CrIty reglstratlon number 299327 CompAny wlstr4tlon numbèr 02206865 (England wid Wal68} TANGMERE MILrrARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Mr P F Constsble Mr D Hooley Dr J H Trevor Mr T D M Plalton Mr P S Dav15 Mr P Herbert MrFBGd9Beer Miss D J M Randal Mrc Smart (Appointed 26 Sèptember 2024) {Appolnted 26 Septèmber 2024} (Appoint 26 Septwnbgt 2024) S•¢r•tsry Mrs M S Kool ChaTIty numbèr 299327 Company number 02206885 R¢gltst•rnd offlcg Tangmere Museum Gamecod( Terraco Tangmère Chkh8stsr P020 2ES Audltor kloorè (South) LLP CSty Gates 2- 4 So¥Jlhgat Chlchestsr West Sussgx P019 8DJ 8bnkgrn CAF Bank Umlted 24 Kings Hlll Avenue lang8 Hlll W8St M8lllng ME19 4JQ Lloyds Bank PIC 10 East street CNthestsr West Su888X P019 1HJ Sollcltors Stone lang LLP Boundary Hou$0 91 Charterhouse Streel London EC1M eHR
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Chalmi8n'8 $t8tomant Twsteas, rep)rt Sta19ment otlnJst8es' respJn8lbilitle¥ In*8ndont auditorf$ report stalement offan81 advlll88 10 Balance sheet 11 Notes to tho ffnanclal statsments 12-25
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 1.1 can repcffi fhatour w8ttor numb8rs In 2024 were 28.910 Compar wlth 30.470 In 2023. 2. In 2024, we held an Open Cod(plt and D Day Evont whlch was muth enJoyod by 811 vl8ltors. 3. In tha ¢uffant year wo ar8 Pteased that we have tu date been ablo to hold e VKtory BO Event whon w8 welGomed almost I.( sItOrs. 4. The ambiOn lo devgyop and Improve Museum facililies conllnues. 11 1$ hopgd thel $uble¢l to receiving 8 IlmBly Flanning wnsent thal the next stage can conWnu8 over the usual winter dosgvdown pgrl¢xl. 5. The finania81 ¢ondMton of Iho Museum eonllnues lo bg strong wh*h prov]de8 the OFWrtunity lo aUIr0 ralevant artefacts which may b8m0 ovallablè. 6. Flnalty, on behalf of fhe Tw5t Council I want to thank the many volunts•r8 havo supported the Museum Ihroughout the past year and lor their contlnued fvture supporL The amount of talant and dl¢of10n cannot ba overstated. On behalf ol the Trust Council, l thank them all. TDMHatton Ch&lmian Dal8: .
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Thg trust89S Ptasonl their anFwJal report and finan1 Statements for th¢ ygar anded 310ecember 224. Th? IInHn•I stotemenl$ havg been prepor&J in #ccord8nce vhth tho attntIng pojlciès sat out In not8 1 to th ftnanci81 stalemenls and comply wtth the chariVs Memorandum and Artide3 of A550ciation, Iha Companles Act 2006 and "Acu)untlng and Rèportlng by Charities: Statement of Recommended Pr8¢tiC8 aprAi¢8ble to charftte5 preparing their accounts In amdanc8 Wtth the Flnandal Reportlng Standard appli¢ab16 In the UK 8nd Republic of Ireland IFRS 102). leffath 1 January 20191. objèct15 and actlvttl The charrty is prlncipalty engaged In 8dvandng IhB gducayon of Iha publlc by th8 dlBplay of alr¢rafi, milltary equlpmènl and ortefacts relating to military avjation hislory. Tho ¢hariV$ otyg¢Uves are setout In the Memorandum ofA89thJatton and #rè 88 faltows: o adv8n¢e th& odur*Uon of the publlc by the lStrUctiOn aFKt provtslon Df a Museum fot the wknlic dlspiay of alrcraft and 88ron8uIIcAI 8qulpm8nt and other items related lo aon and aallOn hlslory." Th8 twsle88 conffirm Ihat Ihey have pald duo regard to the guldance glv8n by Iho Charlty Commlsslon on publc bgnefit. Th& Museum axlsts to promote awaM6ss of the UK nllitary avlalon herltaya and to odu¢ate prosgnt and future generaUon8 In mllltary aviatron by.. Exhlbhlng tho hi¥tvry of thg &lrtr8ft personnel Involved In rn11ary aviation wilh parttar reféreno8 to RAF Tangmer8 and its unique place #) that hlsiory. Servtng as a m8morial to those alH•d 8th•n and aINmn who gavo thelr Ilves In the 5ervlc& of Ihi county. Tho Musaum alms ara to: . Socuro and ¢on58rvg all art¢facts Ihot together fc the collectlon. Present and amhibli •rtefaci8 In 8 r8spècUul mann•r for thg uctiOn ofvisitors. and revlew the operallon a vlew to Fnsvring a kJng-leTm futu. Malntaln a strong sense of cornmltment and partnership 8mong81 all voluntsern and to dwelop t1r skills and ablllues In the interests of excellence. Buld and maintain 8pproprf8ts Ilnks othar r8levanl organisations. In d8livering these alm8, the MuBeum18 ¥taffed gnknroly by volunts9rs. Mgmb¢r¥ of staff wort( aw88 0 w(de range of activities Indudlng vl8itor 8ervke8, curalTng Ihe coll$¢11, education. 8pecial events and gnglneortng. Tho trustgas have pald due regard to guldance issued by lh8 Chartty Commls$lon In deddlng what aetim•S thg ¢hartty shd undartakè. Achlthwntnts and p¢rfomJanc• Tho Museum anjoys a Strong Iln&ndal coTrJltksn with an adequate cash poslticm. The Museum coThth)ue8 to attrxrt hlgh qualty voluntoars to sustaln tha of tha Trust
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Mu$um Collecllon During 2024 and the yearto dats thg Curatorial team have been bu8y rgfr88hlng dlBpla Tho tru¥ts8& 11 nIInUe lo add to the collection relevant artefacts when they be¢ome avallabl¢. The Museum is fulty acoredlt8d and is r•qulred perlod1¢I1Y to ré4pply for wistrafion. The team responslble have be¢n engaged In prepabln9 Ihe extgn8fve thJuJm•ntallon. Bulldlng$ 8nd $ll¢ malnfenan¢e Th8 davalDpm&nt plan ha$ baen in traln lor me lime. Unfortunately. th8 Museum Is dopendonl upon land bglNJ madg avallable by other8. A planning application has been submtited In order to Incr&a8e 8nd improve vfsltor faclltues The approval Is awatted In order that the that th& work can be carrlad out durfng the n8xI dosedown perfod. Stsff Tr#lnlng The Museum is (except foi one 8mrAoye8) stAffod 6nUr¢ly by volw)leof8. All appllcan18 undertake an inductlon process whlch Indudas safaty Infomallon, pclwAes. and prrxedures. Gltldes are prOded w6th detai18d InforMaOn on the Museum exhlbrts. FirslAd tralnlng18 providgd. The Mustsum h88 an ongolng programme for fire tsalnlng. Worklng wlth schools The Musèum h8s A dedicatéd 8du¢8lon ts8m whl¢h provldes a number oflh8med programmes desbJned to Interg the various $ge grou. Pgrhap3 due to Ihe pres8UTe8 of the School rriJ1um, the numb&r of school8 bolng able to Mllo¢ats Ilme tD such visits is limite(F. In addttron. the D)st oftsansport continues to have an effact Flnanclal revlew 11 Is Ihg wllcy of the charfty that unr08tricted fundE whith havo noi baan d8stgngt8d for a 8pectfK use shoukl b& maintained at a level equivalent to betsveen three- and six-month'g axp8nditur8. The tru81888 C0ft8id8r that r83eNes at this18vel will ensure that. in the evenl of a slgnlfi¢ant drop in funding. they wll be able to continue the ch8rity8 currant actrvities while considerarfon 15 gen to ways In whlch addifjonal fund8 may be ralsed. Thls level of Teserves has bgon Maintaed thmughout the Yr. Plans lor future p?Tlods The charivs objectives for 2024 and 2025 a8 follow3.. To conlnua to provlde a prop8r hlstory ot the Tangmere airfield and thg RAF togethgr exhlblls whlch 11 be of Inlere¥l to vlsltors. To 8e¢)Jra the fijture of the Museum by conflnulng to attract sultablg commlW volunt88rs. To *c4uir8 relevant 0rt8facts and dlsplAy In an 8pproprfate mannèr. To develop and Improv8 tha vlsltor f8dllllèB. Structurni governance and management Th8 charity i8 a company 11mld by guarantee. The Trusts, gtsvemlng dowmenl Is the MamcY4ndum and Artldas of A$socS8ti0n.
