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2023-12-31-accounts

REGISTERED COMPANY NUMBER: 01673256 (England and Wales) REGISTERED CHARITY NUMBER: 285809

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DUXFORD AVIATION SOCIETY

Staffords

Chartered Accountants Unit 1, Cambridge House Camboro Business Park Oakington Road, Girton CAMBRIDGE Cambridgeshire CB3 0QH

DUXFORD AVIATION SOCIETY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Notes to the Financial Statements 11 to 19
Detailed Statement of Financial Activities 20
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DUXFORD AVIATION SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES Objectives and aims

The Society is governed by the provisions of its Memorandums and Articles of Association. The Objects of the Society are:

The advancement of education of the general public in the history of British civil aviation by maintaining, developing and presenting the 'British Airliner Collection' and associated artefacts (through physical interaction and various electronic media).

The advancement of education of the general public in historic military vehicles by maintaining, developing and displaying the Society's own collection of military vehicles (through physical interaction and various electronic media) and assisting the Imperial War Museum, and other charitable organisations having similar objects, in maintaining their own military vehicles.

The Society commenced operations on 23 February 1983 by taking over the property, assets, liabilities and undertaking of the unincorporated body known as "The Duxford Aviation Society".

The location, at Duxford Airfield, Cambridgeshire, is operated by Imperial War Museum Duxford. The Society is a major partner of the IWM, cooperating with and supporting its activities under the terms of a Partnership Agreement.

When planning the activities of the Society, the Trustees have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of education, and consider that its continued activities of restoration, conservation and exhibition of historic aircraft and military vehicles satisfy the requirements of the public benefit test.

In order to achieve these objectives, the Society opens its historic aircraft and military vehicles to the public in a variety of ways. It owns and operates the Duxford Aviation Society Museum which encompasses the British Airliner Collection (13 British built Airliners), including the Civil Aviation Museum (CAM). The CAM, located in the fuselage of the Handley Page Hermes, gives an overview of the Collection and its place in British Commercial Civil Aviation since World War II. The Society publishes and updates a booklet on the British Airliner Collection, detailing the history and development of the aircraft; provides a range of explanatory leaflets for visitors; and provides frequently updated information and informative articles on its social media channels. Increasingly, through its extensive knowledge and archives, the Society acts as a source of information and expertise for aviation enthusiasts, other museums, scholars, and researchers.

The Military Vehicle Wing of the Society keeps all the vehicles it owns in running order and gives public demonstrations as well as providing visitors and groups with rides in adapted Armoured Personnel Carriers.

Page 1

DUXFORD AVIATION SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES Significant activities

2023 was the first 'normal' year following the Covid19 Pandemic.

Our Concorde, York and Civil Aviation Museum in the AirSpace hangar were open for visitors to board every day that the main (IWM) museum was open - 362 days. The iconic Comet, also situated in AirSpace, was open for just over half the days.

The Society's visitor numbers, and much of its revenue, are dependent on footfall for IWM Duxford. IWM visitor numbers in 2023 were around 380,000.

Of those visitors 202,000 boarded Concorde, 155,000 visited the Civil Aviation Museum, and 49,800 went on board the Comet. No visitor counting equipment was installed on the Avro York until mid 2023 after which visitor numbers averaged just under 4,000 per month.

There were two Airshow weekends and 6 Flying Days in 2023 and the Society sold Boarding Passes and offered Military Vehicle rides on those days. Income from Boarding Passes was up 36% compared to the previous year and military vehicle ride income up by 23%.

2023 was the first full year of the BAe146 Statesman (formerly of the Queens Flight) being open to the public on selected days. It was well liked by visitors and raised £4280 in donations.

The DAS bookshop, which sells donated books, models, etc. had a record previous year (2022) and managed to match that in 2023 with sales of £45,800.

Unfortunately, income from the hire of airliners and vehicles for filming and events in 2023 at £8,900 could not match that of 2022 (£45,200) when there were two major film shoots using the Society's airliners. As reported previously, this business is almost entirely reactive and not easily stimulated, thus the level of income is unpredictable.

