REGISTERED COMPANY NUMBER: 01682401 (England and Wales) REGISTERED CHARITY NUMBER: 286794
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
FOR
DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
Ad Valorem Accountancy Services Limited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Buckinghamshire MK12 5NN
DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
| Page | |||
|---|---|---|---|
| Chairman's Report | 1 | ||
| Operating and Financial Review | 2 | ||
| Report of the Trustees | 3 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | to | 9 |
| Notes to the Financial Statements | 10 | to | 19 |
| Detailed Statement of Financial Activities | 20 | to | 21 |
DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2023
This last year has been a year of consolidation. The new board have been working energetically in their roles, delivery against our agreed 3 year strategy has been moving at speed. The Café offerings have been replaced with much higher quality ones, and sales and profits have exceeded the targets that were set. We are carrying out a continuous review of museum policy documents, and have created new ones where nothing was written down before. This is to assist in our re-accreditation which will become due in 2025.
The re-organisation of some of our exhibits has not gone as smoothly as we hoped, but we have now approved a well thought out and detailed plan which will be executed over the next year or so. The Dragon Rapide fuselage has been moved though, which has freed up space in the workshop so that work can continue on the wings.
Following the identification of some defects in the roof of the Walter Goldsmith hanger and elsewhere, the board commissioned a professional site condition survey. This revealed a picture of historic under investment in the fabric of the estate, together with very significant amounts of asbestos. The eradication of these defects will place a considerable financial burden on the museum in the next 2 - 3 years, and we have already begun to make grant applications towards the work. However we could do with some help, and would welcome someone who would be willing to help us raise the necessary sums, currently estimated at several hundred thousand pounds.
................................................................. L W Burrage - Trustee
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
OPERATING AND FINANCIAL REVIEW FOR THE YEAR ENDED 31 OCTOBER 2023
In 2023, the museum continued to enjoy rising visitor numbers, although for the period covered numbers were still below pre-covid levels. Donations also increased, as did event income. Visitor experience numbers were down, however.
Some costs increased, particularly electricity and insurance. Telephony, which includes internet provision, was up as well.
Some management costs, that is those associated with particular activities (such as catering) also increased slightly.
Overall, the museum made another surplus, increasing this over the previous year by some £24,112 to £178,722.
All loans associated with the impact of covid have were paid off.
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 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 October 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).
FINANCIAL REVIEW 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.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
01682401 (England and Wales)
Registered Charity number
286794
Registered office
De Havilland Aircraft Museum London Colney Hertfordshire AL2 1BU
Trustees
Mrs L Kazer (resigned 26/6/2024) J Baldwin (resigned 20/1/2023) L Burrage J Garrick (resigned 26/6/2024) J Hill (resigned 20/11/2023) A Crichton (appointed 1/3/2023) M Roberton (appointed 20/1/2023) (resigned 1/5/2024) B Kennedy (appointed 14/3/2023) (resigned 26/6/2024) B Pickering (appointed 20/1/2023)
Independent Examiner
Zubair Arshad FCCA, ACA Ad Valorem Accountancy Services Limited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Buckinghamshire MK12 5NN
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023
REFERENCE AND ADMINISTRATIVE DETAILS Bankers
Barclays 16-18 St. Peters Street St. Albans AL1 3LP
Seven Trustees have guided the volunteers in fulfilling the Museum's mission and Memorandum of Association. The roles covered by the Trustees include; Chair, Company Secretary/Facilities, Finance, Learning, Site Safety, Visitor Experience and Volunteers. The Board lacks Trustees covering Commercial Development and Collections/Curation.
The number of unfilled mid-level management positions is a concern. Roles including Events, Membership/Registrar, Fundraising, Marketing/Public Relations, Collections/Exhibit, Aircraft Keepers and Bookkeeper are required to secure the future of the Museum. The Board has been unable to attract volunteers to fill these positions.
During the past year, the Trustees have sought to create a structure within the Museum to ensure its future success.
Work continued to build a robust budgetary process across the Museum. It will allow teams and functional areas to own their work and fiscal process. Teams are asked to identify their work projects, what resources they require and will be expected to manage them once approved.
Work was initiated to centralise the aircraft/exhibit work review process with the Restoration Committee. The Committee incorporates our aircraft/exhibit experts and is at the right level to evaluate and recommend work projects. All aircraft/exhibit proposals and budgets will be submitted to them to access and prioritise. The Committee will forward their recommendations to the Board for review, approval and funding. The Committee will allocate individual project budgets, manage funding reallocation's where necessary and recommend methods to resolve any extraordinary issues to the Board.
