Registered number: 01487622 Charity number: 281804 NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023
NORFOLK & SUFFOLK AVIATION MUSEUM LIMED (A company limited by guarantse CONTENTS Roference and admlnlstratlve deta118 of the Company. its Trusteos and advtsors Trustse$' report Indèpendent examinèrfs rèport stat8m8nt of financial activities Balance sheet Note8 to the financial 8Litements 10-23
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company Ilmlted by guardntfjg REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEM8ER 2023 Trustees Mr S Bell. Chairman Mrs P Veale. Treasurer Mr L Curtls Mr D Dawson Mr l Dunlop Mrc FO%er Mr M Hopkinson (appointed 1 Marth 2024) Mr P Hunt (appointed 1 March 20241 Mr B Johnson Mr A LabY (resigned 20 November 21Y231 IAr J Sell Company registered number 01487622 Charity registered numbor 281804 Registered office The Street Flixton Bungay Suffolk NR35 1NZ Company se¢retary Mrs P Vede Accountants Larking GcAYen LLP Chartered Aeeounlants Faiers House Gilray Road Diss IP22 4WR Page 1
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A Company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual reFOrt tojether with the financk?I statements of the Company for the year 1 January 2023 to 31 December 223. The Annual rerxjrt swves the pUr[X) of both a Trustees, port and a directors, rewrt under company law. The Trustees confimi that the Annual ieport and financial statements of the charitable company comply the current statutory requirements, the requirements of the charitable company's governing document and the provIonS of the Statement of Recommended Pral¢e ISORPI applicable to charities preparing their accounts in accordance the Firw¢ial Rew)rting Stsndafd applicable in the UK and Republic of Ireland {FRS102) (effective 1 January 2019). Since the Company qualifres as small under section 382 of the Companies Aet 2006. the Strategic report required of medium and large companies under the Companies Act 2LK16 Islralegic Report and Directors. Report) Regulations 2013 has been omitted. Objg¢tives and actlvltles a. Policies and objectives To establish and maintain for the benefit of the nation an rOnautical museum and for the like purpose lo promote the ttmianent preservation of military and other aircraft and other fom)s of conveyance and propulsion, and equipment and items of general *ronautical interest of actual or potential historic or scientific iMWrtan and uca"Ve value and lo acwire airuaft, aircraft Ll)mpents, aeronaub.cal equipment and associated items. To exhibit to the public any sjjch aircraft, equipment and other items by means of temporary or permanent exhibitions and to damonstrate to the public the working and operth.on of an such aircraft. equipment and items by means of slalic or mobile dispL8ys and by carrying the PutlC on gjch aircraft or othewwise. In setting ofy'eetives and planning for activities, the Trustees have given due eonsideralion to general guidance published by the Charity Commission relating lo public benefiL including guidce'PUblic benefit." running a charity IP82}'. Page 2
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilmited by guarant¢•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfornian¢e a. Revlew of actlvltlos 2023 proved to be a very wod year for the museum. Our new manager seitl&J in well during the year and has succeeded in increa&ng the number of regular volunteets across the year. partKulady in the front of house team. The museum continued lo open three days per ¥Aeek for nine months of the year and visitor numbers inueased around 15% over Ihe previous year. Tripadvisor, Google, elc. continue lo shiThV a very positive image of the museum and feedback from vi&lors shows that we corbtinue lo tell the story of I1 aviation in a meaniTrJful and interesb.ng way. Our education activities continue wlh Veral xhcol vigts duriThJ year. We We also able to continue Scout Days and ran five of these across the year. Event days were back to prfrpandemic levels. The East Coasi Pirates day in May saw the single largest number of visitors during the year. We filled both the main car park and ovwfiow one that day. An additional exhibit was otrAain&l during the year. a Chipmunk fulage, will join Cockpit Corner followng resloralion after spending over ten years in extemal storage. The promised legacy VBS received during the year, and we %%ere informed earfy in 2024 that we had been selected by the exe¢ttlors to receive a further £25,000 which will te reflected in next year's accounts. Part of the original legacy was used lo purchase athjilional land for CAr