2021-12-31-accounts

Registsred number: 01487622 Charity number: 281804 NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limited by guaranto0) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company Ilmited by guarnnteel CONTENTS Page Reference and admlnl8trativo details of tho Company, It8 Trustees and advi5gr¥ Tru8tee8' report Independent examlnef8 report ststement of Ilnancl81 actfvities Balan¢& sheet Notes to the financial 8tatements 10-21

NORFOLK & SUFFOLKAVIATION MUSEUM LIMITED {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Tru8tee8 Mr S Boll, Chaiman Mrs P Veale. Treasurer Mr T Elvy, Vice Chair (resigned 2 November 20211 Mr L Curtis {appointed 1 March 20211 Mr D Dawson Mr l Dunlop Mr C FO￿er Mr B Johnson (appointed 13 July 20211 Mr A Laceby lappoinled 13 July 20211 Mr J Self lapFX)inled 21 December 20211 Mr I Shestherd lappointed 13 July 2021, resigned 30 December 2021) Mr D Wright Company rggi5tered numbgr 01487622 Charlty reglstered number 281804 Reglstered office The Street Flixton Bungay Suffolk NR35 1NZ Company secretsry Mrs P Veale A¢¢ountsnts Larking Gowen LLP Chartered Accounlanls Faiers House Gilray Road Diss I￿24WR Page 1

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees present their annual report together wth the financial ststements of the Company for the 1 January 2021 10 31 December 2021. The Annual report seNes the purp)ses of both a Trustees, report and a directors, report under company law. The Trusls confirm that the Annual report and financial statements of the charitable company comply wth the current slalutory requirements, the requirements of the charitable company's governing docJment and the provisions of the Statement of Recommended Practice ISORP} applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) leffecb've 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic ￿pOrt required of medium and large companies under the Compar¢ies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Poli¢ie8 and objectives To establish and maintain for the benefit of the nation an aeronautical museum and for the like purpose lo promote the pemianent preservation of military 2nd other aircraft and other foms of conveyance and propulsion, and equipment and items of general aeronautical interest of actual or wtential historic or scientific importance and educative value and to acquire aircraft, aircraft components, aeronautical equipment and associated items. To exhibit to the public any such aircraft, equipment arKI other items by means of temporary or permanent exhibitions and to demonstrate lo the public the working and operation of an such aircraf( equipment and item8 by means of static or mobile displays and by carrying the public on such aircraft or otherwse. In setting objectsves and planning for activities, the Trustees have given due consideration lo general guidance publithed by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. r4Jnning a charity. A¢hlevernents and pgrfonnance a. Reviow of activltig8 2021 was a very cKld year for the mu8eum. We temporarily found ourselves running as a volunteer only organision, We also found ourselves in the pandemic still. We were abse to open the outside areas of the museum from mid May, arKI the In￿de from late June. Due to the volunteer only situation we were only able to open three days per week rather than the previous five days. This affected income far less than might be expected. Tripadvisor. Google, etc. continue to show a very positive image of the museum and feedback from visitors Shows that we ¢ontinue lo tell the story of local aviation in a meaningful and interesting way. Our education activib'es have restarted with two school visits during the year. We were also able to restart Scout Days and ran kn of these in the laller part of the year. Due to the Covid restrictions in place Event days had to be curtailed somewhat and had to limit total numbers on sile to 210. We did fill the car park on a few occasons though. The museutn was able to attract several grants and these plus our ir)come and lower than expeGted outgoing¥ have allowed us to build up our free reserves. Page 2

