Charity number: 250079 The Fleet Air Arm Museum Trustee's report and financial statements for the year ended 31 March 2025 Page I
The Fleet Air Arrn Museum Charity number.. 250079 Contents Legal and administrative information...................................................................................................................... Foreword. Performance Report................................................................................................................................................. Accountability Report . Statement of Corporate Trustee's and Accounting Officer's responsibilities Independent auditors, report to the Trustee of the Fleet Air Arm Museum.........................................................10 Statement of financial activities.............................................................................................................................13 Balance Sheet.........................................................................................................................................................14 Cash flow statement..............................................................................................................................................15 Notes to the financial statements..........................................................................................................................16 Page 2
The Fleet Air Arm Museum Charity number.. 250079 Legal and administrative information Charlty number 250079 Registered office H M Naval Base PP66 Portsmouth Hampshire POI 3NH Chlef Executive and Accountlng Officer Matthew Sheldon Sole Corporate Trustee National Museum of the Royal Navy Accountants Compass Accountants Limited Venture House The Tanneries East Street Titchfield Hampshire P014 4AR Auditors Price Bailey LLP 24 Old Bond Street London WIS 4AP Bankers National Westminster PIC 130 Commercial Road Portsmouth POI IES Page 3
The Fleet Air Arrn Museum Charity number.. 250079 Foreword The Trustee presents the annual report and the audited financial statements of The Fleet Air Arm Museum trust I'the Tru5t"I for the year ended 31 March 2025. The Trustee has adopted the provision5 of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the Trust. The charitable objects of the Trust, as established in its Trust Deed dated 22 June 1966 and as amended by the scheme dated 28 September 2012, are.. al The promotion of education and learning of Naval Setvice and Auxiliaries personnel and other members of the public about the history, deeds and traditions of aviation in the Royal Navv. bl The promotion and enhancement of military efficiency by assisting recruitment and retention and fostering the esprit de corps of the men and women who are serving in the Naval Service and Auxiliaries. cl The commemoration and remembrance of those members of the Royal Naval Air Service and Fleet Air Arm who have died while on active service,. and the encouragement of public recognition of the sacrifice made by such persons. Page 4
The Fleet Air Arrn Museum Charity number.. 250079 Performance Report Overview The Trust was established in June 1966, and on 26 January 2017, the National Museum of the Royal Navy I'the National Museum"I (charity number 11262831 was appointed as its sole corporate Trustee. The Trust hold5 the heritage assets and reserves of The Fleet Air Arm Museum. All operational activity, including the presentation of the heritage assets in museums and visitor attractions, is undertaken under an operator agreement with the charitable entity, NMRN Operations I'the operatorf, _ charity number.. 11690611, also a wholly owned subsidiary of the National Museum. In delivering its own charitable objects, the operator is able to take such actions as it deems fit to present, preserve, restore and maintain the heritage assets. The Trust makes a grant corbtribution from time to time to asslst the operator in the running of its business. Activities and Achievements Following the receipt of a generous donation by the Trust in 2023-24, a grant was made to the operator to support its reconstruction work on the Fairey Barracuda DP872 airframe, to recreate the only complete Barracuda aircraft in the world. Such work continued throughout the year and the museum's Viewing Gallery has been popular with visitors engaging with the technical build and discovering more about science and archaeology behind the wrecks and airframe of the Barracuda. Further information on the operator's activities can be found in its Trustees, Annual Report. Plans for future eriods Future expenditure will be limited to governance and support costs and