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2021-02-28-accounts

nts
Page
Legal and administrative
information
Chairman's
Report
Trustees'
annual
report (incorporating		 the Strategic Report) 3 - 12
Structure, governance
&management
Strategic report
Objectives &activities
Achievements
&performance
Financial
review
Plans for future periods
Principal
risks &uncertainties
Statement ofTrustees'
responsibilities
Auditor's
report to the Trustees		 14-16
Consolidated
Statement offinancial		 activities 17
Consolidated
balance sheet		 18
Cash flow statement 19
Notes tothe financial statements 20-35

Charity number Charity number 297897
Company number 2109510
Registered Office Middle Wallop
Stockbridge
Ha m ps hire
SO20 BDY
Chief Executive LucyJohnson
Trustees Sir Gary Coward
(Chairman)
Colin Sibun (Vice Chairman)
Caroline
Hopkins (Treasurer)
Phillip Webb
Richard Maloney (deceased 30March 2021)
Colonel Alex Willman (resigned 28 March 2021)
Colonel Jon Bryant OBE ADC (resigned 27 March 2020)
Rhonda
Smith
Paul Edwards
Alison Shutt
Paul Beaver
Colonel Julian Facer (from 1July 2020)
Colonel Robin Melling (from 28 March 2021)
Warrant
Officer 1Gavin Good
Company Secretary Andrew
Simkins
Senior Statutory Auditor Kerry Lawrance
FCA
Auditors and Compass Accountants Limited
Accountants Venture
House, The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR
Bankers Royal Bank ofScotland
Halts Farnborough
Branch
Lawrie House, Victoria Road
Farnborough
Hampshire
GU14 7NR

MEDIA As at 30/04/2021 As at 'Yo Change
28/04/2020 over year
Twitter Followers 4,195 3,315 26.5'Yo
Facebook Followers 8,901 6,506 36.8Yo
Instagram 2,363 1,374 71.9%
Mailing List 9,475 4,304 120.1'Yo

YTD VISITOR NOS TICKET INCOME CAFE INCOME SHOP INCOME
28 FEB 21* 14,388 f95,093 E46,538 E31,066
29 FEB 20** 36,282 E257,320 E188,984 E67,692
28 FEB 19**" 23,568 F147,087 E142,183 E58,443
28 FEB 18 30,354 6189,758 E146,681 E75,732

STRATEGIC RISK RESPONSE
Income Generation Project Eagle will substantially increase
The Museum
has,
in the		 past,
relied		 on income from events footfall
and
trading.
In		 addition,
supported
by the Ministry		 of Defence to generate a surplus. fundraising
will		 become a component
These events are no longer available and so additional income ofcore funding.
needs to be generated
through		 footfall, trading and fundra ising.
In addition,
Ministry ofDefence funding		 and material support is
likely to decrease
over time,		 putting further pressure on the
Museum
budget.
Covid-19 All opportunities for fundraising
and
The impact ofany future peaks and subsequent lockdowns
will		 income
generation
must		 be actioned
have a significant
impact		 on the reserves. when possible.
Loss ofReputation Legal
compliance
and
a		 culture
of
Adverse
comment
and		 poor
reputation		 affect business customer service and value for money.
performance.
Maintenance
liability.		 Significant
Improvements		 in
the
Pressure
on
Ministry		 of Defence funding has reduced material
state ofthe Museum		 through
maintenance
support
putting		 additional pressure on museum Project Eagle plus a system of planned
funding maintenance.
HR Risk HR
advice
has		 been
outsourced
to
Errors in HR management can lead to discontent, stress, loss of Peninsula
business services.
productivity
and in extreme		 cases, tribunals
and		 fines.
Health and Safety Health
and
Safety
advice		 has
been
Inadvertent
noncompliance		 with
Health		 and Safety legislation outsourced.
leading to a fine.
Fraud Implementation ofProper procedures.
Staff loading/Incapacity Careful
monitoring
and		 Keyman
insurance