pathng and sile a$s. We are currently doing nessary work to obtain planning peThi&qon to develw this land lo make il surtae. Work also started on plans for a corriderae piece of development on the ra1nder of the te which will require a lar furvjraising effort induding a large Heritsge Lottery b¥J. A small team is Kjrking on both of these items. The year also saw US starting lo charge for cod(pil acces8. This has proved lo be very successful with over £8,000 being raised. This has also led to very positsve vIewS on swial media. Overall a very successful year for the mUM wth Tripthisor, GCg, etc. cnnlinL* lo sh(w a very positive image of the museum and feedbad( from visitors shthys that we continue lo tell the story of local aviation in a meaningful and inleresling way. Page 3
NORFOLK & SUFFOLK AVIATION MUSEW LIMITED (A ¢ompany limited by guarants•} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review a. Reserv pollcy 11 is the Company's wlicy lo maintain as far as possib18 unrethic1 reseryes at a level it cL)n&ders necessary lo meet the Short term cash requiremenls and maintain a surplus lo provide headroom for any unexpected short term cash shortfalls. The trustees have sel the minimum value of the funds lo be induded as a strategic reseNe at £82.000. The Company's lotsl income for the year £128,926 (2022." £213.1941. Expenditu during the year was £134,026 {2022. £117.8281 regjlting in a deficit of £5,1(KJ12022-. yjrplus of £95,3e61. Total fund balances al 31 Dmber 2023 were £704,430 (2022.. £709.530) compriwng £526.556 {2022.' £534,527) of unrestricted furKJs and £177.874 (21722.. £175,003) of restricted furnls. Free reserves. vhir exdude fixed assets. heritage assets and degnated funds. were £209.941 {2022.' £310.8391 as 31 Decernr 2023. The reduction reflects the dewgnatiorb by the trustees of a legacy arisng in 2022 to the Sile Development Fund. 11 is antiupated that much of the excess reserves above the minimum rewired will be spent on further developments to the sile which are cutrendy being explored. Structure. govemanc• and management a. Constitution The Company is limited by guarantee as defined by the Companies Act 2006, incorporated on 26 March 1980 and registered as a charity on 24 February 1981. The Company is governed by its Memorandum and Articles of Association. In the evgnl of the Company Ing V+ound up. cJJrrenl memtrrs and members w9 Sed membership wlhin one year of the win(ffing up are required to contribute an annt not exeIng £1. There have been no changes to the 0.ectiVeS since the last annual report. b. Methods of appointment or election of Trustees The committee of management are the trustees. The committee shall consist of not less than three and not more than enty members. Onty meM[S of the Company are eligilAe lo be committee members. One third of the committee are elected al the Annual General Meeting. e¥h committee member being elected for a three year temi. On completion of the three year temi the committee membei is eligible lo seek re-election. If a vacancy arises beiween AGM'S or the committee wsh to at*J lo the number of committ& members Isubjecl lo not exceeding the maximum number all(h•1) the committee may apwinl a new member until the next AGM where they may seek re-election. The committee of management may aFfoinl any pern lo be an assoc4ate committee member provided al any one time these do not exceed len in number. The associate comrnittee member will only be allowed lo attend meetings al the invitation of the chairman and shall not have the right to vole al c(xnmittee meeb'ngs. Page 4
NORFOLK & SUFFOLK ATION MUSEUM LIMITED IA company limlted by guarnnt•8) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structurei govarnan¢e and management {¢onllnued) c. Organ18ational structurn and declslon4naking poli¢ios The committee of management are the a(trnin1st¥ of C(Mnpany. A treasurer is wointed to maintain the financAal records of the cpany. d. Policies adopted for the induction and training of Tru$tee¥ Upon appointment an infomial meeling is held wth the rw4 trustee where Ihe prctedures of the Company are explained arml a lour of the museum is arranpj as necery. Statement of Trustees. responsibilities The Trustees {who are also the directors of the Company for the purpws of company lawl are responsble for preparing the Trustees. report and the financial statements in alordan wth applicable law and United Kingdom Accounb"ng Standards (United Kingjom Generalty Accepted Accounting Practice). Company law requires the Trustees to prepare finanual slalements for each finanaal year. Under o)mpany