2023-12-31-accounts - Tangmere Military Aviation Museum Trust Limited

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Charity registration number 299327

Company registration number 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 2023

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr F A Thomas Mr P F Constable Mr R Jones Mrs B M Thompson Mr D Hooley Dr J H Trevor Mr T D M Hatton Mr P S Davis Mr P Herbert Secretary Mrs M S Kool Charity number 299327 Company number 02206865 Registered office Tangmere Airfield Chichester West Sussex PO20 2ES Auditor Moore (South) LLP City Gates 2 - 4 Southgate Chichester West Sussex PO19 8DJ Bankers CAF Bank Limited 24 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Lloyds Bank Plc 10 East Street Chichester West Sussex PO19 1HJ Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

(Appointed 21 February 2023) (Appointed 28 September 2023) (Appointed 28 September 2023)

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS

	Page
Chairman's statement	1
Trustees' report	2 - 4
Statement of trustees' responsibilities	5
Independent auditor's report	6 - 9
Statement of financial activities	10
Balance sheet	11
Notes to the financial statements	12 - 24

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) CHAIRMAN'S STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

I am pleased to report that our visitor numbers during 2023 were 30,470 compared with 24,682 in 2022. Until 2023 because of the uncertainty holding of events was not considered to be appropriate.
In 2023 we were able to restart the holding of special events. This included a very successful Open Cockpit Day at which we introduced a Spitfire cockpit built by our very talented Special Projects Team. This exhibit is now on display and has attracted great interest from our visitors. We were also pleased to welcome our Patron The Duke of Richmond and Gordon and President Air Marshal Sir Graham Miller.
In the current year we are pleased that we have to date been able to hold an Open Cockpit Day when we welcomed 815 visitors. The weather was very kind which enabled many guests being able to experience from the inside a number of historic aircraft.
The re-submission of the Museums Accreditation status, under the auspices of the Arts Council England (ACE), originally expected in 2020, has been postponed several times. It is scheduled to take place during the current year.
The Modes Collection Management System (which conforms to the latest Accreditation standards) is now fully implemented and is significantly enhancing the safety and security of the collection as well as greatly improving the recording and data management of the many thousands of artefacts.
The development and improvement of the Museum facilities which has been underway for some time continues to be delayed due to circumstances outside of our control. We have decided therefore to concentrate on improving our present accommodation in order to provide more exhibition space and a better visitor experience. This (subject to receiving planning consent) is scheduled to be completed during our usual two months winter close-down.
The financial condition of the Museum continues to be strong which provides the opportunity to acquire relevant artefacts which may become available.
Finally, on behalf of the Trust Council I want to thank the many volunteers who have supported the Museum throughout the past year and for their continued future support. The amount of talent and dedication cannot be overstated. On behalf of the Trust Council, I thank them all.

T D M Hatton Chairman

Date: 11 July 2024

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity is principally engaged in advancing the education of the public by the display of aircraft, military equipment and artefacts relating to military aviation history.

The charity's objectives are set out in the Memorandum of Association and are as follows:

"To advance the education of the public by the construction and provision of a Museum for the public display of aircraft and aeronautical equipment and other items related to aviation and aviation history."

The trustees confirm that they have paid due regard to the guidance given by the Charity Commission on public benefit.

The Museum exists to promote awareness of the UK military aviation heritage and to educate present and future generations in military aviation by:

Exhibiting the history of the aircraft and personnel involved in military aviation with particular reference to RAF Tangmere and its unique place in that history.
Serving as a memorial to those allied airmen and airwomen who gave their lives in the service of this country.

The Museum aims are to :

Secure and conserve all artefacts that together form the heritage collection.
Present and exhibit artefacts in a respectful manner for the education of visitors.
Monitor and review the operation with a view to ensuring a long-term future.
Maintain a strong sense of commitment and partnership amongst all volunteers and to develop their skills and abilities in the interests of excellence.
Build and maintain appropriate links with other relevant organisations.

