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 Trusl*s 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 doc*Jment 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 otherw*se.
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
organis*ion, 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 

Page 6 



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

o ffj o

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