Charty registration number 508326 Company registration number 013575S3 (England and Wales) MIDLAND AIR MUSEUM ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
MIDLAND AIR MUSEUM LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr K Dixon Mr M T Painter Mr G L Talbot Mr I P Welford Mr B WJames MrAR Evans Mr D Woodrow Charlty number 508326 Company number 01357553 Registered office Coventry Airport Rowley Road Coventry United Kingdom CV8 3NI Independent examiner Azets Audit Services 3Mc Middlemarch Business Park Siskin Drive Coventry United Kingdom CV3 4FJ Bankers HSBC P.0. Box 24 City Branch Coventry United Kingdom CV1 1QJ Solicitors Mander Hadley Limited Solicitors 1 The Quadrant Coventry West Midlands United Kingdom CV12DW Curatorial Advisor C van Schaardenburgh Head of CollectM)ns The Tank Museum Bovington Dorset BH20 6JG United Kingdom
MIDLAND AIR MUSEUM 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 nole 1 to the financial statements and comply with the charty's [governing documentl, the Companies Act 2006 and "Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities ptEparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021" (effective 1 January 2019). Objectives and activities The objects of the charity are to advance the eduGgtion of the public in the preservation of aircraft and aeronautical equipment of historical, technical. archive or other public interest relating to Coventry, in particular, and to the Midlands and aviation generally. The museum incorporates the Sir Frank Whittle Jet HeritwJe Centre with the object of presenting the life and work of Coventy bom Sir Frank INhrtUe and his influence on the world through the development of the jet engine. The Midland Air Museum's mission is to continue to be recognised as one of the leading independent collections, renowned for its friendly atmosphere and exceptional standards of customer servi. Feedback from our customers is continuously reviewed. Opportunities are provided for visitor participation and interaction with exhibits. The museum has an outstanding record of successful innovation in the use of an aviation museum as an educational resource for schools and for places of further and higher education. The Museum's objective is to be known for the range and quality of aircraft, engines and its regional collection and additionally for a continuous improvement in its standards of restoration and conseNation and also for the scale and scope of its partnerships with the communtty at large. The key aims of the Charity are to acquire aircraft. aircraft components and associated ilems to rther the purpose of the museum and to record aviation history relating to the declared statement of purpose. Additionally to promote the museum and ils purpose by outside exhibitions, lectures. media articles. publications, and public interaction and to take such steps that may be thought necessary for the raisng of additsonal funds to promote the Museum's purpose such as donations. grants and annual subscriptions. The Museum has a strategy to develop the skills of the current membership and staff with emphasis on the care of the collection, the quality of service to visitors and the excellence of displays. Additionally there is a strategy of generatlng grealer funding opportunities to supplement the Museum's own financial assets which will be targeted in an effective way. Our National Accreditation status is very important in this resFeCt. The Museum'5 long term strategy is to consolidate our customer base while looking for a wider paiti¢ipation and greater diversity. Major future developments will require funding opportunitie5 to be explored and the Continuation of accreditation status will assist in this objective. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
MIDLAND AIR MUSEUM TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance Regular visils from schools and cubs. scouts and beaver groups continued during the year together with visitor numbers maintaining good levels. The challenge for the museum staff and volunteers was to maintain a welcoming environment while recovering the time1051 in the rna1ntenan of and presentation of the collection. A summary of the main achievements of the Charity during the year.. The 3 major events during the year were the resumption of the Summer Model Show, the autumn Aviation Fair and the December Fair which were all wdl attended. A repaint of the Phantom aircraft was completed during the year with the aircraft continuing to be displayed in its Vietnam War era colour scheme The restored Fletner Kolibri helicopter has been displayed prominently