REGISTERED COMPANY NUMBER: 00930888 IEngland and Wales) REGISTERED CHARITY NUMBER: 256434 rt of th8 Trustee$ and Unaudlted Flnan¢lal Statem617t$ for the Y•ar End•d 31 D•c•mb•r 2024 for N•wark Llncoln Nottln ham5hlr8 & hlre Alr Mu Wright Wigar Limited hartered A¢c¢wntants & Bijsiness Advisers 15 Newland Lincoln Lincolnshir8 LN1 1XG
Newark Nottln ham$hlTe & Llncolnshire Atr Museum Ltd Cont8nt5 of tho Financial Stalem8nt$ lor thg Year Ended 31 Dgcember 2024 Page Report of the Tru5t88s Indgpendent Examlner's Report Stat¢mont of Flnanclal Activllies Balane• Sh••t Cash Flow Stalemènt 10 No¢•$ to th? Cash Flgw Statsmgnt Noles to the Flnan¢lal Statements 12 to 17 Dètailod Stat•mont of Flnaftcial A¢tivitigs 18
Npwark Nottln hamshlre & Lineolnshire r Musoum Ltd ort of th8 Trv5te8s forthe Year Ended 31 Deeombor 2024 The trustees who are also direciors of the charity for the purposes of the Companies Act 2006. present their port with the finan¢ial stat6monts of thè charily for th8 year 31 D•¢ember 2024. Tha trust8•9 have a¢Joptd Ihg provisions of Accounting antj Reporting by Charities.. Stalernenl of RBcomrneniJed Practice applicable lo charities pteparing their account5 in accordance with the Financial Reporting Slandard applicable in the UK and Republic ol Iland IFRS 1021 leffecuve 1 January 20191. OBJECTIVES AND ACTIVITIES Objedlve$ and alms The i>bj8cis of the tharity as d95cr&)ed in tts oov8ming do¢umgnt arn: 1. To preserve. restore. maintain and display both historical and present day aircraft for the benefit of the general public Intested In avlatlon and to promoie the futherance of interesl in world alrcraft_ 2. To prornote or join in promoting research wort in wnnection with the history of aviation and to pay or conlribute towards the expenses of any such research work. 3. To record awation history as li occuts. Publlc benefit Public ben8fit 15 Contral lo thè work of 811 chariti8s. In d9ciding what activiti85 th8 charity 11 undgrtak8 during thg ygar th8 Trustses tak& not8 oflhe Charity Commission guidance on Publie Bènafit. STRATEGIC REPORT Achi8vemgnt$ artrd porform4ncg Charitable actlvltles Oncts again, wè start8d thè y•ar in an optimistic mcw)d, and d•spite a very months In the •arfy part of thg y9ar our visitor numbers he up quite well and persisted throughout Ihe year, allowng us lo attrnct 29.095 pByiThg wsilots. Like tnany s1[lIar v(Aunteer maTraged registered charitie5 we rely on publiG admissiDn fees, shDP sales etc. to fund wr operaiions and in 2024 we are again indebted to the generosity of our visitors, voltsnteers and staff to help tss get through thank you 811. H6r6 is an appropriatè time lo also place on record our thanks to 81101 thè staff and museum eMbS for their Mtal input. Over th8 ygars tha mus8um has benefitted frorn a nufflb8r o118gacies and b8qu88t5 from Ih8 8Stat8s of formgr museum members, howev8r in 2024 we saw Ihe s8tt1gment of a signffj¢ant 58tk18mgnt from th9 931ate offom18r museum member Mr John Dove. This six-figure sum Is identified in the accounts, whieh leav8s us in a goDd financial position for the years ahead.. he was 8 long-standing museum supporter and benefactor. whose generosity has always benefited tho museum. As ever the extemal support, advice and guidance was also available. and we woukl like io give a particular menl)n lo the following organiSa"OnS.. A$SlatIOn of lTrJependent Museums (AIMI- muse Development Miélands IMDMI,. The team at Visit Nolts.. the Iourism & finance teatns at Newark & Sherwood District Council INSDCI: Arts Council England.. and Visit England- they all helped u5 and we do appreciate their 5UPPOrt. As in pr•vious y•Ars thè trustsès will usè this rèport to dètail thè museum's pèrformanco againsr rts State FoNrfaid Plan and Stta18gi8s. Tho aecompanying accounts havo bean prepared in line with SORP rèporting guTdeltnes. Wè hav8 also complied wth the requirernents of Ihe Charities Act 201 t in haviThJ due regard to public ben8frf guidanc8 published by th¢ Charity Comtnission. Page 1
Newark Notfin harnshire & co Shire Air Museum Ltd Re ort of the Tru$tee$ for tho Year Ended 31 Dècember 2024 STRATEGIC REPORT Achl8vements and performancè Parfomiance Against Our Fsvg Year Forward Plan AIM 1. Dgvelopment & ¢onllnu¢d integratlon of the Southfleld Slte. Whilsl local pressutes on the fflu5eutn's exi51ing infrastructure eased 51ightly', the need for the continued Integration of the Southfield Site into the museum operation., remains an important part of our ongoing development. Discussions wère held Sn rèlatlon to our Northrid Sita leasè and we aré stlll mnltorlng rec8ntly 8nnounc8d locèl development changes that might imp8cI on our op8ration and wh8r8 appropriat8 man8ging Ihes8 Fssues and providing input and comment when we are able to. Some much nged repainl work was corll8d out on thg eastem aThJ soulhem wall of Har4Jar 2. ch of the (¥iginal sheet-coatin98 had flaked away and these 8r8as were repainted by a local contr8Ctor. W8 anCIpate Ihal other seclons of th¥ building 11 also require attention in the future Our hardstanding areas on the Southfield Site, an(6 the posi110ned alreraft We again well used and becamè local point5 for th limited number of museum events Ihal were hosled during th• yoar. This was lurthtsr &nhanc•d dIng the yeaf by the addition of a new path in front of Hangar 2 across to the café. Our w&5te treatment system, maintained on a regular basi5 and Conllnues to operate wlthln spectfication. This is V8rthed by the a5social8d sampling regime and w8 conbnua lo cornply wth Envin)nm£nt Ag8ncy di5charg8 Standarils for the dean8d watsr being discharge(l into th8 cuIv8rt. In the ¢afé we employed a nèw manager and wth its varigd menu8 ntInUed lo thfiv8 d88pilè th8 need for higher prices ¢Jue to ever.increasing ingredients ¢Y)st$, associaled with external econornic conditions. 