Charity Registration No. 299327 Company Registration No. 02206865 (England and Wales) TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 "A894RWHF* A21 2710712022 COMPANIES HOUSE
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees FBdeBeer trFA Thomas MrDMSmith Mr P F Constai4e IrR m B M TIK)rnpson Mr D HLxrfey MrDCo {AppoKtsd 12 Oclober 20211 {Appoint8(1 12 ¢)Xober 21) (Apwnted 12 Octr)ber 20211 Mr P Stokes Charity number Company number Reglslered offke ChKhester West Sussex P020 2ES Auditor (Swth) LLP City Gates 2- 4 SOUat0 Chichestei West Stjssex P019 8DJ Bankws CAF Bank Limited 24 n95 HilAverwJe KirKJs Hdl West Mallir*J Kent IAE19 4JQ Lws Bank PIG 10 East Street Chithèster West Su P019 1PLI Solicitors Stone LLP Boundary H(yJs¢ 91 charteTh Slfeel London EC11A 6HR
. TANGMERE MILITARY AVIATION MUSEUM TRUST LIMrrED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Pa9e chairm.5 Statemenl Truste¢$' report Statemwtt of Intsiees, SF*t91litseS Indepdent a110$ r8txy¢ Slatemwt offwHnL?al a)"¥$ 10 Balan¢e sheet 11 Nol•s to the financial statements 12-25
' TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEAIBER 2021 Following the relaxation of the Cowd 19 StrbcTh in June 2021. museum Irfe is $bwty retufnirg lo somothlng approaching prtyarKlernic trading aYKJiticms. Our CUent for 2022 is that we will see 8 10% dTOP in footfall compare(I to our 2019 fIgus. We were able to take advantsge of Ihe doyjres duriny 20121 to initiate a number of significant impiovements aNJ enhancments 10 Iha museum indudiNJ. inter alia, a redesigned and r vamped shop facility supported by an Eieclrcnic PnI of Sale IEPOSI syslem. The EPOS element Trnclud9S a Gift Aid option {cunY n9 taken w> by 67% of tyjr wtotsl. an on4ine advanced tOkIng system including spedal event tickets and gift v(. A new finarTh system has been Fwocured and is cuttently bang installed aThY integrated with the new EPOS systam. Thè improvements fou1 tsvour during our VLsiI EngLand '¥urprise- shopper, inspecon when we continued to sojre Very hvJhly on I Trip website and were oncè again awardod TrpAdvisor'5 Certikale of Exceknc•. The rfrsubmisson of cyjr kn18d1 slAtus. undèr Ihe auspices of the Art5 Cnl England (ACE), expected in 2020. was pc61poned to ihe Cowd o¥Jtbfeak. In hindsighL thi5 has proved lo Le a blessing gNen that Ihe latestACE accreditation slaThJard has involved the wnting or updalirvj of eleven P0cY. eight Proce(lyral, and four G0vemGe and Marget d(Tts. Thanks to the Pandemic we have nrN lost years from our planr*d devewnent programme. Plannin9 5xmission for a new VNtor's Centre had 10 btr post duè to the first lockdown and tn cancelled following Ihe discovery ol a high wessure rirtg s•wer whth unbekrtownst to the museum njns east west acros5 our car park. ReStriCtS on building wthm 6 mtrs eiltief sllle of the sewereffectivdy sojppefed our plans. Our anned acquislllon of the allotrnent land to the north of Ihe museum estate was also suspended whÈn the P?n¢Jemic StOpd work on the major housing dewdopirwt to the wesl of St Andrew's Churth. Work has re- stsrte¢J rjn the w(rfJuction of the 'Master Development P18n' but we havè Wn #dvtsed that should not èXP8Ct to see movèmènt on thè transfer rwtIats for Ihe albtments before 2024. In the meankn"mt. thè development leam will be looking at ways in whh wé can improvè cuffent mwum esiaie. vhlhwt nugatw exFen5e and effort. whiLst awast the acquisit of the allotrnènts srte. Mr D Hooley Chalm)an
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021 The twstw psent thèir annual let finartcb Statem f(f the year ended 31 Do¢ember 2021. The lthancial Stateffl have been Fxtrp ift wth the a¢Lxwnting polioes set (Krt in not• 1 to the financial stslements and ¢))mY ilh the charivs M•Morum aThJ Art5 of Asswatk)n. the Compantes Act 2006 and "Atcounltng and ReFth"ng by Charibe5'. Statement of ReoJmrrnded 5ty3th"cÈ appJiGable to ¢harib"ès preparing their accounts in accordance wth the FinarKaal Reprytiry SlaTrJ8rd applieable in the UK and Republlc of Ireland IFRS 1021"18ffectNe 1 January 2019 Obj•¢lives and activities The charity is principalty orvJaged in athnc¥¥J the educati of lh8 public by display of artrèti IMlIary equikvnent arKI ¥rt&f8ets r8lalir3 to milriary a¥latW hist. Thtr d)aritls obieclr4Tes are sel Trjt in Ihe enIn of AsxKialion arè as ftllo%wd: 'To advance Ih? 8ducation of wblic by the txnslnJdI and provtsirm of a Wseum for Ihe pubTrc display ol alrcfaft and aeronautiral eryjipffent MI r4her itèms relaièd to 8viakn hisk)ry.' The trustees ¢onfim that ha¥e patd due regard to Ilkg 9dan grn by ts Charty Cornrnk45ion on putlC bènefft. The Mus8vm èxists Io Fff&TrJte aaren ofthe UK lritage to e(lucate present aTrJ futL¢re gener8tions in military aviation ty. Exhtbiting the history of lh8 alaft and p•rsonnel inYolv•d in avi&icn with PacUlarreferenc0 to RAF TangJrre and rts unique place in that histryy. . SeTring as a meMla1 to thjse airn and awwcrfnen wF) gBve their INes in Ihe serVe of this untry. The Museum aims are to: . Monitor and rBview oper4tion ¥Mth ? tr) WSLwing a krytemi fulure. . Maintain a slrong sense of ccffirnitment and parfnerslwp airwst 8114rJnteern and to develop Iheir skills and abilrtie5 in th8 intef&sts of excdlenlx. Build and maiaIn appropriate finks wilh other relevant oryani5alion In delivering thv6e aims. the Museurn is stsffed entity by vduntew5. Members of slaff w(• rO$S a wide range of aclivilies induding vBitor services. curating Ihe lleC1)n. edKaiKn. speoal events and engineerirKJ. Th? trustees have pa (hje to Whan Issua(J by Il Char6ty c¢unM in what activitre5 the chaity should undertake. Achlevements and srforMance During 2021 the number ol Vi10[5 to 1he Museum was signifi¢anty affected by the COVIO regaticS in place lor parts of the year .The StrK#IOnS on visit(xs anrt staff wère progressweFy reduced when regulatbn8 permitted. Instead of op8ntng on February 1 Ihe first date of opening was 17 May and an eadier dosing date in Novèmber w8$ deemed appwiate. Th• ¥isitor rwmbers the wKxl were 16086. A congd•r8ty8 fall trom tho usual 30000 plus in 2019.
