of 2017-18.

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Headline Target 2017-18
Baseline		 2024-25
Actual		 Vs.
baseline		 Notes
Working towards net
zero by 2050 (reduction
of 30% overall and 10%
direct emissions)-
Scope 1 and 2		 1,584
tonnes
CO2		 1,708
tonnes
CO2		 7.8%
increase		 Reported emissions are
provided by energy
suppliers.
Working towards net
zero by 2050 (reduction
of 30% overall and 10%
direct emissions) –
Scope 3		 Not
available		 214
tonnes
CO2		 N/A Scope 3 is not available for
2017/18. 24/25 scope 3
areas measured: Employee
Commuting and Business
Travel.
Reduce the overall
amount of waste
generated by 15%		 123
tonnes		 75
tonnes		 39%
reduction		 Food waste information is
incomplete and has been
excluded. We are working
to include this in future
years.
Increase the proportion
of waste which is
recycled to at least
70% of overall waste		 32% 75% 5%
above
target		 London 67%; Midlands 81%
Reduce water
consumption by 8%		 Not
available		 4,579 m3 N/A London only, data for other
sites and 2017-18 not
available.

The following figures represent the Museum’s best estimate of the impact of our activities on the environment at a local and global level through the resources it consumes, the waste it produces, its work patterns and the products it buys. The Museum has started to capture data on some Scope 3 emissions during the year and will continue to improve data collection on sustainability KPIs.

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Greenhouse gas
emissions		 Greenhouse gas
emissions		 2024-25 2023-24 2022-23 2021-22 2020-21 2017-18
Non-financial
indicators
(tonnes
CO2)		 Scope 1 1,413 1,196 1,072 308 608 758
Scope 2 295 177 546 513 457 826
Scope 3 214 Not currently available
Energy
consumption
(thousand
kWh)		 Gas 6,393 5,410 5,786 1,684 3,309 4,117
Electricity 2,236 2,525 2,637 2,420 1,962 2,350
Total 8,629 7,935 8,423 4,104 5,271 6,467
Financial
indicators
(£000)		 Total
energy
cost		 981 889 628 463 403 414
Cost of
business
travel		 246 261 204 127 31 186
Emissions include gas burned onsite and fuel for vehicles owned by the
Museum. Gas usage increased in 2024-25. In 2024-25 EDF energy changed
the production fuel mix decreasing the proportion of renewable electricity
resulting in an increase in carbon emissions from electricity usage. Despite the
increase in carbon emissions we remain committed to reducing gas usage and
are currently in the process of replacing old gas boilers with air source heat
pumps in H3/4 in London supported by a Salix grant.
The Museum has infrequent air travel and air travel is treated as exceptional
travel by default with a commitment made not to travel by air within the UK
mainland. The Museum has switched to a centralised travel booking system
which now enables the collection of data on the environmental impact of
business travel with reporting in this area for the first time in 2024-25. The
Museum uses videoconferencing and collaboration systems, and Museum staff
are encouraged to challenge whether in-person meetings at other sites are
necessary and whether the meeting could instead be conducted as effectively
online instead. However, the Museum remains conscious of the positive
benefits creatively, for the team culture, and for personal wellbeing to our teams
comingtogether inperson, which is reflected in its hybrid working guidance.

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Waste management Waste management 2024-25 2023-24 2022-23 2017-18
Non-financial
indicators
(tonnes)		 Residual
waste
(incinerated
for
energy)		 19 25 18 83
Recycled 56 40 50 40
Total waste 75 65 68 123
% recycled 75 61 72 32
Financial
indicators(£000)		 Total disposal cost 42 33 36 N/A
The Museum operates a zero to landfill policy, with residual waste used as
waste to energy. While overall recycling has improved on the 2017-18
baseline a waste management plan is in place to support further
improvements. The Museum’s catering offer at both sites are outsourced,
and we continue to work with our contract catering partners to reduce food
wastage. We have received data from our catering operations – however
a this does not span the full financialyear, it has not been included.
Paper use 2024-25 2023-24 2022-23 2021-22 2020-21 2019-20
Non-financial
indicator (A4
reams)		 384 440 432 495 309 626
The Museum records paper use within the offices from 2019-20.
Reductions have been achieved with the installation of print-on-demand
network printers and mandatory double-sided printing as the default. In
addition, the Museum has implemented tablets for our visitor experience
team’s recording of daily checks to reduce paper usage. The paper used
in advertising, packaging and other areas is not recorded and has been
excluded from the above figures.
Water consumption Water consumption 2024-25 2023-24 2022-23 2021-22 2020-21 2019-20
Non-
financial
indicators
(m3)		 Total water
consumption		 4,579 7,529 2,775 2,559 11,623 N/A
Financial
indicators
(£000)		 Total water
cost		 11 17 7 6 11 12
The Museum’s London site is metered, however, historic information on water use
is not available. Figures provided from 2020-21 are based on estimated usage
provided by the supplier and relate to the Museum’s London site only. Other sites
are leasehold and consumption information is not available. Reduction in water use
is undertaken on an opportunity basis such as using low water use taps and
controlled urinal flushing. In addition, water use on landscape management is
limited. The large consumption (and consequent cost) in both 2020-21 and 2023-
24 is due to major leaks at the London site which have been rectified in 2024-25
resultingin a reduction in water usage.

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Sustainable procurement

The Museum’s existing contracts do not contain specific requirements for supply chain reporting on sustainability as standard, although elements of sustainability and social value are evaluated in the procurement tender process, particularly for major projects. The Museum’s procurement policies will be further updated to reflect our commitment to sustainable procurement in 202526.

Nature recovery and biodiversity action planning

The Museum’s estate has limited potential to improve overall biodiversity. However, in line with our Sustainability Commitment we manage and develop our estate to improve and sustain ecology. The Museum’s estate contains areas of public grassland, managed planting and more wild areas as well as small copses of trees. The London site contains a swale, developed in 2018, that serves as an important site for wildlife in addition to providing a sustainable surface water run-off; a corner of our London site is purposely left wild, with minimal interventions following a landscape review in 2020 which identified it as an important habitat and source of food for local wildlife. The Museum’s Midlands site contains grassed banks which have minimal intervention and trees which link into the nearby woodland. Improvements to the landscape are planned as part as our Inspiring Everyone: RAF Museum Midlands Development Programme with additional trees and planting.

Climate Change Adaption

The Museum intends to undertake a Climate Change Risk Assessment in 2025-26 to inform a longer-term Climate Change Adaption Strategy and Plan as part of our internal Sustainability Commitment and Pathway.

Reducing environmental impacts from Information Communication Technology (ICT) and digital

The Museums IT department is reviewing the environmental impact of its ICT activities and setting appropriate targets as part of an update to its IT strategy in 2025-26. It continues to make significant progress in the removal of redundant and inefficient IT legacy assets and actively seeks to reuse assets where appropriate. The IT department is continuing to reduce the number of physical servers required via server virtualisation and physical servers used for testing purposes are switched off when not in use. Colleagues continue to use Microsoft Teams, which has also supported colleagues to work from home as well as reducing business travel between sites.

Auditors

The accounts are audited by the Comptroller and Auditor General. The fee for the audit of the Group 2024-25 accounts was £57,850 (2024: £52,300). This includes the NAO fee of £46,000 and Hillier Hopkins fee of £11,850 for the audit of RAF Museum Enterprises Ltd (RAFMEL).

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

So far as I, as Accounting Officer of the Museum, and as we, as its Trustees, are aware:

ACM Sir Stephen Hillier GCB CBE DFC

Chair

Margaret Appleton MBE

Chief Executive Officer and Accounting Officer

on behalf of the Board of Trustees

Royal Air Force Museum

10 July 2025 10 July 2025

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

ACCOUNTABILITY REPORT

Corporate Governance Report

This report sets out the arrangements for the governance of the Museum, including the Board and Committee structure for the Trustees. It specifically shows how the organisation identifies and manages key risks and provides the assurance from the Chair of the Board of Trustees and Accounting Officer.

Trustees have complied with their duty in section 11 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission. Trustees are also mindful of the Commission’s guidance on public benefit.