9rassed area Of the Southfiekl Site continues to be mainlained. which has enabled its easy udlisalion as a temporary car parking arga lor 5ppdal gvBnl days.. Ihereby ea5in9 pafking Issues elsewhe around the local aiea. The RAF Winthorpe Memorial Gard9n conlinugs to be well maintained. AIM 2. Secure the long4&rn1 fvture of Aircraft and Small Artefacts. The quality of the resloration work 8nd displays Coming frorn the volunteers and staff continue5 to be of the highest standard. something that Is comrnented on wdely in aviation cirdes. Extensive restoration and cleaning works wgrg rried out on thg following exhibits. notably.. A5hlon, Austsr AOP9, 8uccanr, C885na 310, Chinook, David Brown tractor. Dominie, Gannel, HaNard. Hastin98, Hunter Tl, Jaguar T2A. Ly¢omin9 engin8, Lightning, Lynx. Meteor T7, Meleor NF14, MiG-23, MiG-27, Puma. Shackleton. Vulcan. assorted items of groutld equipment and various munitions. During the spring we stepped in to save a colled)n ol gyrocopters from a collector in the north.i¥esl of England who had passed away., and the executor of his estate asked il we cOd help save the units. A total of seven ¢ompl8t8 or, part built gyrocopters weie collected an¢J house(J at the wnuseuTn. After many years of hawkng the RB.108 englna". YolEow Sun nu¢lear bomb casing and Firèflash M15sllo Trolley on loan from the F¢AF Museum, these were generously gifted to us during the spring. This was followed by us reaching agrèement with the RAF Museum to take on loan the Meteor F8 Mod airframe known 8$ the Prone Meteor. bthieh was part of the trials programme that the RS Desford was used for. The Prone Meteor kjan was 8x8CUt8d in JLtne and thè 8irfr8m8s was mov8d from RAFM Cosfoid, reassembled and plac8d on display in Hangar 2. After dis¢ussions with the AWRE al Alderrnaston over acquiring an inert WE177 on loan for the museurn. we are pleased to advis8 that a WE177A arrsv8d in Octob8r. This munition comp18m8nts our Y8llow Svn and BILte Sieel munitlons and Is dlsplayed next io th8 S8a Harraer. Followng discuss)ns wth ils owner about it perhaps being moved outside. the faie of the on.loan Swift finally bacam& known this year. Despite the museum having looked after the airframe for more that fifty years rt was grfted to another collection in South Wa. Work contlnued to acldres6 the i$6ues r4i$ed in the Coftservatton RBpDrts on our Vulcan and Shackkton alruaft. This indudd th6 major repaint work ¢(tinuIng on Ihe Shackleton rear fuselage area. Rationalisation of som8 non-acc8ssed it6m5 collthnued to olh8r property constituted organi5ations I r8sloralion pToj8cIs' in line with one of ow stalEd chawiiable aim5 of supporting Dther aviation projects. Th$ long running situation ragaidSng the Canberrd PR7 contirtued. with WO being undèrtaken to rtrcovor fvrthar U588ble itèms from lh8 airframè in advance of its disposal. Page 2
N6W8fk Nottin hamshir• & Linealnshlr8 Alr Museum Ltd rt of thè Trustèos for the Year Ended 31 Dec8mb8T 2024 STRATEGIC REPORT Achlovement$ and pertorn)ance A rollry programrn6 of building m8lnt8nancB 8w¥J upkeep C(lInued as required. This ineluded the repainting ol Ihe southern 8nd 8ast8m walls of Hangar 2. whgr8 much of th2 covering to the sh8eting had ftakgd off. This r8P3tnting wNk was comped by a spealiSt contractor from the local area. Good use of the Archive was maintained and we responded to re9ular public enquirie5. which b8nefitt&d a numb8r of individuals. local groups and organisation$_ AIM 3. Continuo dgvelopmenl of tha oducatlonal rasourc&s wo provido. The partnBTship wth Air and SpacB Inslitute IASII in Newark. wth the museum h05ting tllDre wsits frotn ASI siudents on various aviallon courses. Sifflilarvi5its were also h051ed for awation courses at Derby Univetsity. Througknut th8 y8ar w8 host8d a high number of facililat8d school visits, with mor8 than one thousand young people visiting frorn across th8 region, th8 aclual figure being 1,029, from thirty-three different 8chools,' covering ag8 rang88 from Rocoplion lo Yoar 9.. with topics of World War l., World War 11,. History of Flight., Transportalion & lh$ Wrighl Broth8rs.' Art & P08try and th8 Princip18s of Flight. Once again many w8r8 r8Pè8t visits and Ih8y also included $8v8ral SENISEND estsblEshments and some home-educated sludgnt visits. In addit, we hostod six Air Trainin9 Corp (ATCI units," fifteen Cublscoul pa¢ks with 371 young people SIting