In delivering these aims, the Museum is staffed entirely by volunteers. Members of staff work across a wide range of activities including visitor services, curating the collection, education, special events and engineering.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The Museum enjoys a strong financial condition with an adequate cash position.
In the year under review a commitment was made to install a mezzanine floor to provide much needed storage space. This was completed in the winter closedown.
The Museum continues to attract high quality volunteers to sustain the future of the Trust.
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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Museum Collection

During 2023 and the year to date the Curatorial team have been busy refreshing displays.
In 2023 the Museum purchased a DeHavilland Gnat in full Red Arrow colours. This is currently being refurbished to exhibition condition for display .In the current year a Venom FB4 cockpit was purchased and will initially be on display an cockpit Open Days. The Museum is proud to have many unique items.
The Museum is fully accredited and is required periodically to re-apply for registration. The team responsible have been engaged in preparing the extensive documentation.

Buildings and site maintenance

The development plan has been in train for some time. Unfortunately, the Museum is dependent upon land being made available by others.

Staff Training

The Museum is (except for one employee) staffed entirely by volunteers. All applicants undertake an induction process which includes safety information, policies, and procedures. Guides are provided with detailed information on the Museum exhibits.
First Aid training is provided .
The Museum has an ongoing programme for fire training.

Working with schools

The Museum has a dedicated education team which provides a number of themed programmes designed to interest the various age groups. Perhaps due to the pressures of the school curriculum, the number of schools being able to allocate time to such visits is limited. In addition, the cost of transport is currently having a significant effect.

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’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.

Plans for future periods

The charity's objectives for 2024 and 2025 are as follows:

To continue to provide a proper history of the Tangmere airfield and the RAF together with exhibits which will interest visitor.
To secure the future of the Museum by continuing to attract suitable committed volunteers.
To acquire relevant artefacts and display in an appropriate manner.
To develop the visitor facilities.

Structure, governance and management

The charity is a company limited by guarantee. The Trusts' governing document is the Memorandum and Articles of Association.

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees, 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:

Mr F B C de Beer (Resigned 28 September 2023) Mr F A Thomas Mr D M Smith (Resigned 28 September 2023) Mr P F Constable Mr R Jones Mrs B M Thompson Mr D Hooley Mr D Coxon (Resigned 21 February 2023) Mr K Shepherd (Resigned 28 September 2023) Dr J H Trevor Mr T D M Hatton (Appointed 21 February 2023) Mr P S Davis (Appointed 28 September 2023) Mr P Herbert (Appointed 28 September 2023)

Trustees are elected by a vote and initially serve for a period of three years. Trustees are eligible to put themselves forward for re-election at the next AGM following their three-year period.

New trustees are made familiar with their legal obligations under charity and company law, the contents of the Memorandum and Articles of Association, the committee ad decision-making process and the recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of the role.

Auditor

In accordance with the company's articles, a resolution proposing that Moore (South) LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The trustees' report was approved by the Board of Trustees.

T D M Hatton Trustee

11 July 2024

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees, who are also the directors of Tangmere Military Aviation Museum Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements 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 financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
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 financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees 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 financial statements 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.

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED

Opinion

We have audited the financial statements of Tangmere Military Aviation Museum Trust Limited (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to hose assessed risks; and to response appropriately to instances of fraud or suspect fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charges with governance of the charitable company.

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED

Our approach was as follows:

The engagement partner selected staff for the audit who had appropriate knowledge of the client and who had the required competence and skills to be able to identify or recognise non-compliance with laws and regulations.
We assessed the risk of irregularities as part of our audit planning, and ongoing review, including those due to fraud, management override was identified as a significant fraud risk. This is due to the ability to bypass controls through inappropriate expenditure and accounting policies adopted.
Revenue recognition was identified as a significant risk to the audit, there is a risk that sales are incomplete within the accounting records.
We obtained an understanding of the legal and regulatory requirements applicable to the charity and we considered the most significant to be Charites Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We considered how the charitable company complies with these requirements by discussions with management and those charged with governance.
We enquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations. Consideration was also made of the internal controls in place to mitigate the identified risks.
We assessed the control environment, documenting the systems, controls and processes adopted. The audit approach incorporated a combination of controls where appropriate, analytical review and substantive procedures involving tests of transactions and balances. Any irregularities noted were discussed with management and additional corroborative evidence was obtained as required.

