2020-12-31-accounts

Regl8tered number: 01487622 Charity numb$r. 281804 NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilmlted by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limited by guaranta•) CONTENTS Page Reference and admlnlstrative details of the Company. its Trustees and advisevs Trusts8$' rèport Independent examlnef8 report Statemont of finan¢ial activities Balan¢è sh•ot Notes to the fin•n¢ial Statements 10-21

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company Ilmitod by guarant￿) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 TrustO0$ Mr S Bell, Chairman Mrs P Veale, Trea5uTer hAr T Elvy, Chair Mrs J Fairhead (resigngd 11 August 20201 Mr M Jackman (resigned 12 August 20201 Mr l Hancodi (resigned 11 August 2U20> Mr D Wright Mr P WalkeT (Tesgned 16 June 20201 Mr D Dawson Mr l Dunlop Mr L Curtis (appointed 1 March 20211 Mr C FO￿er (appointed 8 July 2020} Mr S Pickup {appoint&J 6 July 2020, rgsigned 12 August 2020) Cornpany registor9d number 01487622 Charfty regbtered number 281804 Registered office The Street Flixlon Bur¥Jay Suffolk NR35 1NZ Company secretary Mfs P VeaEe Accountants Larking Gowen LLP Chartared Accountants Faiers Housg Gilray Rosd Diss IP22 4WR Page 1

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA ¢ompany Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees wesent their annual report together with the tinancial slat¢m8nls of the Company for the 1 J8llLtary 2020 to 31 Dècember 2020. The Annual report serves the pU￿oS￿ of both a TTUSte8s' rewrt and a dlrector¥ report under company law. The Tnjsteès eonfim that the Annual repDrt and linancial statements of tho charitable company comply wth the current stalulory requirements, the requirements of the charitable mpanvs governlng document and the provi81Dns of the Statement of R￿rnrnended Practice {SORPI applicable lo chariti¢5 preparing thelr accoLtnts in accordance with the Flnancial Reporting Standard appllcabte in the UK and RepLtblic of Ireknd (FRS1021 (effective 1 January 2019). Since Ihe Company qvalifies as small under section 382 of the Companies Act 2006. the Strategic rewrt requirgd of madium and large companies under the compan￿ Act 2006 Islrate9ic Report and DÉreGtors' Report) Regulations 2013 has been omitied. Objectives and •diYitles a. Poll¢les and objectives To establish and Inaintain for the benefit of the nation an aeronaullc81 museum and for the like purpo to promote the pemanent PTssgrvaliDn ol military and other aircraft and olher forms of conveyance and PF¢wulsion, 8nd equipment and items of general aertsnauliGal interest of actual OT Potential historic or scienlrfi Importan￿ and educative vdue and to acquire aircraft, 8iicraft components, aoronauli(31 equipment and associated Items. To exhibit to the public any such aircraft. equipment and Other items by me8ns of temporary or permanent exhibitions and lo dernonslrale lo the public the working and operation of an such aircT8ft, equipment and items by means of static OT MO￿"1e displays and by carrying the public on such aiicraft or olhgrwiso. In setting objeGtives and plannlng for aclivitse& the Twstees have given due consideratton lo general guidan published by th¢ Charity Ccynmission relating to PLbllc ben9fil, inctuding the guldan¢e'Public benefit.. funning charfty. Achlevgments and p•rfomiance 8. Rèview of activitie$ 2020 was hardly a nomial year in the Ilfe of the museum. In mid March we had lo dos9 due to the pandemiG, reopened in late August. only to dose again In November. reopen In December for fvJo weeks then close again. The effects of the pandemi¢ also slopFed our r8Storalion plans for thro¢ months. Fortunately we were able to restart these In July, although th¢ volur¢teers deemd vulnerable were nol able to relum. We did take the opportunity lo refregh the shop and NAAFI. A new exhibit vlas #Iso placed on loan to Ihg museum during the ctosure, a Phantom aircraft whiGh now ocCU￿e8 a loGation direclly in tiont of arriving visilors. When we were allowed to OFen the rec8Ption from visilors wa5 good, and volunteèr support for the reopening W88 goo¢J and were able lo have the necessary additional staff in pla¢a to ensure that Covid controls were in ptace. Govemment and Lottery Fund support was good. @nabling the museum to not have to reduce ourreserve4 and allow us to reopen whth othefwise, financially, we would have bg8n un8bte to do. Oveiall a frnslraling year for the museum. but then that could be s&id of most organisations during a very troubled year. Tha* said, a lot haB begn achieved and the museum looks fowdrd to being able to welcomt visitors back fully in the near future. Page 2