Chief Executive Officer’s report and governance statement

The Governance Framework

The Royal Air Force Museum is incorporated by Royal Charter with company number RC000922 and is a charity registered with the Charity Commission (registration number 1197541), governed in accordance with the Charter and Bye-laws. On 1 April 2022, all assets, activities and resources were transferred from an unincorporated charity (registration number 244708) of the same name and address which was governed in accordance with a Deed of Trust dated 4th June 2007 to deliver the same charitable objects.

The Museum is an accredited National Museum and Non-Departmental Public Body (NDPB) obliged to comply with HM Treasury financial reporting requirements set out in the Financial Reporting Manual and the guidance contained in Managing Public Money. There is a Framework Document in place which defines the arrangements between the Museum and its sponsor department, the Ministry of Defence, relating to the receipt of Grant in Aid and the conditions for its expenditure alongside a Partnering Agreement between the RAF and the Museum. The Partnering Agreement and Framework Document relevant to the 2024-25 financial year is effective from 1 April 2022 to 31 March 2027.

The Trustees and the Committee Structure

The RAF Museum is governed by a Board of Trustees chaired by Air Chief Marshal Sir Stephen Hillier GCB CBE DFC. The Charities Act 2011 requires the Trustees to exercise proper stewardship over the Museum and to take care of its collections.

The Chief Executive Officer of the Museum, Margaret Appleton MBE, is the Accounting Officer responsible to Parliament for the day-to-day management of the Museum as set out in Chapter 3 of Managing Public Money.

Trustees are appointed by the Secretary of State for Defence in accordance with the provisions of the public appointments process set out in the Office of the Commissioner of Public Appointments Code of Practice. From 1 April 2022, under the new Charter and Byelaws, appointment terms are for three years and Trustees can be re-appointed for a second term of equivalent length. The number of Nominated Trustees can be between seven and fifteen, which aligns with Governance best practice, while retaining flexibility to manage both planned and unforeseen resignations. The Board of Trustees may also appoint up to three additional co-opted Trustees by majority approval to serve on the Board and both co-opted Trustees and

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

other individuals may serve on specific sub-committees to supplement the experience of Board members.

The Trustees receive induction training with the Chief Executive Officer and senior leadership team (SLT) and are encouraged to familiarise themselves with the Museum’s priorities through work in sub-committees where they are supported by the Museum’s executive, and by attending and hosting Museum events and receptions. A Trustee Development Framework is in place and all Trustees are asked to complete a mandatory selection of relevant online courses including Safeguarding Children, Equality, Diversity and Inclusion, Bullying and Harassment for Managers and Unconscious Bias for Managers. Trustees are made aware of governance courses such as the Institute of Chartered Accountants in England & Wales (ICAEW) online Trustee Training course, developed with the Charity Commission, which provides an overview of charity trustees’ legal and financial responsibilities and their strategic and operational considerations. In addition, Board development sessions are now scheduled twice a year ahead of each Board meeting.

A Trustee skills audit was completed in 2024-25 ahead of a trustee recruitment round in 202526. Trustees also completed a Board Effectiveness Survey to inform it annual internal review as part of the March 2025 Board meeting. The Museum plans to conduct its next external effectiveness review (due every three years) in 2026 following the 2022-24 Public Body Review of the Service Museums, which published its report in March 2024. The Nomination and Governance Committee has continued to monitor and advise the Board on Museum governance and the Board structure, processes and performance.

The Board of Trustees Sub-Committees

The Board of Trustees has established a number of sub-committees for specific purposes and to ensure the effective conduct of business. The Board of Trustees is responsible for appointing to the sub-committees from within its membership and all sub-committee actions are taken on behalf of the Trustees as a whole, with recommendations made to the Board as appropriate.

For 2024-25 these sub-committees comprise Audit Risk & Resources (providing assurance on issues of risk,control, governance, financial control, and investment); Major Projects and Programmes (responsible for major capital and programme development); and People and Governance (providing assurance that the Museum’s HR strategy, policies and procedures are appropriate and effective and keeping under review the leadership needs of the Museum). The Museum also has a Research Advisory Board, chaired by Sebastian Cox OBE, the recently retired Head of the Air Historical Branch of the Royal Air Force, and an Ethics Advisory Group comprising Trustees and Senior Leadership Team members.

The terms of reference of each of the sub-committees are approved by the full Board and reviewed annually. The table overleaf shows the number of meetings and attendance. The Board normally meets once a quarter, and these scheduled meetings are summarised in the table. Minutes of all Board and sub-committee meetings are maintained. Trustees complete a declaration of interests each year with an agenda prompt at each Committee and Board meeting regarding any possible conflicts of interest or loyalty.

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Trustee attendance is shown as the number of meetings attended in relation to the number of meetings held whilst each individual was a member of the relevant committee. The Chair of Trustees receives all committee papers and may attend any committees across the year, as may all Trustees.

The Museum has two subsidiary companies, RAF Museum Enterprises Ltd and RAF Museum Investments Ltd. Although the decisions taken by these companies remain primarily their responsibility, summaries of activity are reported through the Board.

The following individuals served as Trustees during 2024-25:

Board of Trustees Board of Trustees
Board Member Appointed Further notes Board Audit, Risk and Resources
**Committee (ARRC) ***		 People and Governance
Committee (PGC)		 Major Projects & Programmes
**Committee (MPPC) ***		 RAF Museum Enterprises Ltd
(RAFMEL) **
Air Chief Marshal Sir
Stephen Hillier		 11-Oct-21 Chair Board 4/4
John Banks 23-Jul-21 Chair ARRC 4/4 4/4
Josh Chana 5-Oct-23 3/4 3/4
Air Vice Marshal
David Cooper		 23-Jul-21 4/4 3/4
Jonathan Field 23-Jul-21 Chair
RAFMEL
Board		 4/4 4/4 2/2 4/4
Matthew Gilpin 23-Jul-21 Chair PGC 3/4 4/4 2/2
Hemma Gooljar 5-Oct-23 4/4 2/2
Waseem Mahmood 23-Jul-21 4/4 4/4
Julie McGarvey 17-May-16 4/4 4/4
Air Marshal Peter
Ruddock		 23-Jul-21 4/4 4/4
Nick Sanders 7-July-16 Chair MPPC 4/4 4/4

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

** Trustees who are members of RAF Museum Enterprises Ltd are shown above. There are five additional non-executive directors.

Register of Interests

A register of Trustees' interests is maintained. Trustees are required to declare any interest, pecuniary or otherwise, in any matter being considered by the Board. Related Parties are disclosed in Note 17 of the Financial Statements.

The Board of Trustees’ Performance

The Board has supported the organisation to successfully deliver its strategic objectives as outlined in the approved over-arching ten-year Strategy 2030 and Business Plan 2024-25.

Reports from each sub-committee are circulated to all Trustees with routine papers for the quarterly meetings of the full Board and sub-committee Chairs highlighting any matters of particular interest or concern for the attention of the full Board.

There is a wide range of information and data (financial and otherwise) routinely available to Trustees, including detailed management accounts quarterly to the Finance and Resources Committee and summary management accounts quarterly to the full Board, which the Board considers to be adequate management information.

Personal Data Loss

An incident is defined as a loss, unauthorised disclosure or insecure disposal. Protected personal data is information that links an identifiable living person with information about them which, if related, would put the individual at significant risk of harm or distress; the definition includes sources of information that because of the nature of the individuals or the nature, source or extent of the information, is treated as protected personal data by the Museum. There have been no such losses during 2024-25.

Internal Auditors

The Museum’s internal auditors are Azets (appointed in January 2024), who work to the Public Sector Internal Audit Standards and provide an independent opinion for the financial year 2024-25 (contract year one) on the matters subject to review through the annual internal audit programme. The work programme is signed off by the Trustees’ Audit, Risk and Resources Committee and the report of the internal auditors is received by that same sub-committee. The tender and appointment of Azets was made as a joint initiative with our partner Service Museums – the National Army Museum and National Museum of the Royal Navy - to foster the sharing of best practice and economies of scale, including a shared thematic review to be agreed upon by all parties.