law. the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Company and of its incoming resource5 and application ol resources, including ils inCe and expenditure. for that perirxl. In preparing these financial statements. the Trustees are required to.. select SLJilable accounting policies and then apply them con&stently' observe the methods and principles of the Charities SORP (FRS 102}'. make judgments and accounting estimates that are reasOnaLe arKI prudent.. state whether applicable UK Accounting Standards {FRS 1021 have been foll(Wl. suts'ect to any material departures disdosed and explained in the financial statements., prepare the financial statements on the gcHng conrn basis unless il is inapprowale to presume that the Company wll continue in business. The Trustees are responsible for keeping aduate CoUntIng records that are sufficient to show and explain the Company's Iransact10115 and disclose reasonable accuw al any time the financial position of the Company and enable them to ensure that the financial slalements comply wth the C(mpanies Act 2006. They are also responb for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fiaLMI and other irregLblarib"es_ Approved by order of the members of the board of Trustee5 and on their behalf by.. Mrs (Chair o Dale.. Trustees} Page S
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company limited by guarantw) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examinees report to th• Trustees of Norfolk & Suffolk Aviation Museum Limited I'the Company'l report to the thaiity Trustees on my examination of the axounts of ts Company for the year ended 31 December 2023. Responsibilities 4nd basis of report As the Trustees of the Company {and its directors for the purpy)ses of ctNnpany lawl you are responsible for the preparation of the a)UnIS in accordance the requirements of the Cc¥npanies Ad 20061.the 2fffi Act'l. Having satisfied myself that the accounts of the Company are t1 required lo be audit under Part 16 of the 2006 Ael and are eligible for independent examination, I report in resp1 of my examination of the Company's accounts carried out under secb'on 145 of the Charrties Act 2011 {'Ihe 2011 Acri. In carrying out my examination I have follTh¥ed the Direclions given by the Charity Commission under section 145{5llb) of the 2011 Act Independent examinerfs statement I have completed my examination. I confirm that no matters have o)me to my attenlDn in cA)nnection with the examination gNing me cause lo believe= accounting records Vre nol kept in respect of the CLynpany as required by section 386 of the 2006 Act., or the accounts do not accord ¥th those record& or the accounts do not comply wth the accounting iequiremenls of secb.on 3 of the 2CM)6 Act other than any requirement that the accounts gNe a 'true arKI fairf view is ncrt a matter considered as part of an independent examination". OT the accounts have not been prepared in )rdan with the method5 and prinaples of the Statement of Recommended Practice for accounting and repN)rbng by char1tses lapplicable to charities preparing their accounts in accordance wth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 I have no concerns and have come ayoss no other matters in connection wth the examination lo which attention should be drawn in this repcyt in order lo enable a prcper uThJerslanding of the accounts to be reached. This report is made solely lo the Ccxnpanls Trustees. as a LKYJY, in CordanCe with Part 4 of the Charrties {A¢counls and Reports) Regulations 2008. My work has been uThlertaken so that I might slate lo the Companls Trustees those matters l am required to stale to them in an Inderendenl examinerfs report and for no other purpose. To the fullest exlenl pemiitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company'5 Trustees as a bc4, for my VDrk or for this report. Signed.. Christopher Yeales FCA DChA Larklng Gowen LLP Chartered Accountants Diss Dated. 3 July 2024 Page 6
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilmlted by guarantoo STATEMETr OF FINANCIAL ACTIVITIES (INCORPORATING INCOAIE AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Total funds 2023 Total funds 2022 funds 2023 funds 2023 Income from: Grants, donations and legacies Other trading activities Other income 45.169 75,840 853 48,419 79,374 1.133 156,243 56,951 Total income 121,862 128,926 213, 194 Expenditure on: Charitable activities 130,083 134,026 117,828 Total &xponditur• 130,083 3.943 134,026 117,828 Net lexpendltureylncome Transfers beten furKIs (8,221) 250 3.121 (250) {5.100) 95,366 15 Net movement In funds 17,971) 2.871 {5,100) 95.366 Reconciliation of funds- Total funds brought forward Nel movement in funds 534.527 17,971) 175,1M13 2.871 709,530 15,11)0) 614, 164 95,366 Total funds carried topHard S26.556 177,874 704,430 709,530 The notes on pages 10 10 23 fomi part of these fi'nanaal ststemenls. Page 7