Incl¢JdlrrfJ a Polish Scout pack,. and six unlverslly l ASI group vls6ts of various sSzes. Th8 Anderson Shelt8rlDig For Victory Gardèn and the w01j War11 wa Royal Obswtsr cpS Posl displays continue to pwowde important focal points lor eilucation visits and aL%o members of the pvblic. AIM 4. To improvo the Visitors 8xp•rionce whllst al the Museum and incr¢as$ acces5 tD all areas of th8 collection. Throughout the year open cockpit access to our ethibits continued. This incfvded the recruitments of several new membÈrs io the Open Cockpits Team. Wg were able to hosl a reduced number of speclal ovont days. Th1$ Included.. a sprfng Aeroboot sale,. CockpSt-Fest and an outdoor Aeroboot in June,. plus, the Remembrance Sunday servi in November. l of these events were well attended and provrded a wonderKul opportunity for like-minded people to get together and cdebrate our diverse aviation heritage and history. W8 also startod work on th9 d8V81opffl8nl of 8 ngw museum bspbsitè. AIM 5. Develop further the Subject of Tralnlng as a keytheme of th8 rnus8um. Undettrrwj by the loss of Eurofighter Typhoon DA4, the museum engaged in discussions with RAF Herilaga, with the aim oljoining their project io gift various surplus airfram8S to museums in the UK. We are pleased to note that we were added lo their list to ffj¢trive a Habyk T.1 when available. In the lumn, after a short set of negolsatlons we complgt8d the wrcha8e of Short Tucano T1. ZF372. Fun¢Jlng lor the 8CqUi$ktlon wag madè possibl8 thanks lo a lègacy from th• Eslato of John Dova. The Tucano was delwered to ovr site by a team from Everett Aero. As part of the purchase agreetnent the wngs were refrtted lo the aircraft and it was repositioned it on it5 undercarriage. The fucano fills yet anolher irnportanl gap in our th8m8d display of Iraining aircraft. Whi15l in service, Tucanos were a familiar sight in the sky above the mus8um' when Ihey wBr8 retirgd Irom RAF 8grvicg in O¢tobor 2019 wè wer¢ unsuccesslul In art aiternpt to acquir8 an airframg for th9 collection. As ever several training air¢T3ft in th8 collectlon h8V8 received preparatory wns8rvation work for their eventual rostoralion in tha corning rnonths. Pag8 3
Newark Nottln hamshire & Llncolnshire Air Musèum Ltd Re ort tyf the Tru$tep$ for th• Year EndÈd 31 Dé¢emb¢r 2024 STRATEGIC REPORT A¢hlov•ment$ and p•rfomianc• AIM 6. To implement better prolect plannlng and enhanc$d ¢ommuni¢8tions al all level$ of the oroanlsation. We continued to provide regular w)dates and posting up to date and informative wntenl onlo Ihe Tnuseum's website. Social fAedia activities continue to be supported wifh both tho mv5eum's Facebook gmup, and Twitter accounl both continuo lo flourish-. a Bluesky a¢Unt was a150 establishEd. These plztf0ffl5 hebed keep the volunt8ers and public advised of our openiny status and on-site activits"e5. Our quartèrly musaum motnb8fship ien8wal system continues to 8neour8ge more peopL4 to laka out museum metnbership. Guest writer5 regularty conliibute arb'cles and features to the Dispersal rhewsletter. the mu$&um is grateful for this ongoing inputftoffi aiound thE world. As wtrth prOVTOUS yeèrs, Cons8rvation Studies were carried out on sornè aircr8ft. which allowed us lo take balanced decisKJns when needed. As ever special thanks lo those voluntEers and staff WIK) undertook these surveys and Ihg associaiod r&m8diaVr&ctificaUon Wrk requlred. Gift Aid data continued to be entered thanks to the effotts of museum voluntoers. Ouring thè spring w8 id8nlrfi8d 8 new sofvare package. which was adopled. This is morè intuitive and allows for more preeise data entry, which in 18rn all1)W for an earber submission of the annual GtFt Aid claim to be rnade. During the year varityjs meetings We held wth a number of 8x18mal partn8rs l advisors Iuding (he local countib". sit& landknTds: Ioc81 Heritag8 Fora.. national 8watton organisatitjns reports and feedback infomaliun were rnade available for these activits8s. A significanl part of the book keeping work is und8rtaken in-house by 8omeon8 on a voluntary basis, for which the Iwstees are very appre¢i&tive. However. payroll, PAYE and accountancy setv1$ continues thrtyjgh a Hew partnership wlh an aceountancy company in Newark. This has worked well and their ongoing advice and guidance is very much appreciaied. Beneficial external prMms. for tru5tee5. stsff and volunteets conllnue io be use¢J, as and when appropriate. AIM 7. To Invest In people and to en¢ourag• an gnhan¢•d porsonal Involv•mfrrtt in thg Museum and Its ¢olle¢tion. The herculean efft>rts of our volunteers has b88n maintained and Ihey have continued to attend sile and work on a grong numbor of proi9¢t5 under thg SUP8rvision of the Restoration Manager, with support from various mus8um volunteers and Ihe Irustse¥. The role of the wothing members remains extremely important, and 18.028 volunteei hours were recorded durin9 2024., and many thanks go out to everyone involvEd in this vital work. Further rkIng members were Induclod at th9 mtlseum. Audience Development work continued with further consultation exercises via the Visitors Book". p05t codes