As part of this plan Azets have carried out several reviews for the RAF Museum this past year, including commercial strategy, key financial controls, business continuity planning, site and physical security, and estate management.

The internal auditors provide an annual independent opinion, based upon the audit programme

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

and limited to the work performed, on the overall adequacy and effectiveness of the Museum’s risk management, control and governance processes. The internal audit opinion for 2024-25 is one of reasonable assurance, stating that some improvements are required to enhance the adequacy and effectiveness of the framework of governance, risk management and control.

The results of the internal audit assignment reviews have been taken into consideration in determining the internal control opinion for 2024-25. Of the five assurance assignments, it was concluded that the Board could take substantial assurance in one area, reasonable assurance in three areas and limited assurance in the other.

The Audit, Risk and Resources Committee accepted the opinion and findings of the internal auditors. Progress against recommendations and risk status will continue to be monitored by the Committee as part of the internal audit follow up review process.

External Auditors

The external auditor of the Museum is the Comptroller and Auditor General with the audit conducted by the National Audit Office. The external auditor of its trading subsidiary, Royal Air Force Museum Enterprises Ltd, is Hillier Hopkins LLP. The accounts are consolidated.

Risk Management

The Museum’s internal control system is designed to manage risk to a reasonable level, rather than eradicate all risk of failure. Therefore, it can only provide reasonable and not absolute assurance of effectiveness. In managing risk, we identify the opportunities and risks in achieving our strategic objectives, evaluate the likelihood of those risks being realised, the impact should they be realised and the controls in place to manage them efficiently and effectively. The Museum’s approach to risk management and the process for implementation are documented in a Corporate Risk Management Strategy (reviewed and updated in 202122).

The strategy is supported by our Strategic Risk Register, which groups our highest priority risk areas into key strategic risks and is reviewed regularly by the senior leadership team. The Audit, Risk and Resources Committee reviews strategic risks at each meeting and the Board review annually. Each department holds a detailed operational risk register and updates them regularly with input from their teams, with departmental risks reported to group directors and all new risks or residual risks that have increased noted. Project and programme risks are included in status reports to the executive Programme Board. Any Departmental or Programme risks rated red/high when mitigated are summarised in a Corporate Risk Register which is reviewed quarterly by the senior leadership team and at each meeting by the Audit, Risk and Resources Committee.

Risk management overall is viewed as a dynamic process which actively seeks to incorporate good practice. It is responsive and current and is managed through regular review of both internal developments and external factors – the political, social, economic, demographic, technological, environmental and legal developments that may influence our exposure to risks or opportunities. As an NDPB the Museum has a low-risk appetite in relation to compliance, regulation and to our key strategic risks. In areas where we aim to be relevant and influential, we are prepared to take calculated risks. Risk appetite has been set by the Trustees and is

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

reviewed annually for appropriateness by the senior leadership team and Audit, Risk and Resources Committee. The senior leadership team monitors whether our overall risk profile is commensurate with our risk appetite on an ongoing basis. The key risks identified, and the actions taken to date, are set out below.

The strategic risk of financial instability due to macro-economic factors is substantially mitigated by confirmed annual Grant in Aid for 2025-26, alongside the Museum’s proven agility to flex variable and project costs. Nevertheless, a high proportion of planned Museum spend is necessary to support effective operations and / or drive visitor numbers / income, and cost reductions may impact detrimentally on Museum outcomes and impact even where activities are not immediately essential. Identified risks for the financial year ahead include the negative impact of lower than targeted visitor numbers on self-generated income given the challenging economic environment. Sector challenges to retention and recruitment in response to cost-ofliving pressures is mitigated by an acknowledged pride in working for the Museum and a clear commitment to investing in our staff team and the development of a dynamic, diverse and collaborative culture.

Failure to raise income to agreed revenue and campaign fundraising targets would delay delivery of agreed projects and programmes. The positive NLHF grant award and with it formal permission to start the delivery phase of the Inspiring Everyone: RAF Museum Midlands Development Programme was a significant achievement in April 2025 and gives the Museum two years to raise the outstanding £1.9m of the £28.6m programme.

The RAF Museum’s Strategy 2030 outlines a robust financial model into the future, with operational savings continuing to be identified and our resourcing model streamlined, fundraising and trading activity to be increased and diversified, and programmes developed that attract funding support, to enable significant investment and development at both sites. There is and will continue to be continued pressure on Government funding and competition for funding from donors and trusts and foundations.

The Collections Review supports both care of the collection and development and delivery of our programming. An important strand of this review is delivery of digitisation of the collections, opening access to audiences while ensuring collection care is maintained. This will require considerable investment which is the reason for the risk of ‘failure to adequately care for collections’ remaining at a medium level assessment.

As with the risk of financial instability, the risks from major incidents of any nature can only be mitigated to a certain degree, but the creation of the Museum’s Resilience Reserve Fund with support from our sponsor body is a substantial mitigation. Museum plans include phased capital investment in infrastructure and continued assurance of effective processes in place. Further to considerable progress thus far, one of the key strategic priorities for the Museum and a focus for the next financial year is to continue to invest in building the strong and sustainable basic foundations required to fully achieve our future vision.

Assurance Statement by the Audit, Risk and Resources Committee

The Audit, Risk and Resources Committee are reasonably confident that the reliability, integrity, quality and comprehensiveness of the assurances provided by the RAF Museum’s

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

internal and external auditors, and by management, are presently sufficient to support the Board and Accounting Officer in their decision making and in the fulfilment of their accountability obligations. Internal controls are monitored during the year by the RAF Museum’s executive team and independent internal audit review and findings reported to the Audit, Risk and Resources Committee. The Audit, Risk and Resources Committee will continue to draw to the Board's and Accounting Officer's attention any matters of concern.

Statement of the Board of Trustees’ and Chief Executive Officer’s Responsibilities

Under Section 30(3) of the National Heritage Act 1983 and law applicable to charities in England and Wales, the Board of Trustees is required to prepare financial statements for each financial year which give a true and fair view of the Royal Air Force Museum’s financial activities and of its financial position at the end of the year.

In preparing financial statements giving a true and fair view, the Board of Trustees is required to:

Under the law applicable to charities in England and Wales, the Board of Trustees is responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and which enable the Board to ensure that the financial statements comply with applicable law. The Board is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Permanent Under-Secretary of the Ministry of Defence has appointed the senior full time official, the Chief Executive Officer, as the Accounting Officer for the Royal Air Force Museum. Her relevant responsibilities as Accounting Officer, including her responsibility for the propriety and regularity of expenditure from Grant in Aid provided by Parliament and for the keeping of proper records, are set out in the Non-Departmental Public Bodies’ Accounting Officer’s Memorandum issued by the Treasury and published in ‘Managing Public Money”.

The Accounting Officer confirms that the annual report and accounts as a whole are fair, balanced and understandable and that she takes personal responsibility for the annual report and accounts and the judgments required for determining that they are fair, balanced and understandable.

The Accounting Officer also confirms that, as far as she is aware, there is no relevant audit information of which the Museum’s auditors are unaware, and that all steps have been taken

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

to make herself aware of relevant audit information and to make this available to the Museum’s auditors.

Remuneration and Staff Report

In accordance with the Financial Reporting Manual the RAF Museum has prepared this report containing certain information about directors’ remuneration. ‘Directors’ is interpreted to mean persons in senior positions having authority or responsibility for directing or controlling the major activities of the Museum. The figures in the remuneration and staff report are subject to audit. The total number of employees whose emoluments for the year exceeded £60,000 is given in note 6, together with information on staff numbers and costs.

None of the directors were members of the Principal Civil Service Pension Scheme (PCSPS) and the Museum did not fund any Civil Service pension contributions for them in 2024-25. The Museum, under the auto-enrolment scheme (NEST) made employer’s contribution to the directors’ pension at the rate of 5% of their salary. Performance bonuses paid to directors are non-contractual. All employees, including directors, received £100 shopping vouchers as a thank you for their commitment and performance during 2024-25, which are included as benefits in kind in the table below. All of the directors have contracts of employment carrying a period of notice of three months.