NORFOLK & SUFFOLK AVIATION MUSEiN LIMITED {A company limited by guarant8e) REGISTERED NUMBER: 01487622 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Fixed assets Tangible assets Heritage assets 10 11 434.147 13.068 385,623 13,068 447.215 398, 691 Current assets st(Kks Debtors Cash al bank and in hand 12 13 5,931 118,323 200, 702 5.912 249.119 263.125 324,956 Creditors.. amounts falling due wthin one year 14 15,9101 (14,117) Net current assets 25T.215 310.839 Total assetsloss current IlabllltiOS 704.430 709,530 Total nèt assets 704,430 709,530 Charity funds Reslricled funds Unieslricted funds 15 15 177.874 526.556 175,003 534.527 TO funds 704,430 709,530 Page 8
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company limlted by guarantee) REGISTERED NUMBER: 01487622 BALANCE SHEEf ICONTINUEDI AS AT 31 DECEMBER 2023 The Company was entitled to exemption from audrt under section 477 of the Ccmpanies Act 20C6. The members have not required the company to obtsin an audit for the year in question in accordan with section 476 of Companies Act 2(. The Trustees acknowledae Iheir re4)onsbilities for complying with the requirements of the Acl with respect to accountsng records and pparatIOn of financial statements. The financial statements have been prepared in axordance with the provigons applicable to entities suty'ect lo the small companies regime. The financial statements Nbere approved and authcxised for issue by the Truslees atKI gned on their behalf by.. MrSBe (Chair of Trusleesl Date.. The notes on pages 10 10 23 lomi part of these financial ststements. Page 9
NORFOLK & SUFFOLK AVIATION MUSEIAI LIMITED IA Company lirnitod by guaranto0) NOTES TO THE FINANCIAL STATEME?s FOR THE YEAR ENDED 31 OECEMBER 2023 General infomiation Norfolk and Suffolk Aviation Museum Limited is a private company limited by guarantee and incorporated in England and Wales, registralion nuMr 01487622. The Company is alg) a registered charity, charity numbef 281804. The registered office is The Street, Flixton, Bungay. Suffolk, NR35 1 NZ. Accounting policies 2.1 Basis of preparation of financial statements The financial slalements have been prepared in aco)rdance wth the Charities SORP IFRS 1021- Accounting and Reporting by Charities" Statement of Recommended Practice applicable lo charities preparing their accounts in ac£ordance wth the Financial Reporting Slandard applicable in the UK and Republic of IrelarKI IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 arKI the Ccffipanies Act 2006. The financial statements are presented in sterting is Ihe functional currency of the Company and rounded lo the nearest £. Norfolk & Suffolk Aviab'on Museum Limited meets the definttion of a public benefit entity under FRS 102. Assets arKI liabilities are initially recc¥3nised al historical cost or transaction value unless OtheSe Stat in the relevant accwnling poliGy. 2.2 Incomg All income is reccgnised On the Company has entillemenl to the inccffie. il is probable that the inccffie will be received and the amount of income reCeiVae can be mea$Jrj feliably. The recognition of income from lega(aes is dekdent on estalshIng ents"Ilement, the probability of receipt and the aknlity lo estimate sufficient accuracy the amount receivable. Evidence of entitlement lo a legacy exists when the Company has suffiuenl evidence that a gift has bn left lo them Ilhrough knOedge of the existen of a valid wll and the death of the benefactor) and the executor is satisfied that the prcperty in queslion will not be required lo satisfy claims in the eslale. Receipt of a legacy must be recnIsed when il is probable that il will be received and the fair value of the amount receivable, whth wll generally be the exed cash amount to be distributed to the Company. can be reliably measured. Grants are induday in the Ststemenl of financial activities on a Teceivable basis. The balance of income received for SriC purposes but not exnded during the period is shown in the relevant funds on the Balan sheet. whe inwme 15 received in advance of entillemenl of receipt, ils recognition is deferred and included in uedilors as deferred income. Where enlillement occurs before income is reeeived, the income is accrueAI. Income lax Tecoverable in relalion to donations re1v under Gift As'd or deeds of covenant is recognised al the time of the ()nation. Page 10
