The Society of Friends of the Fleet Air Arm Museum
ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended
31 July 2024
Registered Charity No. 280725
The Society of Friends of the Fleet Air Arm Museum LEGAL AND ADMINISTRATIVE DETAILS
OFFICERS AND TRUSTEES
Rear Admiral Tom Cunningham President
M T Smith Chairman I T Brandt Vice Chairman D Merrett Membership Secretary R Heath Secretary L Whitlock Treasurer
OTHER TRUSTEES
C J McL Adams P Cowlan Mrs M R E Crowther R Deubert R Hufton D Lunson R Macauley C Penney
SOCIETY OFFICE Royal Naval Air Station Yeovilton Somerset BA22 8HT
REGISTERED CHARITY NUMBER
280725
INDEPENDENT EXAMINER
Malvern Carvell Accountancy and Taxation Services 21 Higher Kingston Yeovil Somerset BA21 4AS
BANKERS
Lloyds Bank 9 High Street Yeovil Somerset
Registered Charity No. 280725
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The Society of Friends of the Fleet Air Arm Museum TRUSTEES ANNUAL REPORT for the year ended 31 July 2024
The trustees submit their report and the financial statements of The Society of Friends of the Fleet Air Arm Museum for the year ended 31 July 2024. The following gives a brief outline of the Society’s affairs, but much more information may be obtained from the Constitution and from the Annual General Meeting minutes, which contain a detailed review of the year’s activities. Both are available from the Society’s Secretary.
LEGAL AND ADMINISTRATIVE DETAILS
The society is established under a constitution as revised in October 2001 and amended by resolution in October 2010. Details of Trustees are provided on page 1. The Society is connected to The Fleet Air Arm Museum (Registered charity number 250079), which is part of the National Museum of the Royal Navy.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Society is run by a council of trustees which meets four times per year. Trustees are appointed by election from the membership at the AGM which is held in September of each year. There are no sub-committees. New Trustees are mentored by the Chairman and, when required, other members of the Council
OBJECTIVES AND ACTIVITIES
The objectives of the Society are the education of the public by promotion, support, assistance and improvement of the Fleet Air Arm Museum through the activities of a group of Friends. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Society’s aims and objectives and in planning future activities and setting grant making policies.
The strategies employed to achieve the Society’s objectives are
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To raise funds mainly by membership subscription, life memberships, social events and Gift Aid
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To respond to requests for help from the Museum
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To communicate with members, and others, by the “Jabberwock” (the journal of the Society) four times per year and also by other publications where appropriate.
ACHIEVEMENTS AND PERFORMANCE
The society continued to publish a quarterly newsletter and run events for members. Income for the year totaled £46,306 (2023: £28,307) including Will legacy of £25,800 and expenditure was £20,630 (2023: £14,881), including a donation of £5,000 towards a travel bursary… . The society therefore generated a surplus of £25,676. The society now holds all its reserve funds on interest bearing deposits with Lloyds Bank. Full details of progress and achievements are available in the AGM minutes.
Registered Charity No. 280725
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The Society of Friends of the Fleet Air Arm Museum
TRUSTEES ANNUAL REPORT for the year ended 31 July 2024
FINANCIAL REVIEW
Full details of the Society’s financial performance are provided in the attached accounts. The society made donations of £5,000 (2023: £620) towards museum projects in the year.
The society holds funds required for long term projects on deposit. All other funds are available to both finance the operations of the Society and to assist the Museum.
PLANS FOR FUTURE PERIODS
For the 2024-2025 year the Society will be donating a sum of £16,000 towards a new display featuring King Charles III and his relationship with the Royal Navy and Fleet Air Arm. Other funds are being accumulated which may be used to help with the cost of ongoing and future museum projects.
M Smith
Chairman Date: 12 September 2024
Registered Charity No. 280725
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The Society of Friends of the Fleet Air Arm Museum TRUSTEES STATEMENT OF RESPONSIBILITIES
Charity law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the Charity’s state of affairs at the end of the financial year and of its income and expenditure for that year.
