Trustees Annual Report April 2021k Marcb 2021
Since the last Annual Repor¢ the Museum l]&s faced considerable disruption and
financial hardship due to Covid Pandemic lockdown& Despite this volunteers
worked on the fKtting out of the new Visitor Services Building and we were able to
open up the new facilities for a period in July - August 2020 befo being forced to
close again. Nevertheless this brought in some useful revenue along with filOllgh
colltributions from government for laid off staff.
The pandernic also saw no Progress Tr1ng made on additions to the collectiofy but a
small start was made on the new display hangar in order to activate the planning
pern1issi0 A decision was also made to demolish the Achilles WW2 wooden
building which had deteriorated IKyond repair.
By the fiscal year end, plans were in place to Complete this demolition and to recruit
a cafe manager for the new season as the financial situation began to improve.
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021**
**REGISTERED CHARITY NUMBER: 281053**
**COMPANY REGISTRATION NUMBER: 1517593**
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2021**
**Page**
1 - 2 Company Information 3 - 4 Directors’ Report 5 - 6 Independent Examiner’s Report 7 - 8 Statement of Financial Activities 9 - 10 Balance Sheet 11 - 13 Notes to the Financial Statements **Non-Statutory Financial Statement** 14 Detailed Income and Expenditure Account
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION AS AT 31ST MARCH 2021**
## **Constitution**
British Rotorcraft Museum and Avon Air Collection Limited is a Company Limited by Guarantee and a registered Charity governed by its Memorandum and Articles of Association.
## **Directors:**
E. Ap Rees P. Turner G. Dore G. Russell P. Chatfield R. Roller D. Wallace (Died 25.06.20) S. R. Whittaker A. Chick (Appointed 22.01.21) R. Adams (Appointed 22.01.21) A. Norris (Appointed 22.01.21)
**Trustees:**
E. Ap Rees G. Dore P. Turner G. Russell P. Chatfield R. Roller D. Wallace (Died 25.06.20) S. R. Whittaker A. Chick (Appointed 22.01.21) R. Adams (Appointed 22.01.21) A. Norris (Appointed 22.01.21)
**Secretary:** G. Dore (Appointed 22.01.21) D. Wallace (Died 25.06.20) **Registered Office:** Weston Heliport Locking Moor Road Weston-super-Mare Somerset BS22 8PL **Accountant:** David K. Hardiman Chartered Accountant 13 Boulevard Weston-super-Mare Somerset BS23 1NR
**Continued on Page 2.**
1
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION AS AT 31ST MARCH 2021 (Continued)**
**Bankers:** The Co-operative Bank plc. PO Box 101 1 Balloon Street Manchester M60 4EP **Company Number:** 1517593 **Registered Charity Number:** 281053
2
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **THE DIRECTORS’ REPORT**
The Directors present their report and the financial statements of the company for the year ended 31st March 2021.
Legal and administrative information set out on pages 1 and 2 form part of this report. All Directors/Trustees served throughout the year unless otherwise indicated. The Financial Statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice-Accounting and Reporting by Charities.
## **Activities**
The principal activity of the company during the year under review was that of Museum Management. This is the World’s largest dedicated Helicopter Museum.
The Company also operates the Museum Shop.
No other significant changes in activities arose.
## **Development of the Business and its position at the end of the year**
The Company’s results for the year, as stated on pages 7 and 8, show an increase in incoming resources of £1479. The Company is a registered Charity and the net surplus for the year was £59019 compared to a surplus of £42347 in 2019/20.
The Directors consider the state of affairs of the company at 31st March 2021 to be satisfactory.
## **Fixed Assets**
Changes in Fixed Assets in the year are scheduled in notes 2 and 3 to the accounts.
## **Results**
The net surplus on ordinary activities amounted to £59019 and this was put to reserves.
## **Risk Management**
The Directors have examined the major strategic business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
3
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **THE DIRECTORS’ REPORT**
## **(Continued)**
## **Heritage Assets**
Most heritage assets were donated to the Museum over a large number of years and the Trustees therefore consider that recognising these in the Balance Sheet is not practicable. The Charity Commission has indicated that charities should disclose the scale and nature of any significant holdings of heritage assets, and the public’s access to them within their annual report. The Directors/Trustees have considered the issue and have decided not to attribute a value to the helicopters in the Museum’s collection, but a comprehensive list of both owned and leased items which are considered to be Heritage Assets is available on the Museum’s website which is www.helicoptermuseum.co.uk.
## **Reserves**
The policy of the trustees is to maintain unrestricted funds at a level to meet three months normal activities. Other specific projects and activities are not undertaken unless and until funding has been secured.
## **Statement of Directors’ Responsibilities**
Company Law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the Directors are required to:
- a) select suitable accounting policies and then apply them consistently; b) make judgements and estimates that are reasonable and prudent;
- c) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Status**
The company is limited by guarantee and therefore does not have a share capital.
## **Small Company Exemptions**
In preparing this report advantage has been taken of the small companies exemption.
