1 **NEWARK AIR MUSEUM TRUSTEES REPORT FOR THE YEAR 2021** Our 2021 did not get off to the best of starts as we were in Covid Lockdown number 3. Here is an appropriate time to place on record our thanks to all of the staff, members and visitors who have helped the museum during this challenging time. As a volunteer managed registered charity we rely on public admission fees, shop sales etc. to fund our operation and like most similar organisations in 2021 we once again relied on the generosity of our visitors, volunteers and staff to help us get through. We were closed for the first three months of the year, and on a part time basis in April and May; in total four one hundred and twenty three (123) days out of a planned three hundred and sixty two (362) days. Ppeople associated with the museum continued to meet the requirements of lockdown and not being able to access the museum’s site. However, despite these challenges we still attracted 17,269 paying visitors. Where appropriate, staff were furloughed and wherever possible we continued to apply for grants and funding to help ensure our survival. We continued the ad hoc supervision process whereby when appropriate we checked alarms, monitored the waste treatment plant and that everything was secure. We remained grateful to a number of groups and organisations who have been offering advice and guidance and we would like to give a particular shout-out to the following for their advice and guidance: Association of Independent Museums (AIM); Museum Development East Midlands (MDEM); The team at Visit Notts; the Office of the Rt Hon Robert Jenrick MP; the tourism & finance teams at Newark & Sherwood District Council (NSDC); Arts Council England; and Visit England – they all helped us greatly and we do appreciate their support. As in previous years the trustees will use this report to detail the museum’s performance against its stated Forward Plan and Strategies. The accompanying accounts have been prepared in line with updated SORP reporting guidelines. We have also complied with the requirements of the Charities Act 2011 in having due regard to public benefit guidance published by the Charity Commission. The trustees still aim to retain a reserve fund of £40,000 as part of their budgeting process to cover any period of significant loss through accident or natural adverse events; a point that became more apparent this year. We did however manage to arrange a socially distanced AGM in Hangar 2. ## **Performance Against Our Five Year Forward Plan** ## **AIM 1.** _**Development & continued integration of the Southfield Site.**_ Whilst local pressures on the museum’s existing infrastructure were reduced by Covid regulations; the need for the continued integration of the Southfield Site into the museum operation; remains an important part of our development. Upward pressure on rent for the leased site remains and we are still monitoring its effect on our Northfield Site lease. The previously implemented new hardstanding area on the Southfield Site, and the repositioned aircraft provided ideal facilities and backdrops for the various museum events that were hosted during the second half of the year. Our waste treatment system, continues to operate within specification, as verified by the associated sampling regime and we continue to comply with Environment Agency discharge standards for the waste water discharge into the culvert. The café with its varied menus continued to thrive despite the need for higher prices due to the VAT and ever increasing costs. The grassed area of the Southfield Site continues to be maintained, which has enabled its continued utilisation as a temporary car parking area for special event days; thereby easing parking issues elsewhere. The RAF Winthorpe Memorial Garden continues to be well maintained; and we were able to host a Remembrance Sunday service in November. 2 ## **AIM 2.** _**Secure the long-term future of Aircraft and Small Artefacts.**_ The quality of the restoration work and displays coming from the volunteers and staff continues to be of the highest standard. We continued to comply with various Covid- Secure regulations, and initially continued with the Rule of Six, whilst adapting our methods of working. When permitted restoration and cleaning work was carried out on the following exhibits, notably: Ashton, Buccaneer, Canberra B(I)8, Canberra T19, Cushman & David Brown tractors, Chinook, Dove, Draken, Gannet; Gazelle; Harvard, Hastings, Heron, Hunter T7, Jaguar cockpit, Jindivik, Lancaster Corner, Lightning, Lockheed T-33, Lynx, Meteor NF14, Meteor T7, Merlin engine, MiG-23, MiG-27, Monospar, Mooney, Mystere, Puma, Shackleton, Viggen and Vulcan. Issues raised in Conservation Reports on the Vulcan and Shackleton continued to be discussed with the Lincolnshire’s Lancaster Association (LLA). This resulted in an agreement being reached for the ownership of both aircraft being transferred to the museum in December 2021. Both aircraft have been on long-term loan at the NAM site in eastern Nottinghamshire since they were first acquired; back in 1977 for the Shackleton and 1983 for the Vulcan. In recent years the LLA has been the owner of both aircraft and they have provided financial support for recent restoration and repainting work on both aircraft. That responsibility now rests with the museum and in