gathered frorn Gift Aid data., and online feedback through Google Re¥Aews. We also provided feedback for the ONS and V15%tEngland - all of wthich prowdes dai8 for potentl81 grant applic8tions. Tha commitment of INSe$ and stsff has conbnugd io address various adrninistratwe tasks induding.. Heatth & Safgty". Food Hygi8n8 Regular5., SORP Complianc8 for th8 Charity Comrnission.. the Nabonal Minimum we. Pension lagislation and R8dsation Monitoring. In particular, H8alth & Saf8ty and Fir8 S8fety documentation connu&d lo bg high on our Agenda along wth oth8r policy thJcum8nts. induding Ihe cash.flow lorfjc8$tlng 8nd varh)u$ items connected to Museum Accreditation. Ther8 remained a redtEC8d level of Slaff meetings bul we et)deavoured to maintsin communlcatic¥) chaTrn81s via. email. WhaisApp, telephone and via the websitÈ. Staff numbers have romain8d relatively stable throughout the year. wilh Sam Gowshall joining the learn as Caf8 Manager. As ever without them we would struggle to maintain the high standards that we hav0 becomè accustorned lo and we Ihank everyong for their hard work, especially at some busy times. whteh arose during the year. AIM B. Foster greater Ilnks wlth the ammd s8r*lc•s and v&t8rans bn the lotal area Pag84
Nework Nottin hamshlre & Lin¢olnshFrè Air Museum Ltd R¢ ort of the Twstees for thè Year EndÉd 31 Décember 2024 STRATEGIC REPORT Achl8vements and performance The gring bonds with the10¢81 Royal Air Force Stations devdoped into a more regular arrangemenl 8nd we hosted Iwenty difforent sèssions by Officer Cadets frtsm RAF Gran1[ & Iwo s*p8rate Force Developmgnl v4$ils. The museum's Southfield Site continued lo be registe on the RAF'S List tsl Helicopter Landing Zones there was r&n•wed OppOnitieS to host military heli¢opter visits. Military landings were $lighUy 11mited, however had practic• landTng approaches from an Apache and an EC-135T Juno. W8 di(5 mangé lo record sev8fal avilian helicopters landing in that HLZ 8re8. These links Continuod to ba raSnltsrced by racordlng low alr¢Taft on training flvJhts w9r thg mu$gum, on a 5pe¢ial page on th8 musèum wèbsil8. In April we hosted 8 quart&rfy m88ting of th8 organisation now known as Aviation H8ritag8 UK Iforrnerfy BAPCI. this ran alongsid8 an Aeroboot awalion 581ES 8nd provided excellent neiworking opportuniti8¥ for 8v8ryone who attended. Other Mileston¢$ The museum again fulfilled some mentoring I consultation work several like-minded groups mainly via etnail, telephone communication, and a150 With 50rne site visits. W8 WW8 indebt8d to Ihè RAF Nèwton Memorial Fund. who pas58d on som8 surplus donalion funds to h8lp our r8StoratK)n eff(xts. During the year we have receivgd sgvgral bequ9sts of bpoks 8nd kits from departed friends and rnuseum member5. This induded a significant don8tron of items from Ihg wdow of long-$tsnding museum memb9r, Mick Faulkngr. WÈ were also saddened lo hear of the passing of Neil 00gaI1. who was the RAF pilot whD deuvered our vE5n to the museum in 1983. Flnancial T&ViQW Flnancial position As part ol their budgeting wocEs5 to covef any period of 5ignifiratrt k)5s through accidellt or natural adverse events the Iruslees aim lo retain a 5ix-month Reserve Fund of £250,000. and a Designated Fund 01 £400,000 for "Museum 08v8lownènt. Speaal Projects and Acquisitions.. At the year end th8 charity had total and unre5tricte(S reserves of £1.098,98812023.. £633,557). Of the reserves held by the charty £456,599 12023.. £442.4801 ielate5 to the fixed asseis used by the charlty to carry out its objectives an thereforg the fr88 res8fV85 18ss d8signat8d funds 1£400.0001 that arg available to W8nd arg £242,389 12023.. £191,077>. Therefore the Charity is only slightly bdow its reserves policy at the year end. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng docum8nt The charity is ¢ontroled by its governing document, a deed of trusl, and consthtutes a limited company, limited by guatanlee. as dèfinÈd by the Companies Act 2(K)6. Re¢rulthient and appolntment of new trusloos The appoinlfflent of any new trustee 15 at the discret of the exiSn9 trustee5 and is Subject to their unanimous approval. Now truste9$ aro chtssen for the skllls and enthusiasm they bring lo tho ¢harity. REFERENCE AND ADhllNISTRATIVE DETAILS Registered Company numtser 00930888 (England and Wales) Registsred Charity numbEr 256434 Reglsterod offl¢• The thÈId Drove Lano Winthorpg Nèwark Noth"nghamshire NG24 2NY P8ge S
Newark Notlin ham$hire & Lincolnshir Air Mus6um Ltd ort of the TFU5te8S for th8 Year Ended 31 D8cembar 2024 Trusteès H F Heeley M J Allen (resigned 7.8.241 A C Clafk K Graham D E Hazlo O J Hibbert S J Maxwell (appointed 18.6.241 CERI C Sawll M A W Webb (resigned 13.3.241 P J Wardell lappoint8d 21.6.241 Cornpany Secretary H F Hgelgy Independont Examkner Paul Colcomb IFCCA) Wright Vigar LirHited Chartered Accouniants & Busine88 AdMser8 15 Llncofn Lincolnshire LN1 1XG Report ol the trustees. incorporating a strategic report, approved by order of the board of Injstegs, as the company directors, on 30 August 2025 and signed on the boafd's btshalf br. H F Heeloy- Trustè8 Page 6
