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 31 DECEMBER 2024
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 - 9 |
| Notes to the financial statements | 10 - 23 |
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
| Trustees | Mr S Bell, Chairman |
|---|---|
| Mrs P Veale, Treasurer | |
| Mr L Curtis | |
| Mr D Dawson | |
| Mr I Dunlop (resigned 9 July 2024) | |
| Mr C Fowler | |
| Mr M Hopkinson (appointed 1 March 2024) | |
| Mr P Hunt (appointed 1 March 2024) | |
| Mr B Johnson | |
| Mr J Self | |
| Company registered number 01487622 Charity registered number 281804 Registered office The Street Flixton Bungay Suffolk NR35 1NZ Company secretary Mrs P Veale Accountants Larking Gowen LLP Chartered Accountants 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 2024
The Trustees present their annual report together with the financial statements of the Company for the year 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The charity's charitable purpose is :
-
To establish and maintain for the benefit of the nation an aeronautical museum and for the like purpose to promote the permanent preservation of military and other aircraft and other forms of conveyance and propulsion, and equipment and items of general aeronautical interest of actual or potential historic or scientific importance and educative value and to acquire aircraft, aircraft components, aeronautical equipment and associated items.
-
To exhibit to the public any such aircraft, equipment and other items by means of temporary or permanent exhibitions and to demonstrate to the public the working and operation of an such aircraft, equipment and items by means of static or mobile displays and by carrying the public on such aircraft or otherwise.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Review of activities
2024 proved to be a very good year for the museum. Once again, we saw an increase in regular volunteers. The museum continued to open three days per week for nine months of the year, and visitor numbers were very similar to the previous year.
We ran three Scout days during the year; these proved popular and were “sold out”. The year saw a significant increase in school visits, with most Tuesdays in the autumn and winter being booked well in advance.
Event days were back to pre-pandemic levels, with significant numbers on several occasions.
No new major exhibits were taken on during the year, but there was a steady flow of interesting artefacts being added to the collection. Sadly, we are unable to take on everything that was offered due to storage and display space being finite. Most museums now find themselves in similar positions.
Work on planning permission for the new land and proposed development continues, but is proving far more complex than anticipated. The museum has contracted-in planning consultancy to facilitate this process. It is hoped that we will be able to submit the planning application and subsequent grant bid during 2025.
Page 2
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Achievements and performance (continued)
Cockpit access continues to be a significant source of income for the museum, and very popular with our visitors. The trustees took the difficult decision to start charging admission in 2025.
Overall, a very successful year for the museum with Tripadvisor, Google, etc. continuing to show a very positive image of the museum, and feedback from visitors showing that we continue to tell the story of local aviation in a meaningful and interesting way.
Financial review
a. Reserves policy
It is the Company's policy to maintain as far as possible unrestricted reserves at a level it considers necessary to meet the short term cash flow requirements and maintain a surplus to provide headroom for any unexpected short term cash shortfalls. The trustees have set the minimum value of the funds to be included as a strategic reserve at £84,500.
The Company's total income for the year was £154,100 (2023: £128,926). Expenditure during the year was £140,743 (2023: £134,026) resulting in a surplus of £13,357 (2023: deficit of £5,100).
Total fund balances at 31 December 2024 were £717,787 (2023: £704,430) comprising £543,586 (2023: £526,556) of unrestricted funds and £174,201 (2023: £177,874) of restricted funds.
Free reserves, which exclude fixed assets, heritage assets and designated funds, were £211,129 (2023: £209,941) as 31 December 2024.The Museum is currently building reserves in anticipation of seeding a large grant application to develop new buildings.
Structure, governance 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 event of the Company being wound up, current members and members who ceased membership within one year of the winding up are required to contribute an amount not exceeding £1.
There have been no changes to the objectives since the last annual report.
Page 3
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, governance and management (continued)
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 twenty members. Only members of the Company are eligible to be committee members. One third of the committee are elected at the Annual General Meeting, each committee member being elected for a three year term. On completion of the three year term the committee member is eligible to seek re-election.
If a vacancy arises between AGM's or the committee wish to add to the number of committee members (subject to not exceeding the maximum number allowed) the committee may appoint a new member until the next AGM where they may seek re-election.
The committee of management may appoint any person to be an associate committee member provided at any one time these do not exceed ten in number. The associate committee member will only be allowed to attend meetings at the invitation of the chairman and shall not have the right to vote at committee meetings.
c. Organisational structure and decision-making policies
The committee of management are the administers of the Company. A treasurer is appointed to maintain the financial records of the Company.
d. Policies adopted for the induction and training of Trustees
Upon appointment an informal meeting is held with the new trustee where the procedures of the Company are explained and a tour of the museum is arranged as necessary.