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limlted by guarantee) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Flnanclal revlew . Going concern At the time of signing the financial statements, the Trustees have considered the F)Otential impact of the Coronavirus outbreak on the charity. The Trustees continue to monitor the position and the potential impact that this may have on both the general economic climate and the charity's operating capacity. The Trustees believe that with its strong balance sheet the charity is well placed to see through the current uncertainty. The Trustees consider that the Company can continue to meet its ongoing liabilities for the fopseeable future, and at least Ive months from the dale of signing these financial statements. They therefore continue lo adopt the going concern basis of accounting in preparing these financial statements. b. Resgrrfes policy It is the Companys poli￿ to maintain as far as possible unrestricted ￿SeNe9 at a level it considers necessary to meet the short term cash Ilow requirements and maintain a surplus to provide headroom for any unexpected short term cash shortfalls. The Company's total income for the year was £140,186 12020.. £66,652). Expenditure during the year was £69,991 12020.. £59,655) resulting in a surplus of £70,19512020.' £6,997). Total fund balances al 31 December 2021 were £614,164 {2020'. £543,969) ¢ompri$ing £435,337 {2020.' £361,318) of unrestricted funds and £178,82712020'. £182,651) of restricted funds. Free reserves. which exclude fixed assets, were £228,532 12020.. £159,775} as 31 December 2021. These additional reserves have been earmarked for kn Major purchases during 2022. Structure. govgrnanco and management a. CoTr¥titution The Company is limited by guarantee as defined by the Companies Act 20(E, incorp)rated on 26 March 1980 and registered as a Charity on 24 February 1981. The Company is governed by its Memorandum and Articles of Assooaation. In the event of the Company being wound up, current meM￿rS and members who ceased membership wthin one year of the wnding up are required lo contribute an amount not exceeding £1. There have been no changes to the objects'ves since the last anr¢ual rewrt. Page 3

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company Ilmlted by guarantsel TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Structure. governance and management {contlnuod} b. Methods of appolntment or electlon of Tru8tee8 The committee of management are the trustees. The committee shall consist of not less than three and not more than trEnty members. Only members of the Comparly are eligible to be committee members. One third of the committee are elected at the Annual General Meeting, each committee member being elected for a three year temi. On completion of the three year term the committee member is eligible lo seek reelection. If a vacancy arises between AGM'S or the committee wsh to add to the number of committee memberg {subject to not exceeding the maximum number allowed) the committee may appoint a new member until the next AGM where they may seek re-election. The committee of management may at any time appoint any person to be an asscLiate committee member provided at any one time these do not exceed ten in number. The assoriate wmmittee member wll only be allowed lo attend meetings at the invitation of the chaimian and shall not have the right to vote al committee m*lings. c. Organisational ¥tructure and docision-making policles The committee of management are the administers of the Company. A treasurer is appointed to maintain the finanaal records of the Company. d. Pollcies adopted for tho Inductlon and tralning of Tru8tee8 Upon appointment an informal meeting is held wth the new trustee where the procedures of the Company are explained and a tour of the museum is arrang￿ as ne￿$Sary. Page 4

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limited by guarantsel TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 statement of Trustegs, responsibilities The Trustees (who are also the d1￿ctOrS of the Company for the purposes of company lawl are responsible for preparing the Truslees, report and the financial statements in accordance wth applicable law and United Kl'ngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Truslees to prepare financial statements for each financial year. Under company law. the Trustees must not approve the financial statements unless they a￿ satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of reSoUr￿s, including ils income and expendihjre, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistenlly-, observe the methods and principles of the Charities SORP IFRS 102}', make judgments and accounting estimates that are reasonable and prudent., state thether applicable UK Accounting StandaTds (FRS 1021 have teen followed. subject to any mateTial departures disclosed and explained in the financial slatemenls., prepare the financial statements on the gcing concem basis unless it is inappropriate lo presume that the Company wll continue in business. The Trustee5 are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and digclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply wth the Companies Act 20￿. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the preventr'on and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: Mr S Bell Chairman Dale.. Mrs P Vgal• Trustee Page 5

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021.