To address the risk of fraud through management override we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested transactional data to identify any unusual transactions;
tested items of expenditure to ensure that they were valid and appropriate;
reviewed transactions with related parties, including Trustees' expenses;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
reviewed the disclosures within the financial statements to ensure they meet the requirements of the accounting standards and relevant legislation.

In response to the risk In response to the risk of irregularities with regards to the completeness of income we:

agreed a sample of income received from source documentation into the accounting records;
reviewed board minutes for evidence of any further unrecorded income including legacies; and
performed analytical procedures, comparing to expectations and prior year results.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Hastings (Senior Statutory Auditor) for and on behalf of Moore (South) LLP

30 July 2024

Chartered Accountants Statutory Auditor

City Gates 2 - 4 Southgate Chichester West Sussex PO19 8DJ

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 2023

Unrestricted Unrestricted funds funds general designated 2023 2023 Notes £ £ Income and endowments from: Donations and legacies 3 51,787 - Charitable activities 4 263,284 - Investments 5 80,519 - Other income 6 10,140 - Total income 405,730 - Expenditure on: Raising funds 7 16,668 - Charitable activities 8 312,929 - Total expenditure 329,597 - Net gains/(losses) on investments 10 141,383 - Net income/(expenditure) and movement in funds 217,516 - Reconciliation of funds: Fund balances at 1 January 2023 1,406,192 3,000,000 Fund balances at 31 December 2023 1,623,708 3,000,000	Total Unrestricted Unrestricted funds funds general designated 2023 2022 2022 £ £ £ 51,787 52,034 - 263,284 204,977 - 80,519 72,805 - 10,140 14,018 - 405,730 343,834 - 16,668 12,758 - 312,929 261,299 - 329,597 274,057 - 141,383 (331,367) - 217,516 (261,590) - 4,406,192 1,667,782 3,000,000 4,623,708 1,406,192 3,000,000	Total 2022 £ 52,034 204,977 72,805 14,018 343,834 12,758 261,299 274,057 (331,367) (261,590) 4,667,782 4,406,192

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes Fixed assets Intangible assets 15 Tangible assets 16 Heritage assets 17 Investments 19 Current assets Debtors 21 Cash at bank and in hand Creditors: amounts falling due within one year 22 Net current assets Total assets less current liabilities Net assets excluding pension liability The funds of the charity Unrestricted funds - general Unrestricted funds - designated 24	2023 £ £ 1,995 687,023 174,366 3,584,298 4,447,682 45,326 169,809 215,135 (39,109) 176,026 4,623,708 4,623,708 1,623,708 3,000,000 4,623,708	2022 £ £ 3,951 627,685 133,800 3,381,888 4,147,324 34,976 244,108 279,084 (20,216) 258,868 4,406,192 4,406,192 1,406,192 3,000,000 4,406,192	2022 £ £ 3,951 627,685 133,800 3,381,888 4,147,324 34,976 244,108 279,084 (20,216) 258,868 4,406,192 4,406,192 1,406,192 3,000,000 4,406,192
			4,147,324 258,868
			4,406,192
			4,406,192
			1,406,192 3,000,000
			4,406,192

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 11 July 2024

T D M Hatton

Trustee

Company registration number 02206865 (England and Wales)

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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Tangmere Military Aviation Museum Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Tangmere Airfield, Chichester, West Sussex, PO20 2ES.

Every member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the company's assets if it should be wound up while they are a member, or within one year after he ceases to be a member.

The nature of the charity and the principal activities of the company are noted in the Trustees Report.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at market value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds have been allocated by the trustees allow for expansion of the museum or replace the building in the future.

Restricted funds are subject to specific conditions by donors 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.

1.4 Income

Income is recognised and included in the accounts when all of the following criteria are met:

The charity has entitlement to the funds
Any performance conditions attached to the income have been met or are fully within the control of the charity:
There is sufficient certainty concerning receipt of the income; and
The amount can be measured reliably
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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

For legacies, entitlement is taken as the earlier of:

The date on which the charity is aware that probate has been granted;
The estate has been finalised and notification made by the executor(s) to the Museum that a distribution will be made; or
When distribution is received from the estate.

Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the bank.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes irrecoverable VAT, and is reported as part of the expenditure to which it relates:

Cost of raising funds comprises costs associated with the management of the charity's investment portfolio.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. The support costs are all allocated to charitable costs.

1.6 Intangible fixed assets other than goodwill

Software development is initially recognised at cost and is subsequently measured at cost less accumulated amortisation. Amortisation is recognised so as to write-off the cost less their residual values, over their useful lives.

Amortisation 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:

Software

33% straight line basis

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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Improvement to freehold property straight line over 50 years Fixtures and fittings 25% reducing balance basis Motor vehicles 25% reducing balance basis

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.

1.8 Heritage assets

The artefacts comprising the Museum collection are historic in nature and fall within the definition of Heritage Assets within Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) - (Charities SORP (FRS102)).

The trustees consider that it would be difficult and costly to attribute values to donated artefacts because of their unique nature and they are accordingly excluded from the Balance Sheet as permitted by the Statement of Recommended Practice.

Purchased artefacts are recorded within fixed assets at cost price and are not depreciated on the basis that they are considered to have indefinite useful lives. An annual review is carried out to consider impairment as a result of, for example, physical deterioration or damage.

1.9 Fixed asset investments

The Museum holds listed investments for the purposes of protecting the capital value of funds held in reserve.

The Museum applies a policy of revaluation to mid-market value.

Investments are recorded as fixed asset investments unless they are expected to be realised within a 12 month period from the balance sheet date.

1.10 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible 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).

1.11 Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and 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.

1.12 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

14 -

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.13 Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in paragraph 1 Schedule 6 of Finance Act 2010 and, therefore, it meets the definition of a charitable company for UK corporation tax purposes.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees have considered the assumptions and there are no areas requiring significant judgement or estimation in the financial statements.

3 Income from donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2023	2022
	£	£
Donations and gifts	10,772	9,605
Legacies receivable	-	10,000
Membership fees	7,716	7,386
Deed of Covenant	33,299	25,043
	51,787	52,034

4 Income from charitable activities

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2023	2022
	£	£
Museum
Museum entrance fees	263,284	204,977

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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Income from investments

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2023	2022
	£	£
Income from listed investments	77,695	72,092
Interest receivable	2,824	713
	80,519	72,805

6 Other income

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2023	2022
	£	£
Other income	-	576
Rent receivable	10,140	9,135
Insurance income	-	4,307
	10,140	14,018

7 Expenditure on raising funds

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2023	2022
	£	£
Investment management	16,668	12,758

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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

8 Expenditure on charitable activities

	Museum	Museum
	2023	2022
	£	£
Direct costs
Staff costs	6,230	-
Depreciation and impairment	16,545	15,974
Rates and water	1,853	2,426
Light and heat	16,697	13,691
Advertising	21,219	14,436
Travelling expenses	59,410	42,157
Insurance	13,778	12,584
Printing, postage and stationery (stock adjusted)	13,600	12,745
Website development costs	2,963	-
Maintenance and repairs	63,686	69,468
Exhibition display and equipment rental	2,005	498
Miscellaneous	24,115	15,026
Security costs and equipment rental	4,770	3,147
Professional fees	15,065	-
Memorial garden	435	281
	262,371	202,433
Share of support and governance costs (see note 9)
Support	31,746	30,345
Governance	18,812	28,521
	312,929	261,299
Analysis by fund
Unrestricted funds - general	312,929	261,299
Support costs allocated to activities
	Total	Total
	2023	2022
	£	£
Depreciation	12,516	15,262
Telephone	8,250	6,865
Bank charges and interest	3,662	2,648
Canteen and cleaning	7,318	5,570
Governance	18,812	28,521
	50,558	58,866