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (ACOMPANY LIMITED BY GUARANTEE) TRUSTEE5' REPORT (INCLUDING DIRECTOR'S REPORn (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Th8 trusteos. who are also the directols for th& purp088 of company18w, and who seNéd during the year and up lo Ihg date ol slgnature of the financial Sia18ments re.. Mr FA Thomas Mr P F Consf8bl8 Mr R ne$ Mrs B M Thjmpson Mr D HO8Y Dr J H Trevor MrTDMHatton Mr P S Dav18 Mr P Hèrb8rt MrFBCde8eer Mlss O J M Randall Mr C Snrt {ResIgrd 28 September 2024) {Reslgn8d 26 $8pt8mb8r 2024) (ResIgn 26 Soptember 2024} (Appointed 26 SoptsmbÈr 20241 (Appolnkd 26 September 2024) (Appointed 26 September 2024) TTUSte8S are elected by a vote and Inllially 8orve for a perfcKI of three years. Tfustoes are ellglNe to put Ihemsthes lorward for Ig-election al the nexiAGM fonow]ng thelr Ihree-year period. New truste85 are maiJ¥ famillar wlth their legal obllgaon8 under charfty and company law, the contents of thg Mgrnorandum and Articlts8 of As8od8llon, Iho committe& and declsion-making process and the fec4nt financAal P8rfom18n¢e of th8 ¢h8rity. Tru8t•es are 8ncourAg8d to att8nd appropria18 extemal training events where the8e w[ falItate th8 undertaklng of the role. Audltor In accordance with th8 ¢ompanW3 arfdes, a rluOn prO{ng Ihat Moore {Southl LLP be reappc4ntgd as auditor of th• mpanY11 bB put al a General Meeling. Dls¢losur• of Infomiatlon to audftor Each of the twslees has confirmed that thBre Is nu informaOn of whlch they are aware whlch 18 relgvanl to Ihg audll. but of whlch the auditor is unaware. They have further conllrmed 1hal they have taken appTOPrt&te steps trj 1Igntty such r818vanl infom)aUon ond to e6tabll8h that the audltor Is aware of SLth Inforrnalion. Thi3 rw ha5 been prepared In a¢(x)r(lance wlth the spedol provlslons of Port 15 of the CompaniesAct 2006 relating to small Lx)mpanl88. Tha trustees, report was epproved by the Board ot Trustee8. TDMHatton
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Th8 trustees, who ar8 also thg dlrectors of Tangmere Military Avi8Uon Museum Trust Limited foi the pvrpo¥B of company law, arB responsible for preparfng the Trustees. Report and tho flnancjal sl8t8m8nts in accordance with appllcable law and United Kiigdom Accounting Standard5 (Unhed lfjngdom Ggngrally Awplod Accounting Practlca Company Law requlres the tru6tses ID prepare ftnandal stslements for each ffinancial y8ar whl¢h glv8 8 true and fair ew of th8 State of affai of the charity and of the Incomlng resouices and applic4Uon of resour¢è8, Inejuthng th8 Incorno and 9xp8ndllurg. of the charftable company for th81 yBer. In propn9 th989 fln8nclo1 statements. the Iru$te88 are i¢qulred to: - seleet sullable aceountlng polct8s and then apply them nsIstnty. - observe tha rnethods and wOn¢wles in th$ Charltles SORP. - mako judgements and eslimates that 8r8 ro88onabl• and prudant. - st8te elher opplicable UK Accounting Stsndard8 have been followed. subled to any matsrfal departum8 dlsdo8od and axplaln8d in th8 financlal statemgnts; and - Prepare financral slatements on thg going o)ncem basis unless il 18 inapproprfale lo presume Ihal th8 thorlty will cLK)tinue in optrrafK)n. The tnJstee6 are re8pon&ible for keeplng adequatg accountlng rgwrds ihat disdosa with reasonable ac¢ur8cy at any time the fin8nclal position of the charity and enabl8 them to ensure that the financlal statements comply with th Companies Act 2008. They are also r6SPDnslble for safeguarding the awts of the chorfty 8nd hence for takjr Yeasonabio step$ for the prevention and detectlon offraud and othèr Irr8guladlgS.