any grants awarded to NMRN Operations under the operator agreement to deliver work to support the Trust'5 objects. Financial Review Stutement of FinancialActivitiesfor the Year Ended 31 March 2025 Total incoming resources for the Fleet Air Arm Museum Trust in 2024-25 amounted to £155,50512023-24'. £304,980). These resources were received as rental income, legacy income and interest income. Total resources expended for 2024-25 amounted to £292,51912023-24= £320.1721 relating to depreciation, governance and support costs, and grant funding to the operator to enable delivery of the Barracuda project. After gains on the revaluation of fixed assets of £119,69412023-24.. losses of £14,332) the net movement irb funds for the year was a decrease of £17,32012023-24.' £29.5241. Bolunce sheet The net assets as at 31 March 2025 amounted to £7,142.240131 March 2024: £7,159,560). Reserves The Trustees regularly monitor the levels of the Trust's reserves. The Trust retains a 'free reserve, in accordance with Group policy, defined as the amounts shown as Net Current Assets in the accounts arbd which are attributable to Unrestricted Funds. The Group policy is that there is no requirement to accumulate free Page 5
The Fleet Air Arm Museum Charity number.. 250079 reserves within the subsidiary charities and trusts and that any reserves held will be appropriately used, as approved by the Board, for the furtherance of the Trust's charitable objects. As at 31 March 2025, the Trust's free reserves Idefined as net current assets attributable to unrestricted reserves) stood at £333,279131 March 2024.. £193,011). The role of the Trust is solely to hold the heritage assets and reserves of The Fleet Air Arm Museum which it will grant to the operator as and when required until they are expended or a nominal sum remains. The ongoing operating costs are undertaken under an operator agreement by a separate group company, NMRN Operations, therefore the Trustee is content that the going concern basis continues to apply and that the free reserves are at an appropriate level. Investment Pollcy The Trust does not invest as a strategic means of raising income but nonetheless ensures that cash reserves are maintained in interest bearing accounts. The Trust's investment policy seeks to produce the best possible financial return within an acceptable level of risk. Auditors The accounts have been audited by Price Bailey LLP. So far as the Trustee and Accounting Officer are aware, there is no relevant audit information of which the Trust's auditors are unaware. Trustees have taker) all the steps necessary to make themselves aware of any relevant audit information and to establish that the Trust's auditors are aware of that information. On behalf of the board Admiral Sir Philip Jones Chair on Behalf of the Board of Trustees Matthew Sheldon Chief Executive and Accounting Officer Date:22 Ortober 2025 Date: 22 October 2025 Page 6
The Fleet Air Arrn Museum Charity number.. 250079 Accountability Report Trustee's Re ort and Governance Statement This report sets out the arrangements for the governance of the Fleet Air Arm Museum. The Trustee has due regard to guidance issued by the Charity Commission on public benefit and in its charitable objects, the Trust seeks to promote the education of the general public about the history, deeds and tradition5 of the Naval Service and encourage the public to commemorate. honour and preserve the memory of those members of the Naval Service who have died on active service. This report demonstrates how the system of governance and internal control is maintained within the Fleet Air Arm Museum and how the major risks to which the Trust is exposed, as identified by the Trustee, have been reviewed and systems have been established to mitigate those risks. The Governance Framework The Fleet Air Arm Museum is a charity registered with the Charity Commission Iregistration number- 2500791. It is governed by its Declaration of Trust dated 22 June 1966 and as amended by the Schemes dated 27 December 1973, 24 November 1982, 10 April 1985, 22 March 1994, 28 September 2012, 20 january 2017, which incorporate its charitable objects, the powers of the Trust and provides for the appointment and reappointment of Trustees. The Trustee ensures the distinct legal responsibilities and charitable objectives of the Trust are fulfilled within an overall policy and strategy framework. The day-to-day operation of the Trust within that framework is delegated to the Chief Executive and Accounting Officer and to the Executive Directors. The Trust has a sole corporate trustee (the National Museum of the Royal