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Single figure of
total
remuneration		 Salary
2024-25
(2023-24)
£000		 Perform-
ance
related
pay and
bonuses
2024-25
(2023-24)
£000		 Benefits
in kind
2024-25
(2023-24)
Nearest £		 Pension
Benefits
2024-25
(2023-24)
£000		 TOTAL
2024-25
£000		 TOTAL
2023-24
£000
Margaret
Appleton MBE
CEO		 120-125
(115-120)		 -
(0-5)		 100
(100)		 6-10
(6-10)		 130-135 125-130
Marguerite
Jenkin
Director of
Finance and
Resources (until
August 2024)		 45-50
(95-100)		 -
(0-5)		 0
(100)		 0-5
(0-5)		 50-55 100-105
Barry Smith
Director of
Visitor and
Commercial
Development		 100-105
(95-100)		 -
(0-5)		 100
(100)		 5-10
(0-5)		 105-110 100-105
Kirsty Vlemmiks
Director of
Finance and
Resources (from
November
2024)		 35-40
(-)		 -
(-)		 100
(-)		 0-5
(-)		 35-40 -
Karen Whitting
Director of
Content and
Programmes		 100-105
(95-100)		 -
(0-5)		 100
(100)		 5-10 (
0-5)		 105-110 100-105

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Pension
benefits		 Real
increase
in
pension
and lump
sum at
pension
age
£000		 Accrued
pension at
pension
age at
31/03/25
and
related
lump sum
£000		 CETV at
31/03/25
£000		 CETV at
31/03/24
£000		 Real
increase
in CETV
£000		 Employer
contribution
to Nest
pension
Nearest
£100
Margaret
Appleton MBE
CEO		 N/A N/A N/A N/A N/A 6,200
Marguerite
Jenkin
Director of
Finance and
Resources
(until August
2024)		 N/A N/A N/A N/A N/A 2,400
Barry Smith
Director of
Visitor and
Commercial
Development		 N/A N/A N/A N/A N/A 5,000
Kirsty
Vlemmiks
Director of
Finance and
Resources
(from
November
2024)		 N/A N/A N/A N/A N/A 1,800
Karen Whitting
Director of
Content and
Programmes		 N/A N/A N/A N/A N/A 5,000

The remuneration ratios in the Museum are shown below. These represent the banded midpoint pay of the highest paid director as a multiple of the 25th percentile, median and 75th

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

percentile pay rates. The banded mid-point pay of the highest paid director is £122,500 (2024: £117,500) and the median salary is £30,019 (2024: £28,849). The directors are all full-time employees employed on standard terms and conditions. The remuneration of the highest paid director increased by 4.08% against the prior year. The average percentage increase for employees of the Museum was also 2.8%.

25th percentile pay
ratio		 Median pay ratio 75th percentile pay
ratio
2025 5.10 4.08 3.36
2024 5.04 4.07 3.33
% change 1.19% 0.25% 0.9%
25th percentile
remuneration		 Median
remuneration		 75th percentile
remuneration
2025 £24,042 £30,019 £36,456
2024 £23,325 £28,849 £35,330
% change 3.07% 4.05% 3.18%

The Museum Board comprised eleven Trustees at 31 March 2025. Eight were nominated by the Secretary of State and three were co-opted. None were employees of the Museum. Trustees were reimbursed £5,494.82, in expenses (2023-24: £5,925 ). Nine Trustees claimed expenses (2023-24: Ten). Expenses claimed comprise reasonable travel, subsistence and accommodation as required to meet Trustee responsibilities in accordance with the Museum’s Travel and Subsistence Policy.

Sickness absence (not subject to audit )

The Royal Air Force Museum employed 200 (2024: 202) members of staff as at 31 March 2025. In addition, the trading subsidiary employed 37 (2024: 36) members of staff at 31 March 2025. Periods of sickness absence are recorded in full days. The average number of days of sickness absence was 7.7 days per person (2024: 5.5). Long term absences have been excluded.

Pension Costs and Benefits

The Museum’s accounting policy in relation to Pensions is provided at Note 1 to the Financial Statements. From May 2014 the Museum has automatically enrolled all employees into a National Employment Savings Trust (NEST) pension scheme unless the employees choose to opt out. The NEST pension scheme is a defined contribution pension scheme that was created as part of the government's workplace pensions reform under the Pensions Act 2008. The assets of the scheme are held separately from those of the Museum and the Museum is unable to identify our share of the liability. Employer’s contributions are charged to the Statement of Financial Activities as they occur.

Pension benefits for a small number of longer serving staff are provided through the Civil Service Pension Scheme (CSPS), comprising the Principal Civil Service Pension Scheme (PCSPS) and alpha. The CSPS is an unfunded multi-employer defined benefit scheme but the RAF Museum is unable to identify its share of the underlying assets and liabilities. A full

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

actuarial valuation was carried out as at 31 March 2020 (signed 2021). Details can be found on the CSPS website here:

https://www.civilservicepensionscheme.org.uk/about-us/scheme-valuations/.

For 2024-25 employer’s contributions of £143K were payable (2024: £88,768) through the CSPS. The applicable rates for the CSPS are shown below:

Gross Salary Rate % £77,001 and over 30.3% £45,501 – £77,000 27.9% £23,001 - £45,500 27.1% Up to £23,000 26.6%

The contribution rates reflect benefits as they are accrued, not when costs are actually incurred, and reflect past experience of the scheme. Pension benefits are provided through the Civil Service pension arrangements in place prior to 30th July 2007, with the unfunded cost of benefits met by monies voted by Parliament each year. Any members affected by the Public Service Pensions Remedy were reported in the 2015 scheme for the period between 1 April 2015 and 31 March 2022 in 2023-24, but are reported in the legacy scheme for the same period in 2024-25. Further details about the Civil Service pension arrangements can be found at the website: www.civilservice.gov.uk/pensions.

Reporting of civil service and other compensation schemes – exit packages (Comparative data for the prior financial year is shown in brackets)

Exit package cost band Number of
compulsory
redundancies		 Number of other
departures agreed		 Total number of
exit packages by
cost band
<£10,000 - 1 1
£10,000–£25,000 - - -
£25,000–£50,000 - - -
£50,000–£75,000 1 - 1
Total number of exit
packages		 1 1 2
Total resource cost/ £ £58,771 £9,514 £68,285

Redundancy and other departure costs are, where appropriate, paid in accordance with the provisions of the Civil Service Compensation Scheme, a statutory scheme made under the Superannuation Act 1972. Exit costs are accounted for in full in the year of departure. Where the department has agreed early retirements, the additional costs are met by the department. Ill-health retirement costs are met by pension scheme and are not included in the table.

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Trade Union Facility Time (not subject to audit)

Table 1

Table 1
Full-time equivalent
Number of employees who were relevant union officials 2024-25 2023-24
during the relevant period
3 1
Table 2
Number of employees
Percentage of time 2024-25 2023-24
0 - -
1-50% 3 1
51-99% - -
100% - -
Table 3
Figures
2024-25 2023-24
£ £
Total cost of facility time - 233
Total pay bill 7,079,000 6,894,000
Percentage of the total pay bill spent on facility time 0% 0%
Table 4
Percent
2024-25 2023-24
Time spent on paid trade union activities as a percentage 0% 0%
of total paid facility time

Other Staff Costs

Further details relating to the Museum’s other staff costs can be found in Note 6 to the financial statements.

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Parliamentary accountability and audit report

All expenditure is regular, having been incurred in accordance with the relevant authorities. Expenditure subject to restrictions has been applied in line with the intentions of donors and the Museum’s sponsor body. There are no contingent liabilities, gifts, fees, charges, losses, or special payments requiring further disclosure that have not been reported elsewhere in these financial statements. This paragraph is subject to audit.

Expenditure trend over the past six financial years is shown below:

----- Start of picture text -----
21000000 Long term expenditure trend
20000000
19000000
18000000
17000000
16000000
15000000
14000000
2020 2021 2022 2023 2024 2025
----- End of picture text -----

Expenditure reduced in 2020-21 due to the impact of the Covid-19 pandemic, with some projects paused, sites closed to the public and staff placed on furlough, and a corresponding decline in trading costs. Since 2021-22, spending has increased as both sites reopened following covid closures . In particular, there has been significant cost inflation in staff costs, utility costs and the increasing costs of maintaining the Museum’s ageing estate.