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2021 Ev•nts rnp¢xt 11 has been customary for some years frlhe IAuseum to h¢)Id tm per year. Unf. duo to COVID restrictions long temFplannirvJ r8qwrod such made thè sch8dulM)g imFY)Ss•. Cn 1 May 2022 the Museum lkl an evenl to TT¥nen Ihe 401hknii¥ersary of the Falklands conflict. The event included dedicating the Museums Sea Harrier to the mew of Lt C(nmander G(¥dy Batt who was killed during the wnflicL The Museum webyned 8everdl veterans. 2022 is 40th AnniversHry ol ts fwrKlww ol Ihe Museum. Museum Colkction DLtring 2021 and the year to date the CuTrttvial t&qm have been rèfreslwng dispFays. Th¢ Musalm is kyoud lo have many uni¢wè items. Yhe MLk8eum is thlY ac47edJled 15 requir•J peAlTh1 lo IapY for re91Stratx. ThFJ team reSpOrIble drj 2021 and 2022 have baen enga9sd fft &Kepari the extrnsi documen1alx. 8ulldlngs and slte malntenan¢• The devebpment plan has been in traln for sLYr bm&. UnforturHtety. the Muswm i% dependent UFon land ing mad• available by rAhers. Once agali. the COVID ellect has delayed s•wificanl prngress. Staff Trainin9 Museum is slaffed entirety by volunteer& A]1 apF4Nnts undertake InthJclK)n process vthKh indudes exhibits. FirStd tsaining Ès provided. The MLtseurn has an ongoww prryraYmf0rfTh W¢)rklng wlth $¢hools Pre-pandemi¢ thè educalM dept we1rth in 2019 940 Sca Stlents. Onco again. th8 COVID effect has been mwh in eVwjgn. The numb8r of schwjls 1j ablè to all(xal# lim8 lo suth visits Js limiw. In attdition. the w5t of transport is uwrenuy havuig a affecL Flnan¢ial review li is the pol(cy of the tharty that Unrestr¥ whith lve not beAn desvJnai¢d for a spocC use should be rnainiained at a levèl 1Vrant to bèh¥tèn Ilwtre arbj six month's exppnditur6. Th truslaes cortsidtf that resefves at thi5 level will ensure thal, in Ihe eventof a svJnfficant drop in fvnthr¥J, they will be able lo rKJntinuè the charity's c(trrent actiwties Whi consideration is 91 to ws in additlonal fvnds may be rak¥etl. Ths level of reservès has begn m¥inlain8d tlvwjhwt year. Plans for ftrture periods Tha objeciives for 2022 and 2023 arn a5 folw: . To inue8se thè visitty numiets. In 2019 th• Museum AkOM a of toadrISt partie5. Suth 1yjtiday"Sl8 athiitk% have r¥)t yet r¥turrd to pr&COVID le¥$. . Th8 Museum has inlmdLud an EPOS tkknt system weases ew by whith sItOrS may bc4)k lickets. . Re.start the development pkn folltrwlng erxj of COVID and fW*W viability of present plan in the kn.ghl of than9irrfJ ¢ondtlions.
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 The charity is a ccryny knmted by guwantee. The Trusls's goverrNrwJ document is the Memoran(hJn 8ThJ Artides olAssociation. The tnjstees. who are also the dlreclcrfs tr the purptsse of<>w)any law. serygs dwing thgyear and up to Ihe date ofwonure of the financial statements we". MrFBd¢Beer Mr F A Tltr)rnas Mr D M Smilh ljr P F conStae Mr R Jones IArs B M Thompsr Mr D Hooley Mr D Coxon Mr K Shephe Mr P Stgkes 12 Othber20211 (Appnted 12 Ckober 2021) (Appr 12 O¢tober 2021) Twstee5 a dected by a vrte. held wior to the AGM. which ts usvalty held in April of eath year. and initially serve for a period of three years. Trustees 1g11 )le to wt Ihemsetrs forward tr I18.0[? at the next AGM foliowng their thfetryeBr pe1. tkn lo fv gffecl of Ihg vwus the oFerati of Ihe museum Ihe AGM was héld latèr in 2022. trustees * madè famdiar wilh Ih8ir It9al u)der (aity and (lpnY law. the contents of the Memorandum and ArteS ol Asseoakn. the ccmmbttee ad dectstiKtrm8knng prctt&s and the rwEnt financial perfomwneè of the tharity. Trustees are enuraged kn attÈnd 8ppTopriate exiemal trainin9 eIS whero ihese 11 fBolitste the Undertang of the role. Audttor In accordance wlth Ihe companls arlIC$. a resolution w0pVa tw MLK)re {Sth} LLP reaFwinted a$ A¢Jditor of the company will be wt at a Gerb6rn1 MetiJ. DI1Ure ol InfonnatTon to audttor Each ol the trustees ha5 u)nfirmgd that Ihefe bs of whth Ilw are aware whith is lVan14t0 th8 audit, but of which the aLtditor i% unaware. Thgy have fvther that they have taken apprwi steps to idenUfy such relevant inf0rnal1( arKI to e513L4i5h Ihat Ihg audrtor is awa of sud) in[mt. Thi$ report has been kyepared in accLYdance w7th sp8ts Part 15 oftr Compwi¢s Ad 2006 relating to small companies. Thg tnJst8s$' re as approv1 by the Board 0fTn. D.HooLeJ Trustee Dale..