anticipation of that change we purchased a set of jacks for the work required on the Shackleton. Due to Covid, the Accreditation resubmission process remained largely stalled. We continued to work updating our Policies and Processes, but along with many other organisations we retained our Accredited status. Rationalisation of some non-accessed items continued to other properly constituted organisations / restoration projects; in line with one of our stated charitable aims of supporting other aviation projects. A programme of building maintenance and upkeep was ongoing. Various fresh displays were incorporated around the museum, including the positioning of the munitions display in Hangar 2. Greater use of the Archive was maintained and we responded as required to public enquiries, which benefitted a number of local groups and organisations; despite being closed for many months. ## **AIM 3.** _**Continue development of the educational resources we provide.**_ Despite closures and Covid regulations we hosted twelve facilitated school visits and most of these took place during the autumn. This equated to 313 young people from across the region; covering age ranges from Reception to Year 6; with topics of World War I, World War II and flight. In addition, we hosted one Air Training Corp (ATC) unit, two Cub Scout packs and fifteen other group visits of various sizes. Recording of memorial dedications continued as a means of supporting our wider charitable aim to the commemoration of aviation in the local area. The Anderson Shelter/Dig For Victory Garden and the World War II era Royal Observer Corps Post displays continue to provide important focal points for education visits and also the wider general public. During this period the museum developed a positive relationship with a young teenager from the northeast of England. Jack Berry, is a selective mute and he has engaged in a positive way with the museum and a number of our exhibits. Jack and his family have produced a fund raising book of his various artworks and we have benefited from some of the proceeds raised from its sale – Jack was given the honorary title of Teenage Artist in Residence. ## **AIM 4.** _**To improve the Visitors experience whilst at the Museum and increase access to all areas of the collection.**_ In the autumn, we once again passed our VAQAS (Visitor Attraction Quality Assurance Scheme) assessment in autumn, with a s lightly increased overall score as compared to our previous pre-Covid assessment. 3 Working within the ever changing Covid-regulations we were able to host three special events; an outdoor Aeroboot in July; Cockpit-Fest and an outdoor Aeroboot in August; and the Autumn 1940s Weekend in early October. To protect our volunteers and visitors we opted not to reinstate any open cockpit access at the museum. However, some volunteers undertook external tours of aircraft; and guiding continued to help maintain safe visitor flows. The reasonably good visitor numbers that we were able to record seem to highlight that people felt comfortable in visiting us during this challenging period. ## **AIM 5.** _**Develop further the subject of Training as a key theme of the museum.**_ The process of transferring Eurofighter Typhoon DA4 (ZH590) to the museum, remained stalled throughout the year; not least with access to being restricted. We still intend to complete this project. Progress with Leicestershire County Council (LCC) over the possible acquisition of the Reid & Sigrist Desford airframe, remained slow. For the most part this was due to the LCC undertaking additional consultation work within the council and the wider community; it remains an active acquisition target. Early in the year the museum a collection review by Aerospace Bristol allowed us to take ownership of GAF Jindivik, A92-708. As an Accredited Museum, we were able to facilitate the transfer of this exhibit in quite a simple manner. The exhibit was moved to the museum at the end of June. Its use as a target drone for training aircraft crews means that the Jindivik lies within our training aircraft collecting policy remit; and it also complements our UAV display in Hangar 2. Two training aircraft in the collection the Lockheed T-33A and the Canberra T.19 received a lot of restoration attention and both were repainted in striking colour schemes. ## **AIM 6.** _**To implement better project planning and enhanced communications at all levels of the organisation.**_ Throughout the year significant effort was maintained into providing regular updates and posting up to date and informative content onto the museum’s website. The Social Media activities continued to be supported with both the Facebook group and a Twitter account flourishing. Once again both platforms helped keep the volunteers and public advised of our opening status and the Covid-Secure procedures that were being implemented when we were open. Our quarterly museum membership renewal system continues to encourage more people to take out museum membership. Guest writers continued to be encouraged to contribute articles and features to the Dispersal newsletter; the museum is grateful for this ongoing independent input from around the world. A big part of planning for reopening was centred around understanding and implementing the various Covid regulations to ensure that we could open in a