9 Support costs allocated to activities
17 -

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

9 Support costs allocated to activities Governance costs comprise: Audit fees Accountancy Legal and professional 10 Gains and losses on investments	(Continued) 2023 2022 £ £ 10,000 9,600 7,828 5,009 984 13,912 18,812 28,521	(Continued) 2023 2022 £ £ 10,000 9,600 7,828 5,009 984 13,912 18,812 28,521
		28,521

		Unrestricted	Unrestricted
		funds	funds
		general	general
		2023	2022
	Gains/(losses) arising on:	£	£
	Revaluation and sale of investments	141,383	(331,367)
11	Net movement in funds	2023	2022
		£	£
	The net movement in funds is stated after charging/(crediting):
	Fees payable for the audit of the charity's financial statements	10,000	9,600
	Depreciation of owned tangible fixed assets	27,105	29,260
	Amortisation of intangible assets	1,956	1,976

12 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

Trustees are reimbursed travel expenses incurred in their role as volunteers. A total of £2,271 (2022 - £2,806) was reimbursed to 4 trustees in year (2022 - 5).

Donations in respect of Friends Membership subscriptions totalling £20 (2022 - £18) were made by 1 trustee in the year (2022 - 1). Donations made were deemed to be unrestricted.

13 Employees

The average monthly number of employees during the year was:

	2023	2022
	Number	Number
Total	-	-

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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

13 Employees Employment costs Wages and salaries Social security costs	(Continued) 2023 2022 £ £ 5,750 - 480 - 6,230 -	(Continued) 2023 2022 £ £ 5,750 - 480 - 6,230 -
		-

The charity employed one member of staff from 1 October 2023.

There were no employees whose annual remuneration was more than £60,000.

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

15 Intangible fixed assets

	Software
	£
Cost
At 1 January 2023 and 31 December 2023	5,927
Amortisation and impairment
At 1 January 2023	1,976
Amortisation charged for the year	1,956
At 31 December 2023	3,932
Carrying amount
At 31 December 2023	1,995
At 31 December 2022	3,951

19 -

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16 Tangible fixed assets Improvement to freehold property Fixtures and fittings Motor vehicles £ £ £ Cost At 1 January 2023 790,937 131,178 13,888 Additions 80,775 5,668 - At 31 December 2023 871,712 136,846 13,888 Depreciation and impairment At 1 January 2023 204,196 91,211 12,911 Depreciation charged in the year 16,301 10,560 244 At 31 December 2023 220,497 101,771 13,155 Carrying amount At 31 December 2023 651,215 35,075 733 At 31 December 2022 586,741 39,967 977 17 Heritage assets At 1 January 2023 Purchases At 31 December 2023	Total £ 936,003 86,443
	1,022,446
	308,318 27,105
	335,423
	687,023
	627,685
	Total £ 133,800 40,566
	174,366

The charity holds numerous additional heritage assets donated in this and previous years which are of a unique nature and in which there is no readily traded market from which to ascertain market values. These heritage assets have been excluded from the balance sheet due to the significant costs that would be involved in the valuation, which are onerous compared with the additional benefit that would be derived by users of the accounts in assessing the trustees' stewardship of the accounts.

Five year summary Cost bought forward Purchases	2023 133,800 40,566 174,366	2022 133,800 - 133,800	2021 117,300 16,500 133,800	2020 105,300 12,000 117,300	2019 105,300 -
					105,300

Due to the nature of the heritage assets no depreciation or impairment has been made.

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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Fixed asset investments