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA Company limited by guaranteol TRUSTEES. REPORT (CONTINUED) FOR ffrlE YEAR ENDED 31 DECEMBER 2020 Achlevements and pertorn)ance (Contlnuedl Flnanclal reviow a. Golng concern At the lime of si9ning the financial statements, the Tiusiees have constd8wd the p)tontial impaGt of th8 Coronavirus outbreak on the charity. The Trust2es continue to monitor the position and the polenliol impact that this may have on both the g￿eral economic climate and the charity's opeTaling capacty. The Trustees believe that Ils strong balance sh8el the charity is well placed lo w throltgh Ihe current uncertainty. The Tfustees conssdeT that the Ccynpany can o)nlinue to mgot its ongoing liabilities for the forgseeable fLtlure. and 8t least elve months from tho date of signing these financial statements. They therefo￿ ¢onlinug lo ad(Ipl the g(xng con￿rn basis of accounting in preparing these financi?1 statements. b. R￿erveS pollcy It is the COmpan￿S policy to maintain as far a$ possib19 unrestricled reserves at a level it con&ders necessary to meel Ihe short term cash flow requirements and maintain a surplus to provide headroom for any Ltnoxpect¢d short term cagh 8hortFalls. The Compeny's total In¢ome for the year was £66,652 12019.. £98.404). Expenditure durfng the year £59.655 (2019. £95.5081 resulting in a surplus of £6.99712019: £2.8961. Totsl fund balances at 31 December 2020 were £513.g69 {2019.' £5￿,972> comprising £361.318 {2019.' £350.497) of unrestricted lunds and £182,651 {2019: E1 W475) of restricted fund* Free reserve& which exclude fixed assets. were £159.775 (2019.. £149,943) as 31 December 2020. Structure. governance and management Constitutlon The Company 15 limited by guarantee a$ defined by the Cc#nparkies Acl 2006, incoTporaled on 26 March 1980 and registered as a charity on 24 February 1981. The Company is govemed by ilg Memorandum and ArtIc￿S of Assoelalion. In Iho svenl of the Company being wourKI up, current members and memb¢rs who ceased member8hlp wfthln one year of the winding up are tequired to contribut8 an amount not exceeding £1. There have been no chanoe$ to the objectives ￿nce the last annual report. Pa￿3

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA wmpany limitgd by guaran180) TRUSTEES. REPORT IcofrifiNUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Structure. governance and management (continued) b. Mèthods of •ppolntment or ele¢tlon of Trnstees The committee of management are the trustee& The Gommittee shall consist of not less than three and not more than tswenty members. Only members of the c￿panY are eligible to be committee rnember5. One third of the Gommittee are elected at the Annual General Meeting, e￿h committee member bging elected lor a three year t$mi. On comptetion of Ihe three year term the committee member18 eligible lo seek r￿e￿lon. If a vacancy arises between AGM'S or the commlttee wfsh lo add to the number ol c￿mIltee membeis Isu4'ect lo not exceeding the maxirnum numbeT alEwd> the committee may 8ppolnt a n6w mambèT until the next AGM where they may seek re-eSection. The committee of management may at any Itme 8ppoint any person to be an associate committee member pn)vided al any on8 lime Ihe8e do not ex¢eed ten in number. The asg)ci81e Committee member wll only be allowed to attend meetings al the invitation ol the chalrman and shll not have Ihe right to vote 8t eommittee meettng& c. Organisatlonal structure and declslon-m•king policies The committee of managetnent are the administers of the Company. A troasurer is appointed to malntsln the financial records OF Company. d. Pollcl8$ adopt•d for tho Induction and tralnlng of Trusteeg Upon 8ppoinlment an inforrnal meeting is hgld with the new trustee whorè the procedures of the Compary aTe explalned and a tour of the museum is arrang$d as nèc855ary. Page 4