Covid-Secure manner, and fulfil our ever changing legal obligations the regulations brought us. This was done successfully and without any closures due to Track & Trace infringements, non-compliance etc. A regime of rotas for visitor management, volunteer work opportunities were well received and successful; most notably a socially distanced clean-up of the aircraft and associated displays before the April reopening was well supported. Supplementing this on site work detailed Conservation Studies were carried out on several aircraft, which allowed us to take balanced decisions when needed. The most notable of these related to the Shackleton and Vulcan and allowed us to accept both aircraft into our ownership. Special thanks to those volunteers and staff who undertook these surveys. Gift Aid data started to be entered thanks to the efforts of museum staff; albeit the HMRC online claim system was not submitted until 2022. During the year various a limited number of meetings were held with a number of external partners / advisors including the local councils; site landlords; local Heritage Fora; reports and feedback information were made available for these activities. The outsourcing of a significant part of the book keeping work, furlough, wages and PAYE continues to work well. Beneficial external programmes, for trustees, staff and volunteers continue to be used as and when appropriate. 4 ## **AIM 7.** _**To invest in people and to encourage an enhanced personal involvement in the Museum and its collection.**_ Despite the impacts of Covid regulations the manner in which we managed our volunteers continued to be sustained thanks to the efforts of the Restoration Manager, with support from various museum volunteers and the trustees. The role of the working members remains extremely important, albeit with a much reduced number of volunteer hours being recorded during 2021; and many thanks go out to everyone involved in this vital work. Further working members were inducted at the museum and the aircraft documentation items continued to be integrated into the Conservation Policy. Audience Development work continued with further consultation exercises via the Visitors Book; post codes gathered from Gift Aid data. This included feedback for the ONS and VisitEngland – and in turn providing support data for possible future grant funding applications. The commitment of trustees and staff has continued to address various administrative tasks including: Health & Safety; Food Hygiene Regulations; SORP Compliance for the Charity Commission; the National Minimum Wage; Pension legislation; Furlough and Radiation Monitoring. In particular, CovidSecure Health & Safety documentation continued to be high on our Agenda along with other policy documents, including the cash-flow forecasting and various items connected to Museum Accreditation. The museum’s relatively stable financial situation meant that it remained ineligible for many of the major grant programmes that the Covid pandemic presented, further schemes were evaluated, but we did not submit any major capital, or survival applications. There was a reduced level of Staff meetings but we endeavoured to main communication channels via, email, telephone and via the website. ## _**AIM 8. Foster greater links with the armed services and veterans in the local area**_ The opportunity to establish bonds with the local Royal Air Force Stations was limited by Covid regulations. However, the deactivated munitions we received following the closure of a RAF Explosive Ordnance Disposal (EOD) squadron RAF Wittering; continued to be worked on to return them to display standard. These links continued to be reinforced by recording low flying aircraft on training flights over the museum, on a special page on the museum website. We were really pleased to be able to hold an in-person Remembrance Day Service at the museum, which was well attended. Once again another expanded Weeping Lancaster commemoration in Hangar 1 was implemented by Nigel and Jude Bean, again attracting many positive comments from visitors. ## _**Other Milestones**_ The museum again fulfilled some mentoring / consultation work with several like-minded groups mainly via email, telephone communication, but also with a couple of site visits. As has become the sad custom we complete this report when we note the sad passing of long standing museum volunteer and Vice-President, David Roberts; who along with his late wife Jenny did some fantastic restoration work on the Hastings. For many years David was also our marking guru, which allowed us to start the reapplication of authentic markings to many of our exhibits – blue skies David. _**Approved at the AGM on 03.09.22**_ _**The Museum is a registered charity no. 256434**_ Newark INottlngharn5hlre & Lincolnshire) Air Museum Limlted Company Registration Number- 00930888 Reference and AdministratFve Details as at 31 December 2021 The Trustees are presenting a separate Trustees Report Referen¢e and administrative details The thority nome The legal name of the charity is'.