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 Oplnlon We have audtt8d the ffnandal statements ol T#ngmére Mlllt#ry Aalon Museurn TTUSt Limlted (the '¢harfty) for th year onded 31 D&c8mber 2024 which comprise the 8tatsmonl of ffinan¢Sal ath. Ihe balance sheet and not#s to thè flnandal statÈm8nt5. including slgnificant accounlng pdIC$. The tlnondal repoTUng framework that has been applled In their preparation Is applleAble law and United Klngdom Accounung Standards. tncluding Financlal Reportlng Standard 102 The Flnan¢Aal Reporthg Standard 8ppTh¢abl8 In the UK and Repuhlle of Irelond Iunlted langdom GenerallyAc¢eplod Ac¢ountlng Practica). In our oplnbn, the finan81 3tatements: glve a true and fair viow of th& sts16 of Iha tharltabla o)mp8nV$ affalrs as at 31 Decemr 2024 and of Its Incomlng resour¢8s and appll¢aUon of resources, Induding its Income and expendlture, for the y6ar then have bgen Pfoporfy prepared wi arxordonce wilh Unlted lQngdom Generally Accepted Arxounlng PctIce. and ha beèn ppared Sn a¢o)rdanc¢ wlth the Tequtrement8 of the Compani&8Aca 2(K)6. Basls for oplnlon We cE)nduct8d our ¥udll In 8eeordan¢o th IntemaUona Standards on Audlung (UK) (ISAS IUKI) and appllcable law. Our responslbillues trrNSgr th05• standards ara further descdbed In the AIAlkorfs re8ponslbllilie8 for lh8 audlt ol the t7nanGlal slatemenls section of our report. We ore Indepdon1 of the charity in accordance wRh th8 ethlcal requlTements that are relevant to our audit of the flnanclal statem6nts In the UK including the FRC8 Ethlcal standard. and we have ftFlfilled our other e1hlcal r8sponslblllll89 In aceordgncg wth these requirements. We b811evo Ihal the audlt evidence we have obtsined Is 8ufflclent and approprfot8 Iv provldo a basis for our oplnl¢)n. Coneluslons r•lotlng to golng conc•rn In audlling the flnanclal StalenntS, we have concludèd th8t the tnJsl803' use of th& golng C1)n¢ bast8 of accounting in th8 PT8paration of the financial 8tatements18 appropdate. Based on thè work we have pèrforyned. we have not Identiried any material uncert8inUes relating to events or Conditior that, indsvidually or collectively. may $t slgnlflcanl doubl on the charW8 ability to continu8 as a going concam for a period ofal least1we months from whon th& flnandal Statements aré authorised f issue. Our responSI'11tie3 and the r88pon3lblllllg8 of the Irusloes wlth raspact to golng ¢oncgm are described in tho relevant 88ctions of this repcwL othèr Infomiatlon The other inforniation comprfB88 thè infomi8llon Includ8d kn tho annual report other Ihark the flnancjal statements and our audilorfs Teport thereon. Th8 trustees are re8ponslble for the other information contained within the annual raport. Our opinlon on the finanoal statements dogs not cover the other information and, 8x(*pt lo the extent oth8[$ gxpliatly stated In our report. we do not express any fomi of a8suianc8 CLM¢lu$ion thern. Our rssponsibilty is to rea(1 tho olher Infomatton and. In doing so, consider whether the other inlomation 18 matarialty InnsIStentwth th8 finandal 8t8tsments or ottr knoedge obtained in the course of the audlt, or otheiSe appears to bo m8t8rlally misstat8d. If wa Identlty such material inc4)nsisteno8s or apparent molerial misstatements we are rèqulred to determine whelher Ih18 slves rise to a wnaterial mi¥stal8ment In tho finala1 statements themselves. tf. based on the Work wo have perfoTmed, we condud8 th8t there is a mat6rfal TYwsstst¢ment of thls ¢)ther Infomatitin. we are requlred to report Ihatfact. We have nothlng to report In thls regard. Oplnlons on other mattern preser1d by th• Companlos Act 2006 n our opinK)n. ba$8d on thtr work undertaken Sn the course of our audit.. the tnfomiatlon given in the Iru5tees' report for Ihe Itnancial yèar for whith th¥ finontyal statements are prepared. which Indudes th& dlrectors. report prepared for the purposes of comp8ny law, L8 conststent th the flnan¢ial statements.. and the dIrectS, report Includ w4th1n tNsteBs' report ha8 been prepared in g¢rJJrdance with appllcable legal Tequir8m8nts.
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED Mattgr8 on whlch wo are requlred to rgport by ox¢4pllr¥n In the Ilght of thè krwIdg8 and und8rstanding of the charity and Its envlronment oblalned in the course ol th8 audit, we have not identified rnaterfal mlsststements in the diw1o. port induded wlhin the tru5t8és' ffjpo We have nothlng to report in respect of th8 following maltorn in rel8On to which th8 Companies Act 2006 TequlT03 us to report to you il. In our opinlon.. adequate accounting rd8 have not been kept, or r0M$ adoquate for our audlt have not been re¢elved frorn branche8 not vislted by us,. or Ihe financial 8latemon18 are not In agraamant vAth th8 occounting records and retums.. or certain disclosuw of Iwste. remuneratlon specffied by law are not made,. or we have not r8ceiv8d all tho infomiation and explanation8 we require for our audit", or the INstee$ were not enliljed lo prepare thè tlnandal stalemants In acc>)rdanc& th8 small companles regime and t8ke advantage ofth8 smal 1MpanIes, ex0mpen5 In preparing the IrLsslees' report on¢J fvom the reqviremenl to PTepare a strategic reporL R¥sponslbllltl•s oltrusteo$ As explalned more )lJlly In the statement of tnJ8tees' reBponsibllities, the trustees. who are also the dlrs¢tors of the charfty for th8 poSe of company law. are responsible for the preparallon of Ihe financlal statements avKI for belny satlsflEd Ihat they givo a IrLtè and fair view. and for such internal control as the Iruslees delemilne Is necessary lo ¢n&tsl¢ thg pr&p8raUM of financlal s18tgments that are free from materfal mlsstatement. whether due lo fraud or error. In preparing tho fjnanoal statements, the trustees ar8 reSponsIe lor assesslng the charitys ability to continue 8$ a going nceM, dl8ct08ing, as ap1¢&bI8, mattèrs r8lal8d to golng concam and uslr¥J the golng ¢on¢em b8Si8 of a¢counUng un1088 tho trust8as althèr Intènd lo IlquIda th8 charftabla company or lo cease operaUon8. OT have no rea118Uc altsmallv8 but to dL¥ so. Audltorfs rgsponslbllltlès forth¢ audn of the Ilnanclal 8Lthment8 Our obléctives are to oblain reasonable 8ssurdnc8 8bout whethér th8 llnandal slatemants 85 a who18 are free from material misstaloment, whether due to fraud or error, and lo Issue an auditorfs report that Indudes our opinKJn. Reasonabte assurance is a high level of assurance bul Is not a guarantee that an audlt conductsd In acwrdance h ISAS (UK) will always dete¢t a mat&fjal mlsstatement when It exlsts. MIs5tatetnents can arise from fraud or error and are consldered matertal If, IndldUallY or In the aggregate. they c4Juld reasonobly be expected lo InflUc8 th9 0(x)non¢ d8dslon$ of usèrJ taken on the basls ol these flnandel statemen A furthèr dès¢rtplon of our r88pon8lbllltlès Is availab18 on thè Flnanclal R8wiin9 Coundl's b5110 al.. htt.-IA www.fr&crg.uklaudilorweBpon8ibililies. Thks description foms part ol our avditorfs r¢port. The extent to whith wr procethjres are Gapable of d8tecling iffegularillgs, induding fraud, is detailed below. ExplaDatlon to what èxtsnt th• •udlt was consld8r•d c&pabh of dotsctlng Irr•gularftl•s, Includlng fraud Tha objectivès of our audit in rgspaot of fraud, are.. lo Ident*fy and assess the rtsks of malerfal mtsstalemenl of th8 flnanclol statemgnl$ dug to fraud.. to obtaln suffldent apprgpAate audlt evlden¢e regordlng the assessed risks of matedal mlsstalem&nl t1uo to fraud, through deslgnlng ond IMpleMenn9 8PPfOPFlate responses lo hose asse58ed skg,. and to re$ponsg 8pproprf8t6ly to Inst8nc6s of froud or suspect fraud Identtfied durfng the audit. How8v8r. the prlm8ry r88pon81hlllty for th8 pr8venUon and d&t8dlon of fraud tests wllh both managomant #nd those charge8 governance ofthe charftable company.
