Regi8tsred numbar: 01487622 Charity numbgr: 281804 NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limited by guarante8) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilmlted by guarJnt¢o) CONTENTS Page R?ference and admini8trative d•tslls of the Company. its Tntste8s and adviser5 Tru$teas' report Indopendent examingrf$ report Statement of financlal activiti Balanco 6heet Note8 to the financial statements 10-22
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company limited by guarnnteo} REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees Mr S Bell, Chaimian Mrs P Veale, Treasurer Mr L Curtis Mr D Dawson Mr l Dunlop Mr C FO%eT Mr 8 Johnson Mr A LaL*by Mf J Self Mr D Wright (resigned 31 Juty 2022) Company registgrod numb•r 01487622 Charity registered number 281804 Rogistered offico The Street Flixton Bungay Suffolk NR35 1NZ Company secretary Mrs P Veale Accountants Larking Gcwen LLP Chartered Accountants Faiers House Gilray Road Diss IP22 4WR Page 1
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A Company limft•d by guarnTrtee TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees piesenl their annual reFort toFther with the fin¢la1 statements of the Company for the 1 January 2022 to 31 December 2022. The Annual report serves the purposes of trKJth a Trust, report and a dire¢lors' rerx)rt under company law. The Trusts confim) that the Annual rewrt and financial statements of the ¢h8rilable company compty wth the cuffent statutory requirements, the requirements of the charitable company's govemir@ document and the provisions of the Stsltsynenl of Recommended Practice ISORPI applicable to charities preparing their acnts in accordance with the Fina131 Reporting Standard applicable in the UK and Republic of Ireland IFRS102) (effective 1 January 20191. Since the Ccxmpany qualifies as ynall under section 382 of the cPanieS Act 21JA, the Strategic rewrt required of medium and large companies under the Companies Act 20C6 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Pollcles and objectives To establish and maintain for the benefit of the nation an aerOal¢al museum arKI for the like purpose lo promote the permanent preseryation of military and other aircraft arKI other forms of conveyance and propulsion, and equipment and items of general aeronautical interest of actual or potential historic or scientific imFK)rtance and educative value and lo a¢JJuire aircraft, aircraft components, aeronautical equipment and associated items. To exhibit to the public any such aircraft, equipment and other items by means of lemrK>rary or pemianent exhibitions and lo dOnStrate lo the public the working and oprab'on of an such aircraft, equipment and items by means of slalic or mobile displays and by carrying Ihe public on such aircraft or otherwse. In setting objectives and planning for activities. the Trustees have given due consideration 10 general guidance published by the Chaiily Cc¥nmiswon relating to public benefit. including the guidance'Public benefit. running a charity. Achievomonts and pgrfomiance . Review of activities 2022 saw things start to rettjver to a more nomial stuation. A new manager was ruited who commenced employment in June and who has contributed significantly to the day to day running of the museum. The museum continued to only open Ihiee days per s%Eek. a more detailed look al numbers indicates that we had around 88% of the vi&lors that h&1 pre-pandemic when we were open five days per week. 11 also showed that income was around pre-pandemic levels. Tripajvisor, Google, elc. conlinue to show a very wtive image of Ihe museum and feedback from visitors shows that we continue to tell the slory of local aviation in a me8niNJful atxl interesting way. Our education adivities have restarted with several sch(K>l visits duriThJ the yeai. We were also able lo restart Scout Days and ran Iwo of these in the latter part of the year. Event days were lo pre-pandemic levels. The East Coast Pirates day in May saw the single largest number of visilof5 in one day ever. We filled trK&th the main caT park and overflow one. That had never previously happened. The museum also celebrated its 501h anniversary towards the end of the year. We purchased one new exhibit during the year. a Lightning Cockpit Section whKh has proved to be a very Page 2
