BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
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 2023
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 2023
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:
| Directors: | E. Ap Rees |
| P. Turner | |
| G. Dore | |
| R. Roller (Resigned 28th September 2023) | |
| S. R. Whittaker | |
| R. Adams | |
| A. Norris | |
| P. Winterton (Appointed 9th September 2022) | |
| Dr A. Wood (Appointed 16th December 2022) | |
| G. Russell (Resigned 7th July 2022) | |
| Trustees: | E. Ap Rees |
| G. Dore | |
| P. Turner | |
| R. Roller (Resigned 28th September 2023) | |
| S. R. Whittaker | |
| R. Adams | |
| A. Norris | |
| P. Winterton (Appointed 9th September 2022) | |
| Dr A. Wood (Appointed 16th December 2022) | |
| G. Russell (Resigned 7th July 2022) | |
| Secretary: | G. Dore |
| 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 2023 (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 2023.
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 £7551. The Company is a registered Charity and the net surplus for the year was £54819 compared to a surplus of £124222 in 2021/22.
The Directors consider the state of affairs of the company at 31st March 2023 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 £54819 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
1st December 2023
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 2023, 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 1NR
1st December 2023
6
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2023
| 2023 | 2022 | |
|---|---|---|
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| £ | £ | |
| Incoming Resources | ||
| Donations and Legacies | ||
| Donations | 2360 | 17418 |
| Fund Raising | 3767 | 680 |
| 6127 | 18098 |
|
| Charitable Activities | ||
| Museum and Special Event Admissions | 217107 | 169002 |
| Gift Aid | 17186 | 10671 |
| Playground | 2082 | 2458 |
| 236375 | 182131 | |
| Other Trading Activities | ||
| Filming | 500 | 750 |
| Museum Shop | 64190 | 52559 |
| Helicopter Flight Receipts | 33504 | 26383 |
| Job Retention Scheme | - | 9966 |
| NSC Covid Grants | - | 24000 |
| The Foyle Foundation Grant | - | 20000 |
| 98194 | 133658 |
|
| Investments | ||
| Interest Received | 1743 | 1001 |
| Total Incoming Resources | £ 342439 | £ 334888 |
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 2023
(Continued)
| 2023 | 2022 | |
|---|---|---|
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| Resources Expended | £ | £ |
| Charitable Activities | ||
| Wages and National Insurance Costs | 107766 | 91845 |
| Property Costs | 31628 | 21612 |
| Maintenance | 27181 | 16400 |
| Aircraft Restoration Costs | 2391 | 3480 |
| Special Event Costs | 2618 | 887 |
| Display Boards | 18605 | 4633 |
| 190189 | 138857 | |
| Other Trading Activities Costs | ||
| Shop Purchases | 40459 | 27846 |
| Cost of Flights (Including Refunds) | 21281 | 13240 |
| 61740 | 41086 | |
| Other | ||
| Office and Administrative Costs | 7993 | 4239 |
| Small Equipment Purchased | - | 2613 |
| Independent Examiner’s Fees | 1140 | 1092 |
| Publicity and Advertising | 4080 | 6039 |
| Sundry Expenses | 1364 | 1082 |
| Bank and Merchant Acquiring Charges | 4213 | 2786 |
| Depreciation of Tangible Fixed Assets | 16901 | 12872 |
| 35691 | 30723 | |
| Total Resources Expended | £ 287620 | £ 210666 |
| Net Surplus of Income for the Year | 54819 | 124222 |
| Reconciliation of Funds | ||
| Total Funds at 1st April 2022 | 930984 | 806762 |
| Total Funds at 31st March 2023 | £ 985803 | £ 930984 |
8
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED (COMPANY NUMBER: 1517593)
BALANCE SHEET AS AT 31ST MARCH 2023
| 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 |
2023 Unrestricted Funds £ £ 756279 1 756280 23997 36521 174247 234765 (5242) 229523 £ 985803 985303 £ 985803 |
2022 Unrestricted Funds £ £ 571392 1 571393 21057 28929 313661 363647 (4056) 359591 £ 930984 930984 £ 930984 |
|---|---|---|---|
| £ 23997 36521 174247 234765 (5242) £ £ |
£ 21057 28929 313661 363647 (4056) £ £ |
Continued on page 10.