- Newark INottingharnshire & Lincolnshirel Air Museurll limited The charity is a150 known by its operating name, Newark (Nottinghamshire & Lincolnshirel Air Museum Limited The charity'5 ¢7reos operotlon and UK churlttsble reglstrotlon The charity is registered in England & Wale5 Wlth the Charity Comm15sion in England & Wales ICCEWI with charity number 256434 Legalstructure of thechority The governing document of the charity is the Memorandum and Articles of Association establishing the company ijnder company legislation. By uperation of law all, trustees are directors under the Companies Act 2006 and 311 director5 are trustee5 under Charities legislation and have responsibilities, a5 such, under both company 2nd charity legislation. The trustees are all individuals. H Heeley DJHibbert C Savill C Rice D Grittiths J Allen A G Clark K Giaham D E Ha2le MAWebb resigned 16 October 2021 appointed 8 December 2021 appointed 3 November 2021 Secretary H Heeley Bankers HSBC Market Place Newark NG24 IEQ Company Registration Number.. 00930888 The Charity Registratioll Number is.. 256434 Newark INDttinghamshire & Lincolnshire) Air Museum Limited Report and Accounts 31 December 2021 Nèwark (Nottinghamshire & Lintolnshiiel Air Museum Limited Report and account5 for the year ended 31 December 2021 Contents Page Independent Examiner's Report Fund5 Statements: Siatenient of Financial Activities Movemerit in funds Income and Expenditure Account Balan¢e Sheet Notes to the Accounts Newark INottingham5hire & Llncolnshirel Air Museum Limited Report of the Independertt Examiner to theTrustees of the charitable compat)y on the accounts forthe year ended 31 December2021 I report on the financial statements ol the charitable company oll pages 3 to 16 for the year ended 31 OÈcember 2021 which have been prepared ITr 3ccordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, leflective 1st January 20161 as modified by FRS 102 50RP (Statement of Recommended Practice forAccounting arld Reporting by Charities) 2015 la5 amended by Bulletin l issuerl February 2016 and Bulletin 2 issued in Ortober 20181 published bythe Charity Commission in Englènd & Wèle5 ICCEWI. effettiveJanu3ry 2019 Ifhe SORPI, underthe historic81 cost convention and the accouniing policie$ Set out on page 9. Respective responsibilities of the Trustees and the Independent Examlner As described on pa8e 2, the charitable company's Trustee5 who are also the Directors of the Companyfor the purposes of Company18w, are responsible for the preparation of the financial statements in aicordance with applicable law and United Kingdom Generally Accepted AccountilTr8 Practice, applicableto smèller entities, and for being satisfied that thefinancial statements give a true and fair view. The Trustee5 con5iderthat the audit requirement of Section 14411) olthe Charities Act 2011 (the Act) doe5 not apply, and that there is no requiremÈnt in the memorandurll and article5 01 the charity for the conducting of audit. and that the accounts do not requirean audit in accordance with Part 16 of the Companie5 Act 2006 and that no tnemberor rnernbers have requested an au(lit pursuant to Section 476 of the Companies Act 2(Q6. As a con5equente, the Trustee5 hève elÈtted that the financial statements be subject to independent eKamination. Havingsatislied myself that the charity is not subject to audit under any legal provision, or otherwise. and is eligible fDr independent examination, it is my responsibility to'.- al examine the account5 under Section 145 of the Aci,, bl follow the procedure5 in the General Directions 8Dien by the Charity Commi55ion under Section 14515llbl of the Act and,. cl state whether particular m8tte15 have come to my attention Basi5 01 Independent Examanerfs Statement and scope of work uidertèken I conducted my examination in accordance with the General Direttion5 given by the Charity Commi55ion under Section 14515llbl olthe Act, setting out the duties ol an Independent Exatniner in fe13tion to the conducting of an Indppendent Examination. An llldependent EXB Thination includes a review of the accounting record5 kept by the charitable company and of the actounting systems employed by the charitable company and a cornparison ¢f the financial statements presented with those recDrds. It also include5 consideration off any unusual items or disc105ures in the financial statefflents. and seeking explan31ions from you, a5 Trustees, concerning such matters. The purpose ol the examination is to establish a5 lar as po55ible thai there have been no breaches of charity legislation and ihai the financial statetnenis comply with the SORP. on 3 test basis, of evidence relevant to the amounts and disclosu￿$ in the linèncial statements. The procedu￿$ undertaken do not provide all the evidenc2 that Would be required in an audit, and nlormation supplied by the Trustees in the course L¥f the examination is not subjected to audit test5 or enquiries, and consequently I do not express an Budit opinion on theview given by the financial statements, and in particular, l e￿presS no opinion as to whether the financial statements give a true and foirview of the 3ffairs of the charityj and my report 15 limited to the matter$ Set out in the staternent below. I planned and performed my examin81ion so asio sat5ify myself that the objectives of the Independent Examination are achieved and before finalising Ihe report l obtained written assuranc￿ from theTru5tees of 811 materi41 matters. Newirk (Nottinghamshire & Untoln5hirel Air Museum Limited Indepèndent Examiner's Statement, Report and Oplnlort Subject to the limitatlolls upon the scope of rny work as detèlled above, In