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI INDEPENDENT ALIDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED Our approach was as flOW$.. The eng898mont partner $elgcted staff for the audit had appropriate knowledgo of th6 d18nl and had the requirgd Competen and skills lo be able to hlenlify or reco9nl80 non-complltyncg 18w$ a1 rogu1811on$. We 858essed thg rlsk of lffegulathw as part of our audlt Fdannlng, and ongoing review. induding th080 due to fraud. management override was Idgntiftpd as a $lgnhlcant ftaud rfsk. Thls is due to the abilty to byp8BS controls through inappropriat8 8xp8ndllure and accounJng pollcies adopted. Rev8nue iecognjllon was Ideniified as a SIgnMnt rf8k to ts audlt. th8re Is a rfsk thai salas are inComete wtthln the accovnting reo)rd$. We obtalned an underslanding of thè legal and wulatory requlremenls appllcablg lo thè ¢har and we consFdered tha most slgnifi(anl to be Charfles Act 2011, the Charlty SORP, and UK finand81 reporttng standards as issued by the Flnandal Reporting Councll. We Considered how the charitablg eompany complies wlh th¢se roqu1ments by dlsujsslons wfth management and those charged with 90m&n(. We enquire(l of management and those charged wlth govemance as to any known instsrtces of Th)n- fximpli8nl 01 8uspe¢le¢l non-compllan(% wSth laws and r8gulaUon& ConsideratKJn was also mado of fhg Intemal ¢onlrol8 In pla¢& lo mltigats tha Identlfted rfsks. Wo asseBsed th8 control envlronmBnL dacumgnting the sysl£ms. controls and processes adopted. The audit approach Incorporated a comblnation of controls whore appropriate. analyfical revbw and substantive procedures Involving tests of transacuons and b8larkc88. Any iTregular1eS notod wgre di$cJJssed 7thth martagamenl aTrJ addmonal corroborative evtden¢e was Obtae 88 requir¢d. To SdrS the rf$k of fraud through management oveTride we.. p8rfom8d an#lytl(¥l pro¢edur89 to Ident any unusual or unexpeded ratIOnShIpS. testgd tran88ctlDnal data lo Idenilfy any unusuHI Irans•clk)ns'. teBted items of 8xpendituT& to ensurB that they wero v811d and approprfats,. • reeWed transactions wlth related parties, indudh)g Trusle8s' expenses,. • assessed whether Judgem8nts And assumptlon$ mada kn detèmlnFng th8 accountlng èBtlmatas were indicative of potential btAs,' and • r8wewed tha disdosures withln the financlal 8tat8Thnts to en8ur6 they meet the requlfemgnts Lrf tho accounting standards And rélevant1gJislaUon. In rgsponse tu the rlsk In respon58 k) the risk of lffegularitles wilh 98rd5 to the complglene$$ of Income we: ayreed a 88mple of income re¢eNed from Source do¢um8nladon Into fv accounlng retxKd8.' rewewed board minutes foT ewdgnce of any lurther unre¢orded In(x)ma Induding1gg8d98' WKI Frformed 8natytical procedures. comp3ring lo •xpectatton8 and prioryaar rgBuIts. Thera ara inharent limitations in our procedure5 descrfbed above. The more Teffloved that laws arKI regulatlons aro from financlal bxnsadlon$. the less Ilkely It is that we would becorne avraie of non-compllan¢o. AudKtng standa a150 Ilmlt the audlt pro¢8dures raqulred to klanrffy non.compliance th laws and regulatlons to enquiry ofthe dIr8cto and olhgr managamenl and the InSpelon of reguIAlory and legal correspondence. If any. Material mi$5tatements that allse duè to fraud can be harder to dotect than Ihoso th81 artse from orror as they may Involve deliberate con[ment or collusion.
