– ’ The Helicopter Museum Chairman s Report December 2024
As ever, the museum has had another very busy year since my appointment as Chairman and Geoff Dore’s appointment as Vice-Chairman in late 2023.
On the staff front Molly retired as Treasurer after giving us decades of invaluable service and was replaced by Judi Young who has bought us kicking and screaming into the 21[st] century by computerising the accounts system in association with Geoff. In addition to this Jessica Porter has been promoted to Assistant Manager and is proving to be a most able assistant to Lee, competently running the daily operations in his absence.
Major progress has been made on the hangar, all funded from museum income, with the main structure and access ramps complete, the floor raised and the electricity supply installed. It is intended to put together a temporary exhibition in place by this coming Easter.
All the above work has been funded from our trading account helped by a good year of income from events to match the very successful previous season, the highlights being the Military History and Vintage Bus Rally.
On the airframe acquisition front we have added the Slingsby Sedbergh glider, a James Bond, ‘Little Nelly’ autogyro look alike and the Hobbycopter. The restoration of both the Sedbergh and Hobbycopter is now complete with the former awaiting completion of the Heritage Hangar, which will enable it to be to be rigged and hung from the ceiling, and the latter now on display in the foyer. The auto gyro, requiring no restoration is now part of our main hangar display.
As part of a major site clean-up three surplus airframes have been sold off being a Scout, Westland 30 and Lynx with more surplus items earmarked for future disposal.
Restoration-wise the Belvedere and H21 are progressing well.
All this in the 35[th] year of operations. A fine achievement by all.
Peter Turner
Chairman of the Trustees.
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
REGISTERED CHARITY NUMBER: 281053 COMPANY REGISTRATION NUMBER: 01517593
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
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 2024
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 | |
| S. R. Whittaker | |
| R. Adams | |
| A. Norris | |
| P. Winterton | |
| Dr A. Wood | |
| C. Elks (Appointed 2nd January 2024) | |
| Trustees: | E. Ap Rees |
| G. Dore | |
| P. Turner | |
| S. R. Whittaker | |
| R. Adams | |
| A. Norris | |
| P. Winterton | |
| Dr A. Wood | |
| C. Elks (Appointed 1st December 2023) | |
| 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 2024 (Continued)
Bankers: The Co-operative Bank plc. PO Box 101 1 Balloon Street Manchester M60 4EP Company Number: 01517593 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 2024.
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 £54414. The Company is a registered Charity and the net surplus for the year was £121794 compared to a surplus of £54819 in 2022/23.
The Directors consider the state of affairs of the company at 31st March 2024 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 £121794 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
27th September 2024
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 0281053) for the year ended 31st March 2024, 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
27th September 2024
6
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2024
| 2024 | 2023 | |
|---|---|---|
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| £ | £ | |
| Incoming Resources | ||
| Donations and Legacies | ||
| Donations | 6063 | 2360 |
| Fund Raising | 3892 | 3767 |
| 9955 | 6127 |
|
| Charitable Activities | ||
| Museum and Special Event Admissions | 245331 | 217107 |
| Gift Aid | 43618 | 17186 |
| Playground | 1719 | 2082 |
| 290668 | 236375 | |
| Other Trading Activities | ||
| Filming | 500 | 500 |
| Museum Shop | 61986 | 64190 |
| Helicopter Flight Donations | 4594 | 12223 |
| Sales of Scrap | 7133 | - |
| 74213 | 76913 |
|
| Investments | ||
| Interest Received | 736 | 1743 |