Public benefit

As detailed in previous annual reports, in setting objectives and planning activities the Trustees give careful consideration to the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on advancing education. The Trustees' key objectives for 2023 included:

  1. To ensure that the Society remains a viable business

  2. To maintain and conserve the historic British Airliner Collection

  3. To maintain and conserve its historic Military Vehicle Collection

  4. To assist the IWM in maintaining/restoring Military objects and other tasks

  5. To complete the build of the 'Civil Aviation Museum' and open it to visitors every day, highlighting the post WWII history of British Civil Aviation.

  6. To open historic civil aircraft and military vehicles to the public (through various means such as open days, air shows, 'tank' rides and events, as well as to regular museum visitors), providing stewardship, information and hands on experience as appropriate.

  7. To continue to work with IWM to enhance the overall visitor experience and encourage visits.

  8. To operate various social media channels to provide information on the Society's collections

  9. To continue to generate significant revenues from shop and eBay sales to help fund the activities of the Charity.

  10. To maintain an adequate number of volunteers and utilise them efficiently.

  11. To achieve and maintain Accreditation of the Duxford Aviation Society Museum and by so doing improve the visitor experience.

Page 2

DUXFORD AVIATION SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENT AND PERFORMANCE

Achievement and Performance Against Objectives

Objective 1 is fundamental. If the Society does not remain a viable commercial business then none of the public benefits will be achieved. To this end the Trustees activities included providing careful financial stewardship, including investment planning; managing risks and ensuring adequate insurances; and succession planning especially at Board/Trustee level.

Objectives 2 and 3 were achieved, with all planned work programmes being completed.

On Objective 4, whilst the Society remained ready and willing to assist IWM on restoration work no military vehicle tasks were forthcoming. The Airliner restoration team did undertake cleaning of IWM's military aircraft in hangars 3 and 4.

Objectives 5, 6 and 7 were achieved. Concorde, the Civil Aviation Museum and the Avro York were open to the public every day that IWM Duxford was open. On many days the de Havilland Comet, in AirSpace, opened to visitors. During Spring and Summer one or two outside airliners were open every day, especially during school holidays. IWM Duxford receives numerous visits from school parties, several most weekdays. The Airliners and the Civil Aviation Museum provide a key educational input for these school visits, illustrating the development of Civil Aviation in the UK since World War II. The Society's stewards engage very effectively with all types of visitors and receive much positive feedback on the visitor experience the airliners offer.

Objective 8 was achieved. The Society operates a website as well as Facebook and Instagram accounts. These channels contain a wealth of information about the Society's collections and the work that takes place on site. Over 90,000 people viewed our Facebook posts in most months during 2023. Apart from the airliners in the British Airliner Collection, Facebook and the website regularly feature in-depth articles about commercial aviation.

Objective 9 was achieved. The DAS shop was open most days and at £45,800 matched the record income achieved the previous year. eBay sales did well at £5229 but not managing to match the previous year when some higher value objects were available for sale.

Objective 10, maintain an adequate number of volunteers, was achieved.

On Objective 11, 2023 was the first full year of being an Accredited Museum. Work continued on addressing the improvement areas identified by the Accreditation Panel. The archiving team continued to make good progress with the major task of recording and archiving the Society's large stock of equipment, spares, instruments and literature.

FINANCIAL REVIEW

Investment policy and objectives

The Trustees continue to pursue a provident and conservative investment policy which they believe is appropriate for the Society. The investment of reserves is spread across interest bearing deposits with major banks.

Reserves policy

The Trustees believe that the Society should maintain sufficient reserves and cash resources to ensure that it can operate satisfactorily taking into account the following demands:

Reserves at the start of the year were healthy and, although expenditure was high during the year, exceptional income items meant that the Society ended the year with increased reserves.

Page 3

DUXFORD AVIATION SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

Going concern

The trustees have reviewed the financial forecasts and the approved budgets and have concluded that the preparation of these financial statements on the basis that the charity is a going concern is appropriate.

The Trustees are satisfied that the Charity remains financially sound. As at 31 December 2023 total funds amounted to £2,589,059 and cash resources totalled £472,860.

FUTURE PLANS

During late 2023 and early 2024 it became clear that IWM had ambitious plans that would affect both the Airliner and Military Vehicle collections of the Society.