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company limited by guarants•} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policios (continuodl 2.3 Expenditurn Expenditufe is recognised On there is a legal or construdive obligation to transfer economic benefit to a third party. it is prObae that a transfer of econom benefits will be required in settlement and the amount ol the oNigation can measured reliably. Expenditure is classified by activity. The costs of e&h activity a made up of the total of direct costs and shafed costs, induding support costs involved in undertaking each activity. DirErt costs attributable to a single activity are allocated directly to that ackn"vity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apF)Ortioned between those activities on a bass consistent wlh the use of resourcs. Central staff costs are allctaled on the bass of time spent. and depreciation charges allocated on the portion of the asseys use. Expenditure on charitable activities is irred on diredty undertaking the activities which further the Companls objectives, as N%ell as any associated SUkVIrt co. All expenditure is indusive of irre(x)ver&)le VAT. 2.4 Govgrnment grants Government grants relating lo tangible fixed assets are treated as deferred income and released lo the Slalement of financial activilies over the expected useful lives of the a1$ COnmed. Other grants afe credited to the Slalement of financial activities asthe related expenditu is incurred. 2.5 Tangible fixod assgts and deprgciation Tangible fixed assets are initialty recconisej at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accurnulaled depreciation and any cUMulated impairment losses. All CA>Sts incurred tr) bring a tangible fixed asset into ils intended working condition should be induded in the measurement of cost. Depreualion is charged so as lo alliyate Ihe cost of laivJible fixed assets less their residual value over their estimaled useful live& . Depreciation is provid on the followng b Freehokl property Hangars Huts and buildings Site improvements Bridge construction Plant and machinery - not tKovided straight line over 75 years straight line over 75 years 5QA slraighl line 5% reducing balan 15% reducing balance Page11
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A Company limited by guardntee) NOTES TO THE FINANCIAL sTATEMEPs FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles {¢ontinued) 2.6 Herltage assets The charity maintains a collection of aircraft aTrJ aviati0n-rekt artifacls. This collection has been building up nce the charity w85 founded in 1980. The Trustees feel that owing to the inconparai4e nature of the collection. conventional valuation lacks sufficient reliability and that, even rf valuahons could be obtained. the costs would be onerous )mpared with the additional benefits derived by the charity and users of the accounts. As a result, where exhibits have been dOnatj to the charity. no value is rerK)rted for these assets in the charity's acc(nts. Where exhibils are purchased for the collection, the asset is included al ils initial C$1 lo the charity. 11 is believed the assets have an indefinite life given regular maintenance and therefore are not depreciated. The cost of assctTated rna1ntenan and refurtyshment is rep)rted in the Statement of Financi81 Activity in the year it is incurreAI. 2.7 Stocks Stocks are valued al the lo%%er of Cost and net realisable value after making due allowan for obsolete and slow-moving stocks. Cost includes all diwl costs and an appropriate proportion of fixed and variable overheads. 2.8 Dabtors Trade and other deblors are recnI$j al the setuemenl OUnt after any trade discount Offed. Prepayments are valued at the amount prepaid net of any trade dints due. 2.9 Cash at bank and in hand Cash at bank and in hand indudes cash and short-lem highly liquid investments wth a short maturity of three months or less frc4n the date of acquisition or opening of the deposit or similar account. 2.10 Llabllltles and provlsion8 Liabilities are recognise(I when there is an obligation at the Balance sheet dale as a result of a past event, Il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated ieliably. Liabilities are rec(yJnised al the amount that the C(Mnpany antiupales il wll pay lo settle the debt or the amount il has received as advanced payments for the goods or rviceS il musl provide. Provisions are measured at the best esb.mate of the amounts required to settle the obligation. Where the effect of the b.me value of money is material, the provi&on is based on the present value of those amounts, discounted at the pre-tax discount rate thal refle¢ls the risks specific lo the liability. The unwnding of the discount is recognised in the Statement of financial activities as a finance cost. Page 12