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limited by guarant•el TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Stat•mont of Trustees. re8pon8lbllltle8 The Truslees (Tkn are also the directors of thg Ccynpany lor Ihg purpjses of company law) are responsible for preparin9 the Trustee5' report and Ihe fin?n¢ial statements in accordance Nyilh applicable law artd United Klngdom Aecounting Standards (United Kingdom Ggnerally Accepted Aecounting Practice). Company law fequlros the Trustees to prepare financial statements for e&h flnancial year. Under company law. the Tfustegs musl not approve the financlal slalements unless they are sallsfied that they gN& a true and fair view of thg slate of affairs of the Company and of its incoming resources and application of resourc8S, including tts income and expenditure, for that perÈod. In preparing these financial stslements, Ihe Trustees are required to.. select suilable accounting polioes and then apply them consistently., observe the methods an(i prinaples of the Charilles SORP (FRS 102},' make ju&Jments and accounling eslimates that are reasonable and pwdenL state whether applicable UK Accounling Standard5 (FRS 102} have been foll0v￿d. sutie¢l to any maiprial departures disclosed and gxplaingd in the financsal statements" prepare the financial *lements on the going concem basis unless it is In8pproprI8te to presume t￿t the Company will continue in bustness. The Trustees are responsble for kegping adeqLFate a¢￿untIng records that ar8 sufficient to show and ewain the Company's transacltons and disclose wlh reasonablg a￿￿[a￿ al any b'me the financial position of the CcThpany and enabl& them to ensure that the financial stat8m&nt$ comply wlh Ihe CDrnpantes Act 2CK16. They are also responsib￿ for safeguarding the assets ot the Company and hence for takirE reasonable Steps for the prevention 8nd deteclron of fraud and other irreguiarilies. Approved by order of the members of the board of Trustees and signed on their behalf by: Mrs Bell Chairnian Mrs P Veale Twstee Pag8 5

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Independent examiner's report to the Trustees of Norfolk & Suffolk Aviation Museum Limited ('the Company')

I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2020.

Responsibilities and basis of report

As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.

Signed: Dated: 2 June 2021 Christopher Yeates FCA DChA

For and on behalf of Larking Gowen LLP Chartered Accountants Diss

Page 6

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limit•d by guarant8el STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 DECEMBER 2020 Vnrestrlctsd lund8 2020 Rest￿¢ted fund8 2020 Total funds 2020 Total funds 2079 Note InGomo from: Grants and donations Other trading acttvilies Other income 39A66 9,847 239 17,000 S6￿66 9.847 239 29.915 67.320 1. 1fj9 Total Income Expendtture on: Charitsble actlvltie$ 49.652 17,000 66.652 96,404 44.821 14,834 S9.655 95,508 Total expenditure 44021 14,B34 59,655 95,508 Net ineomo 4.831 ,990 2.166 (5,990} 2.896 Tr8nsfeTS befvKen fuTh4s 14 Net movement in funds R¢conciliation of funds.. Total furKls biought forward Net movement in fundJ 10,821 (3,824) 6.997 2.896 350,497 10,821 186,475 (3,824) 536,972 534,076 2,896 Total fund8 carried fc•rward 361,318 182.651 543,969 536,972 Th¢ notes on paggs 10 to 21 form part ol these financial statements. Page 7

NORFOLK & SUFFOLK AVIATION hlUSEUM LIMITED IA company Ilmlted by guarantse) REGISTERED NUMBER: 01487622 BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note Flxgd assets Tangible assets 10 384.194 387,02g 384,194 387,029 Current awts st￿￿$ Debtors 11 12 8,974 2,869 149,732 8,770 2.170 141.486 Cash 81 bank and in hand 161,575 152.426 CTeditor% amounts falling due within one year 13 (1,8001 {2.483) Net current asgets 159,77S 149.943 Tolal assets lèss ¢urr9nt Ilabllltle8 543,969 536.972 Total net asspts 543.969 536,972 Charlty fvnd8 Restrtcted funds Unrestricted funds 14 14 182,651 361,318 188,475 3￿.491 Total fund$ 543.969 536,972 Page 8