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company lirnitgd by guar4nts•) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Achievements and porfornian¢• {¢ontInu) popular visitor attraction. The build up of reserves continued vAth the intention of completing me4or purchases in 2023 (we had originally hoped to Complete these in 2022)- The serveS a further bolstered by a legacy which is due lo be eived in 2023, but is provided for in these financial statements. Financlal review . Re8er4e8 poIIcy 11 is the Company's policy to maintain as far as powble unrestricted reserves al a level il considers necessary to meet the short lemi cash flow requirements and maintsin a surplus lo provide headroom for any unexpected short lemi cash shortfalls. The trustees have set the minimum value of the funds lo be included as a strategic reserve at £77.000. The Company's lolal income for the year Wds £213,194 12021: £140,186). Expenditure during the year was £117,82812021_ £69,991) resulling in a surplus of £95.366 (2021.. £70.1951. Total fund balances at 31 Dmber 2022 were £709.530 12021.. £614,164) LL)mpring £534,527 {2021.' £435,337) of unreslricled funds and £175.003 (2021." £178,827) of restricted funds. Free reserves, which exclude fixed assets, were £310.839 {2021. £228.5321 as 31 December 2022. These additional reserves have been eamiarked for kn major purchases during 2023. The increase in income, total reseNes aThJ free reserves has been largely impacted by the recognition of a legacy totslling £112,253 in the year. Structure. govemance and managemnt a. Constitution The Company is limited by guarantee as defined by the Companies Act 20. incorporated on 26 March 1980 and registered as 8 charity on 24 February 1981. The Crynpany is g)verned by ils Memorandum and Articles of Association In the event of the Company Ing vA)und up, current members and member5 who ceased membership wthin one year of the wnding up are required to ¢onlribuie an amounl not exedIng £1. There have been no changes to the ot4'ectives wnce the last annL1 report. b. Mgthods of appointment or èlection of Trustees The committee of management are the trustees. The committee shall consist of not less than three and not more than bnty members. Onty members of the Company are digiNe to be committee members. One third of the committee are elected at the Annual General Meebng, e&h 4x)mmittee member being elected for a three year temi. On completion of the three year lemi the committee member is elTrgible to seek re-elIOn. If a vacancy arises belween AGM'S or the committee wsh to a(kl lo the number of committee Members Isubject lo not exceeding the maximum nUmtr all(A¥edl the Committ may appY)inl a new member until the next AGM where they may seek reelection. Page 3
NORFOLK & SUFFOLK AVIATION MUSEUM LIMThED (A company Ilmlted by guaTante8) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structure. governance and manag•ment (continuod) The committee of marernent may aN>oint any perx)n lo an assoaate committee member provided al any one lime these do not exed ten in number. The associate committee member wll only be allowed to attend meetings al the invitation of the chaim)an and shall not have the right to vote al COTnmillee meetings. . Oryanisational stru¢ture and decisionrymaking policies The committee of management are the administers of the Company. A treasurer is appointed lo maintain the financial records of the Company. d. Policies adoptod for tho induction and training of Trustees Upon appointment an infomal meeting is held wth the ne4V twske where the prrKedures of the Company are explained and a tour of the museum is arranged as necessary. statement of Trustees. r8$ponsibilitles The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees. report and the finanaal slalemenls in axordanee with applicable law and United Kingdom Accounting Standards (United KIn9J Generalty Accepte(l Accounting Praclicel. Company law requires the Tnjstees to prepare finarrial statements for each financial year. Under company law, the Trustees musl not approve the financial statements unle&8 they are satisfied that they gtve a true and fair view of the slate of affairs of the cpanY and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing Ihe5e financial stalemenls, the Trustees are required lo.. lect suitable accounting policies and then appty them congstenlly". observe the methods and principles of the Charities SORP {FRS 102},' make judgments and a¢ntIng estimates that are reasonat4e and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures diselosed and explain&J in the financial statements", prepare the financial statements on the gosng concern basis unless il is inappropriate lo presume that the Company will continue in bvgness. The TrLsslees are responsible fof keeping adequate a(£ountiThJ records that are sufficient lo show and explain the Company's transactions and disclose with reasonable accurary al any lime the financial position of the Company and enable them to ensure that the financial slalements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the Company and hen for taking reasonable steps for the prevention and detecb.on of fraud and other irreguiaribes. Page 4