and was included in the filming of a nl series featuring workshop restorations together with a long stnading member of the museum who carried out mLJch of the restoration. The engine restoration progressed during the year and. after completion, will be displayed alongside the helicopter in the new public display building A repaint of the lockheed Starfighter was completed during the year. A repaint of the Meteor Night Fighter was started during the year The plan to demolish the original workshop building and enlarge the area to position a larger building as a public display area was progressed during the year. Plans were submitted lo the local planning office and, following approval. the workshop was disassembled and removed, the slte was enlarged and prepared and the building was ordered and delivered by year end ready for on site assembly The pubfic area will include an additional toilet facilty and there is a separate area for a staff toilet and washing facility. The Trustees are very much aware of the support given by staff and volunteers and they would like to record their thanks and appreciation for all their efforts during this year. The Trustees maintain that the musem contributes to the regional economy with the employment of paid staff, the number of countrywide and overseas visitors and a policy of using local traders and stockists where ever possible The Trustees would also like to thank those individuals and oiganisations who have loaned exhibits and supported the Museum during the year. Financial review The Museum maintained a strong financial position through 2023, building upon the 2022 position, and continuing recovery from the effects of the pandemic. Total incoming resources for the year were £226.284 {2022: £220,630) and net incoming resources were £1,677 12022.. £27,367) Total available funds at the end of the year were £749,896 (2022: £748,219) 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 considers that reserves at this level will ensure that, in the event of a signifant drop in funding, they will be able to continue the charity's current activities while consideration 15 given to ways in which additional funds may be raised. This level of reseNes has been maintained throughout the year. The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks_
MIDLAND AIR MUSEUM TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management The Charity is constituted in accordance with its Memorandum and Articles. It is a membership organisation governed by a Board of Trustees, the members of which are elected from within the membership at the AGM. The Board of Trustees also acts as the management committee of the Charity with a structure that enables delegation of responsibilities, with an appropriate reporting mechanism to the Board. The Board of Trustees meet at least six times annually in a formal manner. and a specific training and mentoring programme is established for new trustees. The Trustees, who are also the d1CtorS for the purpose of company law. and V¥l)o served dunng the year and up to the date of signature of the financial statements were- Mr K Dixon Mr M T Painter Mr G L Talbot Mr I P Welford Mr B WJames MrA R Evans Mr D Woodrow None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up Heritage assets The whole collection of heritage assels are not capitalised because of the significant costs that would be involved in the valuation which are onerous compared with the additional benefit that would be gained by users of the accounts. However, major acquisitions of heritage assets have been capitalised since 1st January 2005 and depreciated in accordance wilh the stated rate.
MIDLANDAIR MUSEUM TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Plap.s for future periods Future plans afe defined and monitured by Means of the FoEWord Planning which is approved by the PK)ard and reviewed in conjunction wrth the Professional Curatorial Adviser and Ltpdated annually. Asumm8ry of the aTrn items from the plan foi the Cuirent planninq cycle is - The collects.on is to be developed in accordarice Vth the Chanty's Acqb'isition and Disposal Policy. It is planned that the new public display builtSno 11 be assembled. fully commissioned and open to thje public dullnq the fitst halt of 2024. The museum will continue wth the aquisition and fitment Oi rfIsFaY of the aiFcraft Tomado aircraft parts to enhane the Fqjblic To continue wtth the programme of reviewng and improving all the cabsnet display"s within the (h'splay hall. An area in the main hanger is to be used for spectfic displays for up to 12 months. It is planned that during 2024 