Approved by the Board of Trustees & signed on its behalf on 10[th] of July 2025 by:

ACM Sir Stephen Hillier GCB CBE DFC Chair

Margaret Appleton MBE Chief Executive Officer and Accounting Officer

on behalf of the Board of Trustees

Royal Air Force Museum

Page 44

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Opinion on financial statements

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Opinion on regularity

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Basis for opinions

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����������������������������������������������������������������������������������������� Revised Ethical Standard ���������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������

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Conclusions relating to going concern

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Other information

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Opinion on other matters

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Matters on which I report by exception

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Responsibilities of the Board of Trustees and Accounting Officer[1] for the financial statements

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Auditor’s responsibilities for the audit of the financial statements

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Extent to which the audit was considered capable of detecting non-compliance with laws and regulations including fraud

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Identifying and assessing potential risks related to non-compliance with laws and regulations, including fraud

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Audit response to identified risk

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Other auditor’s responsibilities

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Gareth Davies Comptroller and Auditor General

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ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Consolidated Statement of Financial Activities for the year ended 31 March 2025

Unrestricted Restricted
Total
Funds
Funds
Funds
Notes
2025
2025
2025
£000
£000
£000
Income from
Donations and legacies
Grant in aid
10,976
-
10,976
Grants and donations
3
295
2,566
2,861
Charitable activities
384
-
384
Other trading activities
Trading income
4b
3,884
-
3,884
Sponsorships
-
-
Investments
564
223
787
Other
22
-
22
Total income
16,125
2,789
18,914
Expenditure on
Fundraising
5
601
-
601
Trading
5
3,106
-
3,106
Charitable activities
5
15,774
654
16,428
Total expenditure
19,481
654
20,135
Net income/(expenditure)
(3,356)
2,135
(1,221)
Transfers between funds
14
912
(912)
-
Other recognised gains and
losses
Gains/(losses) on revaluation
of fixed assets
7a
1,744
-
1,744
Net movement in funds
(700)
1,223
523
Reconciliation of funds
Total funds brought forward at
1 April 2024
126,584
13,818
140,402
Total funds carried forward
at 31 March 2025
125,884
15,041
140,925		 Unrestricted Restricted
Total
Funds
Funds
Funds
Notes
2025
2025
2025
£000
£000
£000
Income from
Donations and legacies
Grant in aid
10,976
-
10,976
Grants and donations
3
295
2,566
2,861
Charitable activities
384
-
384
Other trading activities
Trading income
4b
3,884
-
3,884
Sponsorships
-
-
Investments
564
223
787
Other
22
-
22
Total income
16,125
2,789
18,914
Expenditure on
Fundraising
5
601
-
601
Trading
5
3,106
-
3,106
Charitable activities
5
15,774
654
16,428
Total expenditure
19,481
654
20,135
Net income/(expenditure)
(3,356)
2,135
(1,221)
Transfers between funds
14
912
(912)
-
Other recognised gains and
losses
Gains/(losses) on revaluation
of fixed assets
7a
1,744
-
1,744
Net movement in funds
(700)
1,223
523
Reconciliation of funds
Total funds brought forward at
1 April 2024
126,584
13,818
140,402
Total funds carried forward
at 31 March 2025
125,884
15,041
140,925		 Unrestricted Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£000
£000
£000
10,657
2,734
13,391
574
2,417
2,991-
162
-
162-
-
4,447
-
4,447
-
74
74
-
417
87
504-
39
-
39
16,125
2,789
18,914
601
-
601
3,106
-
3,106
15,774
654
16,428		 16,296
5,312
21,608
760
-
760
3,361
-
3,361
14,127
1,110
15,237
19,481
654
20,135		 18,248
1,110
19,358
(3,356)
2,135
(1,221)
912
(912)
-
1,744
-
1,744		 (1,952)
4,202
2,250
2,043
(2,043)
-
1,373
-
1,373
(700)
1,223
523		 1,464
2,159
3,623
126,584
13,818
140,402		 125,120
11,659 136,779
125,884
15,041
140,925		 126,584
13,818 140,402

All of the Group's activities are classed as continuing. All recognised gains and losses are included above.

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

Page 5�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Consolidated and Charity Balance Sheet as at 31 March 2025

Notes
Fixed assets
Tangible assets
7a
Heritage Assets
7b
Investments
4a
Total Fixed Assets
Current assets
Stock
8
Debtors
9
Cash at bank and in hand
10
Total Current Assets
Liabilities
Creditors: Amounts falling due within one year
11
NET CURRENT ASSETS
Creditors: Amounts falling due after more than
11
one year
NET ASSETS/LIABILITIES
The funds of the charity
Unrestricted funds
14
Restricted funds
14		 Group
Group
Charity
Charity
2025
2024
2025
2024
£000
£000
£000
£000
103,063
103,490
103,063
103,490
22,188
22,199
22,188
22,199
-
-
100
100
125,251
125,689
125,351
125,789
308
298
-
-
905
1,645
1,649
2,718
16,365
14,320
15,605
13,442
17,578
16,263
17,254
16,160
1,884
1,520
1,660
1,517
15,694
14,743
15,594
14,643
20
30
20
30
140,925
140,402
140,925
140,402
125,884
126,584
125,814
126,514
15,041
13,818
15,111
13,888
140,925
140,402
140,925
140,402

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

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Air Chief Marshal Sir Stephen Hillier GCB CBE DFC Chair on behalf of Trustees

Ms M Appleton MBE Chief Executive Officer and Accounting Officer Royal Air Force Musem

Page 5�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Consolidated Cash Flow Statement for the year ended 31 March 2025

Reconciliation of net incoming resources to net cash flow from operating activities

Notes
Net Incoming Resources
Interest receivable
Depreciation of tangible assets
7a
(Profit)/loss on disposal of assets
Donated Assets
(Increase) / decrease in stocks
8
(Increase) / decrease in debtors
9
(Decrease) / increase in creditors
11
Net cash provided by operating activities
Cash flows from investing activities
Bank interest received
Purchase of tangible fixed assets
7a
Net cash used in investing activities
Change in cash and cash equivalents
Cash and cash equivalents at 1 April 2024
Cash and cash equivalents at 31 March 2025
The notes on pages 5� to 6� form part of these financial statements.		 2025
2024
£000
£000
(1,221)
2,250
(787)
(504)
3,688
3,548
79
124
(16)
-
(10)
(51)
740
(375)
354
(385)
2,827
4,607
787
504
(1,569)
(3,080)
(782)
(2,576)
2,045
2,031
14,320
12,289
16,365
14,320

Page 5�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

1. ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared in accordance with applicable accounting standards, under the historical cost convention as modified by the revaluation of fixed assets.

The financial statements comply with the Statement of Recommended Practice: Accounting and Reporting by Charities SORP 2019 (FRS 102) and with the Government Financial Reporting Manual (FReM) 2024-25.

Basis of consolidation

Consolidated financial statements have been prepared for the year ended 31 March 2025 in respect of the charity and its wholly owned subsidiaries, Royal Air Force Museum Enterprises Ltd and The Royal Air Force Museum Investments Limited, using the acquisition method of accounting. Intra group transactions and profits are eliminated fully on consolidation.

The Royal Air Force Museum Investments Limited holds the real property assets of the charity on behalf of the Trustees. While legal ownership rests with the company, the RAF Museum retains the risks and rewards associated with these assets. In accordance with FRS 102, the RAF Museum recognises these assets in its balance sheet.

Going concern

The Trustees have prepared the accounts on a going concern basis. This assumes the Museum is able to meet its liabilities as they fall due for the foreseeable future, and that current and future funding will be sufficient. A period of twelve months from the date of approval of the financial statements has been considered in accordance with accounting standards.

In reaching this conclusion, Trustees assessed forecasted income and expenditure, and underlying assumptions. Continued funding from the MOD at similar levels was assumed.

