Charfty regl8trallon number 508326 Company reglstration numbèr 01357553 (England and Wale$) MIDLAND AIR MUSEUM ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11 *AE71TINM* 1810712025 COMPANIES HOUSE A15 #43 MIDLAND AIR MUSEUM, LEGAL AND ADMINISTRATIVE INFORMATION TN$togs Mr M T Palnter Mr G L Talbot Mr I P Welford Mr B W Jame8 MrA R Evans Mr D Woodrow Mr D Carter (Appolnted 7 November 20241 ChaTlty numb•r 508326 Company numb•r 01357553 Ro918t•r•d Covènty ￿rport Ro*l8y Road Co￿nty Unlted Kingdom CV8 3AZ Indgp•nd•nl oxamln•r Azets Audlt Servlce8 3Mc Mlddlemarch Buslnes6 Park Slskln Drlve Coventry Unlted Klngdom CV3 4FJ 8ank•r8 H88C P.0. Box 24 Clty Branth Co￿ntry United Klngdom CV11QJ 8ollcltor• M3nder Hadley Llmlted Solldlors 1 The Quadrant Coventy West Mldlands Unlted Klngdom CV12DW Curatorlal Advlsor C van Schaardenburgh Head of Collections The Tank Museum Bovington Dornel BH20 6JG United Kingdom MIDLAND AIR MUSEUM CONTENTS Page Trustees. report Indopondenl exarnlnerfs report Stalement of financial acllvltl88 Balance 8he•t Notes to the financial statements 8-18 MIDLAND AIR MUSEUM TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The TruBt•es prwnt thelr annual report ond Ib)an¢lal 8t418ments for the yoar endod 31 D•cernber 2024. Thg finandal statements have been prepared in accordance wllh the accounung pollclos 801 oul in note 1 to the financial slat8m8nts and comply wilh the charfV6 Igovemlng document], the Companles Acl 2006 and 'Accounting and Reporting by Charities: Staloment of Recommènded Practlce appllcable to charities prapwing their accounts In accordance with Iho FinaneA81 R8porling Standard applicable In thè UK and Republlc of Ireland (FRS 102). (8ff•cth 1 January 2019). Objectlves and •ctlvlll•• Tho objects of the charfty are to advance Iho education of th8 publlc In the preservation ol alr¢raft and aeronautlcal equlpment of hlslorlcal, technlcal. archlve or olher publlc Intern61 relatlng to Coventry. In partlcul8r. and lo the Midland6 and aviatlon genornlty. Tho museum InCO￿OrateS the Sir Frank Whittle Jel Heritage Centre wlth the obj8ct of pre8entlng the life and work of Covanty tK>m Sir Frnnk Whltue and hi8 influence on the worfd through the developmenl of the let eng1M. The Mldland Alr Museum's mi88lon 18 lo conlinue to be recognised as one of tho leadlng Independent colledon$. renowned foT Its frlendly atmosphere and excgplion813iandaTd8 of customer service. Feedback from our customers Is continuously revlewed. Opportunltles are provided for vl8ltoi partl¢ip81ion and Interndlon wtth ethlbll8. The museum ha$ an out$landlng record of successfvl Innovaiion in the use ol on avlatlon museum AS an educattonal resource far schools and for places of futhor and hl9her educallon. The Musoum's objecfjve Is to b8 known for the rnnge and qu811ty of alrcraft. anglne& and Its reglonal collocllon and addltlonally for a Mnllnuous Improvefflent Inlts 8tandard8 of rostorallon and Conservati(￿ and also for tho scal8 and scop8 of its parln•rshlps wlth tha communlty at lar90. The key aims of tho Charity are to acqulrn alrcralL alrcraft compononts and 858oclated Items to ￿rther tho purpo80 of tho muswm and to fo¢ord aVIat￿ hlstory ￿lalIng to tho dadared 8tatem￿l of PU￿90. Addlllonally to promote the museum and its puw by oul8lde exhlbMlon8, lactur88, Thdla artlcl8B, publlcatloTh8. and publlc Interactlon and to lake such steps that may be thought