Charity registration number 297818 (England and Wales) Company registration number 02141333
GLOUCESTERSHIRE AVIATION COLLECTION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
GLOUCESTERSHIRE AVIATION COLLECTION
LEGAL AND ADMINISTRATIVE INFORMATION
Council Of Management
| Council Of Management | A.L. Mackinnon | |
| G. Howell | ||
| C. Campbell | ||
| A. Sangwine | ||
| O. Towers (Chairman) | ||
| M. Renshaw | ||
| P. Woolfrey | (Appointed 13 January 2024) | |
| S. Wartalski | (Appointed 5 April 2024) | |
| Secretary | N.J. Bishop | |
| Charity number (England and Wales) | 297818 | |
| Company number | 02141333 | |
| Registered office | Unit 3 Ambrose House | |
| Meteor Court | ||
| Barnett Way | ||
| Barnwood | ||
| Gloucester | ||
| GL4 3GG | ||
| Independent examiner | Pitt Godden & Taylor LLP | |
| Unit 3 Ambrose House | ||
| Meteor Court | ||
| Barnett Way | ||
| Barnwood | ||
| Gloucester | ||
| GL4 3GG | ||
| Bankers | Santander Business Banking | |
| Bridle Road | ||
| Bootle | ||
| L30 4GB | ||
| Lloyds Bank | ||
| 130 High Street | ||
| Cheltenham | ||
| Glos | ||
| GL50 1EW |
GLOUCESTERSHIRE AVIATION COLLECTION
CONTENTS
| Page | |
|---|---|
| Council Of Management's report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 - 7 |
| Notes to the accounts | 8 - 17 |
GLOUCESTERSHIRE AVIATION COLLECTION
COUNCIL OF MANAGEMENT'S REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2024
The Council of Management present their annual report and financial statements for the year ended 31 August 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitable company's governing document, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (Charities SORP (FRS 102)).
Objectives and activities
The objectives of the charitable company are to preserve the aeronautical heritage of Gloucestershire for the benefit of the public and to exhibit to members of the public materials related to flying, the air and space industry and its associated technology by means of the establishment and maintenance of an aviation museum and other permanent and temporary exhibitions.
There was good further progress in the post-Covid recovery. Thanks partly to being open for 108.5 days versus 99, visitor numbers of 20247 were 20.8% up year on year. Gross income from open days went up 27.9% to a museum record of £95,768, up 27.9%. Main constraint continued to be the number of volunteers, still well below pre-Covid levels, although these numbers are slowly going up.
A major risk factor is still the relationship with the airport, which is still unresolved in 2025 and has, if anything, been made worse by its planned sale. The museum really needs the extra car park spaces on what is known as Plot B.
Normal running costs are still increasing; £65,427 versus £54,832, up 19.3%. There were increases in safety costs, admin, insurance and electricity. We had a problem with the solar PV installation, now resolved, and with the end of the previous excellent electricity contract we now have to pay quite a lot for mains power. Spend on conservation and restoration activity increased as workshop volunteer numbers increased. There was real progress on the Meteor NF14 and repainting and weather-proofing the Vulcan was started. The Typhoon interactive display was procured and is now operational. There is also real progress on the Gladiator.
Public benefit statement
In planning the charitable company's actvities for the year, the Council of Management has complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission on public benefit, at its meetings.
The focus of the charitable company's activities has remained the provision of a museum. After a number of years of being closed to the public, the museum has now been up and running since 2014 and is open to everybody. An entrance fee is not charged, but donations are encouraged.
The charitable company continues to seek to acquire aircraft and materials related to flying and its associated technology, which are of an historic or educational value or interest. Most of the aircraft on site are on view.
Achievements and performance
The main changes in the year were erecting a full height wall to separate the community learning space from the conservation area and some developments around the overflow car park in plot B.