TANGMERE MILrrARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF TANGMERE MILITARYAVIATION MUSEUM TRUST LIMITED U8• of our report Th18 r8POrt Is mada solèly to th& charitgble companws members. a8 a body, in accordanc8 Yth Ch8Pter 3 of Part 16 of the Componlg5 Act 2006. Our audit work has been undertaken so that we might Stats to the charilabla CoMpanS memb8r3 those m8tters we are qUired to state lo them In an auditots report and for no other purp05a. To thè fullest extent perrnitted by 18w, we Lfo not 8ccepl or assume responsibility to anyone other than the charilable company and the ¢haritsb]e Ipan$ memb8rs as 8 body. for our audit wotk. for thls report. or for the oplnlons we have fomied. Loulsa Hastlngs ISenk)r Statutory Audltorl lor and on behall of Moore (South) LLP Chartored Accountsnts ststutory Audltor ty Gatss 2- 4 Southgale Chichester Wast Sussex P019 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 2024 unltr¢thd Unre8lrfct¢d fund8 funds general delgnat•d 2024 2024 Total Unrestrl¢ted Unrestslctsd funds funds 98nBT41 d•slgnai8d 2023 2023 2024 2023 Incomo and endowmqnts from: Donallon8 and leg8d08 Chadtablo a¢Uvibe$ Investments Other Inco 81.387 253.272 131,374 11.925 81.367 253,272 131.374 11.925 51.787 263.284 80.519 10,140 51.787 263.284 80.519 10.140 Total Incomo 477,938 477.938 406,730 405.730 Exp•ndltrè on: Rol$ln9 funds Charitable adwfles 21,994 339.161 21,994 339,161 16,668 312,929 16.668 312.929 Totsl expondr¢ 381,155 361.155 329.597 329,5WI Nel galnsl(f)ssesl on Inveslrnents 10 114,289 114.289 141.383 141.383 N•t In¢om• and mov8mont ln fund$ 231,072 231,072 217J16 217.516 Re¢onclllatlon of fvnds: Fund balan¢as at 1 January 2024 1.623,708 3.000,000 4,623,708 1A06,192 3.OLN].000 4,406,192 Fund balances at 31 Docember 2024 1,854.780 3.000.000 4.854.780 1,823.708 3.000.0 4.623,708 The Statoment offlnandal acUvlU&s Includgs all galns And1088 recognlsad In th& y&ar. Al Incom• and 6xpenditure dar from eonunulng aCtlE1& 10-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET ASAT31 DECEMBER 2024 2024 2023 Notes Flxod oM•ts Intanglble assets TarrfJible assets Herllage 8s$8ts Investments 15 16 17 39 743,111 183.366 3,755.134 1.995 887,023 174.368 3.584,298 4,681,850 4.447,682 Currènt ass•ts Debtors Cash at bank and Sn hand 41,661 157,315 45,326 169,809 198,976 215.135 Credltofs: amounts falllng due withln ong y¢ar 23 {25,8461 (39.1091 N¢1 ¢umnt a5¥0ts 173.130 178.026 Total assets less current Ilatsllltl85 4,854,780 4,623.708 Nèt assats axcludlng p•nslon Ilablllty 4B54.780 4.623.70B Tho funds al th• ¢harlty Unrestrlcted funds- gBneral unlo$¢[0d funds- doslgnaled 1.854.780 3.000,000 1,623,708 3,000.000 25 4,854.780 4,623,708 Thè88 financial statements hava been plepared in accordance Y+ilh the plovlsions applicable to ccrfnpanies subje to the 8mall companies Teglm& The flft9nd 5tatsm&nts wgre approved by Ihg trustses on.... TDMHatton Trustee Corry)any reglstratton number 02208865 (England and Wales) 11
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng p¢Al¢lè• Charlty Inf¢mi8tlon Tangmer6 Milttary AM8tion Mu$8um Trust Llmited is a prfvate company limited by guaTantee ino)rpor8t8d In EnglanLI and Wales. The gIStre offi¢% is Tongmera Museum. Gamecock Terrac8. Tangmer8, Chlch88ter. P020 2ES. Every mernber of Ihe company undertake¥ to conlrfbuts ¥uch amount a5 may be rgquirgd Inut pxc90ding £11 to thg companls assels rf it should b& wound up they are a m8mber. or thin (Jne year aft8r ho 90$ lo bg a mgrnbor. The nauro of the charlty And th8 prfnryal aCtiv8S of the o)mpany arè noted in th8 Trustees Report. 1.1 Accounting Gonventlon The finandal ¥tslements have been prepared In ocwrdance wSth Ihe charitls Memorandum and Artides of As80c18Uon, the Companles Act 2006. FRS 102 The FlnaneAg1 Reporting Stsndoid applicable in th8 UK and R8publlc of Iroland. fFRS 102.) and thè Ch8ritias SORP 'AcUting and Reporting by Ch8rFh65.' Statemonl of Recommended Practkg appllcablg to chHrities preparfng their ¥wJunts In 8ccOrdan YAlh thB Finan¢lal RepoTUng Standard appllcable In the UK and Rapubllc of Sreland (FRS 102r leffe¢tlvo 1 January 2019). Th8 charity Is a Publlc Benefit Entlty as define(I by FRS 102. The th9rfty has taken advantBg8 of the provisions in the SORP for chaTiiTes not to pr8pare a Statsmenl of Cash Flchvs. The tJnan¢lal staternBnts prepared In stwllng, whlch Is thg fvndonal currgncy of thg chgrlty. Mon¢tary arn(nts In these finandal 8tstemgnts are rounded to the Iw8resl £1. Th8 finandal statem8nts hav8 been prepared under the hFstovical c0510)nvenlion, modified to indude th8 revaluBtton of Investments at markot valu8. The prinupal acuunling pc4iThes adopted are set out below. 1.2 Golng Gonc8m At the tlrne of approvtng the )Inonclal statements, the InJstee¥ hove a reasonable expectation that the charity has adequate resources to o)nOnue in operational existence for the foreseeable future. Thus the Irsjstees continu8 to odopt th8 going corum bosFS of ac£ounting in praporlng fin8na•l statgm8nts. 1.3 Charltablo funds Unrestrfcted funds are Bvallable for u58 at th8 dk%rellon of the tru3ts88 In furtherance of th8lr charitable objedves. Deslgnatsd funds have been allocated by the trusts6s aljow frjr expanslon of tho rnu5eum or replaee th8 buiklkng In the fvture. Restrtcted fijnds are subject lo specffic conditlons by donors as to how they may be used. The purpose8 and UBes of the r85tricted funds are set out in the notes to the finandal statements. 