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 signif￿ant 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 d1￿CtorS 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 V￿th 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
rfIsF￿aY 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 coM￿eted 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 wh￿h 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 pr￿￿pr￿a&"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$F￿aY 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 develOpme￿t 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 servI￿s
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 DeCem￿r 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 ap￿ICable 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 re￿ived.
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 re￿pt 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 be￿een 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 ind￿allOn
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 ServI￿S 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 charit￿s 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 reSU￿S 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 C￿lY 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 be￿een
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 re￿iVed 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 defe￿ed 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-