In 2025 IWM plan to close and then demolish the Land Warfare Hall. This will bring an end to the Society's Military Vehicle Wing.

Also in 2025, IWM are planning to carry out a major reorganisation of the AirSpace hangar and have advised that the Avro York, the de Havilland Comet and the de Havilland Dove will have to be moved outside.

The Society has registered its objections to these plans and discussions are ongoing.

For 2024 the key objectives of the Society remain as detailed earlier in this report but will obviously need to flex when/if the intended changes by IWM take place.

Currently the Society plans:

1. To continue to maintain the British Airliner Collection and DAS Military Vehicle collection in the best
possible condition.
2. To focus on the presentation of these assets so that visitors to Duxford, and the outside world (via various
media), have the opportunity to view and enjoy historic airliners, military vehicles and artefacts.
3. To continue to work closely with the IWM in areas such as military vehicle conservation, air show security,
education and strategy development.
4. To promote and enhance the British Airliner Collection 'brand'.
5. To become a centre of excellence for information and data on historic British Airliners.
6. To continue to attract new members, particularly those with skills and experience that would be beneficial to
the Society.
7. To continue to maintain a safe environment for staff, volunteers and visitors.
8. To continue the development and updating of the Strategic plans that ensures the Society's collections can
continue to be available and accessible to the various stakeholders in whatever developments take place at
IWM Duxford.
9. To continue to develop succession plans for key roles within the Society.
10. To develop marketing and income generation plans that serve the dual purpose of educating people and
developing various ways of raising funds to maintain the Society's collections.
11. To continue to work under the Partnership Agreement with IWM and look to develop further opportunities
to work together.
12. To maintain accreditation of the Duxford Aviation Society Museum.
13. To continue to develop and promote our retail offerings (shop and eBay).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Society was incorporated as a company limited by guarantee and not having a share capital on 21 October 1982. It was registered as a charity on 25 November 1982.

The governing document is the Memorandum and Articles of Association adopted on 1 December 2013, updated by unanimous resolution on 17 April 2018 and further updated by unanimous resolution on 3 December 2023.

Page 4

DUXFORD AVIATION SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new Trustees

The Company's Articles of Association require that all new appointments of Trustees must be full members of the Company and must be proposed by two full members. Full members are those who have been members for at least 12 months. Also, under the Company's Articles of Association, one third of Trustees are required to resign from office, and may offer themselves for re-election, at each Annual General Meeting.

Organisational structure

The Company's Articles of Association, adopted on 1 December 2013, state that there shall be eight Directors, namely, Chairman, Vice Chairman, Secretary, Treasurer, Registrar, Project Supervisor, Commercial and Marketing Director and the current Chairman of the Military Vehicle Wing.

The Directors shown below held office during the whole of the period from 1 January 2023 to the date of this Report.:

The following held the named offices until the dates shown:

Induction and training of new Trustees

The policy for induction and training remains as previously described. All new Trustees are required to be Members of the Society for at least one year, and as such are deemed to have some knowledge of the Society, Thus, it is not thought necessary to have a formal induction procedure for new Trustees. However, all Trustees are encouraged to work closely with IWM and external organisations on subjects relevant to their individual roles. In addition, new Trustees are required to read the guidance given by the Charities Commission relating to Trustee duties and responsibilities.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01673256 (England and Wales)

Registered Charity number

285809

Registered office

87 Duxford Airfield CAMBRIDGE Cambridgeshire CB22 4QR

Page 5

DUXFORD AVIATION SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
Restoration and associated costs
Other trading activities
4
Investment income
5
Total
EXPENDITURE ON
Charitable activities
6
Restoration and associated costs
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
33,231
-
168,817
9,296
211,344
226,067
1,100
227,167
(15,823)
2,595,229
2,579,406		 Restricted
funds
£
-
11,007
210
-
11,217
1,564
-
1,564
9,653
-
9,653		 2023
Total
funds
£
33,231
11,007
169,027
9,296
222,561
227,631
1,100
228,731
(6,170)
2,595,229
2,589,059		 2022
Total
funds
£
84,027
-
209,893
1,786
295,706
242,801
4,190
246,991
48,715
2,546,514
2,595,229