Income

Grant in Aid is recognised in the year to which it relates. Grants and donations are recognised once the Museum satisfies SORP 2019 criteria: entitlement, probability, and measurement. Earned income is recognised as receivable. Donations in kind are recognised at fair value, with a matching charge to expenditure. Sponsorships are recognised over the sponsorship period. Investment gains/losses are recognised in the period they arise. Income from commercial activities is recognised when goods or services are delivered.

Expenditure

Resources expended are recognised on an accruals basis, inclusive of irrecoverable VAT. Expenditure is classified under raising funds and charitable activities.

Direct expenditure includes directly attributable staff costs. Shared costs are allocated using the methods described in Note 5.

Termination payments

Termination payments are recognised when employment ends before the normal retirement or contract end date. Recognition follows FReM guidance.

Page 5�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Fund accounting

Unrestricted funds (including designated funds) are general purpose funds. The general fund includes accumulated surpluses. The fixed asset fund represents the value of fixed assets. The revaluation reserve reflects increases in asset values via indexation or professional valuation.

Designated funds are unrestricted funds earmarked for specific purposes by Trustees.

Restricted funds are used only for the specified donor purposes. Relevant expenditure and overhead allocations are charged to the fund.

Tangible fixed assets

Tangible fixed assets are capitalised at cost and revalued annually using indices from Defence Economics and the Valuation Office Agency. Items under £2,500 are not capitalised. Gains or losses on revaluation remain unrealised until disposal. Properties are revalued every five years; last valuation: 31 March 2023 (Note 7a). Assets transferred from RAFMEL are recognised, and RAFMEL is charged for their use. Depreciation is calculated on a straight-line basis:

���������������������������������� ����������������������������������� ������������������������������������ ����������������������������������������� ���������������������������� �������������������� �����������������������

Assets in construction are not depreciated or revalued until in use.

Impairment

The RAF Museum assesses whether there is any indication of impairment for all fixed assets at the balance sheet date. A fixed asset is considered to be impaired if the recoverable amount of the asset has fallen below its carrying amount on the balance sheet, as a result of damage, deterioration poor performance or external factors affecting its value.

If any indication of impairment exists, the Museum shall estimate the recoverable amount of the asset, determined as the higher of its fair value less costs to sell the asset and its value in use. The method of estimation used shall be that deemed most suitable for the type of asset. Where there is objective evidence that an impairment loss exists, an impairment charge will be made to the Revaluation Reserve to reduce the carrying value of the asset to the estimated recoverable amount. Where there are no historical revaluations in a �����������������������������������������������������������������������������������������������

Exhibition costs

Long term exhibition ��������� is capitalised as a fixed asset under fixtures and fittings. Temporary exhibition costs are written off as resources expended in the year they are incurred.

Heritage assets

The Museum has approved policies for Collections Development and our management of Heritage Assets. Our key collections policies and further information on the ������������ safeguarding and disposal of Heritage Assets can be found on the RAF Museum Website, following the link:

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The Museum has been consistently reviewing and recording all the heritage assets on its database for several years now and the collection can be divided between the accessioned collection (objects that have been formally �������� and accepted into the Permanent Collection), and the un-accessioned collection (long-term deposited objects which have yet to be assigned a status, catalogued, or passed through the Collections Review process). Un-accessioned objects, the majority of which are aircraft technical drawings and library objects, represent two thirds of the accumulated objects held by the Museum.

Page 5�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Heritage assets valued over the capitalisation threshold which have been accessioned into the collection on or after 1 April 2001 have been capitalised but not revalued or depreciated. Heritage assets are accounted for as a distinct category of fixed asset with indefinite life and therefore not depreciated. If available, valuation is based on acquisition costs increased by restoration costs (if applicable). The Museum’s response to the introduction of FRS 30 effective 1 April 2010 was to deploy internal resources to the task of valuation in respect of those assets acquired before 1 April 2001, and which represent a materially significant part of the accessioned collection. Given the diverse nature of the collection, the unique nature of some items and also taking into account changing market conditions, the resulting valuations represent indicative estimates. The valuations of the most significant items acquired pre–2001 were added to the total value of heritage assets as at 31 March 2011. The heritage assets will not be re-valued in future periods; however, impairment reviews will be carried out by the Museum on a needs basis if any changes have been noted by our Collections team during their assessments.

For donated assets, in most cases valuations are based on internal estimates determined by the relevant curator’s experience and judgement, as an accurate figure is very difficult to establish. In some cases (e.g. a significant painting), a dealer may be sometimes consulted for advice

Investments

Investments held as fixed assets are stated at cost less provision for permanent diminution in value. Those held as current assets are stated at their market value. Term deposits of less than one year are classified as investments within current assets.

Investments in joint ventures are accounted for using the equity method, with the carrying amount measured as the Museum's initial investment plus its share of the joint venture's profit or loss.

Pensions

From May 2014 the Museum has automatically enrolled all employees into a National Employment Savings Trust (NEST) pension scheme unless the employees choose to opt out. The NEST pension scheme is a defined contribution pension scheme that was created as part of the government's workplace pensions reform under the Pensions Act 2008. The assets of the scheme are held separately from those of the Museum and the Museum is unable to identify its share of the liability. Employer’s contributions are charged to the Statement of Financial Activities as they occur.

Pension benefits for a small number of longer serving staff are provided through the Civil Service pension

Page 5�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

2. TAXATION

All of the charity's income is applied for charitable purposes and therefore the charity is exempt from Corporation Tax. The Corporation Tax liability of the trading subsidiary for the year ended 31 March 2025 was £nil (2024: £nil).

3. GRANTS AND DONATIONS

Donated Heritage Assets
Salix Grant
STAAR Programme
RAFMAF
Legacies
John Mars donation
Ace Lottery
National Heritage Memorial Fund
National Lottery Heritage Fund
Swire Foundation
Other - Individual Donations		 Unrestricted
Funds
Restricted
Funds
Total
Funds
Unrestricted
Funds
Restricted
Funds Total Funds
2025
2025
2025
2024
2024
2024
£000
£000
£000
£000
£000
£000
-
16
16
-
-
-
-
758
758
-
-
-
-
115
115
-
122
122
-
70
70
-
78
78
75
-
75
251
-
251
-
1,100
1,100
-
1,144
1,144
-
50
50
-
-
-
-
-
-
470
470
-
367
367
-
396
396
-
25
25
-
25
25
220
65
285
323
182
505
295
2,566
2,861
574
2,417
2,991

4a. INVESTMENT IN SUBSIDIARY UNDERTAKINGS

The Museum holds an investment of £100,000 (2024: £100,000),representing the charity's interest in 100% of the issued share capital and retained profit/(loss) of Royal Air Force Museum Enterprises Limited (company number 1511481) which is incorporated in England and Wales and operates souvenir shops, car parking and other trading activities at Hendon and Cosford. The company's aggregate capital and reserves were as follows:

The Museum also holds an investment of £2 representing the charity's interest in 100% of the issued share capital of The Royal Air Force Investments Limited (company number 4026995), which is incorporated in England and Wales and holds the real property assets of the charity for administrative purposes

Royal Air Force Museum Enterprises Limited

The assets and liabilities of the subsidiary were:
Current assets
Creditors: amounts falling due within one year
At 1 April 2024
Profit/(Loss) retained in subsidiary
At 31 March 2025		 2025
2024
£000
£000
1,284
1,487
(1,184)
(1,387)
100
100
2025
2024
£000
£000
100
100
-
-
100
100

Page 5�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

A summary of the Company's trading results is shown in note 4.b. Audited accounts will be filed with the Registrar of Companies.

The Directors of RAF Museum Enterprises Limited, having considered monthly forecast levels of income and expenditure and the underlying assumptions, have assessed that the subsidiary is a going concern and the Trustees are content, therefore, that the investment in the subsidiary retains its value.