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilm5ted by guarante$l REGISTERED NUWIBER: 01487622 BALANCE SHEET lco￿riNUED) AS AT 31 DECEMBER 2020 The C(mpany w88 enlitled to exemption from autht under section 477 of the Companig$Act 2006. The members havo not required the company to obtain an aLKlil for the year in question In accordance with Section 476 of carnpan￿ A¢1 20(B. The Tnjstees acknowledge their responsi1￿1111&S for comptying wilh thg requirements of the Act with rospo¢t to 8ccounllng record5 and prepar8tion of financial statements. The finan¢ial statements have been p￿pared in accrxdance with Ihe provlsiong applicable to er*tilies subject to the small companw regime. The financT81 statements were approv￿ and authorised for issue by the Trustees and signed on their behalf by.. PArSB (Chair of Tntsteesl hlrs P Veal8 (Truslee) Dale.. 22 The notes on pa3e$ 10 to 21 form part of thes¢ financial slalements. Page 9

NORFOLK & SUFFOLK AVIATION hlUSEUM LIMITED (A wmpany Ilmlted by guarante81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEhryBER 2020 G8ngral inforniatlon Norfolk and Suffolk Aviation Museum Limil8d is a private company limited by guarantee and IneoTporated in England and Wales, registration number 01487622. The Company is also a registered ¢harily, charity number 281804. The registered office is The Street, FlixlDn, Bungay, Suffoll NR35 1 NZ. A¢countillg policies 2.1 Basis of praPara￿on of flnanclal ststom9nts The financial statements have been prepared in accordanGe with Ihg Charities SORP (FRS 1021- Accounting and Reporting by Charities: St8lement of Recommended Practice applicabte lo Qharities weEyarlng their accounts in accoréan¢e with the Financial Rep)￿ng Standard applicable in the UK and Ropublic of Ireland IFRS 1021 (effeclive 1 January 2019), the Financial Reporting Slandaid aFpliCat￿e in the UK artd Republic of Ir8land (FRS 102) and the Companies Act 20C6. The financial staemerts are presented in sterling wh¢ch 15 the functional curiency ol thè Ctrnpany and rounded to the nearest £. Norfolk & Suffolk Avlation Muum Limitecl meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised * historlcal cosl or transaction value unless otherwise stated in the relevant accuunts'ng policy. 22 Golng ￿ncern At the lime of signing the financial statements. the Truste¢s have consdgred the potent581 impart of the Coronavirus ouibreak on the charity. The Trustees continue to monitor the posltlon and Ihe Fotential impact that this may have on both the general g¢onomic climate and the charity's ¢)per81ing capacity. The Truslee$ believe that with ils strong balan¢e Sheet the charity is weu rAaced lo see through the cuirent uneertalnty. The Trustees consider that thè Comp8ny can conlinue lo meet its ongoing liabilities for the foreseeable futuro. and at least ￿1ve monlhs from the dak of signing these financial Statements. They therefore Gonlinu9 to adopt the going (k)nceTn ba61s of aecountin9 in preparing these financial statements. 2.3 Incomè All income is recognised once Ihe Company has entittemenl to the income, it is Probabie Ihat the income will be received and the amount of income receivabl¢ Can ￿ measured reliably. In¢¢mè tax re(£)ver8b￿ In ￿lat10Th lo donations recelved under Gift or deeds of covenant is rewgni59d al Ihe tlme of Ihe donation. Page 10