The delay to the Dragon Rapide restoration has allowed for a measured, in-depth review of the planned aircraft/exhibit moves, the design of the Museum, the stories we want to tell, how we tell those stories and to review costs. Although delayed, the basics of the plan presented at the 2023 AGM remain.
The fabric of the Museum was addressed. Projects have included upgrades to the fire/alarm system, ensuring the Museum is compliant with health and safety legislation, roof replacement options investigated, a Costed Condition Survey completed allowing the development of a multi-year site maintenance plan, the spray booth reinstatement initiated, the AJH visitor experience restored, the Café redesign process started and undertaking preliminary Arts Council England grant application work for a new WGH roof.
To comply with regulatory requirements and/or best practices, the Board reviewed, updated or wrote several policies. These included the: Museum Strategic Plan, Safeguarding, Fire Marshals and First Aid, CCTV, Complaints, Cookies, Fire/Evacuation Order and Privacy.
Community support has been enhanced through an expanded school offering, support for local charities, work experience, Duke of Edinburgh, Scouts and Guides visits, group tours (U3A, Club visits, etc.) and hosting visits by groups with special needs.
Approved by order of the board of trustees on 29 July 2024 and signed on its behalf by:
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023
B Kennedy - Trustee
Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED
Independent examiner's report to the trustees of De Havilland Aircraft Museum Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2023.
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 member of the Association of Chartered Certified Accountants, 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:
-
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.
Zubair Arshad FCCA, ACA
Ad Valorem Accountancy Services Limited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Buckinghamshire MK12 5NN
Date: .............................................
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Admission fees Grants and sponsorship Supporters subscriptions Event income Special events Premises hire for filimings etc. Experience: (visitor) Charitable Activities Investment income 2 Other income Total EXPENDITURE ON Raising funds Charitable activities Direct costs Staff costs Share of support costs Share of governance costs Depreciation Total NET INCOME/(EXPENDITURE) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 57,247 199,868 34,083 9,161 22,731 1,233 750 5,470 - 1,244 472 332,259 4,065 13,446 17,580 48,222 1,574 - 84,887 247,372 (506) 246,866 1,216,771 1,463,637 |
Restricted funds £ - - - - - - - - - - - - - 506 - - - 68,144 68,650 (68,650) 506 (68,144) 1,836,538 1,768,394 |
2023 Total funds £ 57,247 199,868 34,083 9,161 22,731 1,233 750 5,470 - 1,244 472 332,259 4,065 13,952 17,580 48,222 1,574 68,144 153,537 178,722 - 178,722 3,053,309 3,232,031 |
2022 Total funds £ 31,985 - - - - - - - 277,545 254 - |
|---|---|---|---|---|
| 309,784 | ||||
| 3,376 6,596 20,259 51,768 4,152 69,023 |
||||
| 155,174 | ||||
| 154,610 - |
||||
| 154,610 2,898,699 |
||||
| 3,053,309 |
The notes form part of these financial statements
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
BALANCE SHEET 31 OCTOBER 2023
| Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 975,710 1 975,711 345,451 189,668 535,119 (47,193) 487,926 1,463,637 - 1,463,637 |
Restricted funds £ 1,768,394 - 1,768,394 - - - - - 1,768,394 - 1,768,394 |
2023 Total funds £ 2,744,104 1 2,744,105 345,451 189,668 535,119 (47,193) 487,926 3,232,031 - 3,232,031 1,463,637 1,768,394 3,232,031 |
2022 Total funds £ 2,792,397 1 2,792,398 156,942 190,971 347,913 (58,252) 289,661 3,082,059 (28,750) 3,053,309 1,216,771 1,836,538 3,053,309 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
BALANCE SHEET - continued 31 OCTOBER 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 July 2024 and were signed on its behalf by:
L Burrage - Trustee
The notes form part of these financial statements
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
1. 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, with the exception of investments which are included at market value.
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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 2023.
INCOME
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.
EXPENDITURE
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.
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
1. ACCOUNTING POLICIES - continued
EXPENDITURE
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 headings, they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.
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.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% or 17% straight line Plant and machinery - at varying rates on cost Fixtures and fittings - 25% on reducing balance
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 charity and its subsidiary operate defined contribution pension schemes for all qualifying employees.
The assets of the scheme are held separately from those of the group in an independently administered fund.
The charge to the statement of financial activities in respect of defined contribution pension schemes was £403 (2022: 428).
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
2. INVESTMENT INCOME Deposit account interest 3. NET INCOME/(EXPENDITURE)
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Deposit account interest | 1,244 | 254 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 2023 | 2022 | |
| £ | £ | |
| Depreciation - owned assets | 71,667 | 69,023 |
| Surplus on disposal of fixed assets | (472) | - |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022.