n8c*ssary for the rn18lng of addlllonal lund8 to prornote the Museum's purpose 8uch as donatlon8, grants and annual $ubscrlptlons. The Museum has a strategy to develop Ihe skllls ot thè current m8mbership and slaff with ernphasls on the care of the collection. the quallty of servtce lo w6il(vs and the excèllanca of dlsplays. Addlllonally twe is a strategy of generating grBator funding opportunities to supplement th8 Museum's oym flnandal assets vthlch will be iargeted In an effectlve way. Our National Acerediiallon statU61s very Important in th18 rospe The Museum's long tsrm stratsgy13 to Mn¥olidat• our cu8lomgr ba60 whlle looklng for a wld•r parOclpall+Jn and greater dlverslty. Molor future developrnenls VAII requlrn funding opportunities to bo explored and th• LX)ntlnuallon of accredilatlon stalus wlll asslst In thls oblecllve. The Trustees have paid due regard to guidance i8sued by the Chafrty Commission in deciding what aciiv¢ties th• ¢harity should tsndettske. MIDLAND AIR MUSEUM TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Achl•voments and p•rfom?•nc• Regular vislts frorn schod$ and ￿b8, scouts and beaver groups contlnuad during the year tO9elher wlth vlsltor numbers malntslnlng good levels, Thé challenge for the museum 8laff and volunteer8 was to maintain welcom5ng envlronmenl whlk rgcovwing tho time lost kn the maintenance of and presentation of the collection, A summary of the maln 8chl6vements ot the Charty during the year. The 3 rnaior events during the year wer? the resumptlon of the Summer Model Show, the autumn Avlatlon Fair and the December Fair whlch were all well atterKled. A repaint of the Phantom airuaft w88 compleled durlNJ the year wlth the alrcreft continulng to b8 dlsplayed in Its Vlelnam War ern colour scheme Tho rastored Flath6r Kollbrf hell￿PIer ho8 been dl8playod prominently and wa$ Included In Ihe filmlng of a TV 8erfes featuring workshop roStoratlon8 tog6th8r wlth a long 8tnadlng m•mber of th6 museurn who canl8d much of the restoratlon. The Flettner onglno restoratSon progre&sed durlng th• yaar and, . after completion, wlll be dl8played alor¥Jsldo lh• helicopler In the new public dl8play building. A repalnt of Ihe lockheed Starfighlor was completed durlng the y88r. A repaint of the Metw Nlghl Fl9hter vras completed durlng lh8 ygar The new dlsplay bulldlng was Gommlssloned and opened to th8 publlc befor• th• summer perfod and has proVId￿ a welcome addlllon to the Insldg alrcraft dlsplay aroas. The museum conllnue8 Its oducallonal assoclallon YAlh Coventy Unlvarnlty and wlth many local schools for •du￿tIOnal vl8lts The museum ha8 contlnued Its as8ociatlon wSth local Gornrnunlty groups and host8 regular maetlng8 for 3 clubs throughout the year The display celebratlng the 75th annlversary of Alrfix wa8 completed by Ea818r and was promlnenl for tho remalnder of the y8ar, resumlng In muth vi81tor Inlargst Tho Trustees am very muGh aware ol the 6UPPOrt glven by staff an(1 vdunteers and thoy would like to record thelr thanks and appreclatlon for all theSr efforts durlng this year. The TNslegs maintain that th¢ musem ¢ontributes to the regional econony wilh the emplDyThenl of paid Blaff. the numbei of countywrde and overseas visltors and a pollcy of using local traders and stoc*ists whera ever P0881ble The Trustoes would 8180 Ilk• lo thank those IndJvldu818 and o￿aniS￿lI0n1 who have looned exhlblls and 8UPPOrted Ihe Museum during