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilmlted by guaran19e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounttng policles Icontlnuod) 2.4 Expenditure Expenditure is recognised once Ihere is a legal or oorthclive obligalon lo transfer econcm beneff( to a third party. it is probable that a tran$for of economic benefits w711 be required in Settlement and the amount of the obligation can be measuied Teliably. Expenditure is classrfied by activity. The costs of oach activity arB made up of the total of direct cosls gnd shared cos, including support costs invofved in undertaking each activity. Direct costs attrlbulable tr) a single activity Bre allocated directly to that activity. Shared costs which contribule to more than one activity and support costs which a￿ not attributable to a stngle activity are apportioned belween Ihosfj activities on a basis con&stenl with th9 use of resouice& CeTrtral staff costs are allocated cn the basis u)f time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable adivities is incurred )n direclly undertakin9 the activities which further the Companys objectives, as well as any assnciated support eosl All expendlture is Inclusive ol Irracover8ble VAT. 2.5 GovornrneTrt grants Government grants reL4ting to tangiblè fixed asselg are treated as deferred income Bnd released to the Slaiemenl of finaft¢ial &tivlties ovei the èxpected useful lives of the assets conGemed. Other grants afe wltgd to thg Statement of financial aclivili8s as the related axpgnditure is incurred. 2.6 Tangiblo fixed assets and depreciation Tho ¢harfty maintsins a Goll&etlon of alrcraft and avtation-related artifacls. This collection has b8$n building up since the Gharrly was founded in 1980. The Tnjslees feel that owing to the incomparable nature of the coilectson, conventional valualon lacks sufficient reliability and that, even if valuations could be obtained, the costs ￿￿Ul￿ t£ oneroug compared with the additional ben&fits derived by the charity and usets of thè accounts. As a restsll, no value is reported for thes9 asse15 in the Gharity's ac(>Junl& The c05t of associated rna1ntenan￿ and refurbighmenl Is reported In the Statement of Finanaal Activity in the year itls inCur￿d. A review for impaimient of fixed assets is carried out if evenl$ or change5 in circumstances indicate that the carrying value of arry fixed assets May not be r&covgiable. Shortfalls betsveen Ihe carrying value ol fixed a5se15 and their Tecoverab￿ amounts are recognised as impaiTrnents. Impairment losses are recognised in the Statement of Flnancial Activities incorporating income and expenthtuie a¢ts)unl. Pagg11

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA Company Ilmlted by guarontee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2020 Ac¢ounting pollcfjes {contlnugdl 2.6 Tangible fixed assets artd d$preciation (Gontinugd) Tangibie fixed assets are carrfed at cosL nel of dep￿lS110n and any provtsions for irnpairment Depreciation is provlded at rates calculated to write off the cost of fixed 8sgets, less their estimated residual life, over their eX￿&d us8ful live8 on the following bases Freehold property Hangers Huts and buildings Sile improvements Bridge conslruGtion Plant and machinery not provided Straight line over 75 y&ars straight line over 75 years 5Dk stralghl Ilne - 5% reduoing balance 15% ieducing balanc9 2.7 Stock¥ Stocks are valued at the lower of cost and nel realisable value after making due allowan￿ for obso￿te and slow-moving stod(s. Cost includes all direct costs and en appropriate proportion ol fixed and variable overheads. 2.8 Deljtors Trade and othor debtors are iecogniged at the selliemenl amount 8fter any trade dlscount offered. Pfepaymenls are valued at the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and in hand Cash al bank and in hand includes c8$b and short-teTri highly Ilquid investments with 8 short malurily of three months or less from the dale of ar4UiSttson or O￿nIng of the deposit ol similar account. 2.10 Llabllltles and provlslons Liabilitiès ara Fecognised when there is an obligallon at tho Balance sheet dale a$ a rewtt of a past event, it is probable that a transfer of economic benefit ￿11 be required in settlement. and the amgunl of the settlement can be estimated relÉably. Liabdities are recognlsèd at the amoLfnl Ihal the Company anllclpates it will pay to settle the debt or the amount it has receiv&1 as advanced payments for the or rvices il mu provid Provlslons are measuThl 81 the bèst eimale of the amounts required to settEe the oblkgauon. Vvhere tt)e effe¢t of the time value of money is material, the Provi￿on is b?sed on Iht present value of those amounts, discounted at the pre-tax dlscounl rate that reflects the risks specÉfic to the liability. The unwinding of th& dlscounl is rncognid In the Staiement of financlal aclivtties as finance cost 2.11 Flnanclal instrumgnts The Company onty has financial assgts and linancial liabililips of 8 kind that quglify as basic finanaal inslrumèols. Basic financial instruments are initially recognised at transaction value and 8ubsoquent]y measured at their settlement value with the exceptv)n of bank loans which are subsequently mea6urerl at amoftised cost uslng the effective interest method. Page 12