The notes form part of these financial statements

Page 8

DUXFORD AVIATION SOCIETY (REGISTERED NUMBER: 01673256)

BALANCE SHEET

31 DECEMBER 2023

Notes
FIXED ASSETS
Tangible assets
12
Heritage assets
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds:
General fund
Revaluation reserve
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
124,365
1,979,025
2,103,390
22,193
463,207
485,400
(9,384)
476,016
2,579,406
2,579,406		 Restricted
funds
£
-
-
-
-
9,653
9,653
-
9,653
9,653
9,653		 2023
Total
funds
£
124,365
1,979,025
2,103,390
22,193
472,860
495,053
(9,384)
485,669
2,589,059
2,589,059
613,042
1,966,364
2,579,406
9,653
2,589,059		 2022
Total
funds
£
133,805
1,979,025
2,112,830
18,500
484,069
502,569
(20,170)
482,399
2,595,229
2,595,229
628,865
1,966,364
2,595,229
-
2,595,229

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 9

DUXFORD AVIATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. LEGAL FORM

The charity is a registered charity registered in England and Wales and a company limited by guarantee having no share capital incorporated in England and Wales.

Its registered office and principal place of business is at 87 Duxford Airfield, CAMBRIDGE, Cambridgeshire CB22 4QR.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The trustees consider there to be no material uncertainties about the charity's ability to continue as a going concern.

The charity is a public benefit entity.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations are recognised on receipt. Gift Aid is recognised in the same period as the donation to which it relates.

Legacy income is recognised in full when the amount and timing can be quantified with reasonable accuracy. This is the earlier of the receipt of an interim distribution or the grant of probate.

The charity is VAT registered.

Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales tax, and net of VAT.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

continued...

Page 11

DUXFORD AVIATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Short leasehold - at varying rates on cost Aircraft and display equipment - 5% on cost Fixtures and fittings - at varying rates on cost Motor vehicles - 15% on cost

Assets costing less than £500 are not capitalised. Impairment reviews are carried out by the trustees annually.

Heritage assets

Heritage assets are carried at deemed cost following the transition to FRS 102 at 1 January 2015.

a) Military vehicles

The Charity's collection of military vehicles has been reclassified as heritage assets and is reported in the balance sheet at deemed cost.

It is the Charity's policy to maintain its collection of military vehicles in full working order and maintenance costs are charged to the Statement of Financial Activities when incurred. The vehicles are deemed to have indeterminate lives and the trustees do not therefore consider it appropriate to charge depreciation.

b) Aircraft

The Charity was donated a pre-production Concorde aircraft in 1977 which had been valued and included in the balance sheet as a heritage asset. The valuation was derived by the Trustees by averaging a range of values obtained using information collated regarding its value in use and insurance valuations. The value was then treated as the deemed cost on transition to FRS 102 on 1 January 2015 in line with the other heritage assets.

It is the Charity's policy to maintain the Concorde to a standard suitable for exhibition, and maintenance costs are charged to the Statement of Financial Activities when incurred. The aircraft is deemed to have an indeterminate life and the Trustees do not therefore consider it appropriate to charge depreciation.

In addition, the Charity holds a collection of post World War II civil airliners which have been donated in the past and are not recognised in the balance sheet as information on acquisition is not readily available and the Trustees believe the benefits of obtaining valuations for these items would not justify the cost. Nearly all items in the collection are thought to have little or no financial value as there is no active market for such aircraft. The vast majority of the items in the collection were acquired over twenty years ago.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 12

DUXFORD AVIATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be estimated or measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity 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.

3. DONATIONS AND LEGACIES

Donations
OTHER TRADING ACTIVITIES
Fundraising events
Bookshop and other sales
Recharges
IWM Partnership Agreement fees

4. OTHER TRADING ACTIVITIES

Please refer to the Financial Review under General for a description of the changes to the activities of the charity during the year.

continued...