Navy). System of internal control The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify and prioritise the risks to the achievement of the Trust's policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The review of the effectiveness of the system of internal contro15 is exercised through the National Museum's Audit and Governance Committee. This Committee is chaired by a Trustee of the National Museum's Board of Trustees and draws expertise from other Trustees and committee members, with the executive in attendance as required. The Committee also has access to the independent accountants and internal and external auditors engaged for all companies within the Group, providing review and oversight of the firbancial control Systems and the creation of company and consolidated group accounts. Cyber-attack On 9 December 2024, the National Museum's IT network was subject to a significant ransomware cyber-attack. All appropriate internal procedures were immediately followed upon detection in accordance with the Data Protection Policy and all relevant authorities and regulatory bodies were notified, including the Police, Charity Commission, Information Commissioner's Office, National Cyber Security Centre, Auditors, Insurers and our sponsor, the Royal Navv. Page 7
The Fleet Air Arrn Museum Charity number.. 250079 There was no evidence of any personal data loss, however, the incident caused severe operational disruption upon initial identification. With support from the National Museum's IT support service providers, services were prioritised for reinstatement and a recovery plan was implemented to minimise continuing disruption to the business. Some of the National Museum's data remains encrypted and cannot be restored. Since the incident, the National Museum has taken further steps to strengthen cyber resilience, including the implementation of enhanced security measures, updated staff training, and the introduction of new systems and processes designed to prevent and mitigate the impact of any future attacks. The Trustees continue to treat cyber security as a high priority and regularly reviews the charity's preparedness and response capabilities. Rlsk Management The Trust's risk register and the responses to risk are managed by the Chief Executive Officer and overseen by the National Museum's Audit and Governance Committee as well as the Group's Board. The principal risks faced by the Trust centre around the security and safeguard of its assets. Page 8
The Fleet Air Arrn Museum Charity number.. 250079 Statement of Corporate Trustee's and Accounting Officerfs responsibilities forthe year ended 31 March 2025 The Trustee and the Accounting Officer are responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustee is required to.. select suitable accounting policies and then apply them consistently,. obsetve the methods and principles of the Charities SORP 2019 IFRS 1021,. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that the financial statements comply with the Charities Act 2011 and updated Charities Act 2022, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Admiral Sir Philip Jones Chair on Behalf of the Board of Trustees Matthew Sheldon Chlef Executlve and Accountlng Officer Date:22 October 2025 Date: 22 October 2025 Page 9
The Fleet Air Arrn Museum Charity number.. 250079 Independent auditors, report to the Trustee of the Fleet Air Arm Museum Opinion We have audited the financial statements of The Fleet Air Arm Museum (the 'charity'l for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion, the financial statements- give a true and fair view of the state of the Charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the finantial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditorfs report thereon. The trustee is responsible for the other information contained within the trustees, annual report. Our opinion on the financial statements does not tover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility IS to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are reqLJired to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have Page 10