Unrestricted Restricted 2021 Unrestricted Restricted 2020
funds funds Total funds funds Total
Notes f f f f f f
Income from:
Donations
and legacies
Grant
in aid		 4 61,696 61,696 76,550 76,550
Services donated
by the Ministry
ofDefence 4 71,571 71,571 71,571 71,571
Donations
and grants		 4 184,730 115,032 299,762 19,180 464,563 483,743
Legacies 5 98,549 98,549 3,003 3,003
Charitable
activities
Admissions 6 120,379 120,379 351,383 240 351,623
Other trading activities
Trading company 3 92,728 92,728 291,009 291,009
Investments 7 46 386 432 320 1132 1,452
Other 8 2,735 2,735 69,469 69,469
Total income 499,167 248,685 747,852 734,364 614,056 1,348,420
Expenditure
on:
Fundraising
and publicity		 9 5,387 5,387 9,255 1,172 10,427
Trading company 3 143,337 143,337 271,213 271,213
Charitable
activities		 10 375,763 476,098 851,861 388,199 622,099 1,010,298
Total expenditure 524,487 476,098 1,000,585 668,667 623,271 1,291,938
Net income/(expenditure) (25,320) (227,413) (252,733) 65,697 (9,215) 56,482
Transfers between funds 8,596 (8,596) (4,977) 4,977
Net movement
in funds		 (16,724) (236,009) (252,733) 60,720 (4,238) 56,482
i Reconciliation
offunds:
Total funds brought forward 1,362,556 1,673,004 3,035,560 1,301,836 1,677,242 2,979,078
Total funds carried forward 1,345,832 1,436,995 2,782,827 1,362(556 1,673,004 3,035,560

Group Group Charity Charity
2021 2020 2021 2020
Notes f f f f
Fixed assets
Intangible
assets		 14
Tangible assets 15 2,347,398 2,575,336 2,303,022 2,515,022
Heritage assets 16 10,000 10,000 10,000 10,000
Investments 17 100 100
2,357,398 2,585,336 2,313,122 2,525,122
Current assets
Stocks 12,078 16,138
j Debtors 18 15,643 175,323 43,375 206,418
Cash at bank and in hand 614,998 598,851 590,801 570,658
642,719 790,312 634,176 777,076
Creditors: amounts falling
due within one year 19 (217,290) (339,658) (182,389) (283,222)
Net current assets 425,429 450,654 451,787 493,854
Provisions for liabilities (430)
Net assets 2,782,827 3,035,560 2,764,909 3,018„976
Funds
Unrestricted
funds		 987,132 1,005,190 987,132 1,005,190
Restricted
funds		 20 1,436,995 1,673,004 1,436,995 1,673,004
Revaluation
reserve		 340,782 340,782 340,782 340,782
Non Charitable Trading funds 17,918 16,584
Total funds 2,782,827 3,035,560 2,764,909 3,018,976

for the year ended 2g'" February 2021 for the year ended 2g'" February 2021 for the year ended 2g'" February 2021
Group Group
2021 2020
Cash flows from operating activities:
Net cash provided
by (used		 in) operating activities 46,884 327,330
Cash flows from investing
activities:
Interest income 432 1,452
Purchase of fixed assets (31,169) (357,957)
Sale offixed assets 575
Net cash provided
by (used		 in) investing activities (30,737) (355,930)
Increase/(decrease)
in cash and cash		 equivalents in the year 16,147 (28,600)
Cash and cash equivalents at 1March 2020 598,851 627,451
Cash and cash equivalents at 28 February 2021 614,998 598,851
Net income/expenditure
for the reporting		 period (252,733) 56,482
Depreciation
and impairment		 252,756 254,457
Income from investments (432) (1,452)
Loss on disposal offixed assets 6,351 (575)
(Increase)/Decrease
in stocks		 4,060 (3,868)
Decrease/(Increase)
in debtors		 159,680 307,087
(Decrease)/Increase
in creditors		 (122,368) (285,231)
Increase/(Decrease)
in provisions
for liabilities		 (430) 430
Net cash provided
by (used		 in) operating activities 46,884 327,330

Profit and Loss Account 2021 2020
6 6
Turnover 77,868 276,161
Cost ofsales (118,273) (242,448)
Gross Profit (40,405) 33,713
Sundry income 14,860 14,907
Grant from parent charity 51,958
Overheads (25,494) (28,335)
Net profit/(loss) before tax 919 20,285
Amount
gifted		 to The Museum ofArmy Flying Limited (15) (60)
Profit/(loss)
for		 year before taxation 904 20,225
Taxation 430 (430)
Retained
profit/(loss)
for the period		 1,334 19,795
Retained
profit		 brought forward 16,584 (3,211)
Retained
profit		 carried forward 17,918 16,584
Called up Ordinary
Share Capital		 100 100
Capital and reserves 18,018 16,684

Unrestricted Restricted 2021 2020
funds funds Total Total
f E
Grant
in		 Aid 61,696 61,696 76,550
Services provided by Ministry of Defence 71,571 71,571 71,571
133,267 133,267 148,121
Other grants and donations:
General donations 36,381 120 36,501 19,180
Coronavirus
Job Retention		 Scheme 130,778 130,778
National Lottery Heritage Fund 114,912 114,912 428,225
Test Valley Borough Council 17,571 17,571 25,000
Project Eagle general donations 11,338
184,730 115,032 299,762 483,743

Unrestricted Restricted
funds funds 2021 2020
E f f
Legacies 98,549 98,549 3,003
%L549 98,549 3,003
All the income for 2020 were unrestricted funds