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: 20 May 2022 Christopher Yeates FCA DChA

For and on behalf of Larking Gowen LLP Chartered Accountants Diss

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NORFOLK & SUFFOLKAVIATION MUSEUM LIMITED {A company Ilmlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2021 UnrestrÉcted funds 2021 Restridod funds 2021 Total funds 2021 Total funds 2020 Note Income from: Grants and donations other trading activities Other income 60,364 68,117 159 11,546 71,910 68.117 159 56,566 9,847 239 Totsl Income 128,640 140,186 66,652 Expendlture on: Charitable activitie5 $4,385 1S,606 69,991 59, 655 Total expgndlture 54,385 15.606 69,991 59, 655 Not Incomel{expendlturel Transfers between funds 74,255 1236) 14,0601 236 70,195 6,997 13 Net movemgnt in fund8 74019 13,8241 70,195 6,997 Reconclllation of funds: Total funds brought forwdrd Net movement in funds 361,318 74,019 182.651 13,824) $43,969 70,195 536, 972 6,997 Total funds carried forward 435,337 178.827 614,164 543. 969 The notes on pages 10 to 21 form part of these financial statements. Page 7

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company limited by guarantee) REGISTERED NUMBER: 01487622 BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Flxed agsets Tangible assets 385.632 384, 194 385,632 384, 194 Current assets Stocks Debtors Cash at bank and in hand 10 11 7.363 11,199 212,940 8.974 2.869 149. 732 231.502 161,575 Creditors.. amounts falling due wthin one year 12 (2,9701 (1,800) Net current a880ts 228.532 t59. 775 Total assets less current Ilabllltles 614,164 543.969 Total not a88ets 614,164 543, 969 Charlty funds Restricted funds 13 178.827 435,337 182.651 361,318 Unrestricted funds 13 Total funds 614,164 543, 969 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance wth section 476 of Companies Act 2006. The Trustees a¢kno￿edge their responsibilities for complying wlh the requirements of the Act wlh respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wth the provisions applicable lo entities gubjecl to the small companies regime. Page 8

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limited by guarantO91 REGISTERED NUMBER: 01487622 BALANCE SHEET {CONTINUED) AS AT 31 DECEMBER 2021 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr S Bell (Chair of Trustees) Mr8 P Veale ITrustee) Date.. The notes ors pages 1010 21 form part of these financial statements. Page 9

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 General informatlon Norfolk and Suffolk Aviation Museum Limited is a private company limited by guarantee and incorporated in England and Wales, registration number 01487622. The Company is also a registered charity, charity number 281804. The registered office is The Street, Flixlon. Bungay, Suffolk. NR35 1 NZ. Accounting pollcle8 2.1 Basls of preparation of financial statomgnts The financial sl*emenls have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charrtie$.' Statement of Recommended Practice applicable to charities preparing their awounts in acGord8nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tyve 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Companies Act 2006. The financial statements are presented in slerfing which is the functional currency of the Company and rounded tts the nearest £. Norfolk & Suffolk Aviation Museum Limited meets the definition of a public beneTIt entity under FRS 102. Assets and liabilities are initially reccMJnised at historical cost or transaction value unless olherwse slated in the relevant accounting policy. 2.2 Going concgm At the time of sgning the financial statements, the Trusleeg have ¢onsidered the potential impact of the Coronavirus outbreak on the charity. The Trustees continue to Monit￿ the position and the potential impact that this may have on both the general economic climate and the charity, operating capacity. The Trustees believe that with its strong balance sheet the charity is well placed lo see through the current Un￿rtainty. The Trustees consider that the Company can conlir¢ue lo meet ils ongoing liabilities for the foreseeable future, and at least twelve month5 from the date of signing these financial statements. They therefore continue to adopt the going concem basis of accounting in preparing these financial statements. 2.3 Income All ir￿rne is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivabte can be measured ￿lIablY. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant 18 recognised at the time of the donation. Page 10