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA ¢ompany limited by guarantsè} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.11 Financial instruments The Company (Mly has financi81 assets and finanaal liajilitiey of a kind that qualify 8s basic financial instruments. Basc financial instruments are initially recognised at transaction value and subsequently measured at their settlement value wth exceplion of bank loans which are subsequenuy measured al amortised cost ugng the effective interest melh(Kl. 2.12 P•nslons The Company operates a (kfined contribubon [s7on scheme and the penson charge represents the amounts payable by the CcAnpany to the fund in respect of the year. 2.13 Fund accounting General funds are unrestrided funds 1¢h are availaNe for use al the discretion of the Trustees in furtherance of the general ots'ectives of the Company and 55*ich have not been de&gnated for other purposes. Designated funds comprise unrestrided funds that have been sel asde by the Trustees for particular purposes. The aim arKI use of each de&"gnaled fund is set out in the notes lo the financial slalemenls. Restricted furvjs are furvjs vthich are lo be used in rdance th specific restrictions imposed by donors or which have t)een raised by Ihe Company for particular purposes The costs of raising and administering such funds are charged against the fund. The aim and use of each restricted fund is sel out in the notes to the financial statements. Income from donations and legacies Unr•stricted Re8tricted funds funts 2023 2023 Total funds 2023 Total funds 2022 Donations 42,817 3,Tr)0 45.817 38,678 112,253 Legacies Grants Government grants Membership 250 2.352 2,352 1,372 45,169 3,250 48,419 156,243 Total 2022 156.243 156,243 Page 13
NORFOLK & SUFFOLK AVIATION MUSEUM LIMThED (A company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEC&MBER 2023 Income from other tradlng actlvltles Income from fundraising events Unrestricted Re8tri¢ted funds fund8 2023 2023 Total funds 2023 Total funds 2022 Fundraising events NAAFI sales Shop income Bric a Brac saks Educational visits C¢Jckpit tickets 393 31,225 29,009 5,301 1.905 8.007 393 31.225 29,009 8.835 1.905 8,007 787 25,731 22,526 7, 782 125 3.534 75.840 3.534 79.374 56,951 Total 2022 56,951 56.951 Other Incomlng rosource8 Unrgstrictgd Rostri¢ted fvnds funds 2023 2023 Total fund$ 2023 Total funds 2022 Miscellanwus income 853 280 1.133 Analysis of expenditure by activities Support costs 2023 Total funds 2023 To181 funds 2022 Museum 134.026 134.026 117,828 Total 2022 t17.828 117,828 Page 14
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company limitod by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysi8 of èxponditure by activitie8 (continued) Analysis of support costs Total funds 2023 Total funds 2022 Staff costs Depreciation Compute¥ costs Rates and water Insurance Light and hea Telephone Postage and stationery Advertisng Sundries Shop purchases NAAFI purchases Health and safety requirements Accountancy and bookkeeping Exhibits and museum projects Legal and profesgonal Special actsvity days (Profill on disposal of fixed asset Donations Credit card and donation processing fees Travel and accommodation 29.099 12.151 500 16,508 11,389 2.629 2,885 6,037 7,687 1,214 4T7 4,038 2,023 11,888 11,036 819 6, 736 21,373 11,234 40 11.946 1.272 320 3,597 12.609 12.693 6.037 26.194 2,231 (3501 550 1,084 502 1,230 256 Bank charges 134.026 117,828 Independent examinerfs remuneration The independent examinerfs remuneralion amounts to an irklependenl examiner fee of £2,420 {2022 - £2,200). Page 15
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA company Ilmltod by guarantsè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff costs 2023 2022 Wages and salaries Contribution to defined contribution pensi sthemes 28,433 666 16,242 266 29,099 16,508 The average number of pen5 employed by the Ccrfnpany duriThJ the year was as follows". 2023 2022 No. Museum Keeper No employee received remuneration amounting lo more than £60.OLK) in either yeaf. Total key management per9)nnel remuneration during the pd vrds £29,09912022. £16.508). Trustees. remuneration and expenses During the year. Trustees received any remuneration or other benefits (2022- £NIL). During the year ended 31 December 2023, one Iwslee Waiv reimbursemenl of expenses12022 - one trustees waived rwmbursemenl of exnSeS). Page 16
