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
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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
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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.
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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
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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
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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.
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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.
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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
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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
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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
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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
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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.
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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.
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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
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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.
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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.
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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