The Fleet Air Arrn Museum Charity number.. 250079 performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustee's report,. or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records,. or • we have not received all the information and explanations we require for our audit. Responsibilities of trustee As explained more fully in the trustee's responsibilities statement, the trustee is responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the Charity or to cease operatlons, or has no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Art 2011 and report in accordance with the Act and relevant regulations made or having effett thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5Statement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggreEate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the Charity and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a dirert effect on the financial statements. We obtained our understanding in this regard through discussions with management, sector research and application of cumLJ13tive audit knowledge and experience. We determined the principal laws and regulations relevant to the Charity in this regard to be those arising from the Charities Act 2011, and the Charities SORP. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included Page 11
The Fleet Air Arm Museum Charity number.. 250079 reviewing minutes of Trustee Board meetings,. agreeing the financial statement disclosures to underlying supporting documentation,. enquiring of management, including those charged with governance. To address the risk of management override of controls, we carried OLJt testing of journal entries and other adjustments for appropriateness. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irreEularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilitie5. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to it in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustee as a bodyi for our audit work, for this report, or for the opinions we have formed. Michael Cooper-Davis FCCA ACA (Senior Statutory Auditor) Price Bailey LLP Chartered Accountants Statutory Auditors 24 Old Bond Street London WIS 4AP Date.. 28 Ortober 2025 Page 12
The Fleet Air Arrn Museum Charity number.. 250079 Statement of financial activities For the year ended 31 March 2025 Unrestricted funds Restrirted funds 2025 Total Unrestricted funds Restrictèd funds 2024 Total Notes Income from.. Donation5 and legacie5 Grants and donations Legacies Rental income 274,980 274,980 121,337 30.000 4,162 121,337 30.000 4,162 30.000 30,000 Interest Total intome 155,505 155,505 30,(X)O 274.980 304.980 Expenditure on: Charitable activities Collections and asset management Grant to NMRN Operatitsns 148,438 5,614 138.467 286,905 5,614 138,777 io.wo 129,190 42,205 267,967 52,205 Total expenditure 154,052 138.467 292,519 148.777 171,395 320,172 Net incomellexpenditurel 1,453 1138,4671 1137,0141 1118,7771 103,585 115,1921 Transfers between funds Other recognised gainslllossesl.. Gains/llossesl on revaluation of fixed assets 59,847 59,847 119,694 17,1661 17,1661 114.3321 Net movement in funds 61,300 178,6201 117,3201 1125,9431 96,419 129,5241 Reconclllatlon of funds.. Funds brought forward 3,807,159 3,352,401 7,159,560 3,933,102 3,255,982 7,189,084 Total funds carried forward 3,868,459 3.273,781 7,142,240 3,807,159 3.352,401 7,159,560 All recognised gains and losses are included in the statement tsf financièl activities The notes on pages 16 to 22 form an Integral part of these financlal statements. Page 13
The Fleet Air Arrn Museum Charity number.. 250079 Balance Sheet as at 31 March 2025 2025 2024 Notès Fixed assets Tangible assets Heritage assets 5,466.028 802.166 5,623,268 802,514 6,268,194 6,425,782 Current assets Debtor5 Cash at bank and in hand 103.837 785,367 2.500 760,260 889.204 762,760 Creditors: amounts falling due within one year 115,1581 128,9821 Net current assets 874,046 733,778 Net assets 7,142,240 7,159,560 Funds Unrestricted funds Restricted fund5 3,868.459 3,273,781 3,807.159 3,352.401 io Total funds 7,142,240 7,159,560 The financial 5tatement5 were approved by the board and signed on its behalf by Admiral Sir Philip Jones Chair on behalf of the Board of Trustees Date: 22 October 2025 The notes on pages 16 to 22 form an Integral part of these finantlal statements. Page 14
The Fleet Air Arrn Museum Charity number.. 250079 Cash flow statement for the year ended 31 March 2025 2025 2024 Cash Ilows from operating artivities: Net cash used in operating activities 25,107 259.827 Decrease in cash and cash equivalents in the year 25,107 259,827 Cash and cash equivalents at l April 2024 760,260 500,433 Cash and cash equivalents at 31 March 2025 785.367 760,260 Net lexpenditurellincome for the reporting period Depreciation and impairment Los5 on disposal of fixed assets Ilncreasel/Decrease in debtors IDecreasel/lncrease in creditors 1137,0141 276,934 348 1101,3371 113,8241 115,1921 258,380 16,639 Net cash used in operating activities 25.107 259.827 Analysis of changes in net funds Opening balance Cash flows Closin8 balance Cash at bank and in hand 760,260 25,107 785,367 Net funds 760.260 25.107 785,367 Page 15