4b. INCOME FROM SUBSIDIARY UNDERTAKINGS

Royal Air Force Museum Enterprises Limited

Royal Air Force Museum Enterprises Limited
Turnover and other income
Cost of sales, administrative expenses and taxation.
Interest receivable
Net Profit/(Loss)
Gift Aid to RAF Museum
Surplus/(Deficit) in subsidiary		 2025
2024
£000
£000
4,024
4,636
(3,246)
(3,468)
778
1,168
23
10
801
1,178
(801)
(1,178)
-
-

The turnover and cost of sales include £219K (2024: £108k) received from the Museum and £140K (2024: £27k ) paid to the Museum under exhibition production agreements . These amounts have been eliminated in the consolidated results.

5. Resources expended

As required by the charity SORP, expenditure is analysed between that directly attributable to activities and support costs. These support costs are allocated to activities based on the criteria outlined below.

Fundraising
Trading
Charitable activities
Other		 Direct
Support
Total
costs
costs Depreciation
2025
£000
£000
£000
£000
476
122
3
601
3,106
-
-
3,106
8,604
4,149
3,675
16,428
-
-
-
-
12,186
4,271
3,678
20,135

Page 5�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Charitable Total Allocation
Fundraising Trading Activities Other 2025 method
£000 £000 £000 £000 £000
Finance 68 - 1,228 - 1,296 Expenditure
IT 38 - 1,008 - 1,046 Number of staff
HR 15 - 393 - 408 Number of staff
Estates - - 327 - 327 Floor space
Administration 1 - 528 - 529 Expenditure
Governance - - 665 - 665 Expenditure
122 - 4,149 - 4,271

The National Audit Office audit fee of £46,000 (2024: £41,000) is included within governance costs.

Prior year analysis

Direct Support Total
costs costs Depreciation 2024
£000 £000 £000 £000
Fundraising 629 129 2 760
Trading 3,361 - - 3,361
Charitable activities 9,230 3,110 2,897 15,237
13,220 3,239 2,899 19,358
Charitable Total Allocation
Fundraising Trading Activities Other 2024 method
£000 £000 £000 £000 £000
Finance 19 - 261 - 280 Expenditure
IT 40 - 794 - 834 Number of staff
HR 18 - 353 - 371 Number of staff
Estates - - 257 - 257 Floor space
Administration 52 - 706 - 758 Expenditure
Governance - - 739 - 739 Expenditure
129 - 3,110 - 3,239

6. STAFF COSTS AND NUMBERS

Salaries and wages
Social security costs
Pension costs		 2025
2024
£000
£000
5,704
5,932
593
600
337
362
6,634
6,894

The above costs exclude the trading subsidiary.

The average number of employees in the Museum during the year was 203.5 (2024: 203). FTE equivalent was 182 (2024: 181).

Employees whose emoluments amounted to over £60,000.

2025 2024
£60,001 - £80,000 7 4
£80,001 - £90,000 - -
£90,001 - £100,000 - 3
£100,001 - £110,000 2 -
£120,001 - £130,000 - 1
£130,001 - £140,000 1 -

Page 5�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

7a. TANGIBLE FIXED ASSETS - GROUP AND CHARITY

At 1 April 2024
Additions
Transfers
Disposals
Revaluations
At 31 March 2025
Depreciation
At 1 April 2024
Charged in the
year
Disposals
Revaluations
At 31 March 2025
Net Book Value
At 31 March 2025
At 1 April 2024		 Freehold
property
Leasehold
Property
Permanent
Exhibitions
Fixtures,
Fittings &
Equipment
Plant,
Machinery
&
Vehicles
Assets
under
Construction
Heritage
Assets
Total
£000
£000
£000
£000
£000
£000
£000
£000
84,258
16,861
7,995
3,797
789
22,199
135,899
422
111
118
-
866
68
1,585
-
0
-
-
-
-
-
-
-
-
-
-
-
-
(79)
(79)
1,313
390
95
18
3
-
-
1,819
85,993
17,251
8,201
3,933
792
866
22,188
139,224
1551
812
4,140
3,060
647
-
-
10,210
1,654
831
807
385
11
-
-
3,688
-
-
-
-
-
-
-
-
41
24
6
4
-
-
-
75
3,246
1,667
4,953
3,449
658
-
-
13,973
82,747
15,584
3,248
484
134
866
22,188
125,251
82,707
16,049
3,855
737
142
-
22,199
125,689

7b. HERITAGE ASSETS

The number of Heritage Assets which the Museum acquires through donations means that the total book value of Heritage Assets is a mixture of cost (for purchased exhibits) and valuation at the point of donation (for donated exhibits), and includes a historic valuation of a materially significant part of the collection. Heritage assets which have been accessioned into the collection on or after 1 April 2001 are not revalued, as such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the Museum. At 31 March 2024 the book value comprised:

Heritage Assets recorded at cost
Heritage Assets recorded at valuation
Total book value of Heritage Assets
A summary of the nature and scope of the collection is as follows
Aircraft and Aircraft Parts
Medals and Commemorative items
Artwork
Archives
Vehicles and Marine Craft
Models
Other
Total		 2025
2024
£000
£000
3,538
3,485
18,650
18,714
22,188
22,199
2025
2024
£000
£000
17,347
17,354
2,294
2,341
1,059
1,067
959
889
320
319
64
84
145
145
22,188
22,199

Page ��

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Summary of Heritage Asset Acquisitions and Disposals over the last five years

Book Value Brought Forward
Add Acquisitions
Purchased at cost
Donated at valuation
Total Acquisitions
Revaluations
Disposals
Book Value Carried Forward		 2021
2022
2023
2024
2025
£000
£000
£000
£000
£000
21,785
21,790
21,846
21,627
22,199
-
16
90
696
53
5
40
86
16
5
56
176
696
69
-
-
-
-
-
-
-
(395)
(124)
(79)
21,790
21,846
21,627
22,199
22,189
8.
STOCK
Goods for resale
9.
DEBTORS
Trade debtors
Amounts due from subsidiary undertaking
Other debtors
Prepayments and accrued income
Gift Aid from the subsidiary
10. CASH AT BANK AND IN HAND
Commercial bank accounts
Cash in hand		 2025
2024
2025
2024
£000
£000
£000
£000
Charity
Group
308
298
-
-
2025
2024
2025
2024
£000
£000
£000
£000
143
82
26
28
-
-
68
-
202
1,173
206
1,166
560
390
548
321
-
801
1,203
Charity
Group
905
1,645
1,649
2,718
2025
2024
2025
2024
£000
£000
£000
£000
16,363
14,309
15,603
13,440
2
11
2
2
Charity
Group
16,365
14,320
15,605
13,442

Page 6�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

11. CREDITORS

11. CREDITORS
Amounts falling due within one year
Trade creditors
Taxation and social security
Amounts due to subsidiary undertaking
Other creditors
Accruals and deferred income
Amounts falling after more than one year
Accruals and deferred income		 2025
2024
2025
2024
£000
£000
£000
£000
1,048
642
880
562
232
244
212
141
-
-
-
273
5
73
5
67
599
561
563
474
Group
Charity
1,884
1,520
1,660
1,517
20
30
20
30
20
30
20
30

12. RECONCILIATION OF GROUP NET CASH FLOW TO MOVEMENT IN GROUP NET CASH FUNDS

Increase in cash in period
Change in net funds resulting from cash flow
Net funds at 1 April 2024
Net funds at 31 March 2025
13. ANALYSIS OF GROUP NET FUNDS
Cash at bank and in hand (See note 12)		 2025
2024
£000
£000
2,045
2,031
2,045
2,031
14,320
12,289
16,365
14,320
1 April 2024
Cashflow
31 March
2025
£000
£000
£000
14,320
2,045
16,365		 2025
2024
£000
£000
2,045
2,031
2,045
2,031
14,320
12,289
16,365
14,320
14,320
2,045
16,365

