REGISTERED COMPANY NUMBER: 01734164 (England and Wales) REGISTERED CHARITY NUMBER: 287745
Unaudited Financial Statements for the year ended 31 August 2022
for
City of Norwich Aviation Museum
Haines Watts Chartered Accountants
Yare House 62-64 Thorpe Road Norwich Norfolk NR1 1RY
City of Norwich Aviation Museum
Contents of the Financial Statements for the year ended 31 August 2022
| Page | ||
|---|---|---|
| Report of the Trustees | 1 to | 4 |
| Independent Examiner's Report | 5 | |
| Statement of Financial Activities | 6 | |
| Balance Sheet | 7 to | 8 |
| Notes to the Financial Statements | 9 to | 18 |
| Detailed Statement of Financial Activities | 19 to | 20 |
City of Norwich Aviation Museum
Report of the Trustees for the year ended 31 August 2022
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 August 2022. 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).
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 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 published on 16 July 2014 (as amended by Update Bulletin 1 published on 2 February 2016.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objective is the advancement of the education of the public by operating, maintaining and expanding a museum for the preservation and exhibition of aircraft and other exhibits relating to the aviation history of the county of Norfolk. All income raised by the charity is in pursuit of these objectives.
Public benefit
The directors confirm that they have had due regard to the guidance on public benefit published by the Charity Commission, and that all main activities undertaken by the charity are for the public benefit.
Relationships and Co-operations
The charity enjoys a close working relationship with the RAF 100 Group Association, exhibiting the collection gathered by this Association. There is no financial connection between the charity and the RAF 100 Group Association and the relationship was founded and is maintained on mutual objectives.
We have an agreement with RAF 74 Squadron Association that an exhibition of exhibits owned by them is displayed by the charity. We look forward to further co-operation with the 74 Squadron Association with future projects at the museum. There is no financial connection between the charity and this organisation.
Page 1
City of Norwich Aviation Museum
Report of the Trustees for the year ended 31 August 2022
ACHIEVEMENT AND PERFORMANCE
Charitable activities
We were able to enjoy a full year of Museum opening without any of the restrictions necessary during the COVID epidemic which has had such a marked effect on our operations over the past two financial years. Although visitor numbers did not recover to pre-COVID levels, we enjoyed a successful year. Events to mark the 40th Anniversary of the Falklands Conflict, in which our Vulcan and Nimrod aircraft played an important role, and the regular Wings and Wheels weekend were particularly well supported.
The Museum collection continued to grow with the purchase of a collection of items relating to the operations of Air Anglia and Air UK from Norwich Airport. We also purchased a number of aircraft cockpit sections and associated items from a private owner who had previously loaned these items to the Charity.
A number of important smaller items were donated by our supporters during the year. Work continues to update our records relating to exhibits held on our MODES computer system to present day standards.
Restoration work continued to our aircraft exhibits in 2021/22. More work was able to be carried out than in the previous two years and good progress was made with various projects.
We were pleased to receive the payment due in compensation in respect to disruption caused to the Charity during, and immediately after, construction of the Norwich Northern Distributor Road.
Our volunteer members have again made great efforts to ensure that the Museum has been able to make notable achievements during a year of recovery. Organisations such as ours depend to a great extent on the support and goodwill from volunteers, and the progress achieved would not have been possible without the outstanding efforts of our members. We should also record our gratitude to the commitment of our employees.
Our Director, Derek Waters, was presented with a life time achievement award in June 2022 by Aviation Heritage UK to mark his forty years as a volunteer at the City of Norwich Museum
With the benefit of a uninterrupted year, we were able to catch up with a number of maintenance tasks required to the Museum buildings and site. New doors were fitted to the main exhibition hall and several other smaller but equally vital repairs were completed.
We were approached during the year by Trustees of the Fenland and West Norfolk Aviation Museum with a proposal to move the majority their collection to The City of Norwich Aviation Museum. The Fenland Trustees were faced with the closure of their long established museum due to the sale of their rented premises.
After discussions, agreement was reached that an extension to our display building would be planned to display historical exhibits that will be transferred from the Fenland museum. We plan an additional display area large enough to accommodate these and to allow us to display more of our own collection, particularly exhibits showing the development of civil aviation in Norfolk. Funding for this major expansion will be provided by incoming money from the Fenland and West Norfolk Museum and from our own funds. We anticipate that construction will take place during the first months of 2023 with a planned opening later in the year.
