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 LIM￿ED
(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 La￿bY (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 2￿23. 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 provI￿onS of the Statement of Recommended Pra￿l¢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)mp￿ents, 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 Put￿lC 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 guid￿ce'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 I￿1 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 fu￿lage, 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
n￿essary work to obtain planning peThi&qon to develw this land lo make il surta￿e.
Work also started on plans for a corridera￿e piece of development on the r￿a1nder 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 mU￿M wth Tripthisor, GC￿g￿, 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 D￿mber 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 de￿gnated funds. were £209.941 {2022.'
£310.8391 as 31 Decern￿r 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 memtr*rs and members w￿9 ￿Sed membership wlhin
one year of the win(ffing up are required to contribute an an￿￿nt not ex￿e￿Ing £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 per￿n 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 A￿TION 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 c￿pany.
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 nece￿ry.
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 inC￿e 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 reasOnaL￿e arKI prudent..
state whether applicable UK Accounting Standards {FRS 1021 have been foll(W￿l. suts'ect to any
material departures disdosed and explained in the financial statements.,
prepare the financial statements on the gcHng con￿rn basis unless il is inapprowale to presume that the
Company wll continue in business.
The Trustees are responsible for keeping ad￿uate ￿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 respon￿b￿ 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 t￿1 required lo be audit￿ under Part 16 of the
2006 Ael and are eligible for independent examination, I report in resp￿1 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 V￿re 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 V*Drk 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 bet￿￿en 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 p￿paratIOn 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 nuM￿r 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
Othe￿Se 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 reCeiVa￿e can be mea$Jr￿j feliably.
The recognition of income from lega(aes is dek￿dent on esta￿lshIng 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 b*n left lo
them Ilhrough knO￿edge 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 rec￿nIsed when il is probable that il will be received and the fair value
of the amount receivable, whth wll generally be the ex￿ed 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 S￿riC purposes but not ex￿nded 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 r￿e1v￿ 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 prOba￿e 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 resourc*s. 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 i￿￿rred 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 a￿1$ COn￿med. 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 sTATEMEP￿s
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 dOnat￿j 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￿$1 lo the charity. 11 is believed the assets have an indefinite life given regular maintenance and
therefore are not depreciated.
The cost of assctTated rna1ntenan￿ and refurtyshment is rep)rted in the Statement of Financi81
Activity in the year it is incurreAI.
2.7 Stocks
Stocks are valued al the lo%%er of Cost and net realisable value after making due allowan￿ for
obsolete and slow-moving stocks. Cost includes all diwl costs and an appropriate proportion of
fixed and variable overheads.
2.8 Dabtors
Trade and other deblors are rec￿nI$￿j al the setuemenl ￿OUnt after any trade discount Offe￿d.
Prepayments are valued at the amount prepaid net of any trade di￿￿nts 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 pe￿n5 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 p￿d 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 ex￿nSeS).
Page 16

¥) o
23W

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 a￿tS 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 re￿iVed 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 LIM￿ED
(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.C￿3
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