In preparing those financial statements, the trustees are required to:
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a) Select suitable accounting policies and then apply them consistently;
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b) Observe the methods and principles of the Charities SORP
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c) Make judgements and estimates that are reasonable and prudent;
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d) State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial standards
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e) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, Accounting Regulations and SORP. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Registered Charity No. 280725
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SOCIETY OF FRIENDS OF THE FLEET AIR ARM MUSEUM
I report on the accounts of the Society for the year ended 31 July 2024, which are set out on pages 6 to 9.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
- which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the 2023 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
MALVERN CARVELL
Malvern Carvell 21 Higher Kingston Yeovil Somerset BA21 4AS
Date: 12 September 2024
Registered Charity No. 280725
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The Society of Friends of the Fleet Air Arm Museum STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 July 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| General | General | ||
| Notes | 2024 | 2023 | |
| INCOMING RESOURCES | £ | £ | |
| Incoming resources from generated funds | |||
| Subscriptions | |||
| Members | 9,373 | 9,660 | |
| Tax reclaim on Gift Aid | - | 2,193 | |
| Life membership | 623 | 1,219 | |
| Donations and legacies | 27,604 | 7,786 | |
| Social events, Zoom meetings and other income | 7,603 | 6,896 | |
| Dividends | - | 546 | |
| Interest received | 1,103 | 7 | |
| TOTAL INCOMING RESOURCES | 46,306 | 28,307 | |
| RESOURCES EXPENDED | |||
| Cost of generating funds | |||
| Social events and Zoom meeting costs | 5,787 | 4,716 | |
| NET INCOMING RESOURCES AVAILABLE FOR | |||
| CHARITABLE PURPOSES | 40,519 | 23,591 | |
| Charitable expenditure | |||
| Museum projects | 5,000 | 620 | |
| Printing | 6,024 | 5,485 | |
| Stationery | 82 | 82 | |
| I.T. costs | 725 | 630 | |
| Postage | 1,687 | 1,560 | |
| Bank charges | 124 | - | |
| Sundry expenses | 320 | 40 | |
| Depreciation | 331 | 517 | |
| Independent examiner’s fee | 550 | 525 | |
| TOTAL RESOURCES EXPENDED | 14,843 | 9,459 | |
| NET INCOMING/(OUTGOING) RESOURCES | 25,676 | 14,132 | |
| (Losses) on revaluation of investments | - | (706) | |
| NET MOVEMENT IN FUNDS | 25,676 | (13,426) | |
| Fund balances at 1 August 2023 | 42,551 | 29,125 | |
| FUND BALANCES AT 31 JULY 2024 | 68,227 | 42,551 |
The Statement of Financial Activities has been prepared on the basis that all operations are continuing operations. All gains and losses have been dealt with in the above statement. The notes on page 8 form part of these accounts.
Registered Charity No. 280725
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The Society of Friends of the Fleet Air Arm Museum BALANCE SHEET 31 July 2024
| Notes FIXED ASSETS Tangible fixed assets 3 CURRENT ASSETS Lloyds Bank current account Lloyds Bank deposit accounts 4 CAF Fixed Interest Income Fund 4 CAF UK Equity Growth Fund 4 PayPal account Cash in hand CURRENT LIABILITIES CREDITORS: Amounts falling due within one year Accruals NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES UNRESTRICTED FUNDS General funds |
2024 £ 632 5,733 61,744 - - 568 100 68,145 550 67,595 68,227 68,227 |
2023 £ 963 41,483 - - - 530 100 42,113 525 41,558 42,551 42,551 |
|---|---|---|
The financial statements were approved by the Trustees on 12 September 2024 and signed on their behalf by:
M Smith Trustee L Whitlock Trustee
The notes on page 8 form part of these accounts.
Registered Charity No. 280725
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The Society of Friends of the Fleet Air Arm Museum NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024
1 ACCOUNTING POLICIES
BASIS OF ACCOUNTING
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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The following accounting policies have been applied consistently in dealing with items which are considered material to the financial statements.
INCOMING RESOURCES
All incoming resources are included in income on receipt.
TANGIBLE FIXED ASSETS
Fixed assets are stated at historical cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value over its expected useful life, as follows -
Fixtures, fittings and equipment over 5 years
2 DIRECT CHARITABLE EXPENDITURE – MUSEUM PROJECTS
During the year the Society donated a total of £5,000 to the Museum in respect of museum projects (2023: £620).
3 TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||
|---|---|---|
| Fixtures, fittings and equipment £ COST: 1 August 2023 5,672 Additions - Disposals (4,072) 31 July 2024 1,600 DEPRECIATION: 1 August 2023 4,709 Charge in the year 331 Eliminated on disposal (4,072) 31 July 2024 968 NET BOOK VALUE 31 July 2024 632 31 July 2023 963 |
Total £ 5,672 - (4,072) 1,600 4,709 331 (4,072) 968 |
|
| 632 | ||
| 963 |
Registered Charity No. 280725
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The Society of Friends of the Fleet Air Arm Museum NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024
4 CURRENT ASSET INVESTMENTS
A sum of £5,000 was originally invested into two accumulation units. Dividends paid were reinvested. In 2023 these investments were realised and the monies are now held in interest earning deposit accounts with Lloyds Bank.
| 5 | PAYMENTS TO TRUSTEES | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| During the year the Society made payments to trustees in respect of | |||
| typesetting and printing services – these are approved by the general | |||
| committee: | |||
| R Macauley | 1,068 | 1,250 |
These payments are allowed under an amendment to the constitution adopted 7 October 2001, which has been approved by the Charity commission. This permission was extended in a letter from the Charity commission dated 11 April 2005.
Registered Charity No. 280725
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