FINANCIAL REVIEW
Financial position
The trustees consider that the charity is in a strong financial position at the year end with total funds of £428,044 (31/8/2021 - £324,023).
Page 2
City of Norwich Aviation Museum
Report of the Trustees for the year ended 31 August 2022
FINANCIAL REVIEW
Reserves policy
The charity holds an accumulated fund of sufficient level to guarantee payment of the general expenses of operating the Museum for some time to come. There is also an allocation in these funds for the future purchase of exhibits. The fund also exists to provide contingency funding in respect of grant aid projects should the need arise.
FUTURE PLANS
Long term, we plan further improvements to our facilities at the Museum. Being able to maintain and display some of our aircraft exhibits under cover and improving our restoration workshops remain medium to long term ambitions.
We continue to work towards regaining our Arts Council accreditation, lost prior to the start of construction of the Norwich Northern Distributor Road and the resultant situation concerning our lease on the Museum site.
We look forward to the future with a great deal of optimism. Along with similar organisations, the City of Norwich Aviation Museum faces numerous challenges not least with the rising costs of operating the charity. We are confident that with the continued and valued support of our visitors and volunteers that we can meet and exceed these challenges and continue to expand and develop the Museum to our aim of preserving Norfolk's aviation heritage.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a company limited by guarantee, incorporated on 23 June 1983 and governed by its Memorandum and Articles of Association. The liability of each member in the event of a winding up is limited to £1.00.
Organisational structure
All major decisions affecting the day to day running of the charity and those that will affect its future operation are taken at monthly directors meetings. A quorum of four directors is required for a meeting and if necessary, decisions are approved by a majority vote with the charity chairman having a casting vote.
Induction and training of new trustees
New directors are recruited and trained by existing directors and are appointed by the members at Annual General Meetings. New directors are made familiar with their legal obligations under charity and company law, the contents of the charity's Memorandum and Articles of Association, the decisions making process and the recent financial performance of the charity. Directors are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Risk management
The directors continue to examine the major risks that the charity faces and have developed systems to monitor and control these risks and to mitigate any impact that they may have. Procedures are well established for the review and approval of financial transactions. These matters are subject to ongoing review and the directors are satisfied that systems are in place to mitigate the charity's risk exposure.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01734164 (England and Wales)
Registered Charity number
287745
Page 3
City of Norwich Aviation Museum
Report of the Trustees for the year ended 31 August 2022
Registered office
Old Norwich Road Horsham St Faith Norwich Norfolk NR10 3JF
Trustees
K Barwick G Hall (resigned 21.10.21) K C Sloper M Taylor R J Walden D N Waters C S Kerrison M Thirtle T R D Emms T H Eady R Pointing (appointed 21.4.22)
Company Secretary
R Pointing
Independent Examiner
Lewis Cooper FCA BFP Haines Watts Chartered Accountants Yare House 62-64 Thorpe Road Norwich Norfolk NR1 1RY
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 23 May 2023 and signed on its behalf by:
K C Sloper - Trustee
Page 4
Independent Examiner's Report to the Trustees of City of Norwich Aviation Museum
Independent examiner's report to the trustees of City of Norwich Aviation Museum ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 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
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.
Lewis Cooper FCA BFP
Haines Watts Chartered Accountants Yare House 62-64 Thorpe Road Norwich Norfolk NR1 1RY
23 May 2023
Page 5
City of Norwich Aviation Museum
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the year ended 31 August 2022
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 4,400 Charitable activities Museum 100,876 Museum Shop 31,899 Other trading activities 4 33,802 Investment income 5 48 Other income 6 - Total 171,025 EXPENDITURE ON Raising funds 7 20,018 Charitable activities 8 Museum 80,147 Museum Shop 16,839 Total 117,004 NET INCOME 54,021 RECONCILIATION OF FUNDS Total funds brought forward 324,023 TOTAL FUNDS CARRIED FORWARD 378,044 |
Restricted fund £ 50,000 - - - - - 50,000 - - - - 50,000 - 50,000 |
2022 Total funds £ 54,400 100,876 31,899 33,802 48 - 221,025 20,018 80,147 16,839 117,004 104,021 324,023 428,044 |
2021 Total funds £ 23,324 44,730 17,068 11,415 12 57,622 |
|---|---|---|---|
| 154,171 | |||
| 6,239 54,312 6,702 |
|||
| 67,253 | |||
| 86,918 237,105 |
|||
| 324,023 |
The notes form part of these financial statements
Page 6
City of Norwich Aviation Museum
Balance Sheet
31 August 2022
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 14 103,494 Heritage assets 15 27,050 130,544 CURRENT ASSETS Stocks 16 5,300 Debtors 17 3,505 Cash at bank 244,543 253,348 CREDITORS Amounts falling due within one year 18 (4,082) NET CURRENT ASSETS 249,266 TOTAL ASSETS LESS CURRENT LIABILITIES 379,810 CREDITORS Amounts falling due after more than one year 19 (1,766) NET ASSETS 378,044 FUNDS 20 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - - - - 50,000 50,000 - 50,000 50,000 - 50,000 |
2022 Total funds £ 103,494 27,050 130,544 5,300 3,505 294,543 303,348 (4,082) 299,266 429,810 (1,766) 428,044 378,044 50,000 428,044 |
2021 Total funds £ 105,312 20,805 126,117 4,300 41,814 156,345 202,459 (2,787) 199,672 325,789 (1,766) 324,023 324,023 - |
|---|---|---|---|
| 324,023 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
Page 7
City of Norwich Aviation Museum
Balance Sheet - continued 31 August 2022
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.