The wall and new lighting have created a space that is useable for quite large events, as long as the weather is mild. This offers a fresh source of income. The car park now has low level lighting for safe access after dark and members who work for our neighbours are able to use the space during the week. Significant changes have been made to the layout of exhibits in the main hangar and these have continued into the new year. An aircraft that was used in the development of the Rolls Royce ACCEL record-breaking electric aeroplane is now on display.
The museum continues to perform well on Trip Adviser and is still the top attraction in the Gloucester area. The Forward Plan has been produced and, subject to resolution of the issue over the extra land, this will set the scene for future developments of the museum, with new storage space for the workshop and extending the café and shop areas top of the list; all heavily dependent on future funding.
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GLOUCESTERSHIRE AVIATION COLLECTION
COUNCIL OF MANAGEMENT'S REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
A summary of the main activities and achievements of the charitable company during the year is:
| Voluntary income Shop and cafe income Main areas of expenditure achieved by the charitable company during the year: Costs incurred in running and maintaining the museum Costs incurred in running shop and cafe Depreciation |
£ 83,786 46,365 |
|---|---|
| 130,151 | |
| 73,798 17,002 26,379 |
|
| 117,179 |
Financial review
It is the policy of the Council of Management that unrestricted funds (including designated funds) which do not relate to tangible and heritage assets should be maintained at a level equivalent to at least six month's unrestricted expenditure. The Council of Management considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charitable company's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
At 31 August 2024 overall reserves stood at £1,482,840 (2023 £1,469,868). This figure consisted of: unrestricted funds £492,207 (2023 £480,069), including revaluation reserve £373,547 (2023 £373,547), designated funds £422,463 (2023 £400,488) and restricted reserves £568,170 (2023 £589,311).
At 31 August 2024 unrestricted funds of £490,621 (2023 £479,394), designated funds of £231,864 (2023 £213,547) and restricted funds of £560,720 (2023 £568,953) could only be realised by disposing of tangible fixed assets.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Structure, governance and management
The Charity, Gloucestershire Aviation Collection (Charity number 297818, Company number 02141333), is a company limited by guarantee. It is governed by its Memorandum and Articles of Association. It presents itself to the public under the name of Jet Age Museum.
The principal office of the charitable company:
Jet Age Museum Meteor Business Park Cheltenham Road East Gloucester GL2 9QL
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GLOUCESTERSHIRE AVIATION COLLECTION
COUNCIL OF MANAGEMENT'S REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2024
The Council of Management, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
A.L. Mackinnon T.R. Kershaw (Resigned 8 December 2023) G. Howell C. Campbell A. Sangwine E. Prior (Resigned 31 January 2024) O. Towers (Chairman) I. Duffin (Resigned 15 September 2023) M. Renshaw P. Woolfrey (Appointed 13 January 2024) S. Wartalski (Appointed 5 April 2024)
The Council of Management has the power to appoint any person to be a member of the Council of Management. There is no maximum number of members of the Council of Management, although a figure can be set by the company in General Meeting. The minimum number is two.
Statement of Council of Management's responsibilities
The Council of Management, who are also the directors of Gloucestershire Aviation Collection for the purpose of company law, are responsible for preparing the Council Of Management's Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Council of Management to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the Council of Management are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and 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 accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Council of Management are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Council of Management's report was approved by the Board of Council Of Management.
A.L. Mackinnon
Council of Management member Dated: 4 April 2025
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GLOUCESTERSHIRE AVIATION COLLECTION
INDEPENDENT EXAMINER'S REPORT
TO THE COUNCIL OF MANAGEMENT OF GLOUCESTERSHIRE AVIATION COLLECTION
I report to the Council of Management on my examination of the financial statements of Gloucestershire Aviation Collection (the charity) for the year ended 31 August 2024.
Responsibilities and basis of report
As the Council of Management of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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 that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
-
2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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4 the financial statements 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 financial statements 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 financial statements to be reached.