ttsnnection wlth my examination, I can tonfirm that... The 3ccounts of th15 charit3blÈ compafjy are not requlred to be audited under Part 16 of the CofflpaniesAct 2006,. The gross income ol the charitablecornpany in the yÈar ended 31 December 2021 èppear5 to exceed the sum specitied in Section 145131 of the Act. namely £250,000, and that l am qualrfied to èct as Independent ExaTlliner in accordance with that settion by virtue ol my being a qualified metnber of thÈ Institute of Chartered Accountant5 in England and Wale5 IICAEWI.. This is a report in respect of an examination carried out under Section 145 of the Act and in accordance with GeneFal Dirertions given by the Charity Commission under Sèction 14515llbl of the Act which may be applicable,. and that no rnatter has come to rny 8ttentlon in connection with my examination which gives mè rÈ2sonable causelo believe that in any material respect the requirements:. to keep atcounting records In accordance with Section 386 01 the Companies Att 2006 3nd Section 130 01 the Charities Att 2011,. to prepère financi81 statemÈnt5 which accord with the accountlne record5 and CtrTnply with the accounting requirements of Section 396 of the Companies Act 2006 and the Charities Act 2011 and.. have been prepared in 3ttordance with the requirÈments of SÈctioD 396 of the Companies Act 2006 and with the methods and Pfinciple5 set out in FRS102 Statemènt ol Recommended Practice Accounting and Reporting bychariiies leffettive January 20191 have not beeTr met or to which, in myopinion, attentlon should be drawn in my report in order to enable a proper understanding of theaccounts to be reached,. ss Rashid- Independent Exarniner Chartered Accountant IICAEWI 27 C3511e8at& New3Tk Nottinghamshire NG24 IBA This reportwas signed on 31st May 2022 Newark INottinghamshire & Lincolnshlrel Air Museum Limited Statement of Financial Activities for the year ended 31 Decembei 2021 Statement of Fin3ncial ActivSties Ilncluding the Income and Expenditure Account for the year ended 31 December2021, a5 required by the Companies Act 2006 SORP Ref Cutrentyear Unr*5tricted Currentyear Èstrirted Current yÈar Total Funds PThoryear Totsl Funds Funds Funds 20Zi 2021 2r121 Z020 Income & Endowment5 from.. Donation, Legacie5 and Grants Charitable activitie5 Other trading activities Invèstments Al A2 A3 A4 109,243 137,025 71,532 io 109,243 137.025 71.532 io 127,309 82.727 40,260 iio Total income 317,810 317.810 250,406 Expenditure on.. R3i5in8 funds Charitable activities Bi 82,867 276,488 82,867 276,488 68,769 267,321 B2 Total expenditure 359,355 359,355 336,090 Net expenditurefor theyear 141,5451 141,54SI 185,6841 Net expenditure after transfers 141,5451 141,5451 185,6841 Net movement in funds 141.5451 141,5451 185,6841 Recorsciliatlon of funds... Total funds brought forward 708,034 708,034 793,718 Tolal funds carried foEward 666,489 666,489 708,034 The'50RP Ref, indicated above is the cla55ification of income set out in the formal SORP documents. As required by parègraph 4.60 of the SORP, the brought fonvard and carried forward funds above have been agreed to the Balance Sheet. A separate Statement of Toial Recognised Gains and Losses is not required as this statement includes all recognised gèins and1055es. All the prior year tranSaCliorTrs were unrestricted items, and no further analysig is required. All activities derive from continuing operations. Newark (Nottinghamshire & Lincolnshirel Air Museum Limited - Statement of Financial Activitie5 for the year ended 31 December 2021 Newark (Nottinghamshire & Lincolnshire) Air Museum Limlted - Resources applied in the year ended 31 December 2021 towards fixed assets for Charity use:_ 2021 2020 Funds used in the year as detailed in the SOFA Resources applied on function31 fixed assets Resources applied on Heritage asset5 12,4801 112,1181 Net resources used to fund charitable activities 12,4801 112.1181 Newark INottinghamshire & Lincolnshire) Air Museum Limited Statement of Financial Activities for the year ended 31 December 2021 Movements in revenue and capital fvnds for thè year ended 31 Dè¢ember 2021 Revenue accumulated funds Unrestrittèd Restricted Ttstal Funds Funds Funds Total Funds 2021 2021 2021 2020 Accumulated funds brought f0V￿ard 708,034 708,034 793.718 Recognised gains and losses before transfers 141,5451 141,5451 185,6841 666,489 666,489 708.034 Closing revenue funds 666,489 666,489 708,034 Revaluation Reserve Fund Unrestricted Funds Restricted Funds Total Prior year Total Funds Funds 2021 2021 Z021 Z020 At 1st January 2021 At 31 December 2021 Summary of Funds Unrestricted and Deslgnated funds Restricted Funds Total Prfor year lotal Fltnds Funds 20ZI 2022 2021 2020 Revenue actumktlated funds 666,489 666,489 708,034 Neviark (Noltinghamshire & Lincolnshirel Ali Museum Lirnited- Statement of Financial Artivffcies for the year ended 31 Detember 2021 Nèwark (Nottinghamshire & Ltncolnshirel Alr Museum Limited Income znd Expenditure Account for the year ended 31 December 2021 as required by the Companies Ad 2006 2021 20ZO Intome Income from operations 317,800 25Q,296 Invesiment income Interest receivable io LIO Gr055 incorne in the year before exteptlonal items 317,810 250,406 GrD55 income theyear including exceptional Items 317,810 250,406 ExpeRdAture Charitable expenditure, excluding depretiètion amortisation Depreci?tion