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 23 May 2023 and were signed on its behalf by:
K C Sloper - Trustee
The notes form part of these financial statements
Page 8
City of Norwich Aviation Museum
Notes to the Financial Statements for the year ended 31 August 2022
1. STATUTORY INFORMATION
City of Norwich Aviation Museum is a private company limited by guarantee without share capital, registered in England and Wales. The company's registered number and registered office address can be found in the report of the trustees.
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 financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and and the expected level of income and expenditure for 12 months from authorising these financial statements in making their assessment.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
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.
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.
Leasehold improvements - over the lease term Equipment - 10% reducing balance
Page 9
City of Norwich Aviation Museum
Notes to the Financial Statements - continued for the year ended 31 August 2022
2. ACCOUNTING POLICIES - continued
Heritage assets
Heritage assets are recognised on the balance sheet and initially measured at cost when purchased. Assets are subsequently stated at cost less accumulated depreciation. Depreciation is provided using the 10% reducing balance method.
Donated heritage assets are not recognised on the balance sheet as information on the valuation of such assets is not available and the cost of providing such information is expected to significantly outweigh any benefit to the users of the accounts.The nature and amount of donated assets is significant to the museum.
Acquisitions of heritage assets consist of aircraft and aviation artefacts, and arise when donated to the charity, or purchased by the charity, and the trustees believe that the asset will further the charity's objectives. Once acquired they are preserved by the charity in order to keep their historic qualities and to contribute to aviation knowledge and culture. A register of all heritage assets held by the charity is being compiled and the assets themselves are accessible to the public in the museum, or if not on general display, then with prior agreement. Heritage assets are to be held for the foreseeable future.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
Donated goods and services
No amount is included in income in the financial statements for volunteer time in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The nature of contributions supplied by volunteers is significant to the charity.
No amount is included in income in the financial statements for fixed asset donations as information on the valuation of such assets is not available and the cost of providing such information is expected to significantly outweigh any benefit to the users of accounts.
Page 10
City of Norwich Aviation Museum
Notes to the Financial Statements - continued for the year ended 31 August 2022
| 3. DONATIONS AND LEGACIES Donations Grants Subscriptions 4. OTHER TRADING ACTIVITIES Fundraising events Tea room income 5. INVESTMENT INCOME Interest received 6. OTHER INCOME Government grants Exceptional items |
2022 £ 50,000 2,667 1,733 54,400 2022 £ 3,573 30,229 33,802 2022 £ 48 2022 £ - - - |
2021 £ - 22,262 1,062 |
|---|---|---|
| 23,324 | ||
| 2021 £ 1,959 9,456 |
||
| 11,415 | ||
| 2021 £ 12 2021 £ 17,622 40,000 |
||
| 57,622 |
Government grants relate to payments received under the Coronavirus Job Retention Scheme.
In the 2021 financial year a £40,000 financial settlement was awarded to the museum in compensation for disruption caused to operations by the NDR road building. This was included in the Statement of Financial Activities in the 2021 accounts as exceptional income and shown in the Balance Sheet as Other debtors at 31 August 2021.