the year. Flnanclal r•vl•w The Museum malntsined a strong flnanclal position thr<)ugh 2024. Total incomlng re$¢)urces for the year were £235,321 (2023: £226.284) and net outgolNJ resources were <£23,685) (2023, net incKJmlng re$ouices'. £1.677) Total av8llable funds at Ihe end of the year were £726,211 (2023: £749.8961 It is the pollcy 01 the charity ihat un￿{ricted funds whlch have not been designated for a specific use should be malntained al a level equiv81ent to between Ihree and s5x month's expenditvre. The Trustees MnsideTS Ihat reserves at Ihis level will 8nsuro that. In the event of a signlficant drop In funding. they wlll be able to ¢ontlnu8 Ihe charlty's current acuvltles whlle conslderatlon Is given to way8 In whlth additional funds rnay bo raised. This level of reser¥es has been malntained through0￿ Ihe year. The Tru8tees have 888es$ed the major rlsks to whl¢h tho Chariiy 1$ ey4osed. and ara sallsfiad that $y8tem$ are In place to mltlgata exposure to the major rlaks. MIDLANDAIR MUSEUM TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 8truclur•i governanu •nd management The Charity18 constituted In accordanca wlth its M8moAndum and Artlcles. tt Is a membernhlp organ18atK*n gov43rned by 8 Board of Tfustses, the mombgrs of ￿1¢h are ele¢ted from within tho mombershlp at theAGM. The Board of Tru8teos al80 acts as Ihe management commtttee of the Charlty with a slructure Ihat enables delegation of re8pon$ibilltles. wlth an 8pproprfata repor￿ng methanl3rn to the Board. The Board of Tnjstees meel at least slx times annually In a formal manner, and a speclfic tralnlng and mentorfng programmels •stsbllshed for new trustees. Th8 Trustoos, who are also th6 dlrectors for the purposa ol company law, and served durlng tho year and up to the date of signature of the finanrial slaiements wero: Mr K Dixon Mr M T Painter Mr G L Talbol Mr I P Welfud Mr B W James MrA R Evan$ Mr D Woodrow Mr D Carter (Resigned 2 Odober 2024> {Appolnted 7 Novgmber 2024) Nono ol tho TN6teas has any b8n8ficial inlorost in the ￿mpanY. All ol Tru8lea8 are mombor6 of the o)rnpary and guarantee to contrlbut• £1 In th• evént of & wlndlng up. H•rlt•g• aig•ts Tho wholg collectlon ol hetttage assets aro nol capitallsed because of the slgnlficant co8ts that would be involved Sn the valuatlon vthkh are onerous compared V4ryth tho additional benofil that would be galnod by users of the a¢￿￿nIs. However, major acqulsltlon8 of hedtage essets havo been capllallsed 8ln¢e 1st January 2005 and depreciated ac￿rdanC• wilh the 8tated rnt•. MIDLAND AIR MUSEUM TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for fulurn prfod8 Futur• ￿aTh8 are dellned and monltored by means of Ihe Forward Planntr)g IB approved by thfr PAxrd and revl•wed In ry)nJuncllon wth the Pro106slonal Curnlorlal hl¥ber gnd updot•d ATfflualty. A Burnm•ry ol the maln Iterns from Ihe rAan for Iho (Tht plannlng cycl* 18 . . Tho Mll•Gllon Is to be dovobped In 3￿X)￿an[* th• c￿litI8 Awuisnlon arKI Dbposal Pollty. ++• . Tho Musoum vlll ￿nIInUe to hold a sumrn8r model shtyv In ass0datk￿ vAth Covanty 8nd Warwlckshlre Inlemationol Pla8tlc Model Soclety, a Musaum ChrIsl￿￿5 Falr and an AvlDllon Fair. The Museum 4411 ￿ntInue wllh the acquistlon and filment of Tornado alr￿ parts to enhan￿ the publlo dlspky ￿the alm • To ￿nonUe wlth the progrnmme ol revlewlng and improvlng all lh8 cablnet dlsplays vthln the dllplay ho11. The arna In the maln