and amortisaiion Fundraising c051S Governance c05t 208,738 69,194 79,143 2.280 195.753 69,348 68,769 2,220 Total expendlture in the year 359,355 336,090 Net loss before tax in the financial year 141.5451 185,6841 Tax on deficlt on ordin3ry3Cli¥ities Net loss aftertax in thefinancial year 141,5451 185,6841 Retained deficit forthe financial year 141,5451 185.6841 All activities derlve frorn continuing operations In accordanie with rhe provisions olthe Companies Act 2006, the headings and Subheadings used in the Intome and Expenditure account have ad4pted to reflect the special nature of the charity's activities. Newark (Nottinghamshire & Llncolnshirel Air Museum Llmlted Balance Sheet as at 31 December 2021 Sorp Note Ref 2021 2020 Flxed assets Tangible assets Heritage assets 9 A2 8 A3 476,432 27,260 540,087 30,319 Total fixed a55ets 503,692 570.406 Current èssets Stocks Debtors Inv&stments held as current assets CBSh at bank Ind in hand Bl 11 B2 12 B3 84 14,387 29,812 15,497 22,464 132,391 115,737 Total current assets 176,590 153,698 Creditors.'amounts falling due within one year 13 Cl 112,5091 114,7861 Net current assets 164,081 138.912 667,773 709,318 Creditors.. 3mounts falling due after more thzn one year 14 C2 11,2841 11,2841 The total net assets of the tharity 666,489 708,034 The total net assets of the charity 3re funded by the funds ol the charity, a5 lollows'.- Re5tTiCted Funds Unrestricted Revenue Funds D3 666,489 708,034 Designated Fund5 Total Charity Funds 666,489 708,034 The 'SORP Ref as indicated above 15 the classification of Balance Sheet items as set out in the form31 SORP docurnents. As required by paragraph 4.60 olthe SORP, the brought forward and carried forward funds above have been agreed ro the SOFA. The director5 are satislied that the company is entitled to exemption from the requirernent to obtain an audit under5ection 477 of the Companies Act 2006. Newark (Nottinghamshire & Lincolnshire) Alr Museum Limited Balance Sheet as 31 December 2021 Th& rnernbers have not required the company to obtain an audit in accordance with section 476 of the Act. The directors acknowledge their respDnsibilitie5 lor complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounis. The charity 15 subject to Independent Examinalion under charity legislètion, and the report of the Independent Examiner is on page I The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 20D6 applicable to companies subject to the 5rnall companies re8ime. H Heelev Trustee Approved by the Board of Trusteè% on 31st May 2022 Newark (Nottinghamshire & Lirt¢olnshtrelAir Museum Limited Notes to the Account5 lorthe year ended 31 December2021 l Accounting policles Poljclesrel￿1jjg to theproduction of the occounts Bass of preparatian and accounting convention The accounts have beell prepared on the attrvals bas15, undÈr the historic31 cost convention. and In accordance with the Financial Reporting Srandard 102, leffettive Istjanuary 201618nd FRS 102 SORP Iststement of RÈtommended Praitice forAccovntingand Reporting by Charitie5120151as amended by Bulletin l issued Febru3ry 2016 and Bulletln 2 15sued October 20181 published by the Charity Commission in England & Wales ICCEWI. effective lènuary 2019, (The SORPI, financial statements inaccordancÈ with FRS 102 SORP (Statement trf Recommended Practite for Accounting and Reporting by Ch3ritiesl 2015185 amended by Bulletin l issued in February 2016 and Bulletin 2 issued October2018 Èffpctivejènuary 20191 Goln8 Concprn The trustee5 are of Iheviewthat the chariiy is 3 going cortcern. Policies relrsting ts ¢Lrtegoriesolin¢ome and intome recognltiort Mernbership subscriptions The income and any assoiialed Gift Aid orother tax refund from a membership subscription received bythe charity in the nature of a gift, 15 accounted for on the same basis as a donation. The incotne Irom a membership subscription receiv@d by the charlly where the Subscription purihase5 the right to Polities reluting to experrditure on goDd50ndseNAtesprovidedto the ¢hority Recoghltion of liabilities and expendlture A liability, and the relatedexpènditure, is recogni5ed when a leg?1 or constructive obligation exists as a result of a past event, Bnd when it Is morE likely than not that a transfei ol economic benefits will be required in settlernent, when the amountof the obligation can bÈ measured or reliably estimatèd. Liabilities arising ffom future funding commitment5 and constructive obligJtlOn5, including pèrfortnance related grants, where the timing of the amount of the futur2 expenditure required to Settle the obligation are uncertain, give rise trj a provlsioTr in the accounts,which 15 reviewed 3t the accounting yeorend. The provision 15 increased to rellett any is no longer required. These movements are charged or credited to the respectivè funds and activitiesto which Ihe Volunteers In accordancewith the SORP, and in recognitlDn of the diffiiulti25 in p13cin8 a monÈt8ly V31ue on the contribution from volunteers, the contribulion of volunteer5 15 not Included within ihe income of thp charity. Howevèr, the trusteÈ5 value the 5ignific3nt cOntribut￿n made to the activities of the charity by unpaid volunteers and thi5 is de5crlbed mofefully in Note 5. Newark INottln8ham5hire & Lincolnshire) Air Museum Limited Notes to the Actounts for the year ended 31 December ZOZI Policies relatlng to ttssds