Page 6�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

14. STATEMENT OF GROUP FUNDS

Analysis of group net assets between funds

Tangible fixed assets
Cash at bank and in hand
Other net current assets
Net non current assets
Total assets less liabilities
Net assets
Analysis of funds
Restricted funds
Fixed assets
RAF Centenary Programme
RAF Museum Midlands
Salix
STAAR
Hidden Heroes
RAFMAF Learning Fund
Museum Resilience Fund
Restricted Grant in Aid
Other
Total Restricted Funds
Unrestricted funds
Fixed assets
Revaluation reserve
General
Designated funds
Strategy 2030 Fund
RAF Museum Midlands
RAF Museum Midlands Match
Total Unrestricted Funds
Total Funds		 Total funds
Total funds
2025
2024
£000
£000
£000
£000
£000
£000
116,790
8,461
125,251
117,228
8,461
125,689
9,785
6,580
16,365
8,963
5,357
14,320
(691)
20
(671)
393
30
423
-
(20)
(20)
-
(30)
(30)
Unrestricted
funds
Restricted
funds
Restricted
funds
Unrestricted
funds
125,884
15,041
140,925
126,584
13,818
140,402
125,884
15,041
140,925
126,584
13,818
140,402
2024
Income Expenditure Revaluation
Transfers
2025
£000
£000
£000
£000
£000
£000
8,461
16
-
-
(16)
8,461
1,060
44
(20)
-
(298)
786
1,564
1,736
(502)
-
352
3,150
758
(24)
-
(734)
-
33
116
(104)
-
45
55
2
-
(57)
-
56
2
-
-
(58)
-
2,000
83
-
-
0
2,083
570
24
-
(82)
512
19
8
(4)
-
(19)
4
13,818
2,789
(654)
-
(912)
15,041
2024
Income Expenditure Revaluation
Transfers
2025
£000
£000
£000
£000
£000
£000
51,237
-
(3,768)
-
1,588
49,057
65,990
-
-
1,744
67,734
2,266
16,126
(15,714)
-
(381)
2,297
1,567
-
-
(817)
750
4,424
-
-
-
759
5,183
1,100
-
-
-
(237)
863
126,584
16,126
(19,482)
1,744
912
125,884
140,402
18,915
(20,136)
1,744
-
140,925

Page 6�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

Restricted funds

Restricted income funds consist of a number of funds where the donors have specified the uses to which they may be put.

Fixed Assets - a significant proportion of these funds represents the capitalised value of restricted and inalienable fixed assets. This also includes the restricted element of the heritage assets.

RAF Centenary Programme - various grants and donations towards delivery of activities and capital works designed to connect people to the RAF story, and reimagine the London site.

RAF Museum Midlands - all donations and grants received to support the programme of activities and capital works at the Midlands site have been grouped together as a single fund supporting the Inspiring Everyone: RAF Museum Midlands Development Programme. This includes the following funds disclosed separately in previous years based on funding source rather than programme of activity - Cosford Air Show, Cosford Large Model Aircraft Association and Cosford Sprinklers funds.

Salix London – funds from Salix Finance to support energy efficiency improvements and carbon reduction initiatives at the London site.

STAAR - a grant from Northrup Grumman to fund the Summer Time Advanced Aeronautics Residential (STAAR) STEM programme.

Hidden Heroes - funds received from the Chelsea Foundation (prior to the Ukraine crisis; Trustees agreed to decline any further donations) to highlight the diversity of RAF stories.

RAFMAF Learning Fund - grants from RAF Museum American Foundation to support Access and Learning activities.

Restricted Resilence Fund - to protect the RAF Museum from a future financial shock (which could include, but is not limited to, unavoidable closure, irreparable infrastructure failure, major cyber-attack) and provide funds for critical ‘invest to save projects’ that further support the Museum’s resilience.

Restricted Grant in Aid - grants from the Ministry of Defence to fund specific capital work.

Other Restricted Funds - several small restricted funds for use on specific short-term projects most of which complete within the space of twelve months.

Unrestricted funds

Fixed Asset s - a significant proportion of these funds represents the capitalised value of inalienable fixed assets, including unrestricted heritage assets. General Funds - these are funds not associated with fixed assets that are expendable at the discretion of Trustees.

Unrestricted designated funds

These are funds that Trustees have set aside for a specific purpose.

Strategy 2030 Fund - supports delivery of the Museum’s key strategic priorities in the future including planning for future capital development at both sites; ensuring the sustainability of the estate; focus on the recording of contemporary stories of RAF men and women; and development of the Museum's collection through new acquisitions.

RAF Museum Midlands Fund and the RAF Museum Midlands Match Fund - supports the Inspiring Everyone: Midlands Development Programme. This programme of engagement activities and capital investment will continue our focus on immersive RAF storytelling and support our ambition to encourage reflection and debate across our spaces and programmes, including delivery of a new Collections Hub, Exhibition and Learning Centre.

Transfers

Generally, transfers between funds represent the capitalisation of fixed assets.

Page 6�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

15. COMMITMENTS

Operating lease commitments due:
Plant and machinery:
within one year
in the second to fifth years
Land and Buildings:
within one year
in the second to fifth years
after five years		 2025
2024
£000
£000
50
10
��
5
530
530
1,381
1,565
3,106
3,452
Group or charity
5,���
5,562

The Museum paid £ 567K under operating lease arrangements in the year to 31 March 2025 (2024: £563k).

Capital Commitments

As at 31 March 2025, the Museum had a £29k final payment outstanding related to the glazing contract at the London site (2024 £63K). This project was fully funded by restricted Grant in Aid.

16. RELATED PARTIES

Related parties with which the Museum had transactions during the year or balances at the year end were as follows:

Royal Air Force Museum Enterprises Ltd

The relationship of the Museum to the company is disclosed in Note 4. The balance of £68K due from the company at the year end (2024: £0) in relation to production agreements and overhead charges and the balance of £801K Gift Aid payable (2024: £1,203k) are disclosed in Note 9. The balance of £0k due to the company at the year end (2024:£273K) is disclosed in Note 11.

The Royal Air Force Museum Investments Limited

The company was formed to hold, on behalf of the Trustees, the real property assets of the charity and thus minimise the administrative burden whenever a change in Trustees takes place. The leasehold property was transferred to this company from the charity in March 2005 and the freehold property in January 2008.

Ministry of Defence

The Royal Air Force Museum is a Non-Departmental Public Body, sponsored by the Ministry of Defence (the MOD). The MOD is regarded as the related party. Grant in Aid funding from the MOD is separately disclosed in the Statement of Financial Activities.

The Trustees’ involvement with RAF Museum Enterprises Ltd and RAF Museum Investments Ltd is disclosed in the Governance statement on page 33.

17. CONTINGENT LIABILITIES

There were no contingent liabilities as at 31 March 2025 (2024: Nil).

18. POST BALANCE SHEET EVENTS

The annual report and financial statements were authorised for issue by the Accounting Officer on the date that the audit certificate was signed by the Comptroller and Auditor General.

There were no other post balance sheet events.

Page 6�

ROYAL AIR FORCE MUSEUM ACCOUNTS 2024-25

19. SINGLE ENTITY STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted
Total
Funds
Funds
Funds
2025
2025
2025
£000
£000
£000
Income from
Donations and legacies
Grant in aid
10,976
-
10,976
Grants and donations
296
2,566
2,862
Charitable activities
384
384
Other trading activities
Sponsorships
-
-
-
Investments
541
223
764
Other
1,530
1,530
Total income
13,727
2,789
16,516
Expenditure on
Fundraising
607
-
607
Charitable activities
16,476
654
17,130
Total expenditure
17,083
654
17,737
Net income/(expenditure)
(3,356)
2,135
(1,221)
Transfers between funds
912
(912)
-
Other recognised gains and losses
Gains/(losses) on revaluation of
fixed assets
1,744
-
1,744
Net movement in funds
(700)
1,223
523
Reconciliation of funds
Total funds brought forward at 1
April 2024
126,514
13,888
140,402
Total funds carried forward at
31 March 2025
125,814
15,111
140,925		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£000
£000
£000
10,657
2,734
13,391
574
2,417
2,991
162
-
162
-
74
74
407
87
494
1,782
-
1,782
13,582
5,312
18,894
771
-
771
14,763
1,110
15,873
15,534
1,110
16,644
(1,952)
4,202
2,250
2,043
(2,043)
-
1,373
-
1,373
1,464
2,159
3,623
125,050
11,729
136,779
126,514
13,888
140,402

All of the Museum's activities are classed as continuing. All recognised gains and losses are included above.

Page 6�

ROYAL AIR FORCE MUSEUM ACCOUNTS 202�-2�

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