there wll be a display to recognise the 75th anniveTsary ofAitfix Models. The Tornado Aircraft display will be mod"fie(i to recognise the 10th anniversary of the inttial prototype Iirst fliqht. A new disrjay featuring aiffields. pasl and present. wthin 25 miles of Coventry Atrport will be coMeted In 2024 To consolidate the skills traning of paid staff and volunteei membeTS. To complete the repaint of the Meteor NF"[craft To conbnue with the ongoing programme of airciaft collection preservation for whh the immediate schedule includes ihe Wicker5 Viscount. the Armstrong Ifthilworth Arg05y, and the Meteor NF14 aiicfaft. To conkn.nue with the ongoirkg wogramffle of enginr collect.oii prpra&"0n, speaficlilly the Goblin and Elan engines, and to prepaie an Oienda engine for display. Continue with the collection cataloguing In accordance with the accredFtation an and incorporab.ng the extensive Leopard aircraft archive. To cont.nue to use 3D Printer tecli riologi in the Museum's iestoiation projects as appropTFate_ Continue the planning of further improvemenls to the general Museum infrastructure including the wovision of a haid surface pathway Fiom the main d1$FaY hall to the Rolj'n hanger Complete the refurbishment of the toilet facifj.ties The planning ha5 been completed and a quotation agreed with a contractor for completson early in 2024. The Museum wll conts.nue to hold a Major model show in associats'on with Coventy and Warwickshire International Plastic Model Societri and the Museum Chiistmas Fair. Followng the success of the Aviation Fairs in recent years the Museum Plans to hold another Aviation Fail dur4ng ?.024. The Museum conlinues its educabonal as%ociation with Coventry University and maintains long standing associations w?th many lo(xl and Feqional schools_ It is planned to continue a progiamiT]e of visits by schools to the Museum and of Olrtreach talks. In addition to the above programme annIng will be cont.nued for develOpmet of the main entrance, shop and addikn.onal inside visftor and displav areas. Disclosure of information to auditor Each of ihe Trustees has confirmed that there is no informats.on of which they are awaie which is relevant to the audit, but of which the auditoi is unavraFe They have further confirmed that they have taken ¢ippropriate steps to identify such relevant information and to establish that the auditor is awdre of such inloimation_ The TrLtstees' report was approved by the Board of Tiustees. MrB James Chairman MrA R Evans Treasurer Dated.Al.-5- 24. 211slL
MIDLANDAIR MUSEUM INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MIDLAND AIR MUSEUM I report to the Trustees on my examination of the financial statements of Midland Air Museum {the charity) for the year ended 31 December 2023. Responsibilities and basis of report As the Trustees of Ihe charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordan with the requirements of the Companies Act 2006 (the 2006 Act) Having satisfied myself that the financial statements of the d)arity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial stalement5 carned out under section 145 of the Charities Act 2011 (the 2011 Act} In carrying out my examination I have followed all the applicable Direction5 given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I r))nfinn that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect" accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act.. or the financial statements do not accord with those records.. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examinalion-, or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across other matters in connection with the examination to which attention should be drawn in this repoiLinordeno enabltra proper understanding of the financial statements lo be reached. Robert Anderson Azets Audit servIs 3mc Middlemarch Business Park Siskin Drive Coventry CV3 4FJ United Kingdom Dated.. £1151
MIDLANDAIR MUSEUM STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Unrestricted funds funds 2023 2022 Notes Income from: Donations and legacies Charitable activities Other trading activities Investment5 2,744 125.087 93,538 4,915 14,547 116,511 89,122 450 Total income 226,284 220,630 Ex endlture on: Raising funds 326 95 Charitable activities 224,281 193,168 Tolal expenditure 224.607 193,263 Net income for the yearl Net movement in funds 1,677 27,367 Fund balances at 1 January 2023 748,219 720,852 Fund balances at 31 December 2023 749,896 748.219 The statement of financial activities includes all gains and losses recogni5ed in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the CompaniesAcl 2006.