liabilities ondprjwisions and othermutters T3ft8iblefixed assets Tangible fixed assÈt5 are rnea5ured at their original c05t value, or subseouènt revaluation, or If dtrnat￿, a5 described above. Cost value includes èll costs Èxpended in bringing thé a55et into ils intended working condition. Depreciation has been provided atthe following rates in order to write off the assel5 to their anticipated re5dual value over estimated useful lives. Land Hnd Buildings Plant8nd Maihinery 5% Strai8hl Line 15% Straight Line Heriiage a55ets ThE charity has herit8ge assets, that Is non-monetary 8SSets with histaric, artistic, sclentific, technobgical, geophyslcal orenvironmental qutrlities that are held and naintained principally for thelr contrlbution to knowledEe and culture. They are depreciated on a straight line basisat 5%. They aTe valued ai c05t. stocks and work in progress 5tock5 held for sale as part of non-charitableirade arevalved at the lower of cost and Tret reali5able value. Debtors Debtorslincludin8 rr8dedÉbtors and loans receivable) are measured on initial recognition 3t sertlement amount after any trade discounts or amount advanced bythe charity. Subsequently, they ère rne3sured ai the cash or other consideration expectedto be received. Current asset InvEStments These include cash on deposit held for investment purposÈs rathÈrth3n to meet short-term cash commitments 8$ thev Creditors and provisions The charity has creditors which are measured at settlement amounts less any trade discounts Cash 3nd bank balances Cash held by the charity is included at the amount 3Ctu8lly held 3nd counted 8t the year end. Bank balances. whether in credit or overdrawn, arE shown it the amounts properly reconclled to thE bank 5t3temeni5. TheTrustÈE5 consider that the charity s8tislies the tests set out in Paragraph i Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordinglyi the Ch8ritY 15 Potentiilly exempifrom taxation in respeci of income Dr c3pital gains received within the categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Att 1992, to the extent that such income or 83lns are applied exclusively on the Specific chariiable objeits of Ihe ch3rity and for no other purpose. V3luÉ Added Tax 15 not recoverable by the charityi and is therEfore included in the ￿leVant¢05t5 in the StatemÈntof Financièl ActivSties. 3 Windln8 up ordi55olutionof the charity theassets represented by the accumulated fund shall be transferred to some other charitable body or bodie5 having io Newark INottingham5hire & Llncolnshirel Aiy Museum Limtted ote5 to the Accounts forthe yearended 31 Deomber2021 4 Net deficit before tax In the financial year 2021 Z020 The net deficit before tax in theflnancial year 15 Stated 3ftercharging:_ Depreciation ol owned fixed assets Depreciation and 3morbsaiion of heritaeeassets 66,135 3,059 66,289 3,059 S The contribution of volunteers The value of any voluniaty help received is not included within the accounts but it is decribed in the Trustees, Annual Report. 6 stsff £osts and emolurryents 20ZI 2020 Average numbers of employees including directors employed dvring the year.. Museum Colé Twstees Staff Costs 2021 2020 Salaries and wage5'. Museum Café Social security and pensw)n costs 102,246 53,279 5.073 160.598 98,872 50,696 4,439 154,007 No employees had emolurnents in excess ol E60,00012020'.nill. 7 RemuneratSon payrneDt5 to Trustees Ind persons connetted with them No tru5tee5 or persons cgnnected with them received any remuneration from the charity, or any related entity. The trustees were re-imbursed travel expenses durillg the year £8612020.'nill. 8 Heritage a55ets includedln the a¢￿unt5 Total ol valuation and c05t Total of valuation and ct>5t 2020 At Cost At valuation 2021 2021 2021 Cost At l JaTruary 2021 Additions 61,178 61,178 61,178 At 31 December 2021 61.178 61,178 61,178 DÈpre¢iation At I Jlnuary 2021. Chargefor theyear 30,859 3,059 30,859 3,059 30.859 3,059 At 31 December 2021 33,918 33,918 33,918 Net book v3lue at 31 De(ernber 2021 27,260 27,260 27,260 li Newark (Nottinghamshire & Lincolnshire) Air Museum Limited Notes to the Accourtts for the year ended 31 December 2021 Land and Buildings Plant and Machinery 9 Tangible fixed assets Total Cost At l Jalluary 2021 Additions Disposals At 31 December 2021 1,243,332 41,733 2,480 1,285,065 1,243,332 44,213 1,287,545 Depreclatlon At l January 2021 Charge for the year Disposals At 31 December 2021 727,963 59.743 17,015 6,392 744,978 66,135 787,706 23,407 811,113 Net book value Al 31 December 2021 455,626 20,806 476.432 At 31 December 2020 515,369 24,718 540,087 10 Stocks & work in progre55 2021 2019 Stocks before write down5 14.388 15,497 14,388 15,497 11 Debtors 2021 2020 Tr3de debtors Pi@payments and accrued income oiher debtors 10.261 19,551 7,915 14,549 29,812 22,464 12 Imiestments held as current a55ets at market valLse at 31 December 2019 2021 2020 Cash on dep051t- more than 3 months notice 12 Newark INottingharnshire & Llntolnshirel Alr Museurn Llrniled NDte5 to the Accounts ftsFihe year ended 31 De￿rnber 2021 13 Creditors'.amounts falling due within one year 2021 2020 Trade creditors Accruals 923 11,587 1,373 13,413 12,510 14,786 14 Creditors.. amounts falling due after more thaTr one year 2019 2019 Other creditors-non interest bearing redeemable bond 1,284 1,284 15 Loans to trustee5 included Sn debtOTS There are no loans to trustees, IG Guarantee5 made by the charity on behalf of trustees There are no guarantees mède by the charity on behalf ol the trustees. 