Ind• éndoni Examln8r'5 R8 ort to th• Trustees of Nowark Nottln hamshlre & Llncolnshlre Alr Museurn Ltd Ind•p•nd•nt examiner's report to the trust8os of Newark INottlnghamshlr8 & Llncolnshirel AIT Musèum Ltd (Yhe Cornpanrfl r8POrt to the charity twstees on my examination of the a¢counts of Ihe Company for th8 y8ar 8nd8d 31 D8c8mbèr 2024. Respon5ibllitlès and l)asls of r•port As the tharity's trust88s of th8 Cornpany land also ils directors for Ihe purposes of company lawl you are responsible lor the preparation ol the accounts in accordance wlh Ihe requirernent5 of the Conyanies Act 2(16<,(hO 2006 Aet'i. Having satisfied M?1[ Ihat Ihg accounts of lh8 Company arg nol r@quir8d to be audited under Part 16 01 the 2006 Act and are eligible for independent examination, I rèport in r85PeCt of my èxhmination of your chantys accounts as carrie out under Section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my èxam1nat)n l Mav& folknwed tha Dir8ClS given by the Challty Commi55ion undgT Se¢tion 145151 {bl of the 2011 Acl. Independent gxèmlrÈrfs $tatsmont Sinc8 your charitys gross income exceeded £250,(x)O your examiner must be a merYtr of & listed body. I can cofirM that l am qualified to undertake the examination because l am a member of the As$o¢ialion of Ch8rter$d Cgrtified Accountants, which is one of thè listed bodies. I hav8 completed my gX8mination. I confsrm that no matters have corne to Thy attgntion in conne¢lion wth Ihe examination giving me cause lo bgligve-. ac¢ounling records were nol kepl in resp8Ct of the Cornp8ny 88 r8quir8d by Section 386 of the 2006 Act." or accounls do not accord with those records.. or the accounts do not comply 1th th8 accounting qUireMents of Section 396 of the 2006 Act Dlher than any requirement that the accounts give a true and fair vigw which Is not a matter cott5idered as part of an independent oxamination", or the account5 have not been prepaied in accotdance wlh the methods and principles of the St8lement of Rgwmmended Praclice lor accounting and reporting by tharitlp5 {3ppli¢able ¢harities preparing their accounts in aceoTd8nce wth thè Flnancial Reporting StsThJaffJ applicable in th8 UK and R¥pvblic of Ireland IFRS 102}1. I hav8 concem5 and have come across no othei rnatters in conne¢l*)n with the examlnation towhich attention Shoul be drawn in thi8 rgport in order to enable a proper urwjerstanding of the acGounts to bg IBaGhed. Paul Colcomb IFCCAI The Associats'on of Chart8red Cèrtifièd Aecountants Wright Vigar Limitsd Chartered Accountants & Business Admsers 15 NebvlaTrd Lincoln Llncolnshi LN1 1XG 30 August 2025 Page 7
Newark Nottln hamshlre & L5ncolnshlr6 Alr Musèum Ltd Statement of Flnanclal Actlvltlès for the Year Ended 31 D0¢embor 2024 2024 2023 Totsl nd5 UnT8Strict8d lunds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 485.893 47.7 haritabb aetlvitiés Charitab18 activity 279.892 257.641 other trading activities Inv8Stmenl income 141.153 10,536 125.739 1.812 Total 918,074 433.099 EXPENDITURE ON Raising funds 143,986 120,303 Charltable actlvltles charitab activity 308,657 311.720 Total 452.643 432.023 NET INCOME 465,431 1.076 RE¢ONCILIATION OF FUNDS Total funds broughl forwafd 633,557 632,481 TOTAL FUNOS CARRIED FORWARD 1,098.988 633,557 Th8 notes form part of thes8 financi81 staternents Page 8
Newark Nottl hamshlre & Llncolnshlr• Alr Mus•um Ltd Balance Sh8èt 31 Decernbor 2024 2024 ilnre51ricted funds 2023 Total funds N(rtes FIXED ASSETS Tangible assets H6ri1age assets 13 14 406,262 50,337 421,286 21.194 45fj.599 442.480 CURRENT ASSETS Stocks Debtors Cash at bank 15 16 16,776 64.209 581.182 14.074 24.983 176,807 662,16F 215.664 CREDITORS Amounts falling due wilhin one year 17 {18.494) 123,3031 NET CURRENT ASSETS 643.673 192,381 TOTAL ASSETS LESS CURRENT LIABILITIES 1,100.272 634.841 CREDITORS Amounts falling due after rnore than one year 18 11,2841 {1,2841 NET ASSETS 1,098,988 633.557 FUNDS Unrèstri¢led funds 19 1.098.988 633.557 TOTAL FUNDS 1.098.988 633,557 The ch8ritabl8 company 18 gntitled ¢0 &x8mption from audit under Sedion 477 of the Companies Acl 2QO8 for Ihe year 8nd8d 31 D8C8mb8I 2024. The members have not required the company to obtain an audit ol its financjal statements for the yeaf end8d 31 December 2024 in accordan with Section 476 of the Companies Act 2006. The Irustee$ ackrtowledgo their ponsIbIlitieS for lal ¢nsuring Ihal the charitable company k¢ap5 accountlng record5 that ¢ompty wth SeGtIOll5 386 and 387 of tha Companies Act 2006 and preparing financial statements which giv& a truè and fair view ol thé stat* of affairs of lh8 th8Wit8b18 cornpany as at thé 8nd tsf eaeh finsncial y88r and of its surplus 01 d8fiut lor each finanaal y8ar in accordance wlh the requiretnents of Sections 394 and 395 and vhhich otherwise comply th& requtrem9nls of the Companies Act 2006 relating lo financial stal8mont$, so far as applicable to the charitable company. Ibl The financi81 statements were approved by the Board of Trust8es and avlhorised for issug on 30 August 202S and were sigrtr8d on rts b&haK by.. H F Heeley- Trustee The notes fomi part ofthese financial statements Page g