TRUSTEES' EXPENSES
During the year £1,470 was reimbursed for directly incurred expenses to three trustees.
5. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Administration |
2023 £ 17,177 - 403 17,580 2023 1 |
2022 £ 18,000 1,831 428 |
|---|---|---|
| 20,259 | ||
| 2022 1 |
No employees received emoluments in excess of £60,000.
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 31,985 Charitable activities Charitable Activities 277,545 Investment income 254 Total 309,784 EXPENDITURE ON Raising funds 3,346 Charitable activities Direct costs 3,699 Staff costs 20,259 Share of support costs 51,768 Share of governance costs 4,152 Depreciation - Total 83,224 NET INCOME/(EXPENDITURE) 226,560 Transfers between funds (2,927) Net movement in funds 223,633 RECONCILIATION OF FUNDS Total funds brought forward 993,138 TOTAL FUNDS CARRIED FORWARD 1,216,771 |
Restricted funds £ - - - - 30 2,897 - - - 69,023 71,950 (71,950) 2,927 (69,023) 1,905,561 1,836,538 |
Total funds £ 31,985 277,545 254 |
|---|---|---|
| 309,784 | ||
| 3,376 6,596 20,259 51,768 4,152 69,023 |
||
| 155,174 | ||
| 154,610 - |
||
| 154,610 2,898,699 |
||
| 3,053,309 |
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
7. TANGIBLE FIXED ASSETS
| COST At 1 November 2022 Additions At 31 October 2023 DEPRECIATION At 1 November 2022 Charge for year At 31 October 2023 NET BOOK VALUE At 31 October 2023 At 31 October 2022 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 November 2022 and 31 October 2023 NET BOOK VALUE At 31 October 2023 At 31 October 2022 |
Freehold property £ 3,034,465 9,716 3,044,181 252,817 68,144 320,961 2,723,220 2,781,648 |
Plant and machinery £ 122,141 - 122,141 112,348 2,448 114,796 7,345 9,793 |
Fixtures and fittings £ 3,872 13,658 17,530 2,916 1,075 3,991 13,539 956 |
Totals £ 3,160,478 23,374 |
Totals £ 3,160,478 23,374 |
|---|---|---|---|---|---|
| 3,183,852 | |||||
| 368,081 71,667 |
|||||
| 439,748 | |||||
| 2,744,104 | |||||
| 2,792,397 | |||||
| Unlisted investments £ 1 1 1 |
|||||
| 1 | |||||
| 1 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Mosquito Aircraft Museum Ltd
Registered office: Salisbury Hall, London Colney, St. Albans, Hertfordshire, AL2 1BU. Nature of business: Gift shop and café
| % | |||
|---|---|---|---|
| Class of share: | holding | ||
| Ordinary | 100 | ||
| 31/10/23 | 31/10/22 | ||
| £ | £ | ||
| Aggregate capital and reserves | (51,907) | (30,966) | |
| Loss for the year | (20,941) | (16,055) |
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Amounts owed by group undertakings | 263,994 | 106,037 | |
| Other debtors | 78,137 | 48,766 | |
| Prepayments | 3,320 | 2,139 | |
| 345,451 | 156,942 | ||
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts (see note 12) | - | 10,200 | |
| Trade creditors | 4,419 | 2,400 | |
| Other creditors | 42,774 | 42,772 | |
| Accruals and deferred income | - | 2,880 | |
| 47,193 | 58,252 | ||
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans (see note 12) | - | 28,750 | |
| 12. | LOANS | ||
| An analysis of the maturity of loans is given below: | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Amounts falling due within one year on demand: | |||
| Bank loans | - | 10,200 | |
| Amounts falling between one and two years: | |||
| Bank loans - 1-2 years | - | 28,750 |
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
13. MOVEMENT IN FUNDS
| Net movement At 1/11/22 in funds £ £ Unrestricted funds General fund 1,216,771 247,372 Restricted funds Aircraft Museum Hanger 1,836,538 (68,144) Comet 1A - (94) Dragon Rapide - (412) 1,836,538 (68,650) TOTAL FUNDS 3,053,309 178,722 Net movement in funds, included in the above are as follows: |
Transfers between funds £ (506) - 94 412 506 - |
At 31/10/23 £ 1,463,637 1,768,394 - - |
|---|---|---|
| 1,768,394 | ||
| 3,232,031 | ||
| Unrestricted funds General fund Restricted funds Aircraft Museum Hanger Comet 1A Dragon Rapide TOTAL FUNDS |
Incoming Resources resources expended £ £ 332,259 (84,887) - (68,144) - (94) - (412) - (68,650) 332,259 (153,537) |