17 Income and Expenditurè account sumrnary 2021 2020 At l January 2021 Surplu51lDeficitl 3ftertax for the year 708,034 141,5451 793,718 195,6841 At 31 December 2021 666,489 708,034 18 Related party transactions During the yearthe company used the services of DowTr lo Earth Prornotion5, a business operated by Mr Howard Heeley, a trustee. Expenditure in the year atnounted to £6,75612020.. £6,8011. From 1st Janu3ry 1988the Shop at the museum has been operated by the Newark Air Museum Trading Company Limited, to comply with chaiity law. All profits trf the trèding company are covenanted to the museurn. The 5h3res in the tradin8 company are held by Mr H Heeley and Mr R Bryan. 19 Ultlmate controlling party Ev@ry member ol the charity is obliged to contribute such amount as may be reouired not exceeding £1 to the assets of the company in the event of it being wound up while he or she 15 a member, or within on& year after he or she cease5 to be a member. 13 Newark (Nottinghamshire & Lincoln5hirel Air Museum Limited Detailed analysis of in¢ome and expendbture for the year ended 310Ètember 2021 as requlred by the SORP 2019 rhi5 unt71ysis isrlossifled byconventlonolnominolde51riPtions ¢7JJdnot by octivity 20 Don4tton5 and Legacles Currentyear Current year Cvrrent year Unrestricted Restricted Total Funds Fund5 Funds 2021 Prioryear Total Fund5 2021 2021 2020 Donation5 and giftsfrom Indlviduals Small d¢nation5 individually less than £l.000 Legacies Total donztions and grfts from individuals 11,488 11.488 10,991 11,488 11,488 10,991 Grants received 67.814 67,814 89.105 Membership subscriptions as donations 9,695 9,695 8,664 Glft aid and covenanted profits 20,246 20.246 18,549 TDtal Donations and Legacles Al 109,243 109,243 127,309 21 In£orne from charitsble actfvities- fradlng Artlvitles Current year CurreTht year Current year Unrestrirted Restritted Total Funds Funds Funds 2021 2021 Prfor Year Total Funds zozi 2020 Primary purpose and 8ncillary tradin% Admisslon fee5-Exhibitions afid g311erie5 135,628 135.628 80,920 Aircraft entry fee5 1,397 1,397 1,807 Total primary purp05eand anclllary tradlryg A2 137,025 137,025 82,727 22 Total Incomefrom charitable activitie5 Cuwent yeBr Current year Current year Unrestricted Restr*cted Total Fund5 Fund5 Funds 2021 2021 Pritsr Year Total Funds 2DZI 2020 Total intome Irotn charitable trading 246,268 246,268 210,036 Total Irom char¥table ictivilies 246,268 246,268 210,036 14 Newaik (Nottinghamshire & Lincoln5hirel Air Museum Limited Detailed analysis of income and e¥pendituretorthe year ended 31 December 2021 as requlrÈd by the SORP 2019 23 Incomè from other, non charitable, tradi activities Current year Current year Currentyear UnrÈstricted Restricted Totsl Funds Funds Funds 2021 2021 Prlor Year Total Funds 2021 2020 Café income 67,089 67,089 35,567 Gvide Books and RAF Winthorpe Books 1,102 1,102 1,172 CrDSS ¢hBr8e5 Newark Alr Museum Trading Co 3,341 3,341 3,521 Total from other artlvltiÈs Al 71,532 71,532 40,260 24 Investment income Current year Current year Current ye8r UnrÈstricted RÈstrirt Totsl Funds FLtnds Funds 2021 2021 Priur Year Total Funds 2021 2020 Bank interest receivable io io iio Total investment in¢omo ID io iio 25 ExpÈnditure on charltable activities- Direct spending Current year Current year Current year Unrestricted Restricted Totsl Funds Fund5 Funds 2021 2021 Prioryear Total Funds 2021 2020 Premises costs E£luc3tional visit ch3rge5 and exhibits Administrative 80,121 2,201 26,779 3,002 93,241 80,121 2.201 26,779 3,002 93,241 67,867 2,227 20,216 3.010 102,433 Wages Including employers Ni and pension Total direct spendlng B2a 205,344 205,344 195.7S3 15 Newark (Nottinghamshire & Lincolnshire) Air Museum Limited Detailed analysis of income and expenditure forthe year ended 31 December 2021 as requlred by the SORP 2019 26 Svpportcosts fDr charitable actlvlties Current year Current year Currentyear Vnre5tri£ted Re5tritted Total Fund5 Funds Funds 2021 Prior Year Total Funds zozi 2021 2020 Depreciatlon & Atnorti53tion 69,194 69,194 69,348 Support ¢o$ts before reallocation 69,194 69,194 68,454 Total support ¢osts 69.194 69,194 68,454 The basi5 Qf allocation ofcosts between attpiitles is described under accountin8 policies 27 Other expendlturÈ- Governance Cost Currentyear Current year Current year Unrèstricted Restilcted Total Funds Funds Funds 2021 2021 Prior Year Totsl Fund5 202J 2020 Independent Examiner's lee5 2.280 2,280 2,220 Total Govemance costs 2,280 2,280 2,220 28 Total Ch3ritable expenditure Currentyear UnrestrirtÈd Fur¢ds 2021 Current year Current year RestiittÈd Total Funds Funds 2021 Prior Year Total Fund5 2021 2020 Total direct spending Tol31 support costs Total Governance costs 82? B2d B20 205.344 69,194 2,280 205,344 69,194 2,280 195,753 69,348 2,220 Total £harltsblÈ expertditu B2 276,818 276,818 267,321 29 EipenditLsre on raising fvnds and costs of investment management Current year Unrestricled Funds 2021 Current year Current year Restricted Total Funds Funds 2021 Prior Year Total Funds 2021 2020 Fundraising publicity & marketing fé costs including wages Gulde books and RAF hp5tory books 3,394 78.034 1,109 3,394 78,034 1,109 379 66,769 1,621 Total fundraising ¢05t5 Bl 82,537 82.537 68,769 16