Newark Nottin hamshire & LInIn$hIra Alr Museum Ltd Cash Flow Statement for tho Yoar Endèd 31 Dècembèr 2024 2024 2023 Notes Cash flows from op8ratlng actlvltles Cash g8nerated from operations 447.996 83,087 Net cash promded by oppiating activitTBS 447,996 83.087 Cash flows from Inv8$tlng a1VIlIeS Purchase of tan9ibl8 fix8d assets Purchase of h8rita98 ass8ts Interest recgived {20.7171 133.2401 10.536 14.(KJ8} 1.812 Net cash u89d in investing activiti88 143.4211 12,1961 hanga In ¢a$h and cash equlvalents In th8 reportlng perlod Cash and cash equivalents at the beglnnfng of the reporting p&rlod 404,575 80.891 178.607 gS.716 Cash and cash equlvalent5 at the erbd of the roportlng perlod 581.182 176.607 The notes fomi part ol thes& financlal statomants Page 10
N•wark Nottln hamshlra & Lln¢oln$hlr• Alr Museum Ltd Note5 to the Cash Flow Statement for the Year Ended 31 Docembor 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net in¢om¢ for tha reporting period las par the Ststemgnt of Flnanclal Actlvlt1o51 Adlustments for. Depreciation charges Int6rasl r6¢8iv•J Ilncreasell¢Secrease in stocks Ilncreaselldecrease in debtors IDecrease)fincrease In cEditor5 465.431 1.076 39,838 110,5361 12,7021 139,2261 14.8091 65,159 11,812} 11.634 5,182 Ngt cash provlded by operntlon5 447,996 83.087 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow At 31.12.24 Nal cash Cash at bank 176.607 404,575 581,182 176.607 404,575 581.182 Total 176.607 404,575 581.182 The notes lorni part of these finanraal stslements Page11
Newark Nottin hamshire & Linco n$hir• Air Musèum Lld Notas to the Financial Statements for the Yoar Ended 31 December 2024 ACCOUNTING POLICIES Ba61$ of preparin9 the financial stat•m•nts Th8 ffinancial statement5 of the charitable cotllP8ny. whith is a public ben8fi1 entity under FRS 102, have been preparad in accofd8nce with the Charities SORP IFRS 1021 'Accounting and Reporting by Chariti88'. Staiemont ol Recorntnended Practice applicable to charit185 prgparing Iheir awounts in 3ccordan¢8 wth the Financial Reporting Stanijard applicable in the UK and Republic of Ireland IFRS 1021 leffectwe 1 J8nuary 20191,, Financial Reporting Standard 102 Financial Heportin9 Slandard 8ppIic8bl8 in th& UK and Republic ol Ireland, and th? Companies Act 2006. The ffinancial 8tatement8 have been prepared under the histoital cost convention. Income All in¢ome is re¢ognised in the Statement of Financial Activities once the charity has ents"Uement to thè funds, it is probable that the income w1 be receive<l and amount can be measured lIablY. Mgmbership Kn¢omg The incorne and &ny associated gift aid or other tax refund from 8 membership subscription rec8iVgd by the charity in th6 natur& of a gift, is accounted for on thg 88me basis g¥ a donalion. incorne from membership subscription received by Ihe charity where the subscription pvrchases tha right to S8NcÈs or ben8fits Ès recognis8d as incoffle frorn charitable act4Wties. Exptndltur• LbIlItIeS are recognlsed as exndItre as soon as there ts a legal or ¢StrUC11ve obliqatfon commltting the charity to that expenditure. It is probable that a transfer of economic benefits will be required in settlement tho amount of the obligation can b8 m88suisd r&liably. Expenditur8 is accounted lor on 8n accru818 basis and h8s bèen elassified undeT headings th81 3ggfegat8 all cost related to the category. Where costs cannot be directly attributgo to particular headings they have been allocated to actiwtie5 on a basi5 consistent with the use of resources. Volunttrors In accord8nce wth th8 SORP, and in recognition of the difficullres in placin9 a monetary valu8 on thè conlrtbulion from volunteers, the conthbution of volUne[S Is nol included within the income of tho charity. However, thg tnJ8tees value the significant contributions m8d$ to Ihe a¢livilies ol Ihe charity by unpaid volunteer8 and this is described mor8 lully in note 7. Tanglble fixed as50ts Depreciation is provided at the following annual rat6s in ord81 to writ0 off •ach ass8t ovér sts osllmatad us81ul Freeholé property Plant and machingry Stralght Ilne ¢)ver 20 years 15Wo on cost Herltage assets The ch8rity has h8rilage as88ts. that is non-monetary th historic. artistiG scientific. tèchnological. gaophysical or environment81 qualities that are held and maintained prin¢ipally for thcir oontribulion lo knowledge and Cutture. They are recognised at cost and subsequently depTeaated on a straighl line basis over 20 years. stock5 Sl(Kks are valued at the lower of cost and nel alISable value, after making due allowa for obSOt¥ and slow moving items. Taxalion The charity exempt frorn corporalion tax on its ch8ritable acliMtie5. Fund accountlng Unrestricted funds can be used in accordance ¥th Ihe charilablE objects'ves at the discretion of the trus188S. R8strict£d funds can only be used for particular reslfict8d purposes within th8 obj8cls of thè charity. Rgstrictsons all88 when 5P8cÉfied by th8 donoi orwh8n funds ar8 raised lor particular r8Strict8d purposes. Furth9r explanabon of th¥ natur8 and purpose of each fund 18 tncludgd in Ihe notes to the financi818tatgments. P8ge 12 Conttr8d...