The Fleet Air Arrn Museum Charity number.. 250079 Notes to the financial statements for the year ended 31 March 2025 Accounting policies 1.1. Charity information The Fleet Air Arm Museum is a registered charity, number 250079. The Fleet Air Arm Museum meets the definition of a public benefit entity under section 34 of FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value, unle55 Otherwise stated in the relevant accounting policy. The principal objectives of the charity are detailed in the Trustees report. 1.2. Basis of preparation of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and UK Generally Accepted Practice as it applies from l January 2019. The role of the Trust Is solely to hold the heritage assets and reserves of the Fleet Air Arm Museum which it will grant to NMRN OperatlOn5 85 and when reqLJired until they are expended or a nominal sum remains. The ongoing operating costs are undertaken under an operator agreement by a separate group company. NMRN Operations. therefore the Trustee is content that the going concern basis continues to apply. The financial statements are presented in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 1.3. Income Income is recognised when the charity has entitlement to the funds. any performance conditions attached to the itemlsl of income have been met, it 15 probable that the incotlle will be received and the atnount can be measured reliably. Income frorn investments is included in the year in which it is receivable. Legacies are included when the charity is advised by the personal representative of an estate that payment will be made or property transferred and the amount involved can be quantified. 1.4. Grants receivable Revenue grants are credited to incoming re50urces on the earlier date of when they are received or when they are receivable. If a grant or donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the charity's control and it is probable those conditions will be met in the èccounting period. 1.5. Expenditure Expenditure is reeognised ()n an accruals basi5 a5 a liability Is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Governance costs include those costs incurred in the governance of the charity and its assets and are primarilv associated with constitutional and statutory requirements. Support costs include central functions and have been allocated to cost categories on a basis consistent with the use of resources. Page 16
The Fleet Air Arrn Museum Charity number.. 250079 Notes to the financial statements for the year ended 31 March 2025 1.6. Funds Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. 1.7. Tangible fixed assets Tangible fixed assets with a cost or value greater than £2,50Q and a useful life exceeding one year are capitalised and included at cost revalued annually using Ministry of Defence derived indices. Heritage assets and donated a55ets where the cost can be reliably ascertained are capitalised at valuation. Land and bui1ding5 are stated at a valuation of depreciated replacement C05t and depreciated over the lease term. A professional valuation is obtained at least every 5 year5 and indice5 are used to reflert the change in value in the intervening years. Depreciation is calculated at rate5 to write off the c05t or valuation, less e5tirn8ted residual value. of each a55et over its expected useful life as follows.. Freehold buildings 50 years No depreciation is provided on freehold larid. 1.8. Heritage assets The Museum holds collections of heritage assets which are held in support of the Museum's primary objective of effective and accessible repository both now and in the future for the heritage of the Fleet Air Arm and to raise public awareness of the history of the Service, whilst encouraging scholarship and research into Fleet Air Arm history. The main and reserve collections have not been valued and included in the financial statements due to their historic and inalienable nature and due to the specific and individual nature of the artefact5 held, it is not believed to be possible to obtain a reliable value of the collection without incurring a cost disproportionate to the benefit of the information reported to readers of the accounts. Assets acquired prior to l April 2000 have not been capitèlised and included in the accounts but with effect frtrm I April 2000, addition5 to the collection with a cost in exce55 of £2,500, have been capitalised. These assets are not depreciated due to infinite useful economic lives. An annual review for impairment is carried out in accordance with the Charities SORP, with any impairment recognised in the