Page 4
NORFOLK & SUFFOLK AVIATION MUSEUM UMITED IA ¢ompary Ilmltod by guarantse) TRUSTEES. RepoRT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Slat•mwt of TrusteO8' ro4)on8lbllltlos The Trustees (vkno aro also the directors of the Company for the purposes of ¢cpanY law} are respsIble for pr8paring the Trustees. rep)rt and the finarLial statements in aOrdanCe with aFplicle law and UnItj lfjngdom AccountirvJ Standards (United TrQno#om Gen8rally Accepted Accounting Practice). Company law raquires the TTu$lees to prepare finanaal statements for financial . Un08r company law, tha Trustees must not approve the financial statements unless they are satisfied that Ih&y give a true arKI fair view of the state of affairs of the Company of ils inccming resources and application of r&sourcAs, includirYJ its incc#))e and expendrture. for that period. In wepsrtro these financial statem8nts, thg Trnstees are rewired to.. select Sultsb accoLWrting policies and then apply them consistently,. observe the methc#Js and prin¢iplas of the Charities SORP IFRS 102). make juthjmgrts arkl accounting estimates that are reag)n8ble arNJ Wl0nt.. st81e whether applicable UK A¢¢ountiro Standards IFRS 1021 have teen folld, wty'8¢t to material departures disclosed and explain•J in the fin¢la1 $tatem8nls', prepare the financial statements on the goirwJ (x)nwn basis unless il is inyowate to prosLxn• that tho Company wll continuo in bLtsiness. The Trusiees are rospon$ible for keepmng ad8(wate ac£ounting rOrdS that are sufficiont to explain Company's transactions arml disclose wlh reasonable accuraty at any lime the finarKial position of th8 Comp8ny aThJ enable them to 8ngJr8 that Ihg financial Statements Gomply with the Companies Act 2C(6. They are 81so reSpCS1b10 for SafegUding the a55ets of the Company *)d hance for tarG reasonable steps for the prevention and d8t8(li of fraud arvj other iThggularities. Apwoved by onler of the membws of the board of Tnjstees and sign8d on their behalf by: Alrs (Chair of Trust 81 Date.. Pap5
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Independent examiner's report to the Trustees of Norfolk & Suffolk Aviation Museum Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2024.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed:
Christopher Yeates FCA DChA
Larking Gowen LLP Chartered Accountants, Diss 13 June 2025
Page 6
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Grants, donations and legacies 3 Other trading activities 4 Other income 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 72,693 77,735 353 150,781 133,751 133,751 17,030 526,556 17,030 543,586 |
Restricted funds 2024 £ - 2,869 450 3,319 6,992 6,992 (3,673) 177,874 (3,673) 174,201 |
Total funds 2024 £ 72,693 80,604 803 154,100 140,743 140,743 13,357 704,430 13,357 717,787 |
Total funds 2023 £ 48,419 79,374 1,133 128,926 134,026 134,026 (5,100) 709,530 (5,100) 704,430 |
|---|---|---|---|---|
The notes on pages 10 to 23 form part of these financial statements.
Page 7
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee) REGISTERED NUMBER: 01487622
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Fixed assets Tangible assets 10 Heritage assets 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
7,888 5,107 270,822 283,817 (4,917) |
2024 £ 425,819 13,068 438,887 278,900 717,787 717,787 174,201 543,586 717,787 |
8,094 5,912 249,119 263,125 (5,910) |
2023 £ 434,147 13,068 |
|---|---|---|---|---|
| 447,215 257,215 |
||||
| 704,430 | ||||
| 704,430 | ||||
| 177,874 526,556 |
||||
| 704,430 |
Page 8
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED {A ¢ompany Ilmlted by ouarantse) REGISTERED NUMBER: 01487622 BALANCE SHEET {CONTINUEDI AS AT 31 DECEMBER 2024 The Company was entitled to exemption from audit urthr section 477 of the Companies Act 20CE. Th8 memb8rs hav8 not requirtrj the c£rfnpary lo otrtain an 8LKlit for the year in w8stim in accord¢• with section 476 of CoMpanS Act 20C6. The Tru51ees a(rK)wledge their reSSibilItIeS for Gomplying with th8 Ul1ments of the with resped lo aetounting records 8nd preparation of financial statemtrrts. The fin8n¢ial Statements have b88n prepared in CdanCe with provislons applicable lo enlities suk4.ect to the sm811 companies regime. The finaKi81 statements were appyoved and authl$od for ISS by the Trustees and $igrnd on their behaw by.. r of TnJs1 S) Date. 2r The notes on pages 10 to 23 fomi part of th888 financial statements. P89
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
Norfolk and Suffolk Aviation Museum Limited is a private company limited by guarantee and incorporated in England and Wales, registration number 01487622. The Company is also a registered charity, charity number 281804. The registered office is The Street, Flixton, Bungay, Suffolk, NR35 1NZ.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
Norfolk & Suffolk Aviation Museum Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 10
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
| Freehold property | - not provided |
|---|---|
| Hangars | - straight line over 75 years |
| Huts and buildings | - straight line over 75 years |
| Site improvements | - 5% straight line |
| Bridge construction | - 5% reducing balance |
| Plant and machinery | - 15% reducing balance |
Page 11
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
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 founded in 1980.