TANGMERE MILrrARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021 The trusttss. who ¥rg also tw¥ckns d Tangmern Pthklary A7ialw)n MLLseum Twst knmlted for ts wrpose ol company law. ale respor&wble lor trfepaw¥ig th8 Tru51ees' Repryt and Ihg tw14a1 statemgnts in accordanc& wlth appIlble law and United lfjngdom AcixyJntiNJ Standards {UniknY Kiwkn) Genefalty Accepted Accounting Practicel. Comp8ny Law fequires the trustees to pwre statements for 8ath financial year whith give a true and fair view of Ihe state ofaffairs of the drity aTrJ ofthe irwfflirrfJ res(xJw and 8J10n of resourcès. inc4udin9 the income and exWrtUro. ofthe charitable c¢xryMny ts that Jtar. In pryThJ those fal statem. tnJ5tees arg to: . s•lect sutsble anI19 Folicies arKI IhBn tham - prepare the firbarM>81 statements on th gtiwyj ba&s urkn it is inaFwpnate lo pwsume that thg charity will conlinue in operatyon. The trustees ara resF¥mSiè for keepiNJ adequate att<>tx)ting r•cthts that disdose 7Mth r8asonable accLwaey at any time the finanoal position of the (aiity and enable thern to ensure Ihat the finarKial siatements comply wth . the Cw?anies Act 2rkn. They a also responsth for safeguar¢iTrJ the assets of Ihe tharity and her¢e for takmg ffjason*)le steps tr Ihe Frftvention or#J detKkn offr81 aThY olher iThwJulartJes.
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMrrED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED Oplnlon W¢ havg audited Ihe financial statements of Tangmore AwtJn Museurn Trust Limitèd (the 'charity'l for the year en(led 31 Dei1)er 2021 nprIse the ststgmw)t of fift818[ activibes. th• bal8nc sheet and the not8S to the financial statemnts. indudirig sKJrHficant accwntirfj poSKie5. The finarKial rèwtihg framèwork thal has been 8ppITed in Ih8ir preparab.on is 8PFAicable law and Unit•d Kin9dom Accounling Sl8nd8rds. induding FRS 102 'Th8 Financial Reportiry Stsndard applKatk in the UK 8TrJ Repubjie of Ireland. (United Kingdom Gener3ltyAccepted Accwntiry Prnctirol. In our opinion. thg firtancial stst6ments'. give a Miè and fair vie4 01 th& slat• of Ihe c4)mpanYs affairs 85 at 31 December 2021 and of its N)coming OUS appliralKn of re5ouTS. forts year eThled,. have been property wepwed in acardaThx wilh GgneraltyAKgpted Acrounling Practice; and Basls for opknion We conducted our audit in 8ccord8nce with IntmatK)nal StaNlards IUKI IISAS IUKII and applicable law. Our r&sp(sibIlItres uTh those slandards are frjrlher desc•bed in the Audttorfs S)nSIbIlItI88 for the audll ofthe ffnancialstatern8nts SeCtiC of our f¢F1 We are i[FdeTht of Ihe cbanty in aco)rdance with Ihè ethiGal requw8mènts that aro relevant to rwjr a111 of the finanual slatemenfs in the UK, induding the FRC'S Elhical Stsndard. and we have fvlfilled our other eth¢cal $)nS111rts in acLordance Mth these r8quir8ments. We t4liove that the audit 0videre wè have obtained is Sufftand aptwriaie to a basis forour opinion. Coneluslons relatlng to golng eonc¢rn In audiling the financial statements. have that the tnrnteo8' w of ih? g>rJ concem basu8 of accounkng Trn th¢ prspotstion of the fin)tsat statements is apprrwth. Based on th• work wt have perforn•tt, we ha¥e Th)t Mnt¢fied any material uwtainiws reL8tirs to events or conditions that. individually or collectivety. May tsst s¥Jnffi¢ant &)ubt on Ihe charitrfs ability to etsntinu• as a going concErn for a pencJ of * Least monllts frrmn Wh the finanrial statements aTe Buthorised for issue. Our resF4)n&bilthes and the reSps•bilItieS of the truslees Ipycl to go¥ oyKem a dÈ5uibed in the ¥ele¥anl sectroro of this repoiL Other infomiation The other inforrnatic cxjmprises the inlcwmation irK4uded in the annuJ l}rt otsr than the finarKial statements and our auditorfs report thèretsn. The trustees are fes[sIble for the otfw infomwtM contained wsthiA thg annual rep)rt. (Xjr ot¥nion on lh8 finanual ststements do95 not cover the other information and we (b not èxpress any f(m of assurance wnclusion Ihereon." Our rB5ponsiknlity 15 to read the olher in10m1th and. in doing so. consider ¥thether the ottw informalh)n is m8tWFaty incon5t51ent with the financial siatements or r knovAedge obtsined in the course of thg audit. lx otherwise akwrs to be mèrialty mited. If we idenbfy such malarial InCSten0eS or apparent malertal Mlsstatèmts. we are rUld lo detsrmsns whetrjer this giv8s rise to a material Milatement in the finala1 statements ttwnselve5. W. based on the work we havg IL¥rned. wè ndUde It1 k% o matW1 mts¥atgm¢ni clthis other infonyth. wo aro requwed to report that fad. W8 he nothing to reFrfXt in rewd. Oplnlons on other fflatt•vs pvescrlbed by the C¢mpans Act 2006 In our opinion, based on thè wowk undertaken in the ct)urse d our au¢f. Ihe Informati gwen in the IWStees' re[. %thch indudes the directors. repNt prepared for Ihe pu0$$8 of company 18w. for Ihe financigl yearfrA whith Ihe fvanraak stskmenls we yepared is 0)nsistent with th• financial staternents: and the directors. rem induded withtn ts tntstees. Pt IMS beèn pr8pat&J in aCrIan¢ wilh applicle Iwjal r•9LMrèments.