1.4 In¢ome Incijmels recognised and induded in the accounts whon all ofthe foll0vng criteria are met: Th8 chority has entlllementto Ihe fund$ Any p&rfornianc* ndItionS atlached tD the Incom8 have been met or ar• fully wilhin the control of the tharlly There 1$ 8uffidentcertalnty Ix)ncemlng wcelpt 0fts Inme.. and The amount mèasured rd18biy 12-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng pollclo8 Icontlnued) For legaci88, entiiloment 1$ taken a8 the 88rli&r of.. The date on whith thB charity18 aware that probate ha8 been granlgd: The estate has been fjnalls8d and notificalton made by the exeDJtor(sl to the Museum that a djslrfbullon 1[ made,. or Whan dlstrfbutlon15 r8c01v8d from tha astata. Recet of 8 16gacy. In Who or In part. Is only consldgred probpblo 7knon tho 8m¢unt Can bg maasur8d reliably and the charity has baen nolTfied of the exeIDrfS intention to make a distllbubon. Wherelogaues have been notified to the cknar6ty. or the thartty is aware of the granting of probate, and the criteria foi Incoff re¢ognition have not been mel, Ih8n th8 3¢Y is treated as a cThilingenl asset and disclosed tf material. Intsrest on funds held on deposit 15 INAuded whon receivabl8 and the amount Can be measured reliab bythe bank. Govemmtsnl orants ara r8¢ognlsed at tha falr value of thè a1 rec8iv•Y or re¢e]Yable whtrn thore 18 reasoftab assurance that th8 grant condltions wll met and thè grants will bè received. A grant that spefieS performance condiuons Is reco9nised in Income when the perfonnanc8 condlllons are mel. Wherg a gfant dogs not sptfy pgrfornian condlllon$ tt Is r¢co9nlsed In Incom$ when the pro¢oed$ Bre Tecetved or recefvable. A grant rece before the recognttlon criterfa are $8Usfied is roc¢gnlsed as a Ilabl. 1.5 Exp•ndltur• Expendtture18 recogn560d onco thero Is a legal or cort8twcttV8 obllgauon to make a payment to a thlrd party. 5t is probable that setuement wlll be requlred and the amcyjnt of the obllgatlon can b8 mèasufed rellabty. ExFndlbjw8 Indudes Irrecoverable VAT. and Is reported as part oftha expandlture to whl¢h It rdatgs: . Cost of i8rj funds comprjsas c%ists 8ssodat8d wlth thè m8nagam8nt of cha& Invèstrngnt porttolEo. Charitable oxpendtlure compfises those InCued by the charity In the delfvery of Its activlU8S 8nd Services for its b8neficiarfes. It indudes r¥Jsts that can be allated directty to such aGutIeS and th098 costs of an indirect nature necessary to SUPFYt them. Support costs indude th080 costs assoclalad rn8eUng tho eonstliulon81 8nd statutory requirements ol tho chority and include tha audm fvgs and costs Ilnkgd lo tho 8traleglc management oftho ¢1)0rfty. Tho sUPPOrt are all all[ald to charitablg wsts. 1.6 Intartglbl• fid amots other than goodwlll Sofre development is inllially recognlsed at cost and 1$ sub$equenty measured at cost less accumulated amortisation. Amortisation is r8cognis8d so as to vnit&off tha st I&s5 thair rasldu81 v8lugS. OV6r their useful Amorvsation 15 T8niSd so as to wrlte off the cost orvaluatlon of usats18ss r8sfdual valuas ov8r thdr usaful Ilv8s on the folln9 bas8$.' sofvar8 33% straht lina basis 13-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aecountlng pollclgs IContlnu•d) 1.7 Tanglbl? •d a8¥0ts Tangible fixed assets are Inalty measured at COBI and 8ub8equenlty measured al rA)sl net of depTeclation and any impalrment losses. Depreciation is recognised so as to Wflte off the cost of a888t31888 thelr re8klual values over thalr u8eftJl liYe8 on the followlng bas¥'. Improvement lo freehold propeTty Flxtuw and fittln IAotorvehlde$ stralghl Ilne over 50 years 25% redun9 balanco b8818 25% reduclng b8lan¢g ba8ls The galn or loss artslng on thè dl$poso1 of an a8$8t 1$ detwmlnad as the djfference btheon Ihe proceeds and the earrylng valua of tho asset. And Is racognlsed In th8 Stotement ofllnandal odtvlUe8. 1.8 H•rftag• assats The artefacts comprising the Museum collection are hi8toric In nature and fall thin the definition of Herita Assets wthin Accounting and Reportlng by Chartties: Statement of Recommended Pr8Ctlc& appllcable In the UK and Republlc of Ireland (FRS102) (effectlve 1 January 2019)- (Charwos SORP {FRS1021). The trustees constdor thal h would be diffieJJlt 8nd cosuy to attrfbute valu88 to donated artefacts becaus8 of thglr unlqu8 natur8 and they ara 8ccordlngty axdud8d from thè Balanc• Sh08t 88 p&mlttad by thé Statsm•nt of Re¢ommèn(led Pra¢ll¢8. Purchased artefacts roeordod wluln fixed 01$ at cost pric8 and ar8 not depredaled on th6 ba8iS that th 8re consideied to have indefinite useful lives. An annual r6view is ¢atri&J out to cor]der Impairment a5 re5uII of, for example. physical deterioration or damage. 1.9 Flxèd ajaet Inve¥tments The M(tseum holds Ilsted inve¥tments fr)rthe purposes of protscling the capital value of funds heid In Tes8rve. Tha Mu88um applle8 a policy of revaluallon to mid-markel value. Investrnents are recorded as flxed aBset trNe8tmenls u8S they are expected to be reallsed wlthln 8 12 fflonlh perio¢J from balarÈce 8heel dat8. 1.10 Impalrment of Ilxed assets Al each r8porting end date, the ¢harfty review8 th& ¢aftng amounts of its tangSble and Intan9lb]e a88ets to d&tormln8 whether there 18 any Indl(3flon that tho88 assets have SLtffered an impa[Mnt loss. If any such Indl(zUon ox18ts, fhe recoverable amount of the 8&8el is estimated in order to d81ennlne the axtenl of the impalrmenl1088 (tf any). 1.11 Cttsh and ca$h oqulv•lentB CBsh and ca8h equfva18nts ara baglc flnanclal Instruments and Include Cash in hand, deposits held al ¢all wllh banks, oth8r 8hort-t8rm Ilquld IatrnIg th orInal maturlÈTes of three months or less. and bank OYOTdrafts. Bank overdraft8 ar• shown borrowings in curT8nl liabile$. 1.12 Flnan¢lal In$trumgDts The tharity has financtal asB8ts and finan(¥al Ilabilities of a klnd that quo11fy 8$ bo$1¢ flnancial Instruments. Baslc financial instwments ara inltialty recognlsed at tr8ns8Ctlon valuo and subsequanuy measured at Ihelrsettlemenl valuo.