| Total Incoming Resources | £ 375572 | £ 321158 |
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 2024 (Continued)
| Resources Expended Charitable Activities Wages and National Insurance Costs Property Costs Maintenance Aircraft Restoration Costs Special Event Costs Display Boards Other Trading Activities Costs Shop Purchases (Adjusted for Stocks) Other Office and Administrative Costs Independent Examiner’s Fees Publicity and Advertising Sundry Expenses Bank and Merchant Acquiring Charges Depreciation of Tangible Fixed Assets Total Resources Expended £ Net Surplus of Income for the Year Reconciliation of Funds Total Funds at 1st April 2023 Total Funds at 31st March 2024 £ |
2024 2023 Unrestricted Unrestricted Funds Funds £ £ 121022 107766 38763 31628 10335 27181 2258 2391 11057 2618 2095 18605 185530 190189 34320 40459 4458 7993 1200 1140 3541 4080 891 1364 4934 4213 18168 16901 33192 35691 253042 £ 266339 122530 54819 985803 930984 1108333 £ 985803 |
|---|---|
8
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED (COMPANY NUMBER: 01517593)
BALANCE SHEET AS AT 31ST MARCH 2024
| 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 |
2024 Unrestricted Funds £ £ 801616 1 801617 18645 36596 256028 311269 (4553) 306716 £ 1108333 1108333 £ 1108333 |
2023 Unrestricted Funds £ £ 756279 1 756280 23997 36521 174247 234765 (5242) 229523 £ 985803 985803 £ 985803 |
|---|---|---|---|
| £ 18645 36596 256028 311269 (4553) £ £ |
£ 23997 36521 174247 234765 (5242) £ £ |
Continued on page 10.
9
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED (COMPANY NUMBER: 01517593)
BALANCE SHEET AS AT 31ST MARCH 2024 (Continued)
For the year ended 31st March 2024, 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 27th September 2024
................................................... P. Turner Director & Trustee
10
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
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 2024
(Continued)
2. TANGIBLE FIXED ASSETS
| 3. | Cost At 1st April 2023 Additions At 31st March 2024 Depreciation At 1st April 2023 Charge for the Year At 31st March 2024 Net Book Values At 31st March 2024 At 31st March 2023 INVESTMENTS One Ordinary Share in |
Helicopters Tools 66861 1257 - - £ 66861 1257 16793 1257 1337 - £ 18130 1257 £ 48731 - £ 50068 - Heliworld Limited |
Helicopters Tools 66861 1257 - - £ 66861 1257 16793 1257 1337 - £ 18130 1257 £ 48731 - £ 50068 - Heliworld Limited |
Tools 1257 - |
Museum Equipment Fixtures & Fittings 9995 - |
Buildings & Improvements Total 821433 899546 63505 63505 884938 963051 115257 143267 16822 18168 132079 161435 752859 801616 706176 756279 2024 2023 £ 1 £ 1 |
Buildings & Improvements Total 821433 899546 63505 63505 884938 963051 115257 143267 16822 18168 132079 161435 752859 801616 706176 756279 2024 2023 £ 1 £ 1 |
|---|---|---|---|---|---|---|---|
| 66861 | 1257 | 9995 | |||||
| 16793 1337 |
1257 - |
9960 9 |
|||||
| 18130 | 1257 | 9969 | |||||
| 48731 | - | 26 | |||||
| 50068 | - | 35 | |||||
| 2024 £ 1 |
12
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (Continued)
| 4. 5. 6. |
DEBTORS 2024 2023 £ £ Due Within One Year Prepayments 292 230 Inter Company Account 29834 36291 Gift Aid 6470 - £ 36596 £ 36521 CREDITORS Due Within One Year Taxation and Social Security - 197 Accruals and Deferred Income 1200 1140 Other Creditors 3353 3905 £ 4553 £ 5242 STAFF COSTS AND TRUSTEES REMUNERATION Salaries and Employers National Insurance £ 121022 £ 107766 |
|---|---|
The average number of employees during the year was 6 (2023 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 2024
| Museum Admissions Special Events Admissions Fundraising Museum Special Events and Shop Sales Gift Aid Donations Interest Received Helicopter Flight Donations Playground Filming Sales of Scrap Total Income Expenditure: Shop Purchases (Adjusted for Stocks) Special Events Wages and National Insurance Maintenance Aircraft Restoration Expenses Display Boards 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 Sundry Expenses Depreciation Surplus for the Year |