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TANGMERE MILrrARY AVIATION MUSEUM TRUST LIMITED Mott•rs on whi¢h TM Are requlyed to report ty excepti( In the fight of Ihe knowlEdg8 atid underslaftdirKJ of th6 charity and bts environment obtèin¢d in Ihè ¢ours• of th audi[ we have identffied material rnisstslernents in thè direclors. induded thin the tnjslees. rerKKI. We have nothing to reF¥yl in restect d Ihe fcknir3 matter5 in relat to Ihe Comp8rM&s Act 2006 requires us to report to you rf, in our nn.. the charitsble rnpany has not kept adequate and swfficient aCcntirvj rgwrds, ry retums adequat8 for our 8udil h•ve not reeepled from braeS no SIted by us. . the charitatrAe c(NnpanYs fmar#ial #al8[ts not in èwm8nt wlh the aCCOLthb"ng yerS and returns.. or • cèrtaifi disclosuS of iwstees, remunernlion speufied by law are not m8de: or ' we have rK)t re1¥8 al thè irrffxnthon and èwanations requtie our audit,. or Ihe trustees were not entrfled to ppare Ihe finanual slaleThents in ¥ceord8nce th the small companies regime and tske advant of Ihe 5rnJl comparues exenwkn in pr¥parin9 the trust¢es' annual rewt and from preparing a stralegc I•KXYt. Responslbllllies Of trustees As exF4ained more fvlly in Ihe siatement of twsteès. $$1011, Ihe trustees. who are also the directors ol the tharity fr)r the purpos¢ of ¢ompany law. orè lespr1tIe for the pTrp8ratsC ol the fTr£ial statements and fof being satiSfd that thèy 9iV• a truè and fair Mew. and for such irttèmal control as the trustees detemine is nec£55ary to eats the prepar8b.on of finanoal slatements that a free from material misslatement. whelh8r due lo ftaufl lx error. In preparing financial stataments. the Injstees aye responsib for assessing Iho charity's ability lo continue as a 9c#rwJ cwern. dL%ck)Si. 85 applicabl•. mgtt•rs Tr18tsd to goiThJ concem and using the goiTrJ con¢em basis ol aectrJnW unless the trStaeS erth8r intend to liquKlate the tharilable company Audttorfs responslblllties lor audSt of the Ilnanclal $tatem¢nts Our objèctives are to obtain reasona16 aSSUrar about t•thether the ffinarKial stalemènts as a %tholè a free from material mis5taternent. whether due to fraud or errDr. and to issue au¢Jitrfs K)rt that includBs our opinion. Reasonabje a53vrance is a hvJh level (rf assurarts bLrt is Mt a gu8ranteg that an atsdit conducted in atxordanca with ISAS IUKI VMII alwa detect a material misstatem8nl when it exists. Mi5slatements arise from fraud oi and are Conside material rf. (b¥JU811Y or in thè awregat8. they (tyld rgason8bly expected to influence the ecorkynic decywons of vs•F5 tsk•n on th• basis of these financial statements. A fLKth&r description of OLK restx)nsibdities is avalablè on the Financial Repor11j Counc41's website at.. https'.11 W¥.tre.0g.uklaud1t(sye$pon$llities. This ¢jewpIt fonns part of ourau{S reFXYt. Irregularities. indurfir¥J fr?J, ar• instices of norKPhanc8 with laws and gUlationS We deggn procedures in line with our sponsIbl111$. CArftned abobE. to deiecl materwl Mtatements in respect of irregularities. indLwJlng fraud. The exwt to our proc£dures we capable of detects'ng iwrewlarili8s. induding fraud, is derailed beb)w. Explaftallon as to what thent thè audlt consldwvd of det•¢ting irregul4riU¢5. induding fraud Th& obj8Lti¥8s of ojr audit In pect of fra. we: b)"thth and ass053 Ihe risks ol matèrol misstatement of the finanaal stalernents due to fra.. to obtain sufficient apFryrIe audit evidence regardirrfJ the assessed risks of rnaterial misst8ternent d{ to fraud. through desiry and impleThtrng appropriate re5ponse5 to hose assessed risks., and to resptsnse appropriaidy to in5tsnces of fraud or suspect fraud identified during the aud¢t. However, the pnmary respon&bility foi the prevefttK)n and detect# of fraud rests Tmth both managemenl •rNI Ihose charges with govemance of the dritable (zrfnpany.
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF TANGMERE MIUTARY AVIATION MUSEUM TRUST UMITED Our approach was as fdlryws: . The ong8gemenl parbw se18Led for the audii had appropriat8 knowle&Je of lh8 dient and who had the requi Mpetence and $kts lo t to idenlify or reccgnise noTrcompliance wilh kws and r•gulations. . We 8ssessed the risk of irreW1kn 8S Part of tyjr aLth plaMiTrJ. 8ThJ ongoing r¢view. Indudin9 thoso due to fraud, managernent override w8s identified as a %gnrftsnt fraud risk. This ts duè tts the ability to bypass conlmfs through inappffjpnate expenditure aftd accounb"r¥J Oi(ae5 adopte Revenue reo)gnition was idenlsfied as a SbJnffrArt iisk to th8 Iher• B a rBk th8t sat•s arg incomplete within the accujnting recths. . We obtained an ldatand9 of th• W aThJ rngulaw apratite lo the charity ar>J we considered the most S3nificant lo te Chariles Act 2011. Ihe Chan"ty SORP. and UK financial reporting tsnd8rds 45 issue(1 by the Financial ReForlry Cwncil. W8 LThsKlerad how th& charitable company compltes wlh the58 requirtsr¥nts by dI5CLBSi(S vrilh management and those charged with gov8mance. . We enquir#d of marHgem•nt and those %•ith govemance as to arry known instsnces ol no compliance or suspected nc¥plIar with ls and Conderation was also made of the intemal contrds in place to Mgate thB identified wtsks. . We assessed Ihe control environmenL d0MeIng the systwns. C11¢15 and prDCe3 adopled. The audit approach incmrateil a combinatx)n of contro15 wh¥e aprtit8. anal¢81 VIeW and substantive proc•duS in¥okn"ng tests of transactions and balances. Any twulantyes noled were discussed with management and adonal cryrotKJrative evrdenrz was oblalned 8s required. . We oblained an uTrJetstsnding assessed Ihe impad of Covi&19 on the opefations of the chwitable ¢ompany and adapl¢d our audit apyuach aCC(dth. We enquired and obtairwl evthnee lo support ihe going rA)ncern assumptim. dovetsiled work uryjertaken M management overftdè. To address the risk offraud thr• ITnagerent fNerrtde we". performed analytic prrKedures tts Klentify any unusual or un•xFCted all$s.' tested transactional dats to identsfy any LVVJ5ual transad1(. . tested items of expeFJiture to ensure that they We vabj 8ThJ apiwopiits.. ' assessed whether judgernents aTrJ asswTkn made in dtrtemiiniThJ the ¥4)unlirvJ eslim81e8 were indutive of Falta1 bias,. aTrJ ' rèvi8wed thè disckJwi•s writhin Ihè financial $18tements to enswe Ihey meet the r&JLNrernenls of the accounling 51andards aTrJ relevant glton. In response lo Ihe risk In re5PfYW to Ihe risk of ¥regularittes with regards to thE Comptel of incom wg.. aged a sample of irKome re¥&j frcffl source {knJmenlati into Ihe accounting records,. • a$sessed protulS rn place to ensure coryletèress and aCtlaty of ineomt," revwed board nwnutes for ewdence of any ftjrther unreccMde(l irKorr mduding legarAe5,' ' perfonned anwcal pldures. eompariNJ to expettalw)ns aThJ Jear resulls: and . discussed wilh mana9emenl ihat there wa5 no fwlher income they were awdre of that needed lo be Thw8 are inhorent lirnilatrons In tyjr awjrt pdre$ desul The me rmov•d Ihat laws and gulabons are from finanThal transaclions. the Jikety it is that we *vuld bee(xnè aware of nrKtrcomplianc4. Auditing standards also limit the audil procedLKes fequired to ithtsfy wslh and reyulatic)n5 lo enquiry of the directors other manag911 8rwJ the insPer1 of gutY 18gal ¢x¥respondence. rf any. Material mi5518temonts thet duè k> hud cw be hwder to det•ri thtse that aiise from errty as they may invofve d81ibèrata CorteMent oredlLtsK)n.