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounllng pollcl Icontlnuodl 1.13 Taxatlon The charity Is an exempt charity wllhin Ihe meaning of schedule 3 of the Charflles Act 2011 and Is con81dered to Pass the tests sèt out in p8r8graph 1 Schedule 6 of Flnance Act 2010 and. theTefore. K meets th8 defintbon of 8 th¥ritoble company for UK ¢orpoTallon tsx purpos¢s. 1.14 Employee benefits The wsts of short-lgm employee bon8fits are recogntsgd as a liablllty and an expgnse. unless thosg ¢oslB are reqred to be reixjgnised a8 part of Ihe cost of stock or fixed ass¥ts. The cost of any unused holl¢Jay entillemenl Is recognlsed in th8 pertod In whith the employee's Se¢88 8 TamRaOn benefits are recogniqed Immedlatsly a8 an expen66 when the chartty Is demn8tsabty commltted lo termlnate the employmenl of an erwea or lo provlde termlnayon benefits. c1ft11 a¢¢ounttn9 estlmate* and ludgamonts In the appfication of th8 ctrAitys accounting pollcies. th& trustees arè required to make judgoments. Bsllmates and assumpllorb$ about thè eArrylng amount of ass&ts and Ilabl¥Ua$ that are not roadlly gpparont from other sources. The estlmales and assoclated assumptlons are based on hlstorlcal ¢xperfgnc8 and other factors Ihat are conslderad to bg relev8nl. Actual results may dlffor from esumaies. Tha 8gttm8tÉs and Und8n9 8sÈumptlons ar6 rèvlèwèd on 8n ongolng b8sls. Revk8ion$ to aceounung e5ttmate8 are TecognLspd In the perlod In whlch the eSrnate Is revi8ed where the revision affects only that riod. ur In the pertod of the revl8lon and future perfods where the TS1on affec18 both cent and fuiure periods. The In86 hav8 c¥)nslder&J th8 assumptlons and thara are no araa8 rUlng gnlt Judgamenl or stimailon in the ffnandal st8tamants. Inrom? fr¢m donatlono and leBaclo¥ Unl1ct•d Unrestrlctsd funds nds goneral gènèral 2024 Don&lions and grfts Legac¥8s recelvable Membership fee8 Deed of Covanant 11,304 31.306 8,897 31,860 10.772 7.716 33.299 81.367 51,787 15-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable actfvltleB Unrè5tri¢tsd funds general 2024 Unrestrfcted fvnd8 g•neral 2023 Musoum Museum entrance fees 253.272 263.284 Inm& from lnvtm•nts Unrestrlcted UnreBtrf¢ted fund¥ nds ganoral 98noral 202 2023 Income ftom listed Investments Internst re¢elvable 128,541 2,833 77.695 2,624 131.374 80.519 ¢Xhgr In¢omg Unro$trf¢tsd Unre8trlcièd nds funds general general 2024 2023 RBnt roceivable 11.925 10,140 Expendlturo on rnlglng fund¥ Unr•strletsd Unr•strlct•d funds funds general ganoral 2024 2023 Invostment manageThnl 21.994 16.e68 16-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Exp8ndltur8 on chartta141• activltkns Museum 2024 Mu$¢um 2023 DITgCt Staff costs Depredallon and impawm9nt R8185 and watsr Llght and heal Advertlslng 25,084 18.634 1.148 25,338 19.496 6.230 16,545 1.853 16,697 21,219 k li Travelling 8xpen8ts8 Insuran¢9 Printing. F*)stsge and stallry (stock adjusted) W8b8ite d8velopment Maintenance and repair5 Exhlbltlon dlsplay and aqulpm•nt rontal Miscellaneosjs Security costs and equlprnent Tental Prof08$1onal 1898 Momorlal garden 46,141 15,494 59.410 13.778 13.600 2.963 63.686 2,005 24.115 4.770 15.065 435 1.699 70.561 4.070 28.108 16.249 2A18 270 283,354 262.371 Share of #upport #nd gov•rnance costs (Jee note 9) Support 31.746 18.812 22.763 339.161 312,929 Analysls by fund Unresldcaed fundB. general 339,161 312,929 Support COSts allocat•d to actMtle• Total Tolat 2023 Deptedatsn Telephone B8nk ch8ry88 Inter681 Canteen and deanln9 Governanca 11,626 9.114 3,746 8,558 22,763 12,516 8,250 7,318 18,812 55.807 50.558 17-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocat•d to actlvllloj {Contlnued) 2024 2023 Governance costs comprls•". Audil fees Accountancy Legal and profe8slonal 13.230 10.000 7,828 6,441 22.763 18.812 10 Galns and los• on InVlMOnts Unrnstrlcted UnreBtrfcted fundts funds genoral 5onÉral 2024 2023 Gainsllloss88> arfslng on: R•valuaUon and 8ale of Inveslmer 114,289 141,383 11 N•1 movemgnt In funds 2024 2023 The net movemeDt In funds 1$ statgLI aftor tharglngl{¢redltlng): F¢es payablg forth8 audit of the chariW¥ financial statements Deprgoation ofowned t8nglbt816x•J assats AmoFlisalton of intsngible assets 13.230 28,304 10.000 27.105 1.956 12 Trustee8 Nono of tha tsusteeg (or any per80ng COn¢ted vAth them) recelved any rernunaTac or bervaffts from the chortty durfng Iho yaar. Trustses are relmbur8ed travd expenses Sncurred In th•tr role 8s volunto8rs. A total of £88212023.. £2,271) was relmbursed to 5 twstees In year121)23: 4). Donatlons In ros of Frfend$ Mbe[shIp $ub8criplion¥ totaling £11712023: £20) were made by 3 ttU8tee in th8 yoar {2023-. 1}. DonaOon$ m8d8 were deemed to bg unrestricted. 13 Employee4 The average monthly nLvnbgr of gmpfoyeg$ durfrwJ thg yearwas: 2024 Numbor 2023 Numbor Totsl 18-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Emplo• (Contlnu8dl Employmwnt costs 2024 2023 Waggs 4nd $818rf0s Sodal securfty costs othBr penslon costs 25,000 (4791 563 5.750 480 25,084 6.230 Tho thartty gmployed ono member ofstaff from 1 October 2023. Ther8 wem no employe8$ whose annual remuneraflon was more than £60.000. 14 Taxatlon Tho charfty Is axempt from tsx on Incom& and g8ln$ Mlng thIn 80Ctlon SOS of th8 Taxets Act 1988 or 8ecUon 252 ofthe Taxation of Charggable Gains A& 1992 to the extent that theBe are applled to its charitable oblects. 15 Intanglbk fixed amets SolhYar• ¢t Al 1 January 2024 and 31 December 2024 5.927 Amort18atlon and Impalrnwjt At 1 January 2024 Amortlsalon Chargod for tho ygar 3.932 1,956 At 31 Dttember 2024 Carrylng amount At 31 Decèrnbgr 2024 39 At 31 Docgmber 2023 1.995 19-
