# **De Havilland Aircraft Museum Trust Ltd T/A De Havilland Aircraft Museum**
# **Annual Report and Financial Statements**
# **For the Year Ended 31 October 2022**
**Charity Registration No. 286794 Company Registration No. 01682401 (England and Wales)**
**DE HAVILLAND AIRCRAFT MUSEUM TRUST LTD Legal and Administrative Information**
## **Trustees:**
J Hill A R Bradstock (resigned 10 October 2022) J M Garrick L Burrage L Kazer J Baldwin (resigned 20 January 2023) A Brackley (resigned 22 January 2022) W A Maris (resigned 23 February 2022) R M Steiner (resigned 10 June 2022) M G Williams (resigned 26 April 2022)
**Charity Number:** 286794 **Company Number:** 01682401
**Principal Address and Registered Office:**
Salisbury Hall London Colney Hertfordshire AL2 1BU
**Bankers:**
Barclays 16-18 St. Peters Street, St. Albans, AL1 3LP
1
## **DE HAVILLAND AIRCRAFT MUSEUM TRUST LTD**
## **Contents**
||**Page**|
|---|---|
|Chairman’s Report|3|
|Trustees’ Report|4|
|Independent Examiner’s report|9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Notes to the Accounts|12|
2
DE HAVILLAND AIRCRAFf MUSUEM TRUST LTD
Chairman's Report
For The Year Ended 3tst October 22
This last year has been a year of consKlerable change for the museum. We have an
almost entirety new board of trustees. most of whom were co-opted following the last
AGM (the positions will be ratird by vote today). We also have a new museum
strategy and a new structure for the executs've board.
Following on fr(xn the last AGM we detemiined that. afler the successful completion of
the Geoffrey de Havilland hanger project the museum needed to think about what
wanted to achieve nexL The result was the museum strategy. which is a plan for
the next three years with a couple of longer tem obpctives. It is a mix of projects,
rinancial targets. and a strengthening of our commitment to telling the de Havilland
story and was finalised after wmlespfead consuttation wrth you all.
The previous board had also begun a review of museum governan. The cuent
board have continued Ihis ProS, drawing upon best practise in the museum world
and our own wider experience. This work resulted in a new executive board slructuie
and we will continue to refi this in order to embed good governance across all of the
museum's actsvit*s.
The mu8eum also embarked upon a rfrorganisalion of our exhbits. This work had
been started by the previous board and when complete it will see our collection
grouped inlo the following broad categories:
Pioneei arKI pre World Ward Two
World War Two
Cold War Jest and Posl War Airliners
This will see the Dragon Rapkje. ft)r example, moved into the Geoffrey de Havilland
hanger and the Amy Johnson becoming the home of oui "Cold Warf jets.
Unfortunatety, the past year has also seen some defects identified in the roof of the
Mosquito hanger. and we will also need to decide what should be done about the
storeroom l Link Trainer room. which has become unsafe.
In September we welcomed Our patron. HRH the t)uke of Gloucester. who presented
us with our Queen's award for Voluntsry Ser¥1.. something that we call be justifiably
proud of.
Finalty, we would like to say thank you and goodbye to our commercial director, Jeff
Hill. who is stepping down after his nine year temi. His expence and wisdom will be
urrage-
stee
**DE HAVILLAND AIRCRAFT MUSEUM TRUST LTD**
## **Trustees’ Report (including Directors’ Report) For The Year Ended 31[st] October 2022**
The Trustees present their report and accounts for the year ended 31 October 2022.
The accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts, and comply with the charity’s Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016).
The work outlined in the Chairman’s Report has been accomplished by a very small core of Trustees. For most of the year, there were only four Trustees guiding the Museum. The work which has been undertaken and accomplished is quite remarkable.
As you will see from the Finance Director’s Report that the Museum has come a long way during the last reporting period. Strict fiscal measures remain in place to monitor and control spending. Work was started on creating a line-item budget to identify future funding requirements. Regardless of the work completed, there are still too many funding requests which are presented with little prior notice.