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TANGMERE MiufARY AVIATION MUSEUM TRUST LIMITED Us• ot our r•port This report is madè solely to the djaritys trwtees, as a b(Kty. in 8cix)rd8rKe with part 4 of the Chariti•s (Accourbts a1 ReFM5) RegulatKYts 2008. audit ha5 bÈen utxlert8k so ihat we might siato to thè charity's trustees th0 matters we arn required to stale to thèm Trn an ali10r$. TeF#Xt and for rKI other ptsrp06e. To Ihe fullest extent pemiittèd by law. wo (k not accept w assun responbIlIty lo yone other than ¢he.'charity and Ihe charity's trustees as a bcJy. for ryjr auclt this reFth. wforth8 opink)ns ha¥e tormed. Louise H•sting$ (Senior Sta¢utoryAuditor) for and on bèh&1 of Moorn (Sh) LLP Chart•r•d Atcwnlants St•tutoryAudltot 2. 4 Soulhgate Chichester Wesi s(eX P019 80J
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 TotslUnr•gtri¢ted Unmstrl¢ted fvnds fvt)ds gn•rnl do$lgnatèd 2Q20 2020 Total funds general deslgnated 2021 2021 ' 2020 Danalions and legaryes Chariiable actkvit¢es InsIMOntS Oth¥r income 53.544 124.084 68.632 46.435 10.1.317 44.$68 67.917 1.100 101.317 44,568 67,917 1,100 124.084 68.632 46.435 Total Income 292,695 292.695 214.902 214.902 Rsing lunds 12.123 12.123 9.783 9.783 Charitable tilIes 145.872 145.872 158,320 158,320 Totsl r¢wur¢es oxpended 157.995 1SI.995 168.103 168.103 Net galnTJI1058es) on investsnent$ 12 $3.070 &1.070 111.6191 111,6191 Not m¢)vwn¢nt In fvnd$ 187.770 187.7fO 35.180 35.180 Fund balancas at 1 January 2021 1.480.012 3.¢XKJ.o(K) 4.4.012 1.444.832 3.000,fX)0 4.444.832 Fund balan¢•s at 31 Decemb•r 2021 1.667.782 3,(XKI,IKX) 4.667.782 1.480.012 3,000.(x(1 4.480,012 The statement offinancial acbvths Ye$ an gaTh aTrJ ksses rwi8ed in the year. AJI and expYjItTe derive frith conliwiro acbwbe The statement of financial acbvitses akn D)ffl Ihe reqUirnents for an ino)n and eX[wlUre ac¢ount under the CrynpaniesAct 2)6. 10-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMrrED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS A T 31 DECEMBER 2021 2021 2020 Flxed assets Intsngible assets TarwJibl• assets Heritsge assets Investrnents 13 14 15 17 S.927 632.533 133.800 3.648,021 650.460 117.300 3,538.448 4.420.281 4,306.208 Currenl 488•ts Stocks Dgbtors Cash at bank and In hand 13.069 64,749 109.717 21 31,366 228.435 259.801 187.S35 CredltoTr: amounts falling due T•ithln one yoaT 112.3CiI> 113.7311 Net rrent assets 247.501 173.804 Total assets1955 curnt IkbllW¢s 4.667.782 4.480,012 Incorn funds Designated funds G8nwal unr8strthd lurls 3.(KM).O 1,667.782 3.(KN).000 1,480,012 4.667.7W 4.480,012 4.667.782 4.480.012 Thèse finanual Statnts have been prepared in arwKdanc• wilh th? wovisws applrcabl* to companiès y4jbie to the small companies regll. The finanrial stslements woro approved by thè TrtBteos M .Jkfv..I. IL Tru5t•è Company Reglstratlon No. 02206865 11-
TANGMERE MILITARY AVIATION MUSEUM TRUST UMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIABER 2021 Aceounilng poll¢les ¢1ty Inforniatlon rangma Military Awa1 Museum Trust Lynited is o privatè t))rnpany bmited by guawantee incorpofated In England and Was. The regislerBd offi¢e ts Tarome1fieb1. ChheS1er, West Sussex. P020 2ES. Every member of Ihg compary uThJertakes Io c4JntrbLJte suth amounl as may be required (not èxwding £11 to the rthnpanvs assels if tt shouki be wound up they arn a member. or wilhin one year afèr h& cea50S to be a membw. The naiure of the charity and lh¥ wwKipal xlith ofthe Urfbyany are noted in the Trustees Report. 1.1 Accountkn9 Convention The financkal statements have been ePal ac(udanr Tth tr clwitys Memorandum and Artides ol Associalion. thè CornpaniÈs Aei 2C#J6. FRS 102 Yhe Finanoal Reporbng Standard appli¢abJe in the UK an¢J Republic of Ireland" fFRS 1W2'1 Ihe Chanties SORP 'AcctsJnts"ng and RepIng by Charities.. Statement of Recommended Pracce applicable to tharitres weparing their accounts in accordance with the Finawal ReIrJ Standartl apICable in the UK and RepuUic of Irdand {FRS 1021. {eff¢ctNe 1 January 20191. The charity is a Benefit Entyty as defined by FRS 102. The chaiity has laken vw)lagg d the in the SORP for tharflies not lo prepare a Staiunent Cash Flo. The finanoal statements are prepared in Stting. which is the of tho thaiity. Mon&tary The finanoal statements have been prepawd uThJer the historical c05t CA)nVent. [lded to indude th revaluation ol inveslments at market vall. WFnap•l accounting pdKtes adopted a set 4)Ut below. Th• financial stalents in(Jde the actits aThl assets ofthe Socty of Friènds Oft Trust. 1.2 Golng eone•m At the tsme of approwry Ihe fman(aal ststgments, ts Iwslee5 hove a rea$¢819 exkxtathon that the charity has adequate resources to cijnlsnue fft OpeTrtir] existence for the foTE5eeable futyre. Thus Ihe truslees ¢u¢ lo ath)pi ts goiNJ 0)eM bw of preparing the fina181 statemenls. 1.3 Charitable funds UnrestriGted fvnds are 8¥ali ebltr at the isc¥etion of thè trustees in further3r of iheir charttable objective5. Designated lund8 have been *located by tho trte¢S al tr expon5p of the nSturn w rèplacè the trwildry in Ihefvlufy. Restricted funds are subject to specific coThJitions by doTh)rs as to how they may te used. The purpjses and uses of the restsicted fvrKls we sèi Ihe to lh8 fThncial statsrnerts. 