Nicholas J. Bishop F.C.C.A. A.C.A Pitt Godden & Taylor LLP
Unit 3 Ambrose House Meteor Court Barnett Way Barnwood Gloucester GL4 3GG
Dated: 4 April 2025
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GLOUCESTERSHIRE AVIATION COLLECTION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
| Unrestricted Restricted funds funds Notes £ £ Income from: Donations and legacies 3 81,747 2,039 Charitable activities 4 46,365 - Total income 128,112 2,039 Expenditure on: Charitable activities 5 93,999 23,180 Net income/(expenditure) for the year/ Net movement in funds 34,113 (21,141) Fund balances at 1 September 2023 880,557 589,311 Fund balances at 31 August 2024 914,670 568,170 |
Total 2024 £ 83,786 46,365 130,151 117,179 12,972 1,469,868 1,482,840 |
Total 2023 £ 56,522 37,186 93,708 93,740 (32) 1,469,900 1,469,868 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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GLOUCESTERSHIRE AVIATION COLLECTION
BALANCE SHEET
AS AT 31 AUGUST 2024
| Notes Fixed assets Tangible assets 10 Heritage assets 11 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Income funds Restricted funds 16 Unrestricted funds Unrestricted income funds Revaluation reserve |
2024 £ £ 766,294 516,911 1,283,205 6,236 2,000 200,829 209,065 (9,430) 199,635 1,482,840 568,170 541,123 373,547 914,670 1,482,840 |
2023 £ £ 766,283 495,611 1,261,894 5,955 547 203,353 209,855 (1,881) 207,974 1,469,868 589,311 507,010 373,547 880,557 1,469,868 |
2023 £ £ 766,283 495,611 1,261,894 5,955 547 203,353 209,855 (1,881) 207,974 1,469,868 589,311 507,010 373,547 880,557 1,469,868 |
|---|---|---|---|
| 1,261,894 207,974 |
|||
| 1,469,868 | |||
| 589,311 880,557 |
|||
| 1,469,868 |
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GLOUCESTERSHIRE AVIATION COLLECTION
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accounts were approved by the Council Of Management on 4 April 2025
O. Towers (Chairman)
Trustee
Company Registration No. 02141333
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GLOUCESTERSHIRE AVIATION COLLECTION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
Charity information
Gloucestershire Aviation Collection is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 3 Ambrose House, Meteor Court, Barnett Way, Barnwood, Gloucester, GL4 3GG.
1.1 Accounting convention
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006, UK Generally Accepted Accounting Practice as it applies from 1 January 2015 and the Charities Act 2011. The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention modified to include the revaluation of heritage assets. The principal accounting policies adopted are set out below.
1.2 Going concern
The Council of Management has carefully considered going concern, particularly in the light of the impact of the Covid 19 pandemic. At the time of approving the financial statements, the Council of Management has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Council of Management continue to adopt the going concern basis of accounting in preparing the financial statements.
There are no material uncertainties about the charity's ability to continue.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Council of Management in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Donations, grants (including Government grants) and cafe and shop income are included in the period when the conditions for entitlement, probability and measurement are met.
Investment income is accounted for when received,
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GLOUCESTERSHIRE AVIATION COLLECTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Liabilities recognised as resources expended are included in the period when these is a legal or constructive obligation, committing the charitable company to the expenditure. Their allocation is as follows:
Costs of running the museum, shop and cafe are included under charitable activities.
Costs of examining the accounts are included under charitable activities.
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 buildings 2.5% on cost (solar panels 10% on cost) Plant and machinery 25% on written down value Fixtures, fittings & equipment 25% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Heritage assets
Heritage assets are stated at valuation less depreciation. Revaluation gains/losses are credited/charged to the relevant fund account.
No depreciation is charged because it is immaterial, as the estimated residual value of the assets is not materially different from the carrying amount of the assets.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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GLOUCESTERSHIRE AVIATION COLLECTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
(Continued)
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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GLOUCESTERSHIRE AVIATION COLLECTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.12 Current assets
Current assets are stated at the lower of cost and net realisable value.