On behalf of the Board
**........................................................ Director**
## **G. Dore**
24th September 2021
4
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **INDEPENDENT EXAMINER’S REPORT**
## **Independent Examiner’s Report to the Trustees of British Rotorcraft Museum and Avon Air Collection Limited.**
I report on the accounts of the Charitable Company (Charity Number 281053) for the year ended 31st March 2021, which are set out on pages 7 to 13.
## **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 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of ICAEW.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the applicable Directions given by the Charity Commission (under section 145 (5) (b) of the Charities Act), and
- to state whether particular matters have come to my attention.
## **Basis of Independent Examiner’s Statement**
My examination was carried out in accordance with 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 the 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 material matters have come to my attention which gives me cause to believe that in any material request:
- the accounting records were not kept in accordance with section 130 of the Companies Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
**Continued on Page 6.**
5
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **INDEPENDENT EXAMINER’S REPORT**
## **(Continued)**
## **Independent Examiner’s Statement** (continued)
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...............................................
David K. Hardiman FCA Chartered Accountant 13 Boulevard Weston-super-Mare North Somerset BS23 8EE
24th September 2021
6
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED31ST MARCH 2021**
||**2021**
|**2020**
|
|---|---|---|
||**Unrestricted**|**Unrestricted**|
||**Funds**|**Funds**|
||**£**
|**£**
|
|**Incoming Resources**|||
|**Donations and Legacies**|||
|Donations|52923|15189|
|Fund Raising|75
|2575|
||52998
|17764
|
|**Charitable Activities**|||
|Museum and Special Event Admissions|56903|130445|
|Gift Aid|23459|13506|
|Playground|615
|1573
|
||80977
|145524|
|**Other Trading Activities**|||
|Filming|-|210|
|Museum Shop|27748|38758|
|Helicopter Flight Receipts|187|16719|
|Job Retention Scheme|37508|-|
|NSC Covid Grants|22024
|-|
||87467
|55687|
|**Investments**|||
|Interest Received|674
|1662|
|**Total Incoming Resources**|£ 222116|£ 220637|
**Continued on Page 8**
7
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2021 (Continued)**
||**2021**
|**2020**
|
|---|---|---|
||**Unrestricted**|**Unrestricted**|
||**Funds**|**Funds**|
|**Resources Expended**|**£**
|**£**|
|**Charitable Activities**|||
|Wages and National Insurance Costs|92446|84013|
|Property Costs|24114|33874|
|Maintenance|9478|6269|
|Aircraft Restoration Costs|1480|876|
|Special Event Costs|-|1576|
|Airfield Project|-
|141|
||127518
|126749|
|**Other Trading Activities Costs**|||
|Shop Purchases|11044|12531|
|Cost of Flights (Including Refunds)|409
|13104|
||11453
|25635|
|**Other**|||
|Office and Administrative Costs|5027|4434|
|Independent Examiner’s Fees|990|990|
|Publicity and Advertising|4020|6017|
|Sundry Expenses|75|193|
|Bank and Merchant Acquiring Charges|261|1388|
|Depreciation of Tangible Fixed Assets|13753
|12884|
||24126
|25906|
|**Total Resources Expended**
**Net Surplus of Income for the Year**|£ 163097
59019|£ 178290
42347|
|**Reconciliation of Funds**|||
|Total Funds at 1st April 2020|747743
|705396|
|**Total Funds at 31st March 2021**|£ 806762|£ 747743|
8
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED (COMPANY NUMBER: 1517593)**
## **BALANCE SHEET AS AT 31ST MARCH 2021**
|**Fixed Assets**
Tangible Assets
Investments
**Current Assets**
Stocks
Debtors
Cash at Bank and in Hand
**Current Liabilities**
Creditors: Amounts falling
due within one year
**Net Current Assets**
**Total Assets less Current Liabilities**
**Funds of Charity**
Unrestricted Funds
**Total Funds**|**Notes**
1f, 2
3
1g
4
5|**2021**
**Unrestricted Funds**
**£**
**£**
584264
1
584265
22075
19445
182770
224290
(1793
)
222497
£ 806762
806762
£ 806762|**2020**
**Unrestricted Funds**
**£**
**£**
554163
1
554164
18658
22624
154177
195459
(1880
)
193579
£ 747743
747743
£ 747743|
|---|---|---|---|
|||**£**
22075
19445
182770
224290
(1793
)
£
£|**£**
18658
22624
154177
195459
(1880
)
£
£|
**Continued on page 10.**
9
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED (COMPANY NUMBER: 1517593)**
## **BALANCE SHEET AS AT 31ST MARCH 2021 (Continued)**
For the year ended 31st March 2021, the Company was entitled to exemption under Subsection 1 of Section 477 of the Companies Act 2006. The members have not required the Company to obtain an audit of its accounts for the year in accordance with Section 476. The Directors acknowledge their responsibility for ensuring that the Company keeps accounting records which comply with Section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its result for the financial year in accordance with the requirements of Sections 394 and 395 of the Act, and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the Company.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
## **Approved by the Board on 24th September 2021**
**................................................... E. Ap Rees Director & Trustee**
10
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021**
## **1. ACCOUNTING POLICIES**
## a) Basis of Accounting
The accounts have been prepared under the historical cost convention and in accordance with the Companies Act 2006, the Statement of Recommended Practice: Accounting and Reporting by Charities and applicable accounting standard applicable in the UK (FRS 102) and with the Charities Act 2011.