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company Ilmited by guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policios {contlnuod) 2.12 Fund accounting Gener81 fund$ are unrestricted funds which are avallable for use at the discretion of the Trustees In furtheran¢o of the general objective8 of the Company and ￿1¢h have nol been designated for other purposes. Reslricted funds are fund5 which are to be used in accordarTr wth specific restrictions imposed by donors or whlch have been raised by the Company for particular purposes. The costs of raising and admini8terlng Sych funds are charged agalnsl the specific fiEnd. The aim and use of each r¢*rided fund 1$ sèt out in the notes to the flnancial slalements. Income from donations, memberships and grants Unre¥trlcted Restrlcted lunds funds 2020 2020 Total fund$ 2020 Tot81 funds 2019 Grants Heritage Lottery Emergency Fund grant Government grant# Covi(>19 busines5 grant 17,000 17,000 25.000 25,000 Subtotal d8ta£lgd dlsolosure 25.000 17,000 42,OiX) Donations 12.126 2.440 q2,126 27.343 2.347 225 Membership Grants Subtotal 14,568 14,566 29,915 Total 2020 39,566 17.000 56,566 29,915 Total 2019 29,690 225 29,975 Thè tharity also benef6ted from 100¥0 bu¥iness rates relief for one year fffjm 1 April 2020. Page13

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company Ilmitad by uuarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Income from other trading a¢tlvltlg6 Unrestricted fvn(ts 2020 Total funds 2020 Total funds 2019 Fundraistng evenl$ NAAFI $8les Shop income 8ftc a Brac sales Educalional visits 778 28,760 28, 135 8,285 1.362 3,187 S,3￿2 1,053 225 3,187 5,382 1,053 Total 2020 9.847 9.847 67.3 Tot812019 67,320 67,320 Other incoming rèsour¢es Unr4strf¢tod fund$ 2020 Total funds 2020 Total funds 2019 Other incc¥nlng re8our 239 239 1, 169 Tol81201g 1. 169 1. 169 Analys18 of expendlture by a¢tlvllAes SuppoTI ¢o$ts 2020 Total funds 2020 Total fiinds 2019 Museum 59,655 59,655 95,508 Total 2079 95.508 95.508 Page 14

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A ￿MpanY limlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysis of gxpendlturo by a¢tlvits95 {contlnued) Analy818 of support ¢osts Total funds 2020 Tot81 fvnds 2019 Staff tr)sts DepTeciation Rales and water Insuran L￿ht and heal Telephone Postage and slationery AdverttsSng Sundrles Shop purcha¥ NAAFI purchases Heahh and safety requiremenls Exhlbils and museum pro5ecls Spècial activity days Donations Tru8tee remuneration redil card and donation processlng fees Accountancy 14,500 10,144 810 3,373 7,929 1,274 301 17,809 9,669 3.875 3, 707 1,432 1, 128 2,240 649 13,702 10,517 1,683 17,580 505 730 2,449 1,3B4 3.239 10.489 116 510 1.800 1,668 S9,S55 95.508 Independent examinèV$ remuneration 2020 2019 Fees pay)lè to the Company's independent examinerfor the independent examination of th8 Company's annud acGounts 1.500 1.465 Page 15

NORFOLK & SUFFDLK AVIATION MUSEUM LIMITED (A ¢ompany limited by gu4ranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Staff costs 2020 2019 Waoes and salafiss Truste& romunelation 14.500 IT.809 14,500 18,009 The average number of persons emplt)yed Lly the Company during the year was as follows.. 2020 2019 Museum KeeFer No employee received remuneralion amounting lo more than £60.000 In either year. TnJstee8' remunerdtion and expenses During the year, no Trustees recefved any r¢mun&ration or other bènefits (2019- £200). During the previous year, Mrs J Fwthead. a Trustee, re￿IVed remuneration amounting lo £200 as a LW)Iribulion for a5ssling the Museum KeeFer. The remuneration was aLSthorised by the trustees. During the year erKl8d 31 December 2020, no trustees walved ro1mbu￿ment of expenses {2019 - rlo Iruslfjas waNed reimbwsement of expenses). Page 16