	Listed	Cash in	Other	Total
	investments	portfolio	investments
	£			£
Cost or valuation
At 1 January 2023	3,236,393	139,495	6,000	3,381,888
Additions	4,070,797	3,995,395	-	8,066,192
Valuation changes	141,383	-	-	141,383
Disposals	(3,917,699)	(4,087,466)	-	(8,005,165)
At 31 December 2023	3,530,874	47,424	6,000	3,584,298
Carrying amount
At 31 December 2023	3,530,874	47,424	6,000	3,584,298
At 31 December 2022	3,236,393	139,495	6,000	3,381,888
			2023	2022
Other investments comprise:		Notes	£	£
Investments in subsidiaries		20	6,000	6,000
			2023	2022
Investments held over 5%			%	%
Axa Act Crbn Trnstn Stg Buy Inc			5.16	n/a
Bny Mellon Glb Fds US Hi Yld Beta X GBP Dis H			5.02	n/a
European Spec Inv M&G Cred Inv A GBP Hgd Dis			5.21	n/a
iShares Markit Iboxx Stg Corp Bond			n/a	5.71
iShares Physical Gold			n/a	7.05
Liontrust Strategic Bond			n/a	7.99
Robeco QI Gbl Multi Factor Z			12.44	n/a
State Street Gbl Aggrg Bd			11.11	n/a
State Street Gbl Tsy Bd Idx			10.04	n/a
Vanguard Inv Ser Gbl Corp Bond			n/a	6.87
Vontobel Asst Mgmt Twentyfour Abst Return			n/a	8.81
			2023	2022
			£	£
Investments at fair value comprise:
Listed investments			3,530,874	3,236,393
			3,530,874	3,236,393

21 -

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

20 Subsidiaries

These financial statements are separate charity financial statements for Tangmere Military Aviation Museum Trust Limited.

Details of the charity's subsidiaries at 31 December 2023 are as follows:

Name of undertaking	Registered	Nature of business	Class of	% Held
	office		shares held	Direct Indirect
Tangmere Museum Trading	UK	Museum gift shop	Ordinary	100.00
UK Company Ltd

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking	Profit/(Loss)	Capital and
		Reserves
	£	£
Tangmere Museum Trading
UK Company Ltd	33,299	6,000

At the year end an amount of £33,593 (2022 - £25,336) was due from the subsidiary. £33,593 is due specifically in relation to Deed of Covenant income (2022 - £25,337).

21 Debtors

Amounts falling due within one year: Amounts owed by fellow group undertakings Prepayments and accrued income	2023 £ 33,593 11,733 45,326	2022 £ 25,337 9,639
		34,976

22 Creditors: amounts falling due within one year

Other taxation and social security Trade creditors Accruals and deferred income	2023 £ 1,313 25,496 12,300 39,109	2022 £ - 7,916 12,300
		20,216

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TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

23 Unrestricted funds - general

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.

At General funds Previous year: At General funds	1 January 2023 Incoming resources Resources expended Gains and losses At 31 December 2023 £ £ £ £ £ 1,406,192 405,730 (329,597) 141,383 1,623,708 1 January 2022 Incoming resources Resources expended Gains and losses At 31 December 2022 £ £ £ £ £ 1,667,782 343,834 (274,057) (331,367) 1,406,192

24 Unrestricted funds - designated

Designated funds are those which have been set aside out of unrestricted funds by the trustees for specific purposes.

These are unrestricted funds which are material to the charity's activities.

At Future development fund Previous year: At Future development fund	1 January 2023 At 31 December 2023 £ £ 3,000,000 3,000,000 1 January 2022 At 31 December 2022 £ £ 3,000,000 3,000,000

Designated funds were approved to be set aside at a Trustee meeting held on 10th February 2009 for the future development of a new or extended Museum.

23 -

TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

25 Analysis of net assets between funds

Unrestricted Unrestricted funds funds general designated 2023 2023 £ £ At 31 December 2023: Intangible fixed assets 1,995 - Tangible assets 687,023 - Heritage assets 174,366 - Investments 584,298 3,000,000 Current assets/(liabilities) 176,026 - 1,623,708 3,000,000 Unrestricted Unrestricted funds funds general designated 2022 2022 £ £ At 31 December 2022: Intangible fixed assets 3,951 - Tangible assets 627,685 - Heritage assets 133,800 - Investments 381,888 3,000,000 Current assets/(liabilities) 258,868 - 1,406,192 3,000,000	Total 2023 £ 1,995 687,023 174,366 3,584,298 176,026
	4,623,708
	Total 2022 £ 3,951 627,685 133,800 3,381,888 258,868
	4,406,192

26 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year Between two and five years In over five years	2023 £ 2,615 10,458 436 13,509	2022 £ 2,615 10,458 3,050
		16,123

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