12-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OECEMBER 2021 Accounllng (Contlnugdl InCOff is recognised and included in the accounts vknen dl of the folb71ng ui1O1ia ao met . The charity has entitment to the lurKJs . Any perfDrmance coThJ1lh)r atta(ed to the he been met or are fulPy wthkn the contrd of the chanty: . There 15 sufficient ¢ertanty ¢1rfKmiThJ T¢CiPt ofthe wK£fflo'. . The amount ¢an meawrl relial For kgatiès. entillwnert is lkn as earf ofr. - The estato has been finaliwl nolifukn mth ty the execulor(s} to th8 Museum Ilhat a distrfbution be made". or . When dostribution 15 recetNryl from Ihe estate. Receipt of a legacy, in whole or in par( 15 cfflty considered prcthbje en amount can be measured reliably and the charrty has been notified of the ex•oJlc<s Intent•) to makè a distribtsts"on. Where legaeres have been notffd to the charty, the charty is are of the grantiThJ of probale, and Ihe criteria for income recognition he rK)t been met, then the is treated as a conlingent asset and disc105ed rf material. Interest on fLmts hehj on dwil [¥¥bre aTrJ the arTKYJnt can be measured reliably by th? b•nk. Gtsvemmtnt grants are recegni8ed at the f¥ vatue of the asset receNed or feceivable when Ihere Is Agrxnt thal spaciftss perftwmarKe recogni%ed in incomè the performance cotvjitions are mel. Where a grant does not speeify perftsmancè donS it is renised in Inrntr Wh the proceeds are f1ved w 1vable. Agrnnt receNed before Ihe reColI1)n uileria are satisfied is recognised as o Siabilty. 1.5 Éjrpgnditurè Expenditure is rerJc•Jntsed Or thwe is a legal rA 0ctive oblJation to rnake a payment to a third party, it is pf£thble that setuement Will be rnquir•d and thg amount of Ihe oblTr3aiion can be rneasured reliabty. Expenditijre Trndudes IrrecrnJe VAT. an(1 15 reported as part of Ihe expendrture to which it lates". . Cost of raising fuNts Conw costs asXIaled with the manag&Thent of charivs inv8Stmenl portfolio. . Charitable expenrf1tu crynpnses costs by Ihe chailty Sn the denv8ry of ts aetivities and 5ervice$ for ts benefK¥aries. It includes costs Ihat can l)e allcrfated drrecdy to such actNities nd ltrh)se Costs of indit nalure necessary Io SUPFyI them. . Support Costs indude those c£6ts associated wfth meèting the constituttonl and 5tstutory requirements ol the drity and indude Ihe audbt lees and costs linked to the strat•gic managementofthe chaity. Thè supwt al alkncatsd lo caritsbie tsjsts. 13-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A¢¢ountlng policies {Contlnutrdl 1.8 Intangibl• fix•d ass•ts ollw goodwiH Soth¥are devdoprnenl is InallY feco9ni8ed at cost aThJ is subs8guenlJy measured al c051 le5S accumulated amOrtiSat#. Am¢t"sati( rgcognised so as trj write the cost 105s thoir residuJ valutrs, ovgr their u$?fvl Iw&s. As Ihè intang'bje assets a(¥lUir in 2021 are yet to be LYW into us•. Th) aNthisation has been accounted tr during tho 2021 . Th• crf Ihe assats 4bil be assessed foAwn9 proiecl eomplètion. AmortisatMJn is Tecognised so as to 10 off Ihe ajsl ry v4Uat d ¥sets 19$5 tsir tssidual values over their vsefvl fives the f(knKig tMs¢s: SOare Not a¢rtiSed as yet bmught into w in year 1.7 Tangible fixed assets TaThJible fixed asset5 afE inhially Measured * ¢ost * subsw8nty ryasured at $t or vakjation, nel of depreciatson aThl any NrvainTnI k55es. Deprecialion is ie¢crfJnised so a5 to wri ofi Il cost ¢x Valuati of awts lèss thèir r¢sidual valu& ov their uselul lives thè lon9 ba Improvement to IreehrAd wcogrty Fixlures and fittsngs Motor hle1&S stratght over SJ years 25% reduuThJ balan bags 25% redurirNJ baLIDce basis The gn or loss awising the disF0S of an asset is detemmned as the differeft betsveen Ihe 4le Pr•$ and the carrying ue ofthe asset. and is reLXym in Ihg atern of firtawal adivth. 1.8 H•rltag• ass•ts The art•facts comprisirwJ the Museum ¢dleclion are histo in nature and fall within th• deffinrt*)n of H8vitage Assets within Acctir0 and by Charilies.. Ststement of Recommended Practice applicable in t UK arKI R•tAi¢ cl IreJ•rKI IFRS1021 le11edr 1 jYOry 20191- (Charities SORP IFRS102}}. The trnstees eons¥Jer Ihat it would be rfrum and citsty to attribule values to donated artefacts because of their Uniq nature and they are accordingty exdude(I f(¥m Ihe Sheet 0$ pemiitted by the S18temenl of RecommerKled Pradts. Purchased artela¢ts are reix)rded witt¥n fixed assets at Cost Wlre ano we not depreNated on the bas15 that they ar8 consideret1 to havg indafinitè useful lives. An annual mi8w is carried out lo consider impairmonl as a rasLdt of. for exampl8. physical detem1abc cff danwge. 1.9 Fixad assèt in¥estments Thg Mus&um lisw lrbWStMts the pwrrt)ses of s¥ote(airtg Ihe capil81 valu8 of funds held in reserve. The Museum applies a poky to MMIn8[ke1 IesIMents are recorded as fixed ass8t iftvesthywnb unless ar¢ werted to be reali5ed w6thin",a 12 month perKThJ from the baknce stteet (late. -14-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMrrED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Ae¢ounllng polltl•s ICoritlnued> 1.10 Impalrnwnt offixed 45se At each reporting end dale. revlews (arrying of its trjIble aThJ nlangibb assets lo detemiine whgther there any indKabon that assets have suffefed an impaimnt bss. If any such irKJicahon exfists, the reeoverable amtyjnt ol the awt estimated In order to determine the ethnt of Ihe impalrment {rf any}. 