hang8r, used speclfic digpl8ys for up to 12 months. wlll house an exhlbltknn feBtsAthg the Iconlc Boelng 747 alrllner duTlrvJ 2025. Th18 alruaft h89 n(M flnlghed pa8sero?r seNft*s aft•r 55 y8ar8 arKI has revoluilon55ed le15ure and bujlness travel. To Mn$olld8te thè 8klll$ trolrong ol pald Staff and volunteer fflemborB. . To Intt￿te tho repalnt of Ihe VlckeTS Vlsc%wnt and theAmistrong Whlhvorth Arg(>sy el￿raft., . To rx*ntlnuo wlth the ongolng programme of alrnft collgdlon preservalon tr whlch th8 lrnmedlate 8chedul8 Indudes the Ughthlng F.6, the Am)strong Whlhvorth S88 H8wK the Woslland WhIrl￿Thd. the do Hav}ll￿d Dove and the NorlhAmerfcan F86 Sabre.. • To contintso wlth the ongolng programme of englne colledon pre88N8llon. sp8c1llca1￿ the Goblh and Elan . englnes, and to prnpare an (h-end8 englna for dlsplay. Corrtlnue wlth the coll8ctlon catalogulng In accordance ￿4th tha acmdttatton plan and IncoTror8th¥ the exten￿ Leopard alrcraft archl¥a. Ib wnVnu8 to U58 3D Prfnter te¢hnolcqy In tho IAusourf8 roglorallDn woJ&cts as opproprfate. • C<¥ntinuo the pl•nnlng of furth•r Improvoments io the genernl ML¢8eUrn Infra8lnictura Includlng the pmvlslon of a hard surface PBthway from the moln thplay hall to the RobSn hang•r. The Musgum contlnue¥ Its ￿Uc•1[0naj OWJ¢iattons wlth Coventy Untvernlty and malntalns long tsidlng aS8OCAatlons wlth many local and reglonal schools. 11 Is plonned lo cortlnuo a progromffie of vlth by schods to the Museum and of outrnach talks. In addltlDn to th8 above programme plannlThJ wlll b• Mntlnued ft)r development of the maln entran￿. 81 and addluonal Inside vlsltr and dlsplay area8. Dlsclo•urn of Inforniatlon to audltar Each of the Thiste8B has confinned th8t Ihor¢ Is no Informallon of whlch Ihey arp owaro *thlch 1$ relevant to the 8udil, but of ￿lch the audllor Is unoware. They have furlher confirmed that thay have taken appropdate 8tsps to Idenoty such rolevant Informatlon and to aslabllsh Ihal the audllor Ls oware of Such Inforrnatk>n. Th? Tru5knas' was approved by the BO8￿ ofTNstees. hlrB Jamos C￿lmian MrA R Evans Tr•asurnr Dated: . MIDLAND AIR MUSEUM INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MIDLAND AIR MUSEUM I rewt kn tho Trustees on my oxaminalion of the financlal ststements of Midland Atr Museum (the ¢harfty) for the year ended 31 Decen*Jet 2024. Re8ponslbllhle8 and basls of r•port As Ihe Trnstees of th& charfty (and al80 its directors for the purposes of company law) you are respons1b￿ the Preparatlon ol financial staloments In acMrdan¢e with the requiremenls of the Comp8nl8s Act 2006 (the 2006 Act). Ha￿n9 8atl8fled my8olf that the finandgl $tat•ments of Ihe charity arv not r•qulr•d lo b• 8udlted under Part 16 the 2006 Act and are ollglblo lor IrKlependent examlnatlon. I report Sn respoct of my ox8mlnallon of the charftys financlal 8tstements carrled i)irt ur#Yer Sectlon 145 01 the Charitles Acl 2011 (the 2011 Act). In carryln9 out my examlnallon I have foll¢￿8d dl the applleable Direcilons gfven by the Charity Comml8Jlon undor sedlon 145(5}(b) of the 2011 ACL Ind•p•nd•nl •xamln•f8 •tat•menl I have completed my wmination. l u)nfinn that no matter8 havo come to rny attenfjon In connec1￿ with examinatson glvin9 me cause to believe that In any matèrlal respect: accountlng records were not kepl In ffj$pect of Ihe charity a8 requlrod by so¢tlon 386 of Ihe 2006 Acl: IY the Ilnanclal statem8nts do not accord wlth Ih05