Nèwarft co Nottin hamshlre & r Mustrum Ltd otè$ to thÈ Financial Statements - COnnUed for the Yèar End8d 31 Décernber 2024 ACCOUNTING POLICIES - eontinued Ratlrement benefits The ¢harily operatgs a deflned contribuilon pension scheme. Contrfbuons payable to the Charitys penslon scheme are Charged to the Statement of Financial Activities irb the period to which they relate. DONATIONS AND LEGACIES 2024 2023 Don81ion5 Grft aid Lgga¢ie5 embership 8ubscripb'Dn8 12.269 25.449 438,035 10.140 12,412 24.964 10.531 485,893 47.907 OTHER TRADING ACTIVITIES 2024 2023 Caf, income Guide books and RAF WlnthcKpe books Aircraft parts Cross char988 Newark 5&UM TrÉding Co 134,951 1.638 470 4,694 118,122 1,034 1,889 4,694 141,753 125.739 INVESTMENT INCOME 2024 2023 Dep051t account £nteiest 10.536 1,812 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Admls8ion f88s- Exhibitions and galleries Aircraft enty fees Chari18bl6 acbvty Charilable a¢tivty 266.686 13,206 243.952 13,689 279.892 257.641 RAISING FUNDS Ral$ing donations anrl legacles 2024 2023 Guide books and RAF history bkS Fundraising publicity & marteting 2.245 8.716 1,814 10,159 10.961 11,973 Pag8 13 ¢tInUed...
Nawark Nottln hamshlro & Llncoln$hlr& Alr MusèuTh Ltd Not65 to the Flnanclal Statemonts contÈnu for tha Year Endod 31 Dec6mbar 2024 RAISING FUNDS . contlnu8d Other tradlng actlvltl88 2024 2023 Staff cost5 133.025 108.330 Aggrèg8t• amovnts 143,986 120.303 CHARITABLE ACTIVITIES COSTS Support costs (see note 81 DI¢1 Costs Totals Charltable actlvlty 265,819 42.838 308.657 SUPPORT COSTS Govelnan costs Oth8r Totals Charitable 8clivity 39.838 3,000 42.838 NET INCOMEIIEXPENDrruREI N¢t In¢omdlexp0n¢Jitul 1$ stated after chawing11¢[lin9}.' 2024 2023 D8pr&ciation - ownéd assets Depreciation of heTitage assets Independent examiners fees 35.741 4.097 62.152 3.007 3,480 TRUSTEES. REMUNERATION AND BENEFITS There were nrTr Imsiees. rÈmuneraUon or other tènofits for thè year gndod 31 Dacember 2024 nor for the year ended 31 DeGemb&r 2023. TrustaO8' 6xn60$ During the yo8r tha company pald tiu$tèeS' travol oxpènses tsf fi6. 11. STAFF COSTS 2024 2023 Salaries & wages Museum Café Social $9¢urity and penslon costs 101.839 86.784 10,874 95,061 63.893 10,784 199,497 169,738 The average monthty number ol employees durfng the year was as follows-. 2024 2023 Musaum Cafe 13 11 Paga 14 continu8d...
Newark LSncol Nottln Irè hamshire & Musèu Not&s lo the Financial Statements ttontinuod for Yèar Endèd 31 Do¢omb•r 2024 11. STAFF COSTS . contlnu8d No employees received enKJlurnent8 in ex¢e88 of £60,000. 12. THE CONTRIBUTION OF VOLUNTEERS The value of any voluntary help received is not included wthin the accounts bui is ¢Jescribèd in th8 Tw8tees' Annual Report. 13. TANGIBLE FIXED A55ETS Freeho property Planl and ma¢hin8ry Totals COST At 1 January 2024 Additions Disposals 1,288.659 18,725 41.987 1.330.646 20.717 11.6741 11.674) At 31 December2024 1,307.384 42,305 1,349.689 DEPRECIATION Al l January 2024 Charge foi year Eliminated disposal 876.543 29.436 32,817 6,305 11.674} 9.360 35.741 11,6741 At 31 Decernb8r2024 905.979 37.448 943.427 NET BOOK VALUE Al 31 Decernb8r 2024 401,405 4.857 406,262 Al 31 December 2023 412,116 9,170 421,286 14. HERITAGE ASSETS Tolal MARKET VALUE At 1 January 2024 Additions 61,178 33,240 At 31 Oec8rnb8r 2024 94.418 PROVISIONS 1 January 2024 Charge for yoar 39.984 4,097 Ai 310ecembe< 2024 44.081 NET BOOK VALUE At 31 Oecetnbei 2024 50.337 Ai 31 00¢gmbat 2023 21.194 H8ritag8 a8S8ts ar8 dUded at cost. Page 15 Continued...
