## **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.