MIDLANDAIR MUSEUM BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Current assets stocks Debtoro Cash at bank and in hand 13 239.039 188,560 14 15 22,163 2,197 494,371 24,607 3.y27 538,306 Creditors: amounts falling due withiil one year 518.K31 566.240 16 (7.8741 16.581) Net current assets 510.851 559,659 Total assets less current Itabilities 749.896 148.219 Income funds Unrestricted funds Oesignatett funds General unrestitcted funds 18 629.042 120,854 578,560 169.659 749 896 748,219 749.896 748.219 -, he company is enb.led to the exempb"Dn from the audit requirefflent contained in secbon 471 of the Companies Act 2006, for the year ended 31 DeCemr 2023. The directors acknowledge their responsiL¥'lib"es for complying w¢th the iequiiements of the Companies Act 2006 with respect to accounts.ng records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions apICable to comiBnies subject to the srnall companies regme. The members have not required the company to obtatn an audit of its finanaal statefflen for the year in quest.on in accordance w7th sectt'on 416. The cco s were approved by the Trustees on ..... Mr8 James Chairman MrA R Evans Treasurel Company Regi5tfats"on No. 013575&3
MIDLAND AIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies Charity informatlon Midland Air Museum is a private company limited by guarantee incorporated in England and Wales. The registered office 15 Coventry Airport, Rowley Road, Coventry, CV8 3AZ, Unrted Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's [governing documenti, 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 ol Recommended Practice applicable to chartties 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 advantsge 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 £. The financial statements have been prepared under the historical cost convention. {modified to include the revaluation of freehold properties and to include investrnent properties and certain financial instruments at fair valuel. 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 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purFDses and uses of the restricted funds are set out in the notes to the financial statements. Endowment ftjnds are subject to specific conditions by donors that the capital must be maintained by the charity 1.4 Income Income is recognised when the charity is legally entitled to it after any perfonnance conditions have been met, the amounts can be measured reliably. and it is probable that income will be reived. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless perfomance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gifl Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipl or otherwise if the charty has been notffied of an impending distribution, the amount is known. and rept is expected. If the amount is not known, the legacy is treated as a contingent assel_
MIDLANDAIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Expenditure All expenditure is accounted for on an accruals bags and has been classified under headings that aggregate all costs related to the category. Expendilure is recognised where there is a legal or constructive obligation lo make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT ts charged as an expense against the activty for which the expenditure arose. 1.6 Tangible flxed assets Tangible fixed assets are initi'ally measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their Useful lives on the following bases.. Leasehold land and buildings Fixtures and fittings Site assets 2%- 5% on original cost 10% - 330k on original cosl 10.fi on original cost The gain or loss arising on the disposal of an asset is detemiined as the difference beeen the &qle proceeds and the ¢aTrying value of the asset. and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indallOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and Condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturitie5 of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instiumentsjssues. of FRS 102 to all of rts financial instruments_ Financial instruments are Tecognised in the charty's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
MIDLAND AIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balan$. are initially measured at Iransaction price including transaction costs and are subsequently camed at amortised cost using the effective interest method unless the arrangement consbtutes a financing transaction. where the transaction is measured at the present value of the fvture receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cosl, using the effective interest rate method. Trade creditors are obligations to pay for goods or ServIS that have been acquired in the ordinary course of operations from suppliers_ Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Taxation The charity is an exempt charity within the meaning of schedule 3 of the charits Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finan Ad 2010 and therefore it meets Ihe definition of a charitable company for UK corporation tax purposes. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee'5 services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Retlrement benefits Payments to defined contribution retirement benefft schemes are charged as an expense as they fall due. 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 liabilits"e5 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 reSUS 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 ClY that period, or in the period of the revision and fLrture periods where the revision affects both current and future periods. 10-