Visitor enhancement has been a primary focus of the Trustees. The strategic plan and exhibition relocation aim to give the visitor a more cohesive understanding of the evolution of the de Havilland Enterprises, the world-leading technological advancements produced and provide more in-depth exhibition information. The strategic plan has also formed the backbone of a revitalized aircraft restoration plan, setting priorities, allocating resources and laying out a progressive time scale for the next several years. This led to the formation of a centralized Restoration Planning function to act as a single point of coordination between the Board of Trustees and the various aircraft restoration groups.
In parallel with this, a new focus on the “Voice of the Visitor” was begun. This is most notably reflected in our Social Media team, which expanded the Museum’s presence on the web through multiple channels. They have done a fantastic job at promoting both the Museum and the events we host. A children’s playground was approved which seeks to raise the Museum’s profile as a destination and increase the dwell time of families (which increases our revenues). The Trustees are also ensuring the Museum reaches out to and addresses the needs of new audiences (hearing impaired, sight impaired, and physically impaired).
Volunteers have been asked to engage with the Trustees through quarterly Volunteer Forums. All volunteers were invited to hear the latest information from the Trustees. In turn, volunteers were able to express their concerns, comments and suggestions regarding the Museum directly back to the Trustees. A summary of each forum has been made available to all volunteers.
4
## **DE HAVILLAND AIRCRAFT MUSEUM TRUST LTD**
## **Trustees’ Report (including Directors’ Report) For The Year Ended 31[st] October 2022**
As highlighted in the first paragraph, for much of last year too few people were trying to do far too much for the Museum. As the year ended, the Trustees initiated a recruitment process seeking new volunteers to join the Board, take on several largely overlooked roles and provide new energy and focus for the Museum. There is also a continuing effort to fill our mid-level management positions which are just as crucial to the running of our ever-expanding Museum operation.
## **FINANCIAL REVIEW**
## **Financial position**
Income associated with Charitable Activities was £277,545 (2021 £228,774), an increase over the previous year though closely matched by a decrease in Donations 2022 £31,985 (2021 £62,357).
Operational Income of £217,503 (2021 £109,768) grew, underpinned by all year round opening. This increase was driven by a 57% growth in admissions revenue and a return of commercial and event hire £23,555 (2021 £2,379). The relaunch of visitor experiences brought additional income of £11,965.
Charity Expenditure (unrestricted) of £79,871 (2021 £90,125), achieved through effective cost controls and allocations together with a focus on the core revenue streams.
A healthy operational surplus has been achieved, £137,000 (2021 £19,000).
The policy of allocating all donations, non-operational related grants, and sponsorship to pare down loans and subsequently build strategic reserves has provided the necessary funds to fully repay the Barclays 10-year loan. Repayments to the Barclays Bounce Back loan have continued throughout the year with the remaining balance cleared in January 2023; the charity is now debt free. Note at year end (31/10/22) total bank loans stood at £38,950 (2021 £211,650).
The net liquidity (including reserves) now stands at £231,558 (2021 £23,002).
## **Reserves policy**
In light the current UK economic outlook, and specifically continuing high levels of inflation together with full consideration of the museums size and its complexity, the minimum reserves of the charity (unrestricted funds which have not been designated for specific use) have been reviewed. It has been increased from £75,00 to £100,000 with its purpose to cover the running costs for a period of 12 months in the event of a major problem, or loss of income. The trustees consider that reserves at this level would ensure that, in the event of a significant drop in funding, the museum will be able to continue to extend the charity's current activities whilst consideration is given to ways in which additional funds may be raised.
5
## **DE HAVILLAND AIRCRAFT MUSEUM TRUST LTD**
## **Trustees’ Report (including Directors’ Report) For The Year Ended 31[st] October 2022**
## **Principal Risks and Uncertainties**
The Trustees review the risks and uncertainties faced by the charitable company and consider that the principal risks are:
- Uncertainty of the economic outlook impact upon visitor numbers
- Need to resource specific skilled volunteer roles to support the museums visitor and commercial activities.
- Continued inflationary pressure on costs across all activities.
- Need to replacement/extensive repair the roofs of the Walter Goldsmith Hanger and Rapide workshop.
- Need for extensive preservation activities on specific outside exhibits.