1.11 Sts¢ks Nat féalisabl¢ vaue is thè eslimated selirvJ fv bèss al estimated costs of COMPOn and ¢osts to be incurred in maTketiThJ, semwo and diStritrJticffi. 1.12 Cash and cash equivalents Cash and cash equNalènts a fra1a1 and In¢tt rash in hand. 4Jeposits held al ¢811 with banks. other sbort-tern InvestrtlS trth orwJinal rnabjrthes of Ihree months or less. and bank o¥erdrafts. Bonk overdrats arn SIn wilhin bormwwgs in current bl411e$. 1.13 Flnanelal Instruments The charity only has financial a5s•ts awwj ffinar liatshb# of a that quaffy as ba&c financial stwrnents. Baslc financial instnmnerts recogni8ed at tiwbon value aThJ subge9LtIY mèasured atthelr seiuemtnt vue. 1.14 Twtion Tha charity is aft exempi d)aiity 4VithM) the meanThi9 of s¢hodule 3 of Ihè Chantles Act 2011 and Co14#ered to pass the tests set out in paragraph 1 S¢hethJle 6 of Fance Aca 2010 arn1, thereft¥e. itwts the definition of a charitat4e company UK crpOran tsx pUr[e$. Crltlcal accountlng •sUrnalas andJu4Jpm In the applicalion of the chaW5 accounting Kies. the trvstee5 a wuired to make ju¢Jgements, e$tsmai8s and assunwb.ons abtyJt the carrying amount ofassets and liab51ils that are not readily apparent frorn other sources. Tr eslimates arJ asscKiate(l assvmptK)ns are bawl m hsstorKal exper1ere and Olhef factors that are consideted to te rtkvant. Actual resutts may differ from these estimaiès. The estimates and kn9 are on an orvJc*ro ba8. Revisions to 8CCLxinting estimates are recogni5ed in perhyl in whKh esb.mate ts revise(I vthere Ihe revision afleds only Ihat penod, or in the p0 of thè and ILdur¢ periots whw¢ the wision aff8¢is both rrent and fvturo periods. th• accwnts. 15-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2021 Donattons and 14ga¢loS Unm$trl¢t•d UnTrICted funds funds general 99n8r81 2021 2020 Donations 8nd gfts Legacies receivab Governmeni grant Membership fees Deed ofo)venant 9.695 5.600 .Th)o 25.000 12,CiXJ 6,180 25.669 13.419 53.544 101.317 Charitable *iviti r4lus•um Mus•um entr4nc• entrance fees 2020 2021 Musoum entrance fees 124.084 44,568 lfiveslments UnE8strktsd Unf&Striciod fund¥ lunds general geneTal 2021 2020 Ints)me (TDM listed ¥trn8nts Interest 68.626 67.510 407 68,632 67.917 16-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2021 Othw Income Unlestricted Unr•¥tricte funds funds ral g•neral 2021 2020 Reni receivable Irksurance inLXrf 830 45.60S 1.100 46.435 1,100 Raising fvnd Unf•slrlcted unrn¢ted fimd$ "funds general general 2021 2020 Investment ma)agement 12.123 9.783 12,123 9.783 17_
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEA18ER 2021 hayitabb #¢tivill•s Chaiilalkn Charltable Éxp•nditur¢Expendlture 2021 2020 DepreriatTh ond impafimant Rates and water Light and heat Advertisir¥J Trdvo11ing expense5 Insurance Printing. and slatithw (sloth a¢fJust8dl Website develoFwTrent costs Maintenance and repairs Exhibition display and 8quipm•nt rental Miscellaneous Secuftty costs and equipn•nt rnnlai Talking Tangmar Memorial garden 28,946 1.560 9.565 574 12.673 7.419 7.D79 162 28.078 783 2.377 4,754 1.902 259 22,396 1.993 6,489 8,961 7.158 .11,420 1.958 144 32,119 8,205 2,342 2.387 106.131 105.572 sha ofsupp¢Jt cc6ts {see note 9) SFwre ol g0Vemar costs (see nole 91 25.997 13.744 29,646 23,102 145.872 158.320 18-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMrrED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Support costs 2020 costs ¢osts costs costs DepreCiatN Telephon& Bank charges and interest Canteon and deaning Misc8llaneo¢Js 13.106 13.186 16.8CKI 4.652 16.800 4.652 2.182 6.125 2,182 6,125 1,047 5.601 1,047 5.601 7.852 7,840 3,200 12.062 Accounlancy Legal and 3.2frJ 12.062 2.692 25.997 13.744 39.741 29.646 23.102 52,748 An8ty8ed bgiwwi Chariiable aCtiVe5 25.997 13.744 39,741 23.102 52.748 10 Trustms None of the trustees lor any pgrsons ith ththm) f8C¢Ned romuner•lion or b•fft$ from th• (tsrity during the year. 11 Employa•s There wer¢ no empk¢yees in yew12020. rKth). Thè charlty upon SUFWtoftKJunteWS to slaff Ihe K•Jseum. 12 Net galnslllosses) on Im7eslThnts Un¥e$trl¢ted Unrestricled funds funds 9•n8ral 9èn8ral 2020 Net gain(lO3$e$I on in¥eslnnts 53.070 (11.619} 19-
TANGMERE MILrrARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 13 Intan9lble ftx•d ass•ts At 1 January 2021 A(Iditions- separatdy acqulred 5,927 At 31 Dember 2021 5,927 Amortlsatron and ImpaSrnient At l January 2021 and 31 Decernber 2021 CaTryiry amount At 31 December 2021 5.927 At 31 D8cemt•r2020 14 Tangulle fixed Cost At l January 2021 Addibons 771.443 2.196 115.124 13.888 900.455 11.136 At 31 lJec8mtef 2021 773.639 124. 13,888 911.591 Deprn¢i•tion and impairm•nt At 1 January 2021 Doprecialion tharg•1 in the y¢ar 173.1( 15.442 64.739 13.186 12.150 435 249.995 29.063 At 31 Decem 2021 188.548 71.925 12.585 279.058 Carying amount At 31 December 2021 585.091 46.139 1.303 632.533 At 3108(*mbèr 2020 598.337 1.738 650,460