Page 11
City of Norwich Aviation Museum
Notes to the Financial Statements - continued for the year ended 31 August 2022
7. RAISING FUNDS
Other trading activities
| 2022 £ Purchases 20,018 8. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 9) £ £ Museum 45,789 34,358 Museum Shop 16,839 - 62,628 34,358 9. SUPPORT COSTS Governance Management costs £ £ Museum 28,598 5,760 10. NET INCOME/(EXPENDITURE) |
2021 £ 6,239 |
|---|---|
| Totals £ 80,147 16,839 |
|
| 96,986 | |
| Totals £ 34,358 |
|
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 6,396 | 5,982 |
| Deficit on disposal of fixed assets | 492 | - |
| Fees paid for independent examination | 5,760 | 3,834 |
| Stock expensed | 42,819 | 19,349 |
| Depreciation - heritage assets | 3,005 | 1,333 |
Page 12
City of Norwich Aviation Museum
Notes to the Financial Statements - continued for the year ended 31 August 2022
11. TRUSTEES' REMUNERATION AND BENEFITS
One trustee received remuneration from the charity during the year. Total trustee and key management personnel remuneration benefits were £447. (31/8/21 - £nil).
Trustees' expenses
During the year 6 trustees (31/8/21- 5) were reimbursed expenses of £3,943 (31/8/21 - £2,096).
12. STAFF COSTS
| Wages and salaries Other pension costs |
2022 £ 28,692 834 29,526 |
2021 £ 25,166 352 |
|---|---|---|
| 25,518 |
The average monthly number of employees during the year was as follows:
| Museum Museum shop/Tea Room Administration |
2022 1 2 1 4 |
2021 3 3 1 |
|---|---|---|
| 7 |
No employees received emoluments in excess of £60,000.
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 23,324 Charitable activities Museum 44,730 Museum Shop 17,068 Other trading activities 11,415 Investment income 12 Other income 57,622 Total 154,171 |
Restricted fund £ - - - - - - - |
Total funds £ 23,324 44,730 17,068 11,415 12 57,622 154,171 |
|---|---|---|
EXPENDITURE ON
Page 13
City of Norwich Aviation Museum
Notes to the Financial Statements - continued for the year ended 31 August 2022
| 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds fund £ £ Raising funds 6,239 - Charitable activities Museum 54,312 - Museum Shop 6,702 - Total 67,253 - NET INCOME 86,918 - RECONCILIATION OF FUNDS Total funds brought forward 237,105 - TOTAL FUNDS CARRIED FORWARD 324,023 - 14. TANGIBLE FIXED ASSETS Leasehold improvements Equipment £ £ COST At 1 September 2021 153,874 25,070 Additions - 5,070 Disposals - (1,321) At 31 August 2022 153,874 28,819 DEPRECIATION At 1 September 2021 56,991 16,641 Charge for year 5,046 1,350 Eliminated on disposal - (829) At 31 August 2022 62,037 17,162 NET BOOK VALUE At 31 August 2022 91,837 11,657 At 31 August 2021 96,883 8,429 |
Total funds £ 6,239 54,312 6,702 67,253 86,918 237,105 324,023 Totals £ 178,944 5,070 (1,321) 182,693 73,632 6,396 (829) 79,199 103,494 105,312 |
Total funds £ 6,239 54,312 6,702 |
|---|---|---|
| 67,253 | ||
| 86,918 237,105 |
||
| 324,023 |
Page 14
City of Norwich Aviation Museum
Notes to the Financial Statements - continued for the year ended 31 August 2022
15. HERITAGE ASSETS
| MARKET VALUE At 1 September 2021 Additions At 31 August 2022 PROVISIONS At 1 September 2021 Charge for year At 31 August 2022 NET BOOK VALUE At 31 August 2022 At 31 August 2021 |
Total £ 52,601 9,250 |
|---|---|
| 61,851 | |
| 31,796 3,005 |
|
| 34,801 | |
| 27,050 | |
| 20,805 |
Summary analysis of heritage asset transactions
| 31/8/22 | 31/8/21 | 31/8/20 | 31/8/19 | 31/8/18 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Cost of acquisitions in the year | 9,250 | 9,780 | - | - | - |
| Donated assets not recognised in the balance sheet | - | - | - | - | - |
| Charge for impairment in the year | - | - | - | - | - |
| Carrying amount of assets disposed of in the year | - | - | - | - | - |
| Proceeds from disposals | - | - | - | - | - |
The heritage asset purchases in the year include cockpit sections of Meteor and Canberra aircraft, a Rapier anti-craft missile system, Canberra Canopy and heritage assets acquired from Air Anglia /Air UK.