Statement of Financial Artivities. Heritage assets donated to the Museum with è value in eKeess of £2,500 are included in the accounts on the basis of internal v31uation5 estimated by the relevant curatorial staff and determined by their experience and judgement. Loaned artefacts do not belong to the charitv. Access to the collection At any tirne approximately 15% of the 3D items in the c(>llection are on display. The majority of the remèining items are held in the reserve collection in a Heritage Lottery funded climate-controlled building called Cobham Hall. Cobham Hall opens to the public at least once a year when it attracts visitors from all over the UK to see its unique collection of aircraft, records and artefacts. many of which have never before been seen on public display. Within Cobham Hall there are over 40 historic aircraft and some five miles of shelving accommodating many of the Museum's records and artefacts. Cobharn Hall also houses one of the largest collections of Westland Helicopters including a Whirlwind and a Wasp and the Gazelle helicopter in which HRH The Duke of York learnt to fly. Other aircraft include a de Havilland Sea Vixen and the first swept wing jet aircraft to land on an aircraft carrier. a Supermarine 510. The aircraft housed in Ctsbhèm Hall are in various stages of preservation or repair. Page 17
The Fleet Air Arrn Museum Charity number.. 250079 Notes to the financial statements for the year ended 31 March 2025 The collectlon The collection con515ts of artefacts, physical, written and oral reflectirig the history of the Fleet Air Arm. By categories, numbers held are.. Category Large items Works of Art/Models Documentary Archive UniformslBadges & Insignia Orders & Decorations WeaponslArmament5 PhotographslMicrofilm/Fiche Film & Sound Recordings Other Count 180 1.310 1,034,148 4,403 1,556 194 881,452 164 17,265 Heritage assets maintenance and management policy In Otttsber 2015, a single set of Collections Management policies for the NMRN Group was approved by the Board. These policies were the basi5 of a new single application to the Arts Council for Museurn Accreditation to the higher standards required of a national museum collection, replacing the individual accreditations of the subsidiary museums. These policies set out a common approach for the maintenance and management of collections at different museum site5, tnd will be subject to regular review as directed by the Collections. Research, Learning and Access Committee ICRLAI. Acquisition5 t(> the museums are now guided by a single Collertions Development Policy1201518nd Strategy 120191,. this sets out priorities and processes for acquisltion. There are two principal methods of acquisition.. Acquisition by gift- Curators have authority to propose collecting in line with the 'Themes and Priorities for Future Collecting.. Offers of donations are passed to èn Acquisitions Panel. thaired by the Registrar. This Committee sits on a monthly basis to assess offers. Decisions are reviewed by the Head of Colleerions and Research. Acquisition by purchase- Collections and other staff can recommend and where appropriate make purchases tsf material from any source up to their authorisètion levels in èccordance with the NMRN scheme of delegation. Purchases of up to £25,000 are reviewed by the Head of Collections & Research and/or the Deputy Executive Director of Museum Operations. Any purchases of a value above £50,000 go to the Director General for assessment. Significant acquisitions are discussed at the CRLA Committee. This Committee also receives quarterly reports on key acquisitions and an annual report of all items added to the collection. Subjert to the approval of the Trustees, the Museum may dispose of items from the collection, although this will only happen in exceptional circumstances, for example= When item5 fall outside the Mu5eum'5 Collecting Policy or Charitable Objective5 When an item contain5 a 5eriou5 hazard which cannot be remediated. When an item is one of a significant number of duplicate5 When an item is in exceptionally poor condition which cannot be reversed and it cannot be repurposed to alternate use. 1.9. Basic financial instruments The Museum's financial a55ets and liabilities COnSlSt of cash and cash eqLJivalents, trade debtors, trade creditors and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted. the Museum is not exposed to significant interest. foreign exchange or credit risks arising from these instruments. Page 18