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limited by guarantsa) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Approved by order of the members of the board of Trustees and signèd on their behalf by". Mr S Bell (Chair of Trustees) Date.. 19 June 2023 Page 5
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limited by guarants•} INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Independent examlnerfs report to the Trustees of Norfolk & Suffolk Aviation Museum Llmltsd {Ihe Company'l I report to the charity Trustees my examination of the accounts of the cpanY for the year ended 31 Decemter 2022. Responslbllltlos and basis of report As the Trustees of the Company land its directors for the PUTPW5 of CmpanY lawl you are responsible for the preparation ol the accounts in accordance with the requirements of the Companies Act 20061.lhe 2(K>6 Acl'}. Having satisfied myself that the alrounts of the Company are not reqUIrj to be audit 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 seclion 145 of the Charities A¢1 2011 1.the 2011 Act'l. In carying out my examination I have followed the Directsons given by the Charity Cornmission under section 145(5llb} of the 2011 Act. Independent examlnerfs ststement I have completed my examination. I confimi that no matters have come to my attention in connection wth the examination giving me cause to believe" accounting records were rwjl kept in resFect of the CL¥npany as required by section 386 of the 2006 Act; or the accounts do not accord wth those records". or the accounts do not comply wth the accounting requirements of section 3 of the 20 Act other than any requirement that the accounts gNe a 'true and fairf view is not a maltef considered as part of an independent examination", or the accounts have not been prepared in accordan with the melhcKls and principles of the Statement of Recommended Practi for accounting and rerx)rting by charities appli(3ble lo tharilies preparing their accounts in accordan wlh the Financial Rew>rting Standard applicable in the UK and Republic of Ireland IFRS 102) I have no concerns and have ccne 0$$ no other matter5 in connection wth the examination to which allenlion should k drawn in this report in order lo enable a prq)er 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 vrfork has been t1ertaken so that I mi9ht slate to the Company's TTU51ees tho* matters l am fequired to slate to them in an Indyndent examinerfs repx)rt and for no other purpose To the fullest extent pemitted by law, I do not accept or assume responsbility to anyone other than the Company and the Companls Trustees as a LKMJY. for my work or for this report. Signed.. Christopher Yeales FCA DChA For and on behalf of Larking Gowen LLP Chartered Accounlanls Diss Dated.. 22 June 2023 Page 6
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A ¢ompany Ilmltod by guarnntso) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Grants, donations and legacies Other trading activities Other income 156,243 56.951 156.243 56.951 71,910 68,117 159 Total income 213.194 213.194 140, 186 Expenditure on: Charitable activities 114,004 3,824 117.828 69,991 Total exponditure 114.004 3.824 117.828 69,991 Net movoment in funds 99,190 13.824} 95,386 70, 195 Reconciliatlon of funds- Total funds brought forward Nel movement in funds 435.337 99,190 178.827 13.824} 614.164 95,366 543.969 70.195 Totsl funds carried forward 534.527 175.003 709.530 614. 164 The notes on page5 10 to 22 fomi part of these finanaal statements. Page 7
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A Company limit¢d by guarantee) REGISTERED NUMBER: 01487622 BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note FIX a888ts Tangible assets Heritsge asse15 385,623 13.068 385.632 10 398.691 385,632 Current a88ets stocks Debtors Cash al bank and in hand 11 5.931 118,323 200.702 7.363 11,199 212,940 12 324,956 231.502 credito amounts falling due wthin one year 13 {14.11n (2.970) Net current assots 310.839 228.532 Total assets less current liabllltles 709.530 614, 164 Total net a8sets 709,530 614, 164 Charity funds Reslricled funds Unrestricted funds 14 175.1)03 534,527 178,827 435,337 14 Total funds 709,530 614, 164 The Company was entrtled lo exemption from audit under section 477 d the CompanEs Act 20(. The members have not required Ihe company to obtain an audit for the year in question in accordance with section 476 of Companies Act 20(E. The Trustees acknedge their responsibilits.es for comptying wlh Ihe requirements of the Act with ree¢t to accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the Fyovisions applicable lo enlilies subject lo the small companies regime. Page 8
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilmited by guardnteel REGISTERED NUMBER.. 01487622 BALANCE SHEET (CONTINUED} AS AT 31 DECEMBER 2022 The financial slalements were approved and authorised for issue by the Truslees and signed on their behalf by.. (Chair of Truslees) Date.. 19 June 2023 The notes on pages 10 10 22 form part of these financkAI stslements. Page 9