Activiti es for g enerating
funds
Unrestricted Restricted
funds funds 2021 2020
f E E E
Museum Admissions 90,370 90,370 257,321
Gift aid tax claimed 12,621 12,621 35,556
Hire of museum facilities 7,445 7,445 31,238
Special events 9,943 9,943 17,739
120,379 120,379 351,623

Unrestricted Unrestricted Restricted
funds funds 2021 2020
E f f f
Dividends and interest 46 386 432 1,452
46 386 432 1,452
In 2020E1,132were restricted funds with 6320 being unrestricted funds
Other incoming resources
Unrestricted Restricted
funds funds 2021 2020
f E
Museum &Galleries Exhibition Tax Relief (MGETR) 2,735 2,735 69,469
2,735 2,735 69,469
All the income for 2020were unrestricted funds

Unrestricted Restricted
funds funds 2021 2020
E E
Shop and restaurant expenses 143.337 143,337 271,213
Event Expenditure 5,387 5,387 154
148,724 148,724 281,640

Unrestricted Restricted
funds funds 2021 2020
E E E
Staff costs 236,646 64,747 301,393 294,363
Costs paid by Ministry of Defence 71,571 71,571 71,571
Staff training 250 250 418
Development project costs 114,581 114,581 276,067
Memorial
wall costs		 300 300 510
Repairs and maintenance 13,010 1,404 14,414 25,668
Computer
expenses		 17,646 17,646 11,263
Hire of plant and machinery 6,108 6,108 2,914
Travel and subsistence 245 245 1,124
Unattributable VAT 8,257 8,257 7,222
Professional fees 10,554 10,554 12,601
Depreciation 28,323 208,495 236,818 238,435
Loss on disposal offixed assets 6,351 6,351 (575)
Other costs 731
Office costs 12,210 12,210 16,534
Advertising &promotion costs 10,189 15,000 25,189 27,309
Governance and support costs 25,974 25,974 25,749
375,763 476,098 851,861 1,010,298

Governance
costs 2021 2020
E E
Staff costs 19,860 19,860 20,606
Auditors remuneration 3,500 3,500 3,500
Costs of Trustees meetings 782 782 86
Bank charges and interest 1,832 1,832 1,557
25,974 25,974 25,749

2021 2020
E E
Auditors'
remuneration		 —audit ofthe financial statements 3,500 3,500
Auditors'
remuneration		 —other fees:
- Preparation ofstatutory accounts and payroll 5,445 5,143
—Taxation services 265 520
-Consultancy and advice regarding VAT and other charity matters, including MGETR 2,080 3,160
7,790 7,158
Employees
2021 2020
E E
Employee costs
Wages and salaries 329,643 351,815
Social security costs 16,219 27,422
Pension costs 6,796 7,303
352,658 386,540

2021 2020
Management staff 11 11
Museum staff 24 27
38

Group and charity vvebsite vvebsite Total
f f
Cost
At 1March 2020 24, 294 24,294
At 28 February 2021 24,294 24,294
Amortisation
At 1March 2020 24, 294 24,294
Charge for the year
At 29 February 2021 24,294 24,294
Net book values
At 29 February 2021
At 28 February 2020
Tangible fixed assets
Group
Leasehold		 Property Shop &Kitchen Museum Displays Heritage
&Improvement Equipment &Equipment Assets Total
f f f f f
Cost
At 1March 2020 1,518,710 135,368 1,756,224 10,000 3,420,302
Additions 2,252 28,917 31,169
Transfers
between categories
Disposals (38,138) (13,780) (51,918)
At 28 February 2021 1,482,824 135,368 1,771,361 10,000 3,399,553
Depreciation
At 1March 2020 394,029 75,054 365,883 834,966
Charge for the year 19,554 15,938 217,264 252,756
Eliminated
on disposal		 (31,787) (13,780) (45,567)
At 28 February 2021 381,796 90,992 569,367 1,042,155
Net book values
At 28 February 2021 1,101,028 44,376 1,201,994 10,000 2,357,398
At 28 February 2020 1,124,681 60,314 1,390,341 10,000 2,585,336

e year ended 28 th February 20 21
Charity Leasehold Property Museum Displays Heritage
&Improvement &Equipment Assets Total
f f f
Cost
At 1March 2020 1,518,710 1,756,224 10,000 3,284,934
Additions 2,252 28,917 31,169
Transfers
between		 categories
Disposals (38,138) (13,780) (51,918)
At 28 February 2021 1,482,824 1,771,361 10,000 3,264,185
Depreciation
At 1March 2020 394,029 365,883 759,912
Charge for the year 19,554 217,264 234,200
Eliminated
on disposal		 (31,787) (13,780) (45,567)
At 28 February 2021 381,796 569,367 948,545
Net book values
At 28 February 2021 1,101,028 1,201(994 10,000 2,313,022
At 28 February 2020 1,124,681 1,390,341 10,000 2,525,022