TANGMERE MIUTARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Tanglblè tlxed as8•ts Impro¥•iftth Flxlure •nd Motrrv•hld to frgqholll fittlnu6 proporty Toiql At 1 January 2024 Addbkn8 871.712 79,365 136.846 5,027 13,888 1.022A46 84.392 Al 310ec¢mbw 2024 951.077 141,873 13,888 1,106,838 D•prnelatlon and Impalmi•nt At 1 J8nu8ry 2024 Doweda16on ¢harged In thg year 220,497 18.¢150 101,771 9.671 13.155 183 335.423 28.304 At 31 D8¢emb8r 2024 238.947 111.442 13,338 363.727 Carrylng amount Al 31 December 2024 712.130 30.431 743.111 At 31 Decernbgr2023 651,215 35,075 733 687,023 17 H•rltago aM•ts Total At 1 January 2024 Pur¢hase8 174.366 9.000 At 31 Dec•mb•r 2024 183,366 The chartty holds numerous addluonal hebltage assets donated In th1$ and pr¢vlou5 yoats whi¢h a of o unu8 nature and In whlch th&re 19 no readlty traded market from whl¢h to 8s¢ertaln market values. Thesg herttag8 ag9818 have b88n èxdudad from th& balancè sheet due to fhe significant ¢0sts thatwould be involved In th8 valualan, whlth ar8 onon)us ¢ompared V41th tha additional benefft Ihal would be defved by users of the accounts In a8¥esslng the IfusleeB' 81ewardBhlp of the accounts. Flve yoar Summ 2024 174.368 9,000 2023 133.800 40,566 2022 133,800 2021 2020 117,300 105.300 16.500 12,000 Co61 bought forwatd Purd)as6S 183,366 174.366 133,800 133.800 117.300 Du& to tho nature oflhè heFltage a$sal8 no dÉpr8daUon or Impakniont hay been msde. 20-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Flxèd ass Inv•8tm•nt8 Llsted InveBtments Ca8h In oth•T portfollo Investments Total Cost or valuatlon At f January 2024 Addluons Valuation change3 DtSPO8819 3.530.874 1,083,262 114,289 (1,040.8481 (1.155.257) 47.424 1,169,390 6.000 3.584.298 2,252.652 114.289 12,196.105) At 3108c4mb8r 2024 3.687.577 61,557 6,OC#) 3,755,134 Cavrylng amount At31 Decen7ber 2024 3.687.577 61,557 3,755,134 Al 31 D8c8mber 2023 3.530.874 47.424 6.000 3.584.298 2024 2023 Other inve3trnent8 comprf8e.' Invesknen15 kn subsldlarf8s 21 0.000 6,OLKI 2024 2023 Inv8slments hold over 5% Axa Act crtjn Tmstn Stg BLry Inc Bny Mellon Glb Fd$ US Hi Yld Beta X GBP Dis H European Spec Inv M&G Cred Inv A GBP Hgd Di8 Robeo) QI Gbl mul Factor Z state Stre81 Gbl Aggrg Bd stale StrgBt Gbl Tsy Bd Idx 5.13 5.16 5.02 5.21 12.44 11.11 10.04 5.18 11.47 7A3 2024 2023 Investments at fair value C¥)mpris8: Ll8tsd Investments 3.887,577 3,530,874 3,887.577 3,530,874 -21
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Flnon¢lal In•trumèTht8 2024 2023 Carrylng amount of flnAnclal assèts Instwments measured at fdr value IhT¢Jugh prof or1055 3,687.577 3.530.874 21 Sub51dlarfos These finn81 8falem8nts are $8p8rate charfty flnandal slat8m8nts for Tangmere Mlllt8ry Avl&Uon Museum Tru$l Limited. Datsils oftha charity8 subsidiaries at 310ecember2024 aro a8 follDW8: Namo of undartaklny R•g15tered office Maturo of buslneJ$ Class el % Held shafeg held Dlrect IndlroGt T8ngmèr8 Musgum Tradlng UK Compally Ltsl useum glft shop Ordinary 100.00 The aggregate Capit and reserve& and th8 r08uIt for tho year of 8ubsidiarie8 excluded from consolld8ll( was a5 follows- Nam• of und•rtaklng ProfiV(Loss) Capltal and Ros•rv•s T8ngmar6 Musaum Tradlng Company Ltd 31.860 8.000 At the year end an amount of £32.154 (2023.. £33.593) wa8 due frorn the subsidiary. £31,86012023: £33,299) Is due specffically in rètalion to Deed of Covenant Incomè for th8 ye8T. 22 Debtors 2024 2023 Amounts fallSng duo wlthln one ygar. Amounts 0d by feNow group und¢rtakSrys Prepayments arKI accnkd ineome 32.154 9.507 33.593 11.733 41.861 45.328 23 Cr•dttors: amount8 falllng du• wlthln on• y•ar 2024 2023 other taxation and soclal sgcurfty Trade creditors Accrua18 and dgferred wKom8 580 13,255 12,011 1.313 25N96 12,300 25.846 39,11)9 22-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Retlr•ment benefrt schem 2024 2023 D¢tJngd ¢ontrfbullon ¥¢h8rn•s Charge to profit or loss In raspoct of detkned contrlbudon schemes The charity oporal89 8 defined conlrfbulk)n nsIOn 8chem8 for all qualng employag8. assets of the 8chèm6 are held 8epardtsly from thosa oftho charty In 8n Indepondanlly 8dmlnlgtar8d fijnd. 25 Unr•strlcted fundB- deslgnated D8slgnat8d fvndg arg thoso wN¢h have boen sot asldg Out of unr9strf¢ funds by thp Inthg9 for 8pedfic purposes. These ars unreytri¢tod fullds whlch arè m8tertal to thè charfty8 a¢tMU8s. At 1 January 2024 At31 DoGembDr 2024 FubJr• d•valopm•nl fund 3.000.000 3,000.000 Pr•vlous y•ar. At l January 2023 At31 D*c•mb•r 2023 Futtrn devglopmenl knd 3,000.000 3,000,000 De8lgnatsd ftjnds were approwd to be 881 a81de 81 a Tw8ts8 meetlng hetd on qoth February 2009 for th8 fLrture developrnenl of a new or extended Musevm. 28 Unrostrlctgd fund$- g•n•ral The unrestdcled fund5 of the charity comprf$e tha unexpended balances of donations and grants vthlch are not subled to spe¢lfic eA)ndGtlons by donorg and grantors as to how they may be used. At 1 January Incomlng 2024 rnsourc•s Resources •XP8ndad Galns and loss•s At31 D0Mr 2024 General fund8 1.623.708 477.938 (361.155) 114,289 1.854.780 23-
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlctod funds- general {Contlnuod) Pr0$ ar. At l January 2023 Incomlng R•sources rasourcas •xpond8d Gjlns ond loss•s At31 Doc8mb8r 2023 G8neral lunds 1,406.192 405,730 {329,5971 141.383 1.623.708 27 Anatysls of net assets tWO•n fundB Unr•8tricted Unrostrlct•d fvnd$ funds g¢n•rnl deslgnatod 2024 21Y24 Total 2024 At 31 Do¢•mbor 2024: Intangible fixed assets Tangibl8 ets H8ritag8 a8s8ts Investments Current a889ts1(lthilltie8) 39 743.111 181366 755,134 173.130 743.111 183,366 3,755,134 173.130 3,CKJO,IJOO 1.854.780 3.000.C 4,854,780 UnT•Strlcted Unra8trktsd funds fvnd8 neral deslgnated 2023 2023 Total 2023 At 31 D¥eèmb•r 2023: IntsrvJible fixed assets Tangible 8838ts Haritago ass•t8 Investments Current assetsllliabllities) 1.995 687.023 174.366 564.298 176,026 1.995 687.023 174,366 3,584.298 176,026 3,000,000 1,623,708 3.000.0 4,623,708
TANGMERE MILITARY AVIATION MUSEUM TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 28 Oporatlng &#& ¢ommttmonts Lo$s•e At tho reporting and dale the ch8rity had outstanding commitments for futura minimum1e8se paymnts vThJer nono8ncallabl6 oporating leases. which fall due as follow6- 2024 2023 Wthln one year B8tsv88n and fv8 yaars In ¢)wfive years 2.956 8.991 2,615 10,458 11,947 13.509