NORFOLK & SUFFOLK AVIATION MUSEIAq LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Genoral infomiation Norfolk and Suffolk Aviation Museum Limited is a private company limited by guarantee and incorporated in England and Wales. registration numb 01487622. The Company is also a registered charity. charity number 281804. The registe office is The Street. Flixton, Bungay, Suffolk, NR35 1 NZ. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in aC£Ordan wlh Ihe Charitbes SORP IFRS 1021- Accounting and Reporting by Charities". Stslement of Recommend1 Practice applicable to charib.es preparing their &counts in accordance with the Finantial ReportirrfJ Standard applicable in the UK and Republic of Ireland IFRS 102} (effective 1 January 20191. the Finanaal Reporting Standard applicable in the UK aTrJ Republic of Ireland {FRS 102) and the Companies Ad 2006. The financial statements are presented in sterting which is ihe functional currency of the CLYnpany and rounded lo the nearest £. Ntyfolk & Suffolk Avi8tson Museum Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recDJnised at historical cost or transaction value unless OtheThSe ststed in Ihe relevant aeecNJnting policy. 2.2 Income All income is recognised On the Company has entillement lo the income. it is probable that the incc*ne vJill be received and the amount of income reeeivaWe can be measured reliably. The rec(yJnilion of income from legacies is dependent on establishing entitlement. the probability of receipt and the ability to estimate with gjfficient accuracy the amount recwvable. Eviden¢e of enlillemenl to a legacy exists vthen the Company has sufficient eviden that a gift has been left to them {through knowledge of the existence of a valid wll and the dealh of the benefactor} and the executor is satisfied that the propety in quests.on will rk)t be required to satisfy Claims in the estate. Rlpl of a legacy must be recognised when it is probable that it will be received and the fail value of the amount r1vable. which wll generally be the eXPd cash amount lo be distributed lo the Company, can be reliably measured. Grants are indud8J in the Stalemet)l of financial activities on a reCeiVae basis. The balance of income received for speafic purwses bul not expend during the pericyj Is shown in the relevant funds on the Balan sheet_ Where income is received in advance of enlillement of receipt, its rQgnitIOn is deferred and included in (xeditors as deferred income. Where entitlement occurs before incL¥ne is received. the incorne is accrued. Income lax recoverable in relation lo donalions received under Gift "d 01 deeds of coven8nl is recL¥Jnised al the time of the donation. Page 10
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company Ilmitod by guardntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting poli¢io$ (continued 2.3 Expenditure ExpeThYilure is rw>Jnised once there 15 a legal or constructive obligation lo transfer economic benefit to a Ihird party, il is probable that a transfer of economic tenefits will be required in settlement and the amount of the obligatson can be measvred reliably. Expenditure is classified by activity. The cKJsts of each activity are made up of the total of direct costs and shared costs, including support cosls invofved in urwjertaking eh activity. Diwt costs attributable lo a single activity are allocated directly to that activity. shar costs which contribute to more than one activity and supwrt rnsts which a not attributable to 8 single activity are apportioned tween those activities on a basis consistent with the use of resour. Central staff costs are allocated on the basis of time spent. and depreciats.on charges alkKed on the wrtion of the 8ssel's use. Expenditu on charitalle activities is incurred on direclly undertaking the actNits"es which further the Companls objective& aswell as any asg)ckated yjpport costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Tangible fixed assots and depreciation Tangible fixed assets a carried at cost, nel of depwiab.on arKI any provisions for impaimienl. DeprlatIOn is provided al rates calculated to WTite off the co of fixed assets, less their estimated residual life. over their Qxpected useful lives on Ihe followng base& Freehold propety Hangers Huts and buildings Site improvements Bridge conslrudion Plant and machinery not provided straight line over 75 years slraighl line over 75 yeaTS 5% slraighl line 5% reducing balan - 15% Ing bala 2.5 Heritage assets The charity maintains a collection of aircraft and aviation-related artifacts. This collection has been building up since the charity was foun( in 1980. The Trustees feel that Lwng lo the inccrfnparai4e nature of the collection, conventional valuation lad(s sufficient reliability and that, even if valuations could be obtained, the wsls would be onerous compared wlh the litional benefits derived by the charity and users of the accounts. As a result, vthere exhibits have been donated to the charity, no value is rewrted for these assets in the charity's accounts Where exhibits are purchased for the collecb"on, the assel is included at its initial cost to the charity. 