Newark Inco Nottln hamshire & seu Notes to Flnancial Statèments - ¢ontinue for tho Yèar Endèd 31 Doc8mbor 2024 15. STOCK5 2024 2023 Stocks 16.776 14,074 16. DEBTORS: AMOUNT8 FALLING DUE WITHIN ONE YEAR 2024 2023 Amounts owed by group undertaklngs Olh8r d8btOl8 Pr8payments and accru8d irtorn 3.900 25.449 34.860 17,011 7,972 64.209 24.983 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade credltors VAT Acenjals and deferred income 3.699 5,346 9.449 5.43 1 4.80 13.086 18,494 23.303 18. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 20Z4 2023 Other crpdiiors 1.284 1.284 19. MOVEMENT IN FUNDS N*t rTK)V8wri8nt in tvnd5 At1.1.24 31.12.24 Unr•stri¢t•d funds G8n8ral fund Musgurn Dgvglopmgnt. Sp8cial Projgcts ané A¢quislions 233.557 465.431 698.988 400,000 400.¢K)O 633.S57 46S.431 1,098,988 TOTAL FUNDS 633.557 465A31 1.098.988 N8t mov8rnt in funds. include(l in thè abova ar8 as follows". Incomi resources Rgsoyrc89 expended Movement in funds Unrestrlct•d funds General fvnd 918.074 {452.6431 465.431 TOTAL FUNDS 918.074 1452.6431 465,431 Page 16 continued...
Newark Nottin ham$hire & Llncolnshlre Alr Museum Ltd Notes to thè Finan¢ial Statém8nts- Contlnugd for the Year Ended 31 Dècember 2024 19. MOVEMENT IN FUNDS- Continued Comparotives for rnovemEnt in funds Net movement In funds At 1.1.23 31.12.23 Unrestrlcted funds General fund 632,481 1,076 633.557 TOTAL FUNDS 632,481 1,076 633,557 Cofflpar8tive net rnovemenl in funds. included in the above are as follows.. Incomlng resources Rèsources expended Movement in lund5 Unrestricted funds Genoral lund 433.099 {432.023 1.076 TOTAL FUNDS 433.099 {432.023) 1,076 A designated fund has been created for"Museum Devekjwnent. Special Projects and Acqui8ilion$". RELATED PARTY DISCLOSURES The charitable company has taken advantage ol exemption, under Ihe te$ of Financial Reporting Stsndard 102 Thg Financial Roptyting StÈnd8rd applitable in tha UK and ReptFblic of 1r¢tyj,. not io discjosg telated party Ir8n8adions with wholly 04vn¢d subsidiarigs wilhin the group_ During the year the company used services of Down to Earth Promotions, a business operateil by Mr Howard Hèalay, a twst08. Exp8nditur8 in the y8ar amounted to £8,12012023." £8.7791. 21. ULTIMATE CONTROLLING PARTY The charity is IntrOlled by its members. Every rngmber of the charity is obliged to ¢(lbUte 8u¢h amount 88 may be required not exceeding £1 to W)e assets of th8 CCM7)pany In the 8v8nt ol il being wound up while he or shè is a memb&r, or wthui on& year alter he or ceases to bè a member. P8g817
Newark Nottin ham$hlr8 & Lincolnshlrè Alr Musèum Ltd Dgtailèd Statèmthnt of Finan¢lal A¢tlvlti•s for the Year Ertdèd 31 De¢èmb•r 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons 2nd logacles Donatitsns Gift aid Lega(x88 M8mber8hip 5ubscriptiOll5 12.269 25,449 438.035 10,140 12,412 24,954 10.531 485,893 47.9)7 Other trad5ng a¢tlvltto5 Caf. Income Guide books and RAF Winthorp8 books Airuaft parts Cross ¢harges Newark Air Museum Trading Co 134,951 1.638 470 4.694 118,122 1,034 1.889 4.694 141.753 125.739 Investmgnt income Deposit account InteSt 10.536 1.812 Charftable activitles Admission lee3- Exhibitions and galleries Aircraft entry fees 266.686 13,206 243,952 13,689 279,892 257,641 Totsl Incomlng r&sourcès 918.074 433,099 EXPENDITURE Ralslng donatlon5 and lagael05 Guide books and RAF history books Fundralsing publicity & marketing 2,245 8.716 1.814 10,159 10.961 11,973 Othertrading 8¢tivitlgS Café (x)sts induding wagas 133.025 108,330 Charllablo actsvltles Wages PrniSes costs Educabon81 visit rtharges & exhibits Administrative Incidental in¢luding cost of dispersals 108.928 126.96g 353 25,183 4,386 101.042 114.857 384 22,712 4.086 265,819 243.081 Support costs Othar D8pr8Ci8tion 39,838 65,159 Goveman¢e costs Accountancy & ind8P8nd8nt eXamFnan 3.(KJO 3,480 Tot81 resources experlded 451643 432.023 Net Income 465.431 1,076 Th15 Page does nut form part of Ihe $lalu(ory financlal sta(ements Pago18