£ 34320 11057 121022 10335 2258 2095 3541 1471 13855 1695 547 1036 4934 20701 3171 1200 745 891 18168 |
2024 £ £ 182226 63105 3892 61986 43618 6063 736 4594 1719 500 7133 375572 40459 2618 107766 27181 2391 18605 4080 1480 11967 2046 407 5944 4213 10805 2912 1140 4060 1364 16901 253042 £ 122530 |
2023 £ 158199 58908 3767 64190 17186 2360 1743 12223 2082 500 - 321158 266339 £ 54819 |
|---|---|---|---|
£ |
£ |
14
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
REGISTERED CHARITY NUMBER: 281053 COMPANY REGISTRATION NUMBER: 01517593
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
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 2024
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 | |
| S. R. Whittaker | |
| R. Adams | |
| A. Norris | |
| P. Winterton | |
| Dr A. Wood | |
| C. Elks (Appointed 2nd January 2024) | |
| Trustees: | E. Ap Rees |
| G. Dore | |
| P. Turner | |
| S. R. Whittaker | |
| R. Adams | |
| A. Norris | |
| P. Winterton | |
| Dr A. Wood | |
| C. Elks (Appointed 1st December 2023) | |
| 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 2024 (Continued)
Bankers: The Co-operative Bank plc. PO Box 101 1 Balloon Street Manchester M60 4EP Company Number: 01517593 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 2024.
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 £54414. The Company is a registered Charity and the net surplus for the year was £121794 compared to a surplus of £54819 in 2022/23.
The Directors consider the state of affairs of the company at 31st March 2024 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 £121794 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
27th September 2024
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 0281053) for the year ended 31st March 2024, 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
27th September 2024
6
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2024
| 2024 | 2023 | |
|---|---|---|
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| £ | £ | |
| Incoming Resources | ||
| Donations and Legacies | ||
| Donations | 6063 | 2360 |
| Fund Raising | 3892 | 3767 |
| 9955 | 6127 |
|
| Charitable Activities | ||
| Museum and Special Event Admissions | 245331 | 217107 |
| Gift Aid | 43618 | 17186 |
| Playground | 1719 | 2082 |
| 290668 | 236375 | |
| Other Trading Activities | ||
| Filming | 500 | 500 |
| Museum Shop | 61986 | 64190 |
| Helicopter Flight Donations | 4594 | 12223 |
| Sales of Scrap | 7133 | - |
| 74213 | 76913 |
|
| Investments | ||
| Interest Received | 736 | 1743 |
| Total Incoming Resources | £ 375572 | £ 321158 |
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 2024 (Continued)
| Resources Expended Charitable Activities Wages and National Insurance Costs Property Costs Maintenance Aircraft Restoration Costs Special Event Costs Display Boards Other Trading Activities Costs Shop Purchases (Adjusted for Stocks) Other Office and Administrative Costs Independent Examiner’s Fees Publicity and Advertising Sundry Expenses Bank and Merchant Acquiring Charges Depreciation of Tangible Fixed Assets Total Resources Expended £ Net Surplus of Income for the Year Reconciliation of Funds Total Funds at 1st April 2023 Total Funds at 31st March 2024 £ |
2024 2023 Unrestricted Unrestricted Funds Funds £ £ 121022 107766 38763 31628 10335 27181 2258 2391 11057 2618 2095 18605 185530 190189 34320 40459 4458 7993 1200 1140 3541 4080 891 1364 4934 4213 18168 16901 33192 35691 253042 £ 266339 122530 54819 985803 930984 1108333 £ 985803 |
|---|---|
8
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED (COMPANY NUMBER: 01517593)
BALANCE SHEET AS AT 31ST MARCH 2024
| 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 |
2024 Unrestricted Funds £ £ 801616 1 801617 18645 36596 256028 311269 (4553) 306716 £ 1108333 1108333 £ 1108333 |
2023 Unrestricted Funds £ £ 756279 1 756280 23997 36521 174247 234765 (5242) 229523 £ 985803 985803 £ 985803 |
|---|---|---|---|
| £ 18645 36596 256028 311269 (4553) £ £ |
£ 23997 36521 174247 234765 (5242) £ £ |
Continued on page 10.