1.13 Liabilities
Liabilities are stated at settlement value.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Council of Management 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.
3 Income from donations and legacies
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 81,747 | 2,039 | 83,786 | 55,548 | 974 | 56,522 |
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GLOUCESTERSHIRE AVIATION COLLECTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
4 Charitable activities
| Unrestricted shop and cafe income 5 Charitable activities Depreciation and impairment Rates and service charge Insurance Electricity, Gas and water Consumables and equipment Advert, newsletters and reunions Subscriptions Cost of shop and cafe sales Legal, bank and accountancy Independent examination (examination only) Analysis by fund Unrestricted funds Restricted funds 6 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets |
2024 £ 46,365 2024 £ 26,379 1,006 19,656 6,842 41,638 657 683 17,002 1,774 1,542 117,179 93,999 23,180 117,179 2024 £ 1,470 26,379 |
2023 £ 37,186 |
|---|---|---|
| 2023 £ 25,842 1,137 16,853 7,100 25,088 1,088 561 13,067 1,564 1,440 |
||
| 93,740 | ||
| 76,354 17,386 |
||
| 93,740 | ||
| 2023 £ 1,440 25,842 |
7 Council Of Management
None of the Council of Management (or any persons connected with them) received any remuneration or expenses during the year.
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GLOUCESTERSHIRE AVIATION COLLECTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
8 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Tangible fixed assets
| Freehold buildings Plant and machinery Fixtures, fittings & equipment £ £ £ Cost At 1 September 2023 911,831 505 30,287 Additions 25,342 - 1,048 At 31 August 2024 937,173 505 31,335 Depreciation and impairment At 1 September 2023 149,855 505 25,980 Depreciation charged in the year 25,041 - 1,338 At 31 August 2024 174,896 505 27,318 Carrying amount At 31 August 2024 762,277 - 4,017 At 31 August 2023 761,976 - 4,307 |
Total £ 942,623 26,390 |
|---|---|
| 969,013 | |
| 176,340 26,379 |
|
| 202,719 | |
| 766,294 | |
| 766,283 |
The freehold building has been constructed on land which is leased from a third party.
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GLOUCESTERSHIRE AVIATION COLLECTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
11 Heritage assets
| Valuation at 1 September 2023 Purchases Valuation at 31 August 2024 |
£ 495,611 21,300 |
|---|---|
| 516,911 |
The charitable company has acquired over many years several retired military aircraft and other artifacts. These include 4 complete Meteors, a Gladiator, forward fuselages of a Hunter, a Harrier, another Meteor, a Typhoon, Trident forward fuselage and a Javelin FAW.9. The charitable company also has replicas of the Gloster E28/39, the Gloster Gamecock and a Hurricane. There is also a large number of other artifacts, including several aero engines. Those aircraft which have undergone restoration or have been built more or less from scrap, have a significant amount of volunteer labour time invested in them.
These assets, were valued by the Council of Management, at 31 August 2013, at market value, based on insurance values to reflect replacement cost. Due to the nature of the assets involved, the Council of Management believes this to be a realistic basis on which to value these assets. The valuation has not been updated in the reporting period, as the council of management is not aware of any material change since the last valuation.
Had these assets not been revalued, they would have been stated at cost £143,364 (2023 £122,064). Any depreciation would have been immaterial, as the estimated residual value of the assets would have at least equalled their cost.