## **Structure, Governance and Management**
## **Organisational structure**
The charity is controlled by a Board of Trustees who are also directors of the company.
The Trustees are responsible for the overall control and management of the charitable company and meet four times a year and more often if necessary. The Board also communicates via email if urgent matters require resolution All Trustees give their time freely.
The Trustees determine the strategy and policies of the charitable company and are responsible for overall oversight and leadership to ensure the charitable company achieves its objectives.
The charity benefits from a retail shop and café which trades as a wholly owned subsidiary company, Mosquito Aircraft Museum Limited. Profits generated by the company are donated to the charity. The directors of the trading company are also Trustees of the charity.
The Trustees who served during the year are:
A R Brackley R F Steiner M G Williams J E Baldwin W A Maris J HIll A R Bradstock J M Garrick L Burrage L Kazer
6
## **DE HAVILLAND AIRCRAFT MUSEUM TRUST LTD**
## **Trustees’ Report (including Directors’ Report) For The Year Ended 31[st] October 2022**
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
The Retail Director/trustee initially reviewed the market rates for such a position which was approved by the Board. Reviews are undertaken at regular intervals to ensure the day rate paid remains at a reasonable level. Any changes are agreed at Board level.
The Trustees retain responsibility for executive decisions
## **Statement Of Trustees’ Responsibilities**
The Trustees, who are also the Directors of De Havilland Aircraft Museum Trust Ltd for the purposes of company law, are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare Financial Statements for each financial year. Under that law, the Trustees have elected to prepare the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
In preparing these Financial Statements, the Trustees are required to:
select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP FRS102; make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
7
DE HAVILLAND AIRCRAFf MUSEUM TRUST LTD
Trustees. Report (including Directors. Report)
For The Year Ended 31st October 2022
As far as eath of the Trustees is aware..
there is no relevanl audit infonnation of which the charitable cornpany s audits
are unaware", and
the Trustees have tsken all sleps that they ought to have taken to make
themselves aware of any relevant audit InfOnatiOn and to eslablssh that the
auditors are aware of that information.
This report has been prepared in accordan wrth Part 15 of the Companies Act 2006
relating to small companies.
Approved by the Trustees on 12 Juty 2023 and signed on their behaff by:
utrage-
rustee
**Independent Examiner’s Report to the Trustees of De Havilland Aircraft Museum Trust Ltd**
## **Independent examiner’s report to the trustees of De Havilland Aircraft Museum Trust Ltd (“the Company”)**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2022.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (and also 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 your charity’s accounts as 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**
Since your charity’s gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCA, CTA which is one of the listed bodies.
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:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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.
Mr Nigel Adams FCCA 2 Manor Farm Court MK12 5NN
9
## **De Havilland Aircraft Museum Trust Ltd Statement of Financial Activity Year ended 31st October 2022**
|Note
**Income**
Donations and legacies
3
Hangar Fundraising
4
Charitable Activities
5
Investments
**Expenditure on:**
Raising Funds
6
Charitable Activities
7
Net income
Transfers between funds
Net Movement in Funds
Funds Brought Forward
Funds Carried Forward|Restricted
Unrestricted
Total
**£**
**£**
**£**
-
31,985
31,985
-
-
-
-
277,545
277,545
-
254
254
-
309,784
309,784
30
3,346
3,376
71,920
79,871
151,791
71,950
83,218
155,167
71,950
-
226,566
154,616
2,927
(2,927)
-
69,023
-
223,639
154,616
1,905,561
993,137
2,898,698
1,836,539
1,216,776
3,053,314|
|---|---|
10
De Haviuand Aircraft PAwum Trust Ltd
Balanct Sheet
As at 31st October 2022
1781.648 2.861.