Movement in funds £ 247,372 (68,144) (94) (412) |
|---|---|---|
| (68,650) | ||
| 178,722 |
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/11/21 £ Unrestricted funds General fund 993,138 Restricted funds Aircraft Museum Hanger 1,905,561 Comet 1A - Dragon Rapide - Mosquito - 1,905,561 TOTAL FUNDS 2,898,699 Comparative net movement in funds, included in the above Unrestricted funds General fund Restricted funds Aircraft Museum Hanger Comet 1A Dragon Rapide Mosquito TOTAL FUNDS |
Net movement in funds £ 226,560 (69,023) (30) (73) (2,824) (71,950) 154,610 are as follows: Incoming resources £ 309,784 - - - - - 309,784 |
Transfers between funds £ (2,927) - 30 73 2,824 2,927 - Resources expended £ (83,224) (69,023) (30) (73) (2,824) (71,950) (155,174) |
At 31/10/22 £ 1,216,771 1,836,538 - - - 1,836,538 3,053,309 Movement in funds £ 226,560 (69,023) (30) (73) (2,824) (71,950) 154,610 |
|---|---|---|---|
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Aircraft Museum Hanger Comet 1A Dragon Rapide Mosquito TOTAL FUNDS |
At 1/11/21 £ 993,138 1,905,561 - - - 1,905,561 2,898,699 |
Net movement in funds £ 473,932 (137,167) (124) (485) (2,824) (140,600) 333,332 |
Transfers between funds £ (3,433) - 124 485 2,824 3,433 - |
At 31/10/23 £ 1,463,637 1,768,394 - - - |
|---|---|---|---|---|
| 1,768,394 | ||||
| 3,232,031 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Aircraft Museum Hanger Comet 1A Dragon Rapide Mosquito TOTAL FUNDS |
Incoming Resources resources expended £ £ 642,043 (168,111) - (137,167) - (124) - (485) - (2,824) - (140,600) 642,043 (308,711) |
Movement in funds £ 473,932 (137,167) (124) (485) (2,824) |
|---|---|---|
| (140,600) | ||
| 333,332 |
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
14. RELATED PARTY DISCLOSURES
During the year the company made an interest free loan of £157,957 to Mosquito Aircraft Museum Ltd, its Subsidiary company. At the balance sheet the amount outstanding was £263,994 (2022: 106,037).
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Deposit account interest Charitable activities Grants and sponsorship Admission fees Supporters Subscriptions Event Income Special Events Premises Hire for Filming etc. Experience: (visitor) Other income Gain on sale of tangible fixed assets Total incoming resources EXPENDITURE Other trading activities Direct Costs Other Costs Charitable activities Wages Social security Pensions Support costs Management Rates and water Insurance Light and heat Telephone Carried forward |
2023 £ 57,247 1,244 34,083 199,868 9,161 22,731 1,233 750 5,470 273,296 472 332,259 2,422 1,643 4,065 17,177 - 403 17,580 2,160 10,974 8,781 5,032 26,947 |
2022 £ 31,985 254 60,042 175,720 6,263 21,156 899 1,500 11,965 |
|---|---|---|
| 277,545 - |
||
| 309,784 3,253 123 |
||
| 3,376 18,000 1,831 428 |
||
| 20,259 2,673 8,718 5,398 2,356 19,145 |
This page does not form part of the statutory financial statements
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DE HAVILLAND AIRCRAFT MUSEUM TRUST LIMITED T/A DE HAVILLAND AIRCRAFT MUSEUM
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023
| Management Brought forward Rent Cleaning IT Software and Consumables IT Hardware Purchases Special Event Hosting Costs Staff Training Travel Subscriptions General Expenses Health And Safety Commercial: Event Catering Costs Legal expenses Activity: costs Repairs and renewals Depreciation of tangible and heritage assets Interest payable Finance Bank charges Governance costs Accountancy and legal fees Total resources expended Net income |
2023 £ 26,947 - (896) 1,367 41 295 180 - 937 - 2,770 10,135 - 2,337 13,952 71,667 389 130,121 197 1,574 153,537 178,722 |
2022 £ 19,145 (680) 759 (2,000) 85 500 300 369 1,956 476 46 8,278 26 748 9,772 72,606 4,499 116,885 10,502 4,152 155,174 154,610 |
|---|---|---|
This page does not form part of the statutory financial statements
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