Charity Charity
Unlisted Total
E
Market value or cost at 28 February 2021 100 100
Historic cost at 28 February 2020 100 100
Market value or cost at 28 February 2021 100 100
Historic cost at 28 February 2020 100 100

The compan y
holds 2		 0%or m ore ofthe sh are capital oft he following companies:
Proportion
Nature of Shares held ofshares
Company business class held
Army
Flying		 Museum Trading Company Commercial activities ofthe parent Ordinary 1009o
Limited company

Debtors
Group Group Charity Charity
2021 2020 2021 2020
E E E E
Amounts due within 1year:
Trade debtors 2,037 3,242 2,037 3,242
Other taxes and social security 7,538 7,538
Other debtors 4,691 4,691
Accrued income 2,735 166,581 2,735 166,581
Prepayments 3,333 809 3,333 809
Amount owed by group undertakings 27,732 31,095
15,643 175,323 43,375 206,418

within one year
Group Group Charity Charity
2021 2020 2021 2020
E E
Trade creditors 15,370 21,685 15,248 16,046
Other taxes and social security 11,826 11,826
Other creditors 153,465 153,530 151,981 151,725
Accruals 48,455 152,617 15,160 103,625
217,290 339,658 182,389 283,222
Restricted funds
1March 2020 Incoming Outgoing Transfers 28 February 2021
E E E E E
Grant
in aid		 8,620 61,695 (64,745) 5,570
Ministry of Defence services provided 71,571 (71,571)
Heritage
&Archive appeal		 fund 1,283 1,283
Project Eagle development fund 1,653,402 90,420 (323,079) 1,420,743
Memorial
Garden &Wall		 fund 4,732 (300) 4,432
Cannon
display fund		 4,472 4,472
National
Lottery Heritage		 Fund 25,000 (16,404) (8,596)
Emergency
Other restricted
funds		 495 495
1,673,004 248,686 (476,099) (8,596) 1,436,995
1March 2019 Incoming Outgoing Transfers 29February 2020
E E E E E
Grant in aid 76,550 (67,930) 8,620
Ministry of Defence services provided 71,571 (71,571)
Heritage
&Archive appeal		 fund 1,283 1,283
Project Eagle development fund 1,664,476 465,935 (481,986) 4,977 1,653,402
Memorial
Garden 8 Wall		 fund 5,242 (510) 4,732
Cannon
display fund		 4,472 4,472
Other restricted
funds		 1,769 (1,274) 495
1,677,242 614,056 (623.271) 4,977 1,673,004

Tangible Net Current Provisions for
Fixed Assets Assets Liabilities 2021 2020
E E 6 E f
Unrestricted funds 1,123,725 204,189 1,327,914 1,34S,972
Restricted funds 1,189,397 247,598 1,436,995 1,673,004
2,313,122 451,787 2,764,909 3,018,976
Non charitable trading funds 44,276 (26,358) 17,918 16,584
2,357,398 425,429 2,782,827 3,035,560
Included in the above figures is the revaluation reserve:
Revaluation reserve 340,782 340,782 340,782
Tangible Net Current Provisions for
Fixed Assets Assets Liabilities 2020 2019
6 6
Unrestricted funds 1,147,326 198,646 1,345,972 1,305,047
Restricted funds 1,377,796 295,208 1,673,004 1,677,242
2,525,122 493,854 3,018,976 ?,982,289
Non charitable trading funds 60,214 (43,200) (430) 16,584 (3,211)
2,585,336 450,654 (430) 3,035,560 2,979,078
Included in the above figures is the revaluation reserve:
Revaluation reserve 340,782 340,782 340,782

Analysis ofchanges Analysis ofchanges in net funds
Group Opening Cash Closing
balance flows balance
E E
Cash at bank and in hand 598,851 16,147 61.4,998
Net funds 598,851 16,147 614,998
Charity Opening Cash Closing
balance flows balance
E E
Cash at bank and in hand 570,658 20,143 590,801
Net funds 570,658 20,143 590,801

The carrying amounts
ofthe		 The carrying amounts
ofthe		 charity's financial financial instruments are as follows:
2021 2020
6 6
Financial assets
Debt instruments measured at amortised cost:
-Trade debtors (note 18) 2,037 3,242
—Other taxes and social security (note 18) 7,538
—Other debtors (note 18) 2,735 4,691
12,310 7,933
Financial liabilities
Measured
at amortised cost:
—Trade creditors (note 19) 15,370 21,685
-Other taxes and social security (note 19) 11,826
-Other creditors (note 19) 153,465 153,530
168,835 187,041