10.748
14.331
F1anl & Eqywrt
12
2.Ta2.397
2.B7S.896
Current A$ts
13
156.942
I.977
347.919
43.310
259.895
)Jns
41 arxl n harKI
Uabllltt
14
104.n4
9.167 198,461
1S
28,750
175.459
T A•••ts l•u Cuff•nt U•blllii••
3.VJJ.3tS 2ffi8.69
Th• Fund• of th• Chartty
R•slrthd In¢4>M F
10
1.836.$39 1.>)5.561
1.216.776
993.lr
T1 chartty lund•
3.LK13.314 2A98.M6
Th• ¢h•nubl¢ crynp4ny • er4thJ to èxertWw)n SeLkn 477 al th•
CcfflFqnM Aci 2C¢6 tr• ar •TrJ•d JI (klober 2022
Ccrfnp•rb*S ALX 20C6 8nd
bl pr•p•nr#J Statemerto 9aii trn* rfIIK• •t4le d •llm <1 IP*ryow> chwfrt
11
**De Havilland Aircraft Museum Trust Ltd Notes to the Accounts Year ended 31st October 2022**
## **1. Accounting Policies**
**Charity Information** De Havilland Aircraft Museum Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Salisbury Hall, London Colney, St Albans, Hertfordshire, AL2 1BU.
## **1.1 Accounting Convention**
The accounts have been prepared in accordance with the charity’s governing document, the Companies Act 2006 and “Accounts 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The accounts have been prepared under the historical cost convention with the exception of invetsments which are included at market value.
## **1.2 Going Concern**
At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore continue to adopt the going concern basis of accounting in preparing the accounts.
## **1.3 Charitable Funds**
Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Where Restricted Funds have been provided to the charity for particular purposes, it is the policy of the Board of Trustees to carefully monitor the application of those funds, as and when received, in accordance with the restrictions placed upon them.
**1.4 Incoming Resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless the performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Grant Income is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Income from Charitable Activities and Trading Income are measured at the fair value of the consideration received or receivable for services rendered, and is recognised as the services are delivered. **1.5 Resources Expended** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. These are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources. **1.6 Tangible Fixed Assets** Tangible Fixed Assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold Property - 2% on cost
Plant and Machinery - at varying rates on cost Fixtures and Fittings - 25% on reducung balance
Computer Equipment - 33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. **1.7 Taxation** The Charity is an exempt charity within the meaning of Schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and it therefore meets the definition of a charitable company for UK Corporation Tax purposes. **1.8 Pension costs and other post-retirement benefits** The charity and its subsidiary company operate defined contribution pension schemes. Conributions payable to the pension schemes are charged as an expense as they fall due. **2. Critical Accounting Estimates and Judgements**
In the application of the Group and Charity’s Accounting Policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. It has been judged that the fair value of all assets and liabilities is equal to book value, and a number of estimates have been made to calculate Accruals as at 31st October 2022.
12
## **De Havilland Aircraft Museum Trust Ltd Notes to the Accounts Year ended 31st October 2022**
|**3. Donations and Legacies**
Other donations
**4. Hangar Fundraising**
Heritage Lottery Grant Received
Donations to Hangar funding|Unrestricted
Funds
Restricted Funds
Total 2022
Total 2021
£
£
£
£
31,985
-
31,985
62,357
31,985
-
31,985
62,357
Unrestricted
Funds
Restricted Funds
Total 2022
Total 2021
£
£
£
£
-
-
-
61,062
-
-
-
13,158
-
-
-
74,220|
|---|---|
|**5. Charitable Activities**
Grants and sponsorship
Admission fees
Supporters Subscriptions
Event Income
Special Events
Miscellaneous income
Premises Hire for Filming etc
Experience: (Visitor)
**6. Raising Funds Expenditure**
Direct Costs