TANGMERE MILITARY AVIATION MUSEUM TRUST UMrrED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 15 . Herltage assets Total At 1 January 2021 Purchases 117,300 16,500 A¢ 31 D#¢emt*r 2021 133.BC¥) The ch8nty holds nufflercxts 4thJibW herlage assets donabj in Ihi5 and previous yew5 whith are of a unique nature 8rKI in whth Ilwe is rwddty trwjed martel from whh to 0rtain market values. Th8S8 harita assels have been exthdèd from Ihe baknce sheet due to the signifKant cosls Ihal would b• involvèd in the valuation. whKh are orwous wmpared wth the addition81 benefit that WOLAd be derived by usgrs of the aco)unts in ass¢ss#vJ the Irustees, Stewardsh ol the accoun Ffve year 2021 117.300 16.500 2020 117.300 2019 los.0 2018 30.300 75,000 2017 30.300 Cost bOt fo PLKchase$ 133.800 117.3(NJ 105.300 105.300 30.300 -21-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 17 Fixttd as8•t Investments Cash in Oth•r In¥slments portfollo Inv¢sknenis Total ¢Dst or valuatlon At 1 JaAU8ry 2021 Additions Valuation (hanges Disposals 3.464.816 2,058,056 53,070 (2.071.638) 12.070.179) 73.532 2.140.264 1CK) 3.538,448 4.198,320 53,070 14.141.817) At 31 Oecernber 2021 3.504.304 143.617 1C 3.648.021 C•rryry amount At 31 December 2021 3.504.304 143.617 1(Kl 3.648,021 At 31 December 2W20 3.464.816 73.532 100 3.538.448 2020 Other investments ojmprtse." In¥tments in subsid1aS 1( 100 2020 Inv8Stments h8ld over 5% lianz Glob81 Strategic 8or•J BH Kqacro Ltd H•rnes Oal High Cfedil JP MorganAM UK Ltd JPM Uncti}strn Bd C GBP Lionlrust Str3tegic Bwd Sanlam Four Mulll'strdtw FouTr Sanlam GBP Hybrid Bond Fund LIBAM Hybrid Bon Vanguard Inv Ser Gbl CO Bond Vontobel Asst Mgmt TwentylourAbst Retum 1Shar8s Markit Iboxx Skg Cw Bond ishares Physical Gc4d nla 5.35 6.28 nla nla nla nla 5.69 6.41 nla nla 8.70 5.71 nla 6.58 2021 2020 Investments al falr vahje Comse". Equits Cash Investsment In subsKary 3.504.304 143,617 3.464.816 73.532 1(Kl
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 18 Subsldlwles Thgs& financia statements ar8 separate drty financial ststemgnts for Tangnwrn Military Aviation Jseum TTUSt Llmited. OetaiLs ofthe drS sub5idKqrtt at 31 DeCnt* 2021 are as I$". Narne of undertaking Regist¢rnd 14attTh of busln•ss Clas5 of % Hèld shar•$ held Dlrect Ind5r•ct Tangmere Mu3eL¥n TTrdir9 UK VK Company Ltd Muswm grfl shop" Orthrory 1CKI.00 The gregate c4Mal reserye5 arnj the reFJAtkY the of sutisk10aries exdu(led from $IdatIon wa8 as fokws: Nam• of undertaking PrOfiV(LD Capital and Tangmere MustLWn UK Company Ltd At th8 ye8r ènd an of £21,861 (2020 - £S.663) t•Ms from the 8ubsKJwry. £21.661 1$ duo specifjcally in rda11 to Deed ofCoven¥rt irwme12020: £4,018). 19 Flnancial InslThrnent8 2021 202D Carrying amourrt olffinanclal ass•ts Instruments measur8d at knr thrw wofftor 3.504.304 3.484,816 20 Stocks 2021 2020 Flnlshed gjods 8nd goods for 13.(h89 21 D•btor5 2021 2020 Amounts falling du• wilhln y¢ar. Amounts owed by fellow group uThlertakrys Prepayrnts a¢cNed in 21.661 9.705 164.749 31.366 .749
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMrrED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OECEMBER 2021 2021 2D2 1,085 12.646 Accnjals and deferrnd inco 11.000 12.300 "13.731 23 Dpsignaled funds The in¢ome funds ol the chaiity inthde the folfv)wing $nated fiJThJs whith hav8 begn set agde out of unreslricted fvnds bythe tree$ ftr Specif wrF¥)ses.' MoTrtm¢nt in htnds Balm¢e al B•f•nu at 1 J4nyiry 2trJl ThSawr•s1 2021 rtSvur¢es 31 D¢c•mbor In funds Future deyelopment fuThl 3.(th,( 3.OC(l.(h)o 3.ty)O,(y)o 3.CXI.( 3.¢XO,tsJO 3.000,(X)o C>8signated furKIs woved to be set a5xYe at a neting held 10th F8bruary 2009 for Ihe ILthre developrnent of È rthT orextended klu5etm. Total funds 2021 tvnds 2020 funds 2020 2021 '.2020 Fund balartces at 31 December 2021 We represented ty. IntsngitAe ftxed assets Tangible assets H•ritagè assats Investments CurTent assetsl (lialIe$l 5.927 5.927 632.533 6X),4eO 650.460 133.8(N) 133,8(Kl 117,3 177,300 648.021 3.fAK).OIX) 3.648.021 538.448 3.11)0,000 3.538.448 247.501 247.501 173.804 173,804 1.667,782 3.cLJ.Oc 4.667.782 1.480.012 3,CIXI.OQJ 4.480.012 -24-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 25 Capllal e•rnmlkn•nts 2021 2020 At 31 202111 ehailty haj r•1 c0mm1rnts as foll. Conlracled tr but not pro¥tyJfjd in the fThThial slatem Acquisition of Intanble assets 12.733 26 Relat8d party transactlons Trustees are re1mbud traver gxp8nsg5 MKurr¥d #i Ih8ir rd• as vdunteets. A total of £415 was felmbjrsed to 3 tJwAees in year {2020". £rMI). Donali(K in wpeet thf Fwiends Memttship Subscn"ptbS totaling £33 wwe m•Jo by 2 trustees in lh& pèricJ12020.' £33 by 2 trustee5). DtionS ma(le were dewned to be unresth¢ted. Cov1&19 The dwrity has bg8n motwiaty and by Qr¥x&19 parthmto Government local loekdthvn biCbons enlorced Ihe closu ol the musewn for Ihe several months ijwing 2021 and for the rnaiority 012020. When the rnv5eum was able lo open it was with limited capacity and Ihi5 The charity has apted and receNed jd[tw fmial in Ixlh yew¥. A'Resi•rt Granf Ictsllin9 £12.000 has teen wNed ift year. An insurance daim for busY*ss intwrupkn kvas m&J8 In 2tr21 arnl a totsl £45.605 has been receiv>J in year.