MIDLAND AIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacies Unrestricted funds Total 2023 2022 Donations and gifts Other 2,744 1,547 13.000 11
UJ ry o v ly
MIDLANDAIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other trading activities Unrestricted funds Total 2023 2022 Shop and cafe sales 93,538 89,122 Investments Unrestrlcted funds Total 2023 2022 Interest receivable 4,915 450 13
MIDLAND AIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Raising funds 2023 2022 Fundraisin and ublici Advertising 326 95 326 95 Charitable activities 2023 2022 Staff ¢05ts Depreciation and impairment Cost of sales Gift Aid Donations Expired 87,726 15,797 63,983 705 76,474 15,231 55,714 3,136 168,211 150,555 Share of support costs (see note 9) Share of goveman¢e costs (see note 9) 51.628 4,442 38,703 3,910 224,281 193,168 14-
MIDLANDAIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Govemance costs costs 2023 2022 Rent and rates Insurance Light and heat Site expenses Office expenses Telephone Transport and travelling expenses Restoration Sundry expenses Bank charges 3,846 9.393 11,484 17,529 1,141 2,075 3.846 9.393 11,484 17.529 1,141 2,075 4.596 8,504 7.631 11,324 878 1,519 748 1,459 3,720 233 748 1.459 3.720 233 587 2.404 995 265 Legal and professional 4.442 4,442 3,910 Governan 51,628 4.442 56,070 42.613 Analysed beeen Charitable activities 51.628 4.442 56.070 42,613 Governance costs includes payments to the Independent Examiners of £3,495 (2022 - £2,950) for Independent Examination and other services. 10 Trustees None of the Trustees received any remuneration or benefits from the charity dunng the year. Employees 11 The average monthly number of employees during the year was". 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries Other pension costs 85,282 2,444 74,329 2,145 87,726 76,474 No single employee reiVed total employee benefits of over £60.000 15-
MIDLAND AIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Taxation The charity is exempt from tsx on income and gains falling within section 505 of the Taxes Acl 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 13 Tanglble fixed assets Leasehold Fixture5 and land and fittings buildings Site assets Total Cost Al 1 January 2023 Additions 270,412 66,276 123,455 13,377 407,2 66,276 At 31 December 2023 336,688 123,455 13.377 473,520 Depreciation and Impairment At 1 January 2023 Depreciation charged in the year 107.593 9,388 97,717 6,406 13,377 218,687 15,794 At 31 December 2023 116,981 104,123 13,377 234,481 Carrying amount At 31 December 2023 219,707 19,332 239,039 At 31 December 2022 162,819 25,738 188,560 14 Stocks 2023 2022 Raw materials and consumables 22.163 24,607 15 Debtors 2023 Amounts falling due within one year.. 2022 Other debtors 2,197 3,327 16 Creditors". amounts falling due within one year 2023 2022 Other taxation and social security Other creditors Accruals and defeed income 3,926 1,639 3,948 4,098 7,874 6,581 16-
MIDLAND AIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Retirement benefit schemes Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately frorn those of the charity in an independently administered fund The charge to profit or loss in respect of defined contribution sthemes was £2,444 (2022 - £2,145). 18 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Movement in funds Incorning Resources Balance at resources èxppnded1 January 2023 Movement in funds Incoming Resour¢es Balance at expended 31 December 2023 Balance at l January 2022 Fixed assets fund Building development fund Acquisition fund Reserve fund 190,791 13,000 (15,231) 188.560 66.276 (15,794) 239,042 255.000 255.000 255,000 55,000 80.000 55,000 80.000 55,000 80,000 580,791 13,000 (15,231) 578,560 66,276 (15,794} 629,042 The trustees have designated various funds this year as follows: The Building Development fund is to provide funds to enable more exhibits to be displayed under cover to improve the visitor experien and to protect exhibits for the fvture. The Acquisition fund is to provide funds to enable suitsble exhibits to be acquired when they be¢c¥ne available to continue to develop and improve the museum's collection. The Reserve fund is considered sufficient to cover the operating costs of the museum for a period of six months. 19 Financlal commitments. guarantees and contingent liabilities In 2001 the Museum acquired a MIG21 aircraft with the assistance of Prism funding. The amount recaved was £2,000 which would become repayable should the Museum sell the aircrafl. 20 Related paty transactions During the year, the wife and daughters of Mr B. James were employed by the museum at open market rates. Mr 8. James was excluded from all discussions and decisions related to their employment. 17-