Staff Costs
Other Costs
**7. Charitable Activities Expenditure**
Staff Costs
Direct Costs
Depreciation
Share of support costs
Share of governance costs
Total|Unrestricted
Funds
Restricted Funds
Total 2022
Total 2021
£
£
£
£
60,042
-
60,042
119,006
175,720
-
175,720
100,019
6,263
-
6,263
7,370
21,156
-
21,156
-
899
-
899
70
-
-
-
519
1,500
-
1,500
1,790
11,965
-
11,965
-
277,545
-
277,545
228,774
Unrestricted
Funds
Restricted Funds
Total 2022
Total 2021
£
£
£
£
3,253
-
3,253
3,713
-
-
-
-
93
30
123
724
3,346
30
3,376
4,437
Unrestricted
Funds
Restricted Funds
Total 2022
Total 2021
£
£
£
£
20,259
-
20,259
19,325
3,700
2,897
6,596
4,236
-
69,023
69,023
68,988
51,768
-
51,768
65,925
4,152
-
4,152
3,538
79,877
71,920
151,797
162,012|
|---|---|
13
## **De Havilland Aircraft Museum Trust Ltd Notes to the Accounts Year ended 31st October 2022**
|**8. Support Costs**
**Support Costs**
Rent
Rates
Premises - Repairs & Maintenance
Insurance
Light, Power, Heating
Cleaning
Telephone & Internet
IT Software and Consumables
IT Hardware Purchases
Special Event Hosting Costs
Staff Training
Travel
Subscriptions
General Expenses
Bank Fees
Interest Paid
Depreciation Expense
Other professional fees
Health And Safety
Commercial: Event Catering Costs
Legal expenses
Activity: costs
**Total Support Costs**
**Governance Costs**
Audit & Accountancy Fees
**Total Governace costs**
**Total**|Unrestricted
Funds
Restricted
Funds
Total 2022
Total 2021
£
£
£
£
680
-
-
680
-
680
2,673
-
2,673
2,049
3,176
-
3,176
6,482
8,718
-
8,718
8,829
5,398
-
5,398
4,407
759
-
759
928
2,356
-
2,356
9,166
2,000
-
-
2,000
-
2,703
85
-
85
40
500
-
500
100
300
-
300
600
369
-
369
-
1,956
-
1,956
572
476
-
476
125
10,502
-
10,502
11,456
4,499
-
4,499
3,894
3,583
-
3,583
4,777
-
-
-
3,600
46
-
46
3,896
8,278
-
8,278
1,113
26
26
-
748
-
748
507
51,768
-
51,768
65,925
4,152
-
4,152
3,538
4,152
-
4,152
3,538
55,920
-
55,920
69,463|
|---|---|
## **9. Trustees**
None of the Trustees (nor any persons connected with them) received any remuneration during the current or preceding year.
## **10. Employees**
|**Number of Employees**
The average number of employees during the year was
**Employment Costs**
Wages and Salaries
Social Security Costs
Other Pension Costs|Unrestricted
Funds
Restricted
Funds
£
£
18,000
-
1,831
-
428
-
20,259
-|2022
2021
number
number
2
2
Total 2022
Total 2021
£
£
18,000
19,290
1,831
-
428
35
20,259
19,325|
|---|---|---|
No employess received salary and benefits exceeding £60,000 for the year.
14
## **De Havilland Aircraft Museum Trust Ltd Notes to the Accounts Year ended 31st October 2022**
## **11. Tangible Fixed Assets**
|**Cost**
At 1st November 2021
Additions
Disposals
At 31st October 2022
**Depreciation**
At 1st November 2021
Charge for the year
Eliminated on disposals
At 31st October 2022
**Net Book Value**
**At 31st October 2022**
**At 31st October 2021**|Freehold Property
Plant and
Machinery
Fixtures and Fittings
Totals
£
£
£
£
3,045,158
122,141
3,872
3,171,171
-
-
-
-
10,693
-
-
-
10,693
-
3,034,465
122,141
3,872
3,160,478
183,794
109,084
2,598
295,476
69,023
3,264
319
72,606
-
-
-
-
252,817
112,348
2,917
368,082
2,781,648
9,793
955
2,792,396
2,861,364
13,057
1,274
2,875,695|
|---|---|
## **12. Fixed Asset Investments**
|Cost
At 1st November 2020 and 31st October 2022
Net Book Value
At 1st November 2020 and 31st October 2022
There were no investment assets outside the UK
**13. Debtors**
**Amounts falling due within one year**
Amounts owed by group undertakings
Tax
Prepayments
Other debtors
Total|2022
£
106,037
-
2,139
48,766
156,942|Shares in group
undertakings
£
1
1
2021
£
41,342
-
1,928
70
43,340|
|---|---|---|
15
**Notes to the Accounts Year ended 31st October 2022**
## **14. Creditors**
|**Amounts falling due within one year**
Bank Loan
Trade Creditors
Other taxation and social security
Accruals
Other creditors
**15. Creditors - amounts falling due after more than one year**
Bank Loan
**16. Bank Loan**
The charity has a 10 year loan from Barclays Bank under the Enterprise Finace Guarantee Scheme.