Page 13

DUXFORD AVIATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

5. INVESTMENT INCOME

5.
INVESTMENT INCOME
Deposit account interest
6.
CHARITABLE ACTIVITIES COSTS
Restoration and associated costs
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Insurance
Equipment repairs, maintenance and fuel
Selling costs
Members' events
Airshows
Stationery. communications and marketing
Bank charges and interest
Travelling
Miscellaneous office costs
Office and yard rent
Consultancy
Depreciation
Loss on sale of assets
8.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Deficit on disposal of fixed assets
Independent Examiner's fee		 2023
2022
£
£
9,296
1,786
Direct
Costs (see
note 7)
£
227,631
2023
2022
£
£
96,002
86,309
15,447
11,932
35,905
79,355
3,701
12,806
1,375
1,101
10,776
9,901
3,091
5,275
2,663
2,225
11,146
6,787
9,317
9,500
2,909
2,697
7,697
5,898
14,819
9,015
12,783
-
227,631
242,801
2023
2022
£
£
14,821
9,014
12,783
-
1,600
4,190
2022
£
86,309
11,932
79,355
12,806
1,101
9,901
5,275
2,225
6,787
9,500
2,697
5,898
9,015
-
242,801
2022
£
9,014
-
4,190

continued...

Page 14

DUXFORD AVIATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

9. TRUSTEES' REMUNERATION AND BENEFITS

M Vyletova, a trustee, was remunerated for her services in aircraft restoration. Charity Commission approval has been obtained in respect of this payment.

2023 2022
£ £
Trustees' salaries 3,435 3,259
Trustees' social security - -
Trustees' pension contributions - -
3,435 3,259

Trustees' expenses

The totals paid in reimbursed expenses to 5 trustees in the year totalled £4,831 (2022: 6 trustees £6,065).

10. STAFF COSTS

STAFF COSTS
Wages and salaries
Other pension costs		 2023
£
95,138
864
96,002		 2022
£
85,431
878
86,309

The staff costs relating to Key Management Personnel were £20,413 (2022: £21,613).

The average monthly number of employees during the year was as follows:

Miliary Vehicles restoration
Administration
Aircraft stewards
Military Vehicles drivers		 2023
2
1
9
1
13		 2022
2
1
8
1
12

No employees received emoluments in excess of £60,000.

The above staff analysis is based on payments to them in a given calendar month. Very few of the charity's staff are paid more than a small fraction of a Full Time Equivalent (FTE) salary for the roles involved. On an FTE basis the two primary staff areas for both of the last two years have been the Aircraft restoration and the Administration, totalling less than 1 FTE each.

Page 15

continued...

DUXFORD AVIATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11. ANALYSIS OF THE COMPARATIVE YEAR FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
Investment income
Total
EXPENDITURE ON
Charitable activities
Restoration and associated costs
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
TANGIBLE FIXED ASSETS
Short
leasehold
£
COST
At 1 January 2023
41,832
Additions
-
Disposals
(13,113)
At 31 December 2023
28,719
DEPRECIATION
At 1 January 2023
10,567
Charge for year
1,941
Eliminated on disposal
(9,103)
At 31 December 2023
3,405
NET BOOK VALUE
At 31 December 2023
25,314
At 31 December 2022
31,265		 Aircraft
and
display
equipment
£
304,022
10
(19,751)
284,281
288,398
2,341
(16,434)
274,305
9,976
15,624		 Unrestricted
funds
£
84,027
209,893
1,786
295,706
242,801
4,190
246,991
48,715
2,546,514
2,595,229
Fixtures
and
fittings
£
145,573
158
(11,774)
133,957
58,657
6,290
(7,319)
57,628
76,329
86,916		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
Motor
vehicles
£
8,384
16,995
(6,621)
18,758
8,384
4,249
(6,621)
6,012
12,746
-		 Total
funds
£
84,027
209,893
1,786
295,706
242,801
4,190
246,991
48,715
2,546,514
2,595,229
Totals
£
499,811
17,163
(51,259)
465,715
366,006
14,821
(39,477)
341,350
124,365
133,805

Page 16

continued...

DUXFORD AVIATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

13. HERITAGE ASSETS

HERITAGE ASSETS
MARKET VALUE
At 1 January 2023 and 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Total
£
1,979,025
1,979,025
1,979,025

The five year analysis of the Heritage assets which the charity possesses is as follows:

Aircraft

There have been no additions, disposals or impairments of the assets since 1 January 2015. At that date, use was made of the ability to have the revaluations carried out under the old accounting system treated as the deemed cost at that date. This was done and no revaluations are being carried out since the adoption of FRS102.