The Charity constitutes a Public Benefit Entity as defined by FRS102.
## b) Income
Donations are accounted for when received. Other Income is accounted for on an accruals basis as far as it is prudent to do so.
## c) Gifts in Kind
The Charity receives the benefit of work carried out by volunteers. No value has been placed on this in these accounts.
## d) Grants Receivable
Revenue grants are credited to the Statement of Financial Activities as received unless related to a specific period, when they are placed in a restricted fund until used.
## e) Taxation
As a Registered Charity the Company is not subject to Corporation Tax.
## f) Depreciation
Depreciation is calculated to write down the cost of fixed assets to their estimated residual value over their expected useful lives. The annual rates and method of calculation are as follows:
Tools 25% Reducing Balance Museum Equipment, Fixtures and Fittings 25% Reducing Balance Buildings and Property Improvements 2% Straight Line Helicopters 2% Straight Line
## g) Stocks
Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.
11
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021**
## **(Continued)**
## **2. TANGIBLE FIXED ASSETS**
|**3.**|**Cost**
At 1st April 2020
Additions
At 31st March 2021
**Depreciation**
At 1st April 2020
Charge for the Year
At 31st March 2021
**Net Book Values**
At 31st March 2021
At 31st March 2020
**INVESTMENTS**
One Ordinary Share in|**Helicopters**
**Tools**
49395
1257
-
-
£ 49395
1257
13480
1254
988
1
£ 14468
1255
£ 34927
2
£ 35915
3
Heliworld Limited|**Helicopters**
**Tools**
49395
1257
-
-
£ 49395
1257
13480
1254
988
1
£ 14468
1255
£ 34927
2
£ 35915
3
Heliworld Limited|**Tools**
1257
-|**Museum**
**Equipment**
**Fixtures &**
**Fittings**
9995
-|**Buildings &**
**Improvements**
**Total**
593257
653904
43854
43854
637111
697758
75096
99741
12743
13753
87839
113494
549272
584264
518161
554163
**2021**
**2020**
£ 1
£ 1|**Buildings &**
**Improvements**
**Total**
593257
653904
43854
43854
637111
697758
75096
99741
12743
13753
87839
113494
549272
584264
518161
554163
**2021**
**2020**
£ 1
£ 1|
|---|---|---|---|---|---|---|---|
|||||||||
|||||1257|9995|||
||||13480
988|1254
1|9911
21|||
||||14468|1255|9932|||
||||34927|2|63|||
||||35915|3|84|||
||||||||**2021**
£ 1|
12
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Continued)**
|**4.**
**5.**
**6.**|**DEBTORS**
Due Within One Year
Inter Company Account
H M Revenue& Customs - Gift Aid
£
**CREDITORS**
Due Within One Year
Accruals and Other Creditors
£
**STAFF COSTS AND TRUSTEES REMUNERATION**
Salaries and Employers National Insurance
£|**2021**
**£**
19445
-
19445
£
1793
£
92446
£|**2020**
**£**
17624
5000
22624
1880
84013|
|---|---|---|---|
The average number of employees during the year was 7 (2020 6).
No employee received remuneration exceeding £60000.
No trustees received remuneration or were reimbursed expenses in the current or previous period.
13
## **BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED**
## **DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2021**
|Museum Admissions
Special Events Admissions
Fundraising
Museum Shop Sales and Special Events
Gift Aid
Donations from the F.I.H.M.
Donations
Interest Received
Helicopter Flight Receipts
Playground
Filming
Job Retention Scheme
NSC Covid Grants
**Total Income**
**Expenditure:**
Shop Purchases (Adjusted for Stocks)
Special Events
Wages and National Insurance
Maintenance
Flight Costs (Including Refunds)
Aircraft Restoration Expenses
Airfield Project
Publicity and Advertising
Printing, Postage, Stationery and Leasing
Insurance
Telephone and Internet Charges
Fees, Subscription and Training
Rates
Bank and Merchant Acquiring Charges
Lighting, Heating and Power
Cleaning, Hygiene and Waste Disposal
Accountancy
Archive Costs
Staff Uniforms
Sundry Expenses
Depreciation
**Surplus for the Year**|
**£**
11044
-
92446
9478
409
1480
-
4020
1030
12561
1580
1881
549
261
8654
2350
990
536
-
75
13753
|**2021**
**£**
50843
6060
75
27748
23459
147
52776
674
187
615
-
37508
22024
222116
163097
£ 59019|
**£**
12531
1576
84013
6269
13104
876
141
6017
1282
12154
1550
729
11344
1388
7790
2586
990
623
250
193
12884
|**2020**
**£**
89606
40839
2575
38758
13506
1800
13389
1662
16719
1573
210
-
-
220637
178290
£ 42347|
|---|---|---|---|---|
|||
£||
£|
14