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollcle8 Icontlnued) 2A Expendlture Expenditure is re¢ognised once there is a legal or conslruclive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured ￿liablY. Expenditure is classified by acbvity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in urNJertaking each activity. Direct costs attributable to a single activity a￿ allocated directly lo that activity. Shar￿￿ costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent w¢th the use of resources. Central staff costs are allocated on the basis of time spent, and depreLiation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on ￿1￿CtlY undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Tangible fixed assets and depreciation The charity maintains a collection of aircraft and aviation-related artifacts. This collecti(m has been building up since the charity was founded in 1980. The Trustees feel that owing to the incomparable nature of the collection, Conventional valuatio lacks suffiryent reliability and that, even if valuations could be obtained, the costs would onerous compared wth the additional benefits derived by the charity and users of the accounts. As a resul{ no value is reported for these assets in the charity's accounts. The ¢ost of associated maintenance and refurbishment is reported in the Statement of Financial Activity in the year il is incurred. A review for impairment of fixed assets is carried out if events or changes in circumstances indicate that the carrying value of any fixed assets may not be recoverable. Shortfalls be￿een the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating income and exFEnditure account. Tangible fixed assets are carried al cost, net of depreciation and any provisions for impaiment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual life, over their expected U￿ful lives on the following bases.. Freehold propèrty Hangers Huts and buildings Site improvements Bridge construction Plant and machinery not provided straight line over 75 years straight line over 75 year$ 5Q/o slraighl line 50/0 reducing balance 150/0 reducing balance Page 11

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng policses Icontinuedl 2.6 Stocks Stocks are valued al the lower of Cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade dI￿unt offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.8 Cash at bank and in hond Cash at bank and in hand includes cash and short-tem highly liquid investments wth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Llabilitios and provisions Liabilities are reeognised when there is an obligation al the Balance sheet date 28 a result of a past event, it is probable that a transfer of economic benefit wll be reqijired in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the llsks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance Cost. 2.10 Flnanclal Instruments The Company only has financial assets and financial liabilities of a kind that qU81ify ag basic financial instruments. Basic financial instruments are initially Tecognised at transaction value and subsequenuy measured al their settlement value with the exception of bank loans which a subsequenuy measured at amortised cost using the effective interest method. 2.11 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purpose& Restricted funds are funds which are to be used in accordance wrth specific restrictions imwsed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial stalemenls. Page 12

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Income from donations. mombgrnhips and grants Unrg¥tri¢ted Restrieted funds funds 2021 2021 Total funds 2021 Total funds 2020 Grants Heritage Lottery Emergency Fund g￿nI Arts Council England grant Government grants Covid-19 business grant 17.000 11.546 11,546 29,807 29,807 25,000 Total grants 29,807 11,546 41,353 42,000 Donations Membership 28,653 1,904 28,653 1,904 12, 126 2.440 Subtotal 30,557 30,557 14.566 Total 2021 60,364 11,546 71,910 56,566 Total 2020 39,566 1T.000 56,566 Page 13

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Income Irom other tradlng activities Unre8trlctsd funds 2021 Total funds 2021 Total funds 2020 Fundraising events NAAFI sales Shop income Bric a Brac sales Insurance claim Educational visits 274 18,073 18,805 5.925 25,000 40 274 18,073 18,805 5,925 25,000 40 3. 187 5.382 1,053 225 Totsl 2021 68,117 68,117 9,847 Total 2020 9.847 9.847 Income of £25.000 was received in the year12020.' £Nill in resFÉCt of an insurance claim for loss of earnings due to the coronavirus pandemi¢. Analysis of expgnditure by activitie8 Support cost8 2021 Total fund8 2021 Total funds 2020 Museum 69,991 69,991 59,655 Tot812020 59, 655 59, 655 Analysis of support costs Page 14

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA eompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Anatysis of expenditure by activities (continued) Anatysis of support costs Icontinuedl Total funds 2021 Total funds 2020 Staff costs Depreciation Computer costs Rates and water Insurance Light and heat Telephone Postage and slationery Advertising Sundries Shop purchases NAAFI purchases Health and safety requirements Accountancy Exhibits and museum projects Legal and professional Spérial activity days cr￿lIt card and donation processing fees 41)0 11,879 535 14,500 10, 144 1,301 4,711 6,489 1.266 859 1,303 810 3.373 7,929 7.274 301 607 730 9,184 6,519 1,074 3.025 17.675 1,501 2,449 1,384 3.239 1.800 10.489 116 1,079 510 69.991 59,655 Independent examlner's remuneration 2021 2020 Fees payable to the Company's independent examiner for the indeFendent examination of the Company's annual accounts Fees payabb to the Company's Inde￿ndent examiner in respect of.. All assurants services not included alJ)ve 1.625 1.535 850 Page 15