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NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED IA Company limited by guafants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Hgrftagg assgts Assets recognised at cost Exhibits 2023 Total 2023 Carrying value at 1 January 21r23 13.068 13,068 13,068 13,068 Analy818 of herltage asset tran8actlon8 2023 2022 2021 2020 2019 Purchases Lightening cockpit 13.068 Total additions 13,068 12. Stock8 2023 2022 Paint stocks and )odS for resa 8.094 5,g31 13. Debtors 2023 2022 Due wlthln one yoar Other debtors Prepayments and accrued income Grants and legacies receivable 916 4.997 1,326 4, 744 112,253 5,912 118,323 Page 18
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Creditors: Amounts falling due within one year 2023 2022 Trade creditors 1.877 9.437 1,916 124 2.640 Other taxation and social security Pension creditor Accruals and deferred incc¥ne 140 3,893 5.910 14,117 Page 19
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limited by guarant¢• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statement of funds Statement of fund$ - ¢urrgnt yoar Balance at 31 Transfers Dgcombor Inlout 2023 Balance at 1 January 2023 Incomo Expenditure Unrestricted funds Designated funds Site development {12.126) 52.695 40.569 General funds General Funds 534,527 121,862 1117.9sn (52.4451 485,987 Total Unrestricted funds 534.627 121.862 {130,083) 250 526.558 Restrictod funds Hangar one Hangar two Sile improvements Equipment Adair Walk Collection Development 21.635 150,356 3,012 {355) {2,465) 11.0051 21,280 147,891 2,007 250 (2501 3,000 3.814 3.000 3.696 (1181 175.003 {3.943) 177,874 Total of funds 709,530 128.926 1134.0261 704,430 Page 20
NORFOLK & SUFFOLK AVIATION MUSEiAI LIMITED (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 15. Statement of fvnds (continued) Restricted funds The Hangar and Site Improvements funds represenl monies 1ved by the company lo erect and maintsin the various proFerb"es referred to. The Equipment fund represents monies providgj for the purc4Hse of equipment. The Adair Walk fund represents donati¢Ms made for improvements to the Adair Walk. The Cdlection Devebopmenl Fund represents the proc*Js from Ihe sale of artifacts lch must nl on further development of the colleclion. Where reslricted funds are SFent on the purchase of fixed atS where the asset is held for a general and not a restri¢led purFK)se, a transfer is from restricted to unrestricted funds for the corresponding amount. Designated funds The Site Development Fund iepresenls the funds set aside by the trustees for development of the sile at Flixton and includes the unspent funds resulting from a legacy reiVed in 2022. Page 21
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company Ilmlled by guarantse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 15. Statement of funds 1cont1nu) Ststsmant of funds - prior year 8alance al 31 December 2022 Balance 8t l January 2022 Inix¥ne Expenditure Unrestrictod fvnds General Funds 435,337 213, 194 (114.004) 534,527 Restrict funds Hangar onè Hangar ljvo Site improvements 21,989 152,821 4.017 (354) (2,465) (1,005) 21,635 150,356 3,012 178.827 (3.824) 175,003 Total of fund$ 614, 164 213, 194 (117.828) 709,530 16. Analysis of net assets between funds Analy818 of net assets between funds - current year Unrestricted funds 2023 Rgstricted funds 2023 Total funds 2023 Tangible fixed assets Heritage assets Current assets Creditors due within one year 262,9 13.C68 256,429 {5.9101 171,178 434,147 13,068 263.125 15,9101 6,696 Total 526.556 177.874 704,430 Page 22
NORFOLK & SUFFOLK AVIATION MUSEUIA LIMED (A company Ilmitgd by guarantse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Analysls of net assats bgtween funds {continued) Analysis of net assets betw••n funds- prfor year Unrestricted funds 2022 Restiicted lunds 2022 Total funds 2022 Tangible fixed assets Heritsge assets Current assets Creditors due within one year 210,620 13,068 324.956 {14.117) 175.C3 385,623 13,068 324,956 (14,117) T¢)tal 534,527 175,003 T09,530 17. Ponsion commitments The Company operales a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently *Jministered fund. The pension cost charge represents contributions payable by the group lo the fund and amounted lo £666 12022 £2661. Contribution totalling £140 12022 £1241 were payable lo fund at the balan sheet date and are included in creditors. Related party tran8action8 The Company has not entered into any related party transaction during the year, nor are the any oulslanding balances owing belween relaled parties and the Company al 31 December 2023. Page 23