9
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED (COMPANY NUMBER: 01517593)
BALANCE SHEET AS AT 31ST MARCH 2024 (Continued)
For the year ended 31st March 2024, 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 27th September 2024
................................................... P. Turner Director & Trustee
10
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
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 2024
(Continued)
2. TANGIBLE FIXED ASSETS
| 3. | Cost At 1st April 2023 Additions At 31st March 2024 Depreciation At 1st April 2023 Charge for the Year At 31st March 2024 Net Book Values At 31st March 2024 At 31st March 2023 INVESTMENTS One Ordinary Share in |
Helicopters Tools 66861 1257 - - £ 66861 1257 16793 1257 1337 - £ 18130 1257 £ 48731 - £ 50068 - Heliworld Limited |
Helicopters Tools 66861 1257 - - £ 66861 1257 16793 1257 1337 - £ 18130 1257 £ 48731 - £ 50068 - Heliworld Limited |
Tools 1257 - |
Museum Equipment Fixtures & Fittings 9995 - |
Buildings & Improvements Total 821433 899546 63505 63505 884938 963051 115257 143267 16822 18168 132079 161435 752859 801616 706176 756279 2024 2023 £ 1 £ 1 |
Buildings & Improvements Total 821433 899546 63505 63505 884938 963051 115257 143267 16822 18168 132079 161435 752859 801616 706176 756279 2024 2023 £ 1 £ 1 |
|---|---|---|---|---|---|---|---|
| 66861 | 1257 | 9995 | |||||
| 16793 1337 |
1257 - |
9960 9 |
|||||
| 18130 | 1257 | 9969 | |||||
| 48731 | - | 26 | |||||
| 50068 | - | 35 | |||||
| 2024 £ 1 |
12
BRITISH ROTORCRAFT MUSEUM AND AVON AIR COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (Continued)
| 4. 5. 6. |
DEBTORS 2024 2023 £ £ Due Within One Year Prepayments 292 230 Inter Company Account 29834 36291 Gift Aid 6470 - £ 36596 £ 36521 CREDITORS Due Within One Year Taxation and Social Security - 197 Accruals and Deferred Income 1200 1140 Other Creditors 3353 3905 £ 4553 £ 5242 STAFF COSTS AND TRUSTEES REMUNERATION Salaries and Employers National Insurance £ 121022 £ 107766 |
|---|---|
The average number of employees during the year was 6 (2023 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 2024
| Museum Admissions Special Events Admissions Fundraising Museum Special Events and Shop Sales Gift Aid Donations Interest Received Helicopter Flight Donations Playground Filming Sales of Scrap Total Income Expenditure: Shop Purchases (Adjusted for Stocks) Special Events Wages and National Insurance Maintenance Aircraft Restoration Expenses Display Boards 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 Sundry Expenses Depreciation Surplus for the Year |
£ 34320 11057 121022 10335 2258 2095 3541 1471 13855 1695 547 1036 4934 20701 3171 1200 745 891 18168 |
2024 £ £ 182226 63105 3892 61986 43618 6063 736 4594 1719 500 7133 375572 40459 2618 107766 27181 2391 18605 4080 1480 11967 2046 407 5944 4213 10805 2912 1140 4060 1364 16901 253042 £ 122530 |
2023 £ 158199 58908 3767 64190 17186 2360 1743 12223 2082 500 - 321158 266339 £ 54819 |
|---|---|---|---|
£ |
£ |
14