The Fleet Air Arrn Museum Charity number.. 250079 Notes to the financial statements for the year ended 31 March 2025 Grants and Donations During the year the following grants and donations were received.. Unrestricted Restricted funds funds 2025 Unrestricted Restricted Total funds funds 2024 Total Barracuda donation5 274.980 274,980 Other donations 274,980 274,980 Collections and asset management Collectlons and asset managernent 2025 2024 Depreciation Loss on dispos31 of fixed assets Governance and support costs 276,934 348 276,934 348 258,380 9,623 9,623 9,587 286,905 286.905 267,967 Governance and support costs Collections and asset management 2025 2024 Accountancy fees Auditors remuneration Bank charges Other costs 510 9,000 79 510 9.txjo 79 600 8,929 58 34 34 9,623 9.623 9,587 Employee costs There were no employees directly employed by the charity in the year12024.. Nill. No Trustees received remuneration during the year12024.. Nill. Trustees are reimbursed for travel expense5 through the parent company. the National Museum of the Royal Navy. Page 19
The Fleet Air Arrn Museum Charity number.. 250079 Notes to the financial statements for the year ended 31 March 2025 Tangible fixed assets Land and Bulldlngs Total Cost or valuation At l April 2024 On revaluation 6,128,796 131,372 6.128,796 131,372 At 31 March 2025 6,260,168 6,260,168 Depreciation At l April 2024 Charge for the year On revaluation 505,528 276,934 11,678 505,528 276,934 11,678 At 31 March 2025 794,140 794,140 Net bookvalues At 31 March 2025 5,466,028 5,466,028 At 31 March 2024 5.623,268 5.623,268 On 6 May 2022 the land and buildings of the Fleet Air Arm Museum were revalued by Avison Young in accordance with the stated accounting policy. The revaluation was condutted by a qualified surveyor on a depreciated replacement cost basis and in accordance with the RICS Appraisal and V31uation manual15th Editionl. Heritage assets At l Aprll 2024 Dlsposals At 31 March 2025 Carrying amount 802,514 13481 802,166 There were no additions made to the Collertion in the year. There were no impairments dtjring the year. Five-year 5umrnary 2025 2024 2023 2022 2021 Additions Purchases Donations Dis osals 348 22.293 Debtors: amount5 falling due within one year 2025 2024 Other debtors 103.837 2,500 Page 20
The Fleet Air Arrn Museum Charity number.. 250079 Notes to the financial statements for the year ended 31 March 2025 Creditors: amounts falling due within one year 2025 2024 Trade creditors Accruals 2,400 7,110 9,600 2,500 16,882 Deferred revenue Amounts owed to group undertakings 15,158 28,982 10. Restricted funds l Aprll 2024 Incomlng Outgolng Transfers Revaluatlon 31 March 2025 Cobham Hall and Leading Edge Barracud Gosling Fund 2,811,634 232,837 307,930 1138,4671 59,847 2,733,014 232,837 307,930 3,352,401 1138,4671 59,847 3,273,781 l April 2023 Incoming Outgoing Transfers Revaluation 31 March 2024 Cobh3rn Hall and Leading Edge Barracuda G051ing Fund 2,947,990 62 307,930 1129,1901 274,980 142,2051 17,1661 2,811,634 232,837 307,930 3,255,982 274,980 1171,3951 17,1661 3,352,401 Cobham Hall and Leadin Ed This fund represents the net book value of the development at Cobham Hall and the Leading Edge exhibition, funded by donations made in the past. Barracuda Don3tion5 have been rnade towards a project to restore a Barracuda. These funds will be granted to NMRN Operations for the Barracuda project at the Fleet Air Arm Museum. Goslin fund The Trust received a legacy from the estate of Sir Donald Gosling to be used to upgrade the Carrier Experience at the Fleet Air Arm Museum. Page 21
The Fleet Air Arrn Museum Charity number.. 250079 Notes to the financial statements for the year ended 31 March 2025 12. Analysis of net assets between funds Tan8ible Flxed Assets Net Current Assets 2025 Total Unrestricted funds Restritted funds 3,535,180 2,733,014 333,279 540,767 3,868,459 3.273,781 6,268,194 874,046 7,142,240 Tangible Fixed Asset5 Net Current 2024 Total A55ets Unrestricted fund5 Restricted funds 3.614.148 2,811,634 193.011 540,767 3,807,159 3,352,401 6,425,782 733.778 7.159,560 13. Ultlmate parent undertaklng The Fleet Air Arm Museum considers the National Museum of the Royal Navy INMRNI, a charitable company (charity number 1126283, company number 066996961, to be its ultimate parent undertaking. Control is exercised by the NMRN being the sole corporate Trustee of The Fleet Air Arm Museum. Consolidated accounts can be obtained from the NMRN'S registered office- National Museum of the Royal Navv, HM Naval Base PP66, Portsmouth, Hampshire, POI 3NH. 14. Related party transactions The charity has taken advantage of the exemption under FRS 102 33.IA regarding disclosure of transactions with other NMRN group entities. There were no other related party tran5aCtions12024.. None). Page 22