11 is believ the assets have an indefinite life given regular maintenance and thefOre are not depreciated. The cost of a5Xtialed Maintenan and refurtrA"shment is rewrted in the Slalement of Financial Activity in the year it is incurred. 2.6 Slocks Stocks are valued al the lo[ of cost and net realisable value after making due allowance for ca)solele and slow-moving 0S. Cost includes all direct costs a1 an appiopriale proportion of fixed and variable overheads. Page 11
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA rnPany limlted by guarnntgo) NOTES TO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting poli¢ies Icontlnuod) 2.7 Debtor8 Trade and other debtors are tnised at the tVement amount after any trade discount offered. Prepayments are value(l at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with 8 short maturity of three mLN)Ihs or less from the date of wvisition or opening of the depoyl or Milar account. 2.9 Liabilltle$ and provlslons Liabilities are recognised when there is an obligatson al the Balance sheet dale as a result of a past event, il is probable that a transfer of economic tenefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company antIpate$ it wll pay to settle the debt or the amount it has receNed as adVand payments for the 0dS or setvices il musl provide. Provi0$ are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of Ihe b.me value of money is material. the provision is based on the present value of those amounts, discounted 8t the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.10 Financial Instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic rinancial instnjments. Bay¢ finanual instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost ugng the effective interest melhc¥J. 2.11 Pension8 The Company operates a defined contribubon pengon scheme and the pension charge represents the amounts payable by the c{panY lo the fund in rewect of the year. 2.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trusts in furtherance of the general oty"eth'ves of the Company ar whh have not been desgnaled for other Pkjrroses. Restricted funds are funds wthich are to be used in accordance with stttific restrictions impo] 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 sel out in the notes to the financial slalemenls. Page 12
NORFOLK & SUFFOLK AVIATION MUSEUM LIMrrED IA company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Incom8 from donatlons. memberships and grants Unrestricted Rostricted funds funds 2022 2022 Total funds 2022 Tol81 funds 2021 Grants Arts Council England grant Government grants 11,546 Covid-19 business grant 29,807 Total grant8 4.000 41.353 Donations Legacies Membership 38.618 112.253 1.372 38.618 112.253 1.372 28, 653 1.904 Subtotal 152.243 152,243 30,557 Total 2022 156,243 156.243 71,910 Total 2021 60,364 11.546 71,910 Page 13
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limlted by guarant¢e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Income frorn other trading activities Total funds 2022 Total funds 2021 funds 2022 Fundraising events NAAFI sales Shop income Bric a Brac sa Insurance claim Educational VilS 787 787 25.731 22,526 7.782 2T4 25,731 22,526 7.782 18,073 18.805 5,925 25,OLTr) 40 125 12S Total 2022 56.951 56,951 68,117 Total 2021 68,117 68,117 Income of £25,000 was received in the year ended 31 tkcwnber 2021 in res¢1 of an insurance claim for loss ol eamings due lo the coronavirus pandemic. Anatysis of expenditure by activitles Support costs 2022 Total funds 2022 Total funds 2021 Museum 117,828 117.828 69.991 Total 2021 69,991 69,g91 Page 14
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limited by guarnnt¢e} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022 Analysis of expenditure by a¢tivlties (Continued Analysls of $upport costs Total funds 2022 Total funds 2021 Stsff costs Depreciation Computer costs Rates and water Insurance Light and heal Telephone Postsge and stationery Advertising Sundries Shop purchases NAAFI purcha Health and safety requirements Accounlanw and bookkeeping Exhibits and museum projec15 Legal and professional Special activity days tknnalions cr14t card and donation prrKe&sing fees Travel and accommodation 16,508 11,389 308 2,885 6,037 7.687 1.214 477 4Lk) 11,879 535 1,301 4,711 6,489 1.266 859 1,303 1,191 9, 184 6,519 1,074 3,025 17,675 1,501 4,038 2,023 11,888 11.036 819 6,736 21,373 11.234 550 1,084 502 1.079 117.828 69, 991 Independent examinerfs remuneration 2022 2021 Fees payable lo the Company's indyNknl examiner for the inderendent examination of the Company's annu81 accounts Fees payable to the Companrfs indndent examiner in re¥*¢t of.. Al assurance serVIS not Includ aVe 2,200 1, 625 850 Page15