Recorded expenditure this year and for the preceding 5 years, on these assets is as follows
| 2024 £9,154 2023 £8,529 2022 £8,193 2021 £9,280 2020 £4,130 2019 £6,590 12 Financial instruments Debt instruments measured at amortised cost Measured at amortised cost 13 Stocks Finished goods and goods for resale |
2024 £ 2,000 9,430 2024 £ 6,236 |
2023 £ 547 |
|---|---|---|
| 1,881 | ||
| 2023 £ 5,955 |
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GLOUCESTERSHIRE AVIATION COLLECTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
14 Debtors
| 14 Debtors |
||
|---|---|---|
| Amounts falling due within one year: Other debtors 15 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
2024 £ 2,000 2024 £ 8,230 1,200 9,430 |
2023 £ 547 |
| 2023 £ 681 1,200 |
||
| 1,881 |
16 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 | Incoming | Resources | At 31 August | |
|---|---|---|---|---|
| September | resources | expended | 2024 | |
| 2023 | ||||
| £ | £ | £ | £ | |
| Building fund | 537,843 | 2,039 | (23,180) | 516,702 |
| H H Martyn display | 237 | - | - | 237 |
| Donation for Typhoon | 36,981 | - | - | 36,981 |
| Protection of Tapestries | 9,250 | - | - | 9,250 |
| Aircraft restoration and workshop equipment | 5,000 | - | - | 5,000 |
| 589,311 | 2,039 | (23,180) | 568,170 | |
| Previous year: | At 1 | Incoming | Resources | At 31 August |
| September | resources | expended | 2023 | |
| 2022 | ||||
| £ | £ | £ | £ | |
| Building fund | 553,705 | 774 | (16,636) | 537,843 |
| H H Martyn display | 237 | - | - | 237 |
| Donation for Typhoon | 36,781 | 200 | - | 36,981 |
| Protection of Tapestries | 10,000 | - | (750) | 9,250 |
| Aircraft restoration and workshop equipment | 5,000 | - | - | 5,000 |
| 605,723 | 974 | (17,386) | 589,311 |
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GLOUCESTERSHIRE AVIATION COLLECTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 September 2023 Incoming resources Resources expended £ £ £ Building fund (Designated) 400,488 - (7,025) General funds 106,522 128,112 (86,974) 507,010 128,112 (93,999) Revaluation reserve 373,547 - - Previous year: At 1 September 2022 Incoming resources Resources expended £ £ £ Building fund (Designated) 390,053 - (6,565) General funds 100,577 92,734 (69,789) 490,630 92,734 (76,354) Revaluation reserve 373,547 - - |
Transfers At 31 August 2024 £ £ 29,000 422,463 (29,000) 118,660 - 541,123 - 373,547 Transfers At 31 August 2023 £ £ 17,000 400,488 (17,000) 106,522 - 507,010 - 373,547 |
Transfers At 31 August 2024 £ £ 29,000 422,463 (29,000) 118,660 - 541,123 - 373,547 Transfers At 31 August 2023 £ £ 17,000 400,488 (17,000) 106,522 - 507,010 - 373,547 |
|---|---|---|
| 507,010 373,547 |
18 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2024 2024 £ £ Fund balances at 31 August 2024 are represented by: Tangible assets 242,363 523,931 Heritage assets 480,122 36,789 Current assets/(liabilities) 192,185 7,450 914,670 568,170 |
Total 2024 £ 766,294 516,911 199,635 |
|---|---|
| 1,482,840 |
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GLOUCESTERSHIRE AVIATION COLLECTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
| 18 | Analysis of net assets between funds | (Continued) | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | |||
| 2023 | 2023 | 2023 | ||
| £ | £ | £ | ||
| Fund balances at 31 August 2023 are represented by: | ||||
| Tangible assets | 224,965 | 541,318 | 766,283 | |
| Heritage assets | 467,976 | 27,635 | 495,611 | |
| Current assets/(liabilities) | 187,616 | 20,358 | 207,974 | |
| 880,557 | 589,311 | 1,469,868 |
19 Operating lease commitments
The charitable company leases the land upon which its building is situated from a third party landlord. Under this lease, rent payable is based on a percentage of a defined 'operating profit'. Accordingly, future rent commitments cannot be quantified with reasonable certainty, however, based on this definition of operating profit, it is unlikely that any significant rent will be payable to the landlord for the forseeable future.
20 Control
The Council of Management believe the charitable company is not under the control of any individual.
21 Related Party Transactions
There were no related party transactions, requiring disclosure, during the year.
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