9
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED (COMPANY NUMBER: 1517593)
BALANCE SHEET AS AT 31ST MARCH 2023 (Continued)
For the year ended 31st March 2023, 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 1st December 2023
................................................... P. Turner Director & Trustee
10
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
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 2023
(Continued)
2. TANGIBLE FIXED ASSETS
| 3. | Cost At 1st April 2022 Additions At 31st March 2023 Depreciation At 1st April 2022 Charge for the Year At 31st March 2023 Net Book Values At 31st March 2023 At 31st March 2022 INVESTMENTS One Ordinary Share in |
Helicopters Tools 49395 1257 17466 - £ 66861 1257 15456 1257 1337 - £ 16793 1257 £ 50068 - £ 33939 - Heliworld Limited |
Helicopters Tools 49395 1257 17466 - £ 66861 1257 15456 1257 1337 - £ 16793 1257 £ 50068 - £ 33939 - Heliworld Limited |
Tools 1257 - |
Museum Equipment Fixtures & Fittings 9995 - |
Buildings & Improvements Total 637111 697758 184322 201788 821433 899546 99705 126366 15552 16901 115257 143267 706176 756279 537406 571392 2023 2022 £ 1 £ 1 |
Buildings & Improvements Total 637111 697758 184322 201788 821433 899546 99705 126366 15552 16901 115257 143267 706176 756279 537406 571392 2023 2022 £ 1 £ 1 |
|---|---|---|---|---|---|---|---|
| 66861 | 1257 | 9995 | |||||
| 15456 1337 |
1257 - |
9948 12 |
|||||
| 16793 | 1257 | 9960 | |||||
| 50068 | - | 35 | |||||
| 33939 | - | 47 | |||||
| 2023 £ 1 |
12
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (Continued)
| 4. 5. 6. |
DEBTORS 2023 £ Due Within One Year Prepayments 230 Inter Company Account 36291 £ 36521 £ CREDITORS Due Within One Year Taxation and Social Security 197 Accruals and Deferred Income 1140 Other Creditors 3905 £ 5242 £ STAFF COSTS AND TRUSTEES REMUNERATION Salaries and Employers National Insurance £ 107766 £ |
2022 £ - 28929 28929 2023 1092 941 4056 91845 |
|---|---|---|
The average number of employees during the year was 6 (2022 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 2023
£ Museum Admissions Special Events Admissions Fundraising Museum Shop Sales and Special Events Gift Aid Donations Interest Received Helicopter Flight Receipts Playground Filming Job Retention Scheme NSC Covid Grants The Foyle Foundation Grant Total Income Expenditure: Shop Purchases (Adjusted for Stocks) 40459 Special Events 2618 Wages and National Insurance 107766 Maintenance 27181 Flight Costs (Including Refunds) 21281 Aircraft Restoration Expenses 2391 Display Boards - Foundation Grant 18605 Publicity and Advertising 4080 Printing, Postage, Stationery and Leasing 1480 Insurance 11967 Small Equipment Purchased - Telephone and Internet Charges 2046 Fees, Subscription and Training 407 Rates 5944 Bank and Merchant Acquiring Charges 4213 Lighting, Heating and Power 10805 Cleaning, Hygiene and Waste Disposal 2912 Accountancy 1140 Archive Costs 4060 Sundry Expenses 1364 Depreciation 16901 Surplus for the Year |
2023 £ 158199 58908 3767 64190 17186 2360 1743 33504 2082 500 - - - 342439 287620 £ 54819 |
£ 27846 887 91845 16400 13240 3480 4633 6039 1358 13013 2613 1624 357 3119 2786 2420 3060 1092 900 1082 12872 |
2022 £ 128793 40209 680 52559 10671 17418 1001 26383 2458 750 9966 24000 20000 334888 210666 £ 124222 |
|---|---|---|---|
£ |
£ |
Surplus for the Year
14
Chairman's Annual Report 2022-2023 The museurn continued to remain in the black during this fiscal year, careIlY husbanding expenditure to avoid breaking into the £IOO,000 reserves. This did mean having to dampen down the enthusiasrn by some who wanted to progress projects not approved by the board, with only Phase 2 of the new hangar bulld being agreed to progress. Meanwhile opportunities to acquire key aircraft on our acquisition list. notably a Sea King and Chinook, have continued in various quarters. One addition during the year was a Sedbergh Glider, transferred from the RAF Museum to represent the many years of RAF glider training activity at Weston. Plans to expand the archive storage space were also initiated during the year. FollowÉng discussions with the Heritage Lottery Fund, it was agreed to accept their offer for a possible grant-aided Governance Review to meet Succession risks. To help progress this Trustee Peter Turner was elected Vice Chainnan as a step fonvard in meeting the requirements. Finally, after over 50 years in post, leading the museum, this will be my last Chairn]an's report as l am stepping down from that position in 2023. Whilst shall remain a Life Trustee. and continue to be involved in the history and display of the aircraft etc, it is time for the Governance Review to dictate the future. Thank you everyone for your support.