Military Vehicles

There have been no additions, disposals or impairments of assets in the last five years. In 2016 there was a purchase of £11,775. In common with the Aircraft noted above, due to the accounting system change on 1 January 2015, as revaluations had been carried out under the old accounting framework, these were converted to deemed cost on the adoption of FRS102.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income		 2023
£
4,375
17,818
22,193
2023
£
3,092
-
3,410
-
2,882
9,384		 2022
£
5,777
12,723
18,500
2022
£
1,856
2,013
9,702
179
6,420
20,170

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors are paid within credit terms, typically 30 days. Social security taxes are paid by the 19th of the following month, VAT is paid by the quarter due date. Accruals are settled when the invoice relating to the cost is receivable.

continued...

Page 17

DUXFORD AVIATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

16. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Unrestricted funds
General fund
Revaluation reserve
Restricted funds
Steps to Sustainability
Small Equipment
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Restricted funds
Steps to Sustainability
Small Equipment
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Revaluation reserve
Designated aircraft relocation reserve
TOTAL FUNDS		 as follows:
At 1/1/22
£
480,150
1,966,364
100,000
2,546,514
2,546,514		 At 1/1/23
£
628,865
1,966,364
2,595,229
-
-
-
2,595,229
Incoming
resources
£
211,344
10,150
1,067
11,217
222,561
Net
movement
in funds
£
89,130
-
(40,415)
48,715
48,715		 Net
movement
in funds
£
(15,823)
-
(15,823)
9,350
303
9,653
(6,170)
Resources
expended
£
(227,167)
(800)
(764)
(1,564)
(228,731)
Transfers
between
funds
£
59,585
-
(59,585)
-
-		 At
31/12/23
£
613,042
1,966,364
2,579,406
9,350
303
9,653
2,589,059
Movement
in funds
£
(15,823)
9,350
303
9,653
(6,170)
At
31/12/22
£
628,865
1,966,364
-
2,595,229
2,595,229

continued...

Page 18

DUXFORD AVIATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated aircraft relocation reserve
TOTAL FUNDS		 Incoming
resources
£
295,706
-
295,706
295,706		 Resources
Movement
expended
in funds
£
£
(206,576)
89,130
(40,415)
(40,415)
(246,991)
48,715
(246,991)
48,715

Designated aircraft relocation reserve : represents funds designated for relocating the HP Herald.

Restricted funds

Steps to Sustainability: a grant from the Social Enterprise Academy, funded by the National Lottery towards new income generating plans.

Small equipment: grants from various funders for purchasing small equipment including scanners and dehumidfiers.

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

18. ULTIMATE CONTROLLING PARTY

In the opinion of the trustees, there is no one ultimate controlling party.

Page 19

DUXFORD AVIATION SOCIETY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other trading activities
Fundraising events
Bookshop and other sales
Recharges
IWM Partnership Agreement fees
Investment income
Deposit account interest
Charitable activities
Grants
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Pensions
Insurance
Equipment repairs, maintenance and fuel
Selling costs
Members' events
Airshows
Stationery. communications and marketing
Bank charges and interest
Travelling
Miscellaneous office costs
Office and yard rent
Consultancy
Depreciation of tangible fixed assets
Loss on sale of tangible fixed assets
Other
Audit or examination fees
Total resources expended
Net (expenditure)/income		 2023
£
33,231
75,758
53,269
-
40,000
169,027
9,296
11,007
222,561
95,138
864
15,447
35,905
3,701
1,375
10,776
3,091
2,663
11,146
9,317
2,909
7,697
14,819
12,783
227,631
1,100
228,731
(6,170)		 2022
£
84,027
100,852
67,783
1,258
40,000
209,893
1,786
-
295,706
85,431
878
11,932
79,355
12,806
1,101
9,901
5,275
2,225
6,787
9,500
2,697
5,898
9,015
-
242,801
4,190
246,991
48,715

This page does not form part of the statutory financial statements

Page 20