Page 15
City of Norwich Aviation Museum
Notes to the Financial Statements - continued for the year ended 31 August 2022
| 16. STOCKS 2022 £ Stocks 5,300 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Other debtors - Prepayments and accrued income 3,505 3,505 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Social security and other taxes 482 Accruals and deferred income 3,600 4,082 19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £ Other creditors 1,766 20. MOVEMENT IN FUNDS Net movement At 1.9.21 in funds £ £ Unrestricted funds General fund 323,961 54,021 Members deposits 62 - 324,023 54,021 Restricted funds Restricted fund - 50,000 TOTAL FUNDS 324,023 104,021 |
2021 £ 4,300 2021 £ 40,000 1,814 41,814 2021 £ 537 2,250 2,787 2021 £ 1,766 At 31.8.22 £ 377,982 62 |
2021 £ 4,300 2021 £ 40,000 1,814 |
2021 £ 4,300 |
|---|---|---|---|
| 41,814 | |||
| 2021 £ 537 2,250 |
|||
| 2,787 | |||
| 2021 £ 1,766 |
|||
| 378,044 50,000 |
|||
| 428,044 |
Page 16
City of Norwich Aviation Museum
Notes to the Financial Statements - continued for the year ended 31 August 2022
20. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS |
Incoming resources £ 171,025 50,000 221,025 |
Resources Movement expended in funds £ £ (117,004) 54,021 - 50,000 (117,004) 104,021 |
|---|---|---|
Comparatives for movement in funds
| Net | ||
|---|---|---|
| movement | At | |
| At 1.9.20 | in funds | 31.8.21 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 237,043 |
86,918 | 323,961 |
| Members deposits 62 |
- | 62 |
| 237,105 | 86,918 | 324,023 |
| TOTAL FUNDS 237,105 |
86,918 | 324,023 |
| Comparative net movement in funds, included in the above are as follows: | ||
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 154,171 |
(67,253) | 86,918 |
| TOTAL FUNDS 154,171 |
(67,253) | 86,918 |
Page 17
City of Norwich Aviation Museum
Notes to the Financial Statements - continued for the year ended 31 August 2022
21. RELATED PARTY DISCLOSURES
There were no related party transactions during the year except for reimbursed expenses to certain trustees which are disclosed in note 11.
22. POST BALANCE SHEET EVENTS
After the year end the trustees commenced work on a new building for the museum. The costs of the build are expected to be in the region of £213,000.
Page 18
City of Norwich Aviation Museum
Detailed Statement of Financial Activities for the year ended 31 August 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Subscriptions Other trading activities Fundraising events Tea room income Investment income Interest received Charitable activities Museum Museum shop Other income Government grants Exceptional items Total incoming resources EXPENDITURE Other trading activities Tea room purchases Publicity costs |
2022 £ 50,000 2,667 1,733 54,400 3,573 30,229 33,802 48 100,876 31,899 132,775 - - - 221,025 16,805 3,213 20,018 |
2021 £ - 22,262 1,062 |
|---|---|---|
| 23,324 1,959 9,456 |
||
| 11,415 12 44,730 17,068 |
||
| 61,798 17,622 40,000 |
||
| 57,622 | ||
| 154,171 6,171 68 |
||
| 6,239 |
This page does not form part of the statutory financial statements
Page 19
City of Norwich Aviation Museum
Detailed Statement of Financial Activities for the year ended 31 August 2022
| Other trading activities Charitable activities Wages Pensions Exhibitions and displays Conservation Museum shop Depreciation of tangible fixed assets Loss on sale of tangible fixed assets Support costs Management Rates and water Insurance Light and heat Telephone Sundries Training Repairs Subscriptions Bank charges Payroll fees Governance costs Accountancy fees Total resources expended Net income |
2022 £ 28,692 834 52 6,318 16,839 9,401 492 62,628 283 3,491 4,915 1,137 1,028 325 14,247 323 1,889 960 28,598 5,760 117,004 104,021 |
2021 £ 25,166 352 78 2,333 6,702 8,293 - |
|---|---|---|
| 42,924 45 2,825 1,931 936 661 - 6,369 50 668 771 |
||
| 14,256 3,834 |
||
| 67,253 | ||
| 86,918 |
This page does not form part of the statutory financial statements
Page 20