The Trustees feel that owing to the incomparable nature of the collection, conventional valuation lacks sufficient reliability and that, even if valuations could be obtained, the costs would be onerous compared with the additional benefits derived by the charity and users of the accounts. As a result, where exhibits have been donated to the charity, no value is reported for these assets in the charity’s accounts. Where exhibits are purchased for the collection, the asset is included at its initial cost to the charity. It is believed the assets have an indefinite life given regular maintenance and therefore are not depreciated.
The cost of associated maintenance and refurbishment is reported in the Statement of Financial Activity in the year it is incurred.
2.6 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued 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-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 12
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.10 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial 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 using the effective interest method.
2.11 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 44,557 Legacies 25,000 Grants - Membership 3,136 72,693 Total 2023 45,169 |
Restricted funds 2024 £ - - - - - 3,250 |
Total funds 2024 £ 44,557 25,000 - 3,136 72,693 48,419 |
Total funds 2023 £ 45,817 - 250 2,352 |
|---|---|---|---|
| 48,419 | |||
Page 13
(A company limited by guarantee)
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. Income from other trading activities
Income from fundraising events
| Unrestricted funds 2024 £ Fundraising events 313 NAAFI sales 32,607 Shop income 31,759 Bric a Brac sales 4,303 Educational visits 310 Cockpit tickets 8,443 77,735 Total 2023 75,840 5. Other incoming resources Unrestricted funds 2024 £ Miscellaneous income 353 6. Analysis of expenditure by activities Museum Total 2023 |
Restricted funds 2024 £ - - - 2,869 - - 2,869 3,534 Restricted funds 2024 £ 450 Support costs 2024 £ 140,743 134,026 |
Total funds 2024 £ 313 32,607 31,759 7,172 310 8,443 80,604 79,374 Total funds 2024 £ 803 Total funds 2024 £ 140,743 134,026 |
Total funds 2023 £ 393 31,225 29,009 8,835 1,905 8,007 |
|---|---|---|---|
| 79,374 | |||
| Total funds 2023 £ 1,133 |
|||
| Total funds 2023 £ 134,026 |
|||
Page 14
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Depreciation Computer costs Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Shop purchases NAAFI purchases Health and safety requirements Accountancy and bookkeeping Exhibits and museum projects Legal and professional Special activity days (Profit) on disposal of fixed asset Donations Credit card and donation processing fees Travel and accommodation Bank charges |
Total funds 2024 £ 30,720 10,643 468 2,515 7,231 11,784 1,259 460 8,709 4,743 15,376 11,342 493 7,080 21,775 3,839 26 - 500 1,567 168 45 140,743 |
Total funds 2023 £ 29,099 12,151 500 2,629 7,064 11,946 1,272 320 3,597 4,504 12,609 12,693 - 6,037 26,194 2,231 - (350) - 1,230 256 44 134,026 |
|---|---|---|
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,420 ( 2023 - £2,200 ).
Page 15
(A company limited by guarantee)
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Staff costs
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 30,600 | 28,433 |
| Contribution to defined contribution pension schemes | 120 | 666 |
| 30,720 | 29,099 | |
| The average number of persons employed by the Company during the year was as follows: | ||
| 2024 | 2023 | |
| No. | No. | |
| Museum Keeper | 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
Total key management personnel remuneration during the period was £30,720 (2023: £29,099).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 December 2024, no expense reimbursements were waived (2023 - one trustees waived reimbursement of expenses).
Page 16
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. Tangible fixed assets
| Cost or valuation At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Freehold property Hangars £ £ 59,109 258,514 - - 59,109 258,514 - 51,703 - 3,447 - 55,150 59,109 203,364 59,109 206,811 |
Huts and buildings Site improvements £ £ 155,997 60,853 - - 155,997 60,853 31,403 49,006 2,079 957 33,482 49,963 122,515 10,890 124,594 11,847 |
Bridge Plant and machinery £ £ 22,807 55,372 - 2,315 22,807 57,687 13,254 33,139 478 3,682 13,732 36,821 9,075 20,866 9,553 22,233 |
Total £ 612,652 2,315 |
|---|---|---|---|---|
| 614,967 | ||||
| 178,505 10,643 |
||||
| 189,148 | ||||
| 425,819 | ||||
| 434,147 |
Page 17
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. Heritage assets
Assets recognised at cost
| Carrying value at 1 January 2024 Analysis of heritage asset transactions 2024 £ Purchases Lightening cockpit - Total additions - 12. Stocks Paint stocks and goods for resale 13. Debtors Due within one year Other debtors Prepayments and accrued income |
2023 £ - - |
2022 £ 13,068 13,068 |
Exhibits 2024 £ 13,068 13,068 2021 £ - - 2024 £ 7,888 2024 £ 125 4,982 5,107 |
Total 2024 £ 13,068 |
|---|---|---|---|---|
| 13,068 | ||||
| 2020 £ - |
||||
| - | ||||
| 2023 £ 8,094 |
||||
| 2023 £ 915 4,997 |
||||
| 5,912 |
Page 18
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. Creditors: Amounts falling due within one year
| Trade creditors Pension creditor Accruals and deferred income |
2024 £ 1,486 - 3,431 4,917 |
2023 £ 1,877 140 3,893 |
|---|---|---|
| 5,910 |
Page 19
(A company limited by guarantee)
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Statement of funds
Statement of funds - current year
| Balance at 1 January 2024 £ Unrestricted funds Designated funds Site development 40,569 General funds General funds 485,987 Total Unrestricted funds 526,556 Restricted funds Hangar one 21,280 Hangar two 147,891 Site improvements 2,007 Adair Walk 3,000 Collection Development 3,696 177,874 Total of funds 704,430 |
Income £ Expenditure £ 25,000 (4,647) 125,781 (129,104) 150,781 (133,751) - (355) - (2,465) - (1,005) - (3,000) 3,319 (167) 3,319 (6,992) 154,100 (140,743) |
Balance at 31 December 2024 £ 60,922 |
|---|---|---|
| 482,664 | ||
| 543,586 | ||
| 20,925 145,426 1,002 - 6,848 |
||
| 174,201 | ||
| 717,787 |
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NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Statement of funds (continued)
Restricted funds
The Hangar and Site Improvements funds represent monies received by the company to erect and maintain the various properties referred to.
The Equipment fund represents monies provided for the purchase of equipment.
The Adair Walk fund represents donations made for improvements to the Adair Walk.
The Collection Development Fund represents the proceeds from the sale of artifacts which must be spent on further development of the collection.
Where restricted funds are spent on the purchase of fixed assets where the asset is held for a general and not a restricted purpose, a transfer is made from restricted to unrestricted funds for the corresponding amount.
Designated funds
The Site Development Fund represents the funds set aside by the trustees for development of the site at Flixton and includes the unspent funds resulting from legacies received in 2022 and 2024.
Page 21
(A company limited by guarantee)
NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Site development General funds General funds Total Unrestricted funds Restricted funds Hangar one Hangar two Site improvements Equipment Adair Walk Collection Development Total of funds |
Balance at 1 January 2023 £ - 534,527 534,527 21,635 150,356 3,012 - - - 175,003 709,530 |
Income £ - 121,862 121,862 - - - 250 3,000 3,814 7,064 128,926 |
Expenditure £ (12,126) (117,957) (130,083) (355) (2,465) (1,005) - - (118) (3,943) (134,026) |
Transfers in/out £ 52,695 (52,445) 250 - - - (250) - - (250) - |
Balance at 31 December 2023 £ 40,569 |
|---|---|---|---|---|---|
| 485,987 | |||||
| 526,556 | |||||
| 21,280 147,891 2,007 - 3,000 3,696 |
|||||
| 177,874 | |||||
| 704,430 |
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NORFOLK & SUFFOLK AVIATION MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 258,466 Heritage assets 13,068 Current assets 276,969 Creditors due within one year (4,917) Total 543,586 |
Restricted funds 2024 £ 167,353 - 6,848 - 174,201 |
Total funds 2024 £ 425,819 13,068 283,817 (4,917) 717,787 |
|---|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Heritage assets Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 262,969 13,068 256,429 (5,910) 526,556 |
Restricted funds 2023 £ 171,178 - 6,696 - 177,874 |
Total funds 2023 £ 434,147 13,068 263,125 (5,910) 704,430 |
|---|---|---|---|
17. Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £120 (2023 - £666). There wer no contributions payable to the fund at the balance sheet date (2023 - £140).
18. Related party transactions
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 December 2024.
Page 23