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilmltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 staff costs 2022 2021 Wages and salaries Contribution to defined contribjtion pension schemes 16,242 266 400 16,508 4IKI The average number of pemns employed by the Company during the year was as follo.. 2022 No. 2021 No. Museum Manager No employee reiVed remuneration amoLbnting to more than £60.0 in either year. Total key management pewnnel remuneration during the period was £16,508 (2021." £NILI. Trusteos. rgmuneration and expenses During the year, no Trustees reNed any remuneration or other benefits (2021- £NIL). During the year ended 31 December 2022, one trustee waived reimbursemenl of expenses12021 - no trustees waived reimbuTsemenl of exFenses}- Page 16
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NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. Heritage assets Assets recognised at cost Exhibits 2022 Total 2022 Additions 13.(68 13,068 13,068 13,068 Anatysis of heritage a$sgt transactions 2022 2021 2020 2019 2018 Pur¢ha$es Lightening cockpit I3.8 Total additions 13,¢ Page 18
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limited by guarantge NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Stocks 2022 2021 Paint stocks and goods for resale 5,931 7,363 12. Debtorn 2022 2021 Due wlthln one year Other debtors Prepayments and accrued income Grants and legacies receivable 1,326 4.744 112,253 7, 735 3,464 118.323 11,199 13. Crodltors: Amounts falling due within one year 2022 2021 Trade creditois Other taxation and social security Pension creditor Accruals and deferred income 9,437 1,916 124 1,020 1,950 14.117 2,970 Page 19
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limited by guarant#) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. Statemènt of lunds statement of fund8- ¢Ufrent year Balanco at 31 December 2022 Balance at 1 January 2022 Income ExndIture Unrestri¢t¢d funds General Funds 435.337 213.194 {114.004) $34,527 Restricted funds HangaT one Hangar tsyo Sile improvements 21.989 152.821 4.017 (3541 12.465) (i.oosi 21,635 150.356 3.012 178,827 13,8241 175,003 Total of funds 614.164 213.194 1117,8281 709,530 Page 20
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company lirnited by guardntoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. Statement of funds {¢ontinued) Statement of fund8 - prioryear Balance al 31 TraTrSfe Decemb in/out 2021 Balan at l January 2021 Income Expenditu Unrestricted funds General Funds 361.318 128.640 (54.385) (236) 435,337 Restrlctsd funds Hangar one Hangar Sile improvements Arts Coun1 England 22,343 t55.286 5,022 {354) (2,465) (1,005) (11.782) 21,989 152,821 4,017 11.546 236 182.651 11,546 (15.606J 236 178,827 Total of funds 543,969 140, 186 (69,991) 614, 164 Each of the reslricled funds represents monies received by the company lo erect and maintain various properties referred lo. with the exptiOn of the grant from Arts Council England, which was paid to assist the Museum in transitsoning badi to a viable and sustainable opwating model follo¥Mng the Covid- 19 pandemic. The transfer in 2021 represent the overspend of restricted funds in the year. Page21
NORFOLK & SUFFOLK AVIATION MUSEUM LIfiIITED (A company Ilmlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. Anatysi¥ of net assets between fund8 Analysis of nèt a88ets betweon funds- current yoar UnTostricted Restricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Heritage assets Current assets Cfedilors due within one year 210,620 13,( 324.956 114.1171 175.003 385.623 13.068 324,956 (14,117) ToLIl 534,527 175.003 709.530 Analysis of net assets between funds- prior year UnTrstiicted funds 2021 Restncled funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within one year 206,805 231,502 (2.970) 178,827 385,632 231,502 (2,970) Total 435,337 178,827 614, 164 16. Pgnsion commitments The Company oKrateS a defined contribution scheme. The assets of the scheme are held separately from those of the Company in an indepentsnlly administered fund. The pen&on Cost charge represents contributions payable by the group to the fund and amounted lo £266 12021 £Nill. Contribution totslling £124 12021 £Nil} were payable lo the fund at the balance sheet date and are Includ in creditor& 17. Related party transactions The Company has nol enterj into any related party transaction during the year. nor are there any oulslanding balances owng between related parties and the Company at 31 December 2022. Page 22