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NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilmltgd by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIIBER 2020 11. Stocks 2020 2019 Paint stocks and goods for resale 8,974 8. r70 12. Dobtors 2020 2019 Duo wkthin one year Other debtors Prepaymanls and accruod income 219 2.170 2,869 2.170 13. CfOdiÉors". Amounts falling due wtthln one yoar 2020 2019 other taxalK)n and soctal security Accruals and delerfed incomo 761 1.722 1,800 1,800 2,483 Page 18

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company Ilmltgd by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEGEMBER 2020 I￿ Statomènt of fvnds Statsment of funds - ¢urr•trt y•ar Balance at 31 Dacembei 2020 Balance at i January 2020 Transfers Inlout Income Expendltur• Unrgstrlcted funds General Funds 3SO,497 49,652 {44,821) 5,990 361,318 Restricted funds HerilagE Lottery FUTr Hangar one Hangar Site improvpments 17,000 111,010) 1354) 12,465) 11,005) 15,990) 22,697 157,751 6,027 22,343 155.286 5.022 186,475 17,000 (14,834) 15,990) 182,651 Total of funds 536,972 66.652 (59,6551 543.969 Page 19

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITEO (A company limited by guarantee) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 14. Stateniont of fund$ l¢ontirtugd) Statement of funds . prlor year Balance al 31 Transfe￿ Dec&mb81 in/oul 2019 Balar￿e al t January 2019 Income Expenditure Unrestricted funds General Funds 343,776 98,179 (91,683) 225 8￿,497 R￿Scted fund8 Hahgar Dne H￿gar two &te impTovemenls Association for Slrffolk Museums 23.052 160.216 7,032 (355) (2,465) (f,0051 22,697 157, 751 6,027 225 (225) 190.3CO 225 (3.825) (225) 186,475 Total of fund5 534,076 98.404 {95.508) 536,972 Each of the ￿strIcte<l fLEnd$ Tepre8enls monies re￿Ived by the ￿MpanY to prKt and maintatn vafiou8 prop?rties referfed to, with the exception of the 9￿￿t from Asswalion for Suffolk Museums and the gtant from the Hèritage Lottery Fund. The funds from the Association fDI Suffolk Museums ar8 used lo pur¢hase equipment such as wheelchairs gnd photographic equipment for use al the Museum prernise& Th? HeTilage Lottery Fund grant was paid lo assist the Museum In adapting its premises and covering adlilional ¢osts irkcurred as a result of the covid pandemic. The transfers represent the purchase Df fixed assets from restricled funds. Pago 20

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limited by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 15. Anaty818 of not a8&8ts between funds Analysis of net assets between fund$- ¢urrÈnt pèriod Unrostrlctsd Restrl¢t funds funds 2020 2020 Total funds 2020 Tangible fixed assets Current assets Creditors duewithin one year 201,543 161.575 (1,8001 182,651 384,194 161.675 <1,8001 Total 361,318 182,651 543.969 Analysis of net assets between funds . prior ￿rItsd Unrestnctea funds 2019 Restricle funds 2￿9 Total funds 2019 Tangible r￿ed assets Current a&8ets Creditors due wlhin one year 200,S54 152,426 12.483) 186.475 387,029 752.426 (2.483) Tota 350.497 186.475 536.972 16. Related party transactions The Company has not entered into any related party transacllon during the ye8r. nor are here any oulslanding balar￿¢S betwoen reLqted parties and the Company at 31 Dewber 2020. 17. Post balance 8heet events The Charity is Gurrenlly in the process of negollatsng an Insur￿¢ claim for l¢)ss of 8amings due lo the covid pandemic. Th$ sum insured is £25,000 but it is not yet possible to deteminfr the amount that Mll be received in resP&Ct Df the Claim. No amount 1$ provided for in the financial statements. Page 21