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 staff co8t8 2021 2020 Wages and salaries 400 14.500 400 14.500 The average number of persons employed by the Company during the year was as follows.. 2021 No. 2020 No. Museum KeeFer No employee received remuneralion amounting to more than £60,000 in either year. Trustee8' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2020- £NIL). During the year ended 31 December 2021, no trust*s waived reimbursement of expenses12020 - no trustees waived reimbursement of expenses). Page 16

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NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A ¢ompany limlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10. Stocks 2021 2020 Paint stocks and go￿￿9 for resale 7,363 8.974 11. Debtors 2021 2020 Due wlthln one year Other debtors 219 2,650 Prepayments and accrued income Grants re¢eivaNe 7,735 3,464 11,199 2.869 12. Creditors: Amounts falling due within one year 2021 2020 Trade creditors Accrual$ and deferred income 1,020 1,950 1,800 2,970 1.800 Page 18

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limited by guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Statoment of fund8 statement of fund8 - current year Balance at 31 December 2021 Balanco at 1 January 2021 Transfers inlout Incomfr Expendituro Unrestricted funds General Funds 361,318 128,640 154,38SI 12361 435,337 Restrfcted fund8 Hangar one Hangar t￿ Site improvements Arts Council England 22.343 155,286 5,022 {354) 12,4651 11,OOSI 111,782) 21.989 152,821 4,017 11,546 236 182.651 11,546 {IS,606) 236 178,827 Total of funds 140,186 {69,991} 614,164 Page 19

NORFOLK & SUFFOLKAVIATION MUSEUM LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Ststsmont of funds Icontinuedl ststement of funds - prlor year Balan￿ 8t 31 December 2020 Balance at 1 J8nu8ry 2020 Transfers in/out Incomo Expenditure Unre8trfcted funds General Funds 350,497 49, 652 (44.821) 5,990 361,378 Restrictsd fvnd$ Heritage Lottery Fund Hangar one Hangar two Site improvements 17,000 (77,010J (354) (2,465) (1,005) (5, 990) 22,697 157, 75f 6,027 22,343 155,286 5,022 786,475 17,000 (14, 834) {5,990) 182.651 Totsl of funds 536, 972 66, 652 (59,655) 543, 969 Each of the restricted funds represents monies received by the company to erect and maintain various properties referred to, wth the exception of the grant from Heritage Lottery Fund and the Arts Council England. The Heritage Lottery Fund grant was paid lo assist the Museum in improving its premises and covering additional costs incurred as a result of the reoFening of the Museum. The Arts Council England grant was paid lo assist the Museum in transitioning back to a viable and sustainable operating model following the Covid-19 pandemic. The transfers in the year ended 31 December 2021 represent the overspend of restricted funds in the year. The transfers in the year ended 31 December 2020 represent the purchase of fixed assets from restricted funds. Page 20

NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA Company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 14. Anaty818 of net assets betweon funds Analy818 of net assets botween lund8- current year Unrestricled Restrlcted funds fund8 2021 2021 Totsl funds 2021 Tangible fixed assets Current assets Creditors due wthin one year 206,805 231,502 12,9701 178.827 385,632 231,502 {2.970) Totsl 435,337 178,827 614,164 Analy818 of net a88ets betvmn funds - prior year Unrestncted funds 2020 Rostricted funds 2020 Tot81 funds 2020 Tangible fixed assets Current assets Creditors due wthin one year 201,543 161,575 (1.8QQJ 182,651 384, 194 161,575 (1. 800) Total 36t,3t8 182.651 543, 969 15. Related party tran8actlons The Company has not entered into any related party transaction during the year, nor are there any OLttstanding balances owng between related parties and the Company at 31 De￿mber 2021. Page 21