Bank loan:
due within one year
due between 2 to 5 years
due after more than 5 years
The loan is secured by a 2nd charge over the freehold property and a debenture.
The charity pays a 2% fee per year on the outstanding balance of the loan, payable to the government quarterly. This is in
The charity has a bounce back loan from Barclays Bank.
Bank loan:
due within one year
due between 2 to 5 years|2022
2021
£
£
10,200
36,192
2,400
10,875
0
0
2,880
4,240
42,772
53,467
58,252
104,774
2022
2021
£
£
28,750
175,459
2022
2021
£
£
-
25,000
-
100,000
-
37,500
-
162,500
addition to interest charged at 3.22% above
2,022
2,021
£
£
10,200
10,200
28,750
28,750
38,950
38,950|
|---|---|
The loan is secured by a 2nd charge over the freehold property and a debenture. The charity pays a 2% fee per year on the outstanding balance of the loan, payable to the government quarterly. This is in addition to interest charged at 3.22% above base rate.
## **17. Retirement Benefit Schemes**
The charity and its subsidiary operate defined contribution pension schemes for all qualifying employess. The assets of the scheme are held seperately from those of the group in an independently administered fund.
The charge to the statement of financial activities in respect of defined contribution penison schemes was £428 (2021: £35)
## **18. Analysis of Funds**
## **18.1 Movement in Statement of Financial Activities**
|**Unrestricted Funds**
**Restricted Funds**
Aircraft Museum Hangar
Comet 1A
Dragon Rapide
Mosquito
Art grants
Total Funds
**18.2 Analysis of Net Assets by Fund**
Tangible Fixed Assets
Investments
Debtors falling due within one year
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after more than one year
**Total Funds**
Tangible Fixed Assets
Investments
Debtors falling due within one year
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after more than one year
**Total Funds**|Fund Balance at
1st November
2021
Incoming
Resources
993,137
309,785
1,905,561
-
-
-
-
-
-
-
-
-
-
1,905,561
-
2,898,698
309,785|Resources Expended
Net Movement in
Funds
Transfers
Between Funds
Fund Balance
at 31st October
2022
83,218
226,567
2,927
-
1,216,777
-
-
69,023
-
1,836,538
30
30
-
30
-
73
73
-
73
2,823
2,823
-
2,823
-
-
-
-
-
-
-
-
-
2,927
2,927
-
66,096
-
1,836,538
86,145
223,640
69,023
-
3,053,315
Unrestricted Funds
Restricted Funds
Total Funds at
31st October 2022
£
£
£
955,858
1,836,539
2,792,396
1
1
156,942
156,942
190,977
190,977
(58,252)
(58,252)
(28,750)
(28,750)
1,216,776
1,836,539
3,053,315
Unrestricted Funds
Restricted Funds
Total Funds at
31st October 2021
£
£
£
970,134
1,905,561
2,875,695
1
1
43,340
43,340
259,895
259,895
(104,774)
(104,774)
(175,459)
(175,459)
993,137
1,905,561
2,898,699|
|---|---|---|
16
## **De Havilland Aircraft Museum Trust Ltd Notes to the Accounts Year ended 31st October 2022**
## **19. Provision**
Final accounts regarding the building works on the new hanger are not concluded with a provision included in the accounts of £42,774.
## **20. Related Party Disclosure**
Mosquito Aircraft Museum Ltd is a 100% owned trading subsidiary. A summary of the trading results of this company are:
|Income from shop and café
Cost of sales
Gross profit
Overheads
Donations
Net position
Shareholder funds|2022
2021
£
£
80,656
65,413
(70,632)
(54,544)
10,024
10,869
(26,080)
(17,028)
-
0
(16,056)
(6,159)
(30,967)
(14,911)|
|---|---|
17