2020-12-31-accounts

Report ofthe Trustees	1	to	7
Independent Examiner's Report
Statement ofFinancial Activities
Balance Sheet	10	to	11
Notes to the Financial Statements	12	to	21
Detailed Statement ofFinancial Activities	22	to	23

				2020	2019
				Unrestricted	Total
				funds	funds
			Notes
INCOME	AND ENDOWMENTS FROM
Donations	and legacies			16,846	42,701
Charitable	activities
Restoration	and associated costs			19,517
Other trading activities				74,528	132,713
Investment	income			1,859	1,330
Total				112,750	176,744
EXPENDITURE ON
Charitable	activities
Restoration	and associated costs			158,334	208,189
Other				2,650	2,600
Total				160,984	210,789
NET INCOME/(EXPENDITURE)				(48,234)	(34,045 )
RECONCILIATION		OF FUNDS
Total funds brought		forvvard		2,393,067	2,427,112
TOTAL FUNDS CARRIED FORWARD				2,344,833	2,393,067

		2020	2019
		Unrestricted	Total
		funds	funds
	Notes	g	f,
FIXEDASSETS
Tangible assets	12	73,080	81,914
Heritage assets	13	1,979,025	1,979,025
		2,052,105	2,060,939
CURRENT ASSETS
Stocks	14	6,091	6739
Debtors	15	9,098	22,203
Cash at bank and in hand		290,603	316,317
		305,792	344,759
CREDITORS
Amounts falling due within one year	16	(13,064)	(12,631)
NET CURRENT ASSETS		292,728	332,128
TOTAL ASSETSLESSCURRENT
LIABILITIES		2,344,833	2,393,067
NET ASSETS		2,344,833	2,393,067
FUNDS	18
Unrestricted funds.
General fimd		378,469	426,703
Revaluation reserve		1,966,364	1,966,364
		2,344,833	2,393,067
TOTAL FUNDS		2,344,833	2,393,067

DONATIONS AND LEGACIES
	2020	2019
	f,	6
Gifts	1
Donations	11,734	38,764
Subscriptions	5, 1 1 1	3,937
	16,846	42,701

			2020	2019
Receipts in year (renewals and new members)			3,607	4,069
Released deferred income from	previous	year	2,841	2,709
Income deferred to the following	year		(1,337)	(2,841)
Subscription income recognised	in year		5,111	3,826

			2020	2019
Fundraising	events		1,260	48,221
Bookshop,	canteen	A, other sales	33,268	44,656
Recharges				1,086
IWM Concorde fees			40,000	38,750
			74,528	132,713

5.	INVESTMENT INCOME
					2020	2019
	Deposit account interest				1,859	1,330
6.	CHARITABLE ACTIVITIES			COSTS
						Direct
						Cosh (see
						note 7)
	Restoration	and associated costs				158,334
	DIRECT	COSTS OF CHARITABLE ACTIVITIES
					2020	2019
	Staff costs				95,267	85,637
	Insurance				14,105	14,148
	Equipment	repairs, maintenance		and fuel	9,770	32,163
	Selling costs				2,246	4,764
	Members'	events			130	20,938
	Airshows				1,938	4,549
	Stationery,	communications	and	marketing	3,531	8,594
	Bank charges and interest				5,348	1,736
	Travelling				705	7,060
	Miscellaneous office costs				11,456	11,254
	Donations					70
	Goods for	resale			1,875	454
	Office and	yard rent			3,129	970
	Depreciation				8,834	15,818
	Exceptional items					34
					158,334	208,189

			2020	2019I
Depreciation	- owned assets		8,834	15,698
Independent	Examiner's	fee	2,650	2,600

STAF	F COSTS
		2020I	2019
Wages	and salaries	92,325	81,521
Social	security costs	1,627	2,760
Other	pension costs	1,315	1,356
		95,267	85,637

	2020	2019
Aircratt restoration	1	1
Miliary Vehicles restoration	1	1
Administration	2	2
Aircraft stewards	8	8
Military Vehicles drivers	1	1
	13	13

COMPARATIVES F	ORTHK STATEMENT OF FINANCIAL ACT	IVITIES
		Unrestricted
		funds
INCOME AND ENDOWMENTS FROM
Donations and legacies		42,701
Other trading activities Investment income		132,713 1,330
Total		176,744
EXPENDITURE ON
Charitable activities
Restoration and associated costs		208,189
Other		2,600
Total		210,789
NET INCOME/(EXPENDITURE)		(34,045)
RECONCILIATION	OF FUNDS
Total funds brought	forward	2,427,112
TOTAL FUNDS CARRIED FORWARD		2,393,067

TANGIBLE FIXEDASSET	S
		Aircraft
		and	Fixtures
	Short	display	and	Motor
	leasehold	equipment	fittings	vehicles	Totals
	6		I,	f,
COST
At 1 January 2020 and 31December 2020	42,261	304,546	74,104	8,384	429795
DEPRECIATION
Atl January 2020 Charge for year	6,278 1,878	279,816 5,063	53,151 1,800	8,136 93	347,381 8,834
At 31 Deceinber 2020	8, 1.56	284,879	54,951	8,229	356,215
NET BOOKVALUE
At 31 December 2020	34,105	19,667	19,153	155	73,080
At 31 December 2019	35,983	24,730	20,953	248	81,914

HERITAGE ASSETS
	Total
MARKET VALUE
At 1 January 2020 and 31 December 2020	1,979,025
NET BOOKVALUE
At 31December 2020	1,979,025
At 31December 2019	1,979,025

	M~III V	hl
									2020		2019		2018	2017		2016
											8
	Purchases																11,775
	Disposals
	In common	with	the	Aircraft	noted	above,	due	to the		accounting		system	change	on 1	January		2015,
	revaluations	had	been	carried	out under	the old accounting				framework,		these	were converted		to deemed		cost
	the adoption	ofFRS102.
14.	STOCKS
														2020		2019
														f
	Finished goods													6,091			6,239
15.	DEBTORS:AMOUNTS FALLING DUE WITHIN								ONE	YEAR
														2020		2019
	Trade debtors													175		13,836
	Other debtors													8,923			8,367
														9,098		22,203

CREDITORS	: AMOUNTS FALLING DUE WITHIN O	NE YEAR
		2020	2019
Trade creditors		2,811	1,114
Social security	and other taxes	874	1,574
VAT		4,975	4,087
Other creditors		187	415
Accruals and deferred income		4,217	5,441
		13,064	12,631

MOVEMEN	T IN FUNDS
			Net
			movement	At
		At 1/1/20	in funds	31/12/20
				6
Unrestricted	funds
General fund		426,703	(48,234)	378,469
Revaluation	reserve	1,966,364		1,966,364
		2393067	(48434)	2,344,833
TOTALFUNDS		2,393,067	(48,234)	2,344,833

Net movement	in funds, included in the abov	e are as follows;
		Incoming	Resources	Movement
		resources	expended	in funds
			6	f.
Unrestricted	funds
General fund		112,750	(160,984)	(48,234)
TOTAL FUNDS		112,750	(160,984)	(48,234)

			Net
			movement	At
		At I/I/19	in funds	31/12/19
Unrestricted	funds
General fund		460,748	(34,045)	426,703
Revaluation	reserve	1,966,364		1,966,364
		2,427,112	(34,045)	2,393,067
TOTAL FUNDS		2,427,112	(34,045)	2,393,067

			Incoming	Resources	Movement
			resources	expended	in funds
Unrestricted		funds
General	fund		176,744	(210,789)	(34,045)
TOTAL	FUNDS		176,744	(210,789)	(34,045)

			Net
			movement	At
		At I/I/19	in funds	31/12/20
			8
Unrestricted	funds
General fund		460,748	(82,279)	378,469
Revaluation	reserve	1,966,364		1,966,364
		2,427, 1 12	(82,279)	2,344,833
TOTAL FUNDS		2,427,112	(82,279)	2,344,833

		Incoming	Resources	Movement
		resources	expended	in funds
		8
Unrestricted	funds
General fund		289,494	(371,773)	(82,279)
TOTAL FUNDS		289,494	(371,773)	(82,279)

				2020	2019
				8
INCOME	AND ENDOWMENTS
Donations	and legacies
Gifts				1
Donations				11,734	38,764
Subscriptions				5,111	3,937
				16,846	42,701
Other trading activities
Fundraising	events			1,260	48,221
Bookshop,	canteen &other	sales		33,268	44,656
Recharges					1,086
IWM Concorde fees				40,000	38,750
				74,528	132,713
Investment	income
Deposit account interest				1,859	1,330
Charitable	activities
Grants				19,517
Total incoming resources				112,750	176,744
EXPENDITURE
Charitable	activities
Wages				92,325	81,521
Social security				1,627	2,760
Pensions				1,315	1,356
Insurance				14,105	14,148
Equipment	repairs, maintenance		and fuel	9,770	32,163
Selling costs				2,246	4,764
Members'	events			130	20,938
Airshows				1,938	4,549
Stationery.	communications	and	marketing	3,531	8,594
Bank charges and interest				5,348	1,736
Travelling				705	7,060
Miscellaneous office costs				11,456	11,254
Donations					70
Goods for	resale			1,875	454
Oftice and	yard rent			3,129	970
Depreciation oftangible fixed assets				8,834	15,818
Exceptional items					34
				158,334	208,189

		2020	2019
Charitable activities
Other
Audit or examination	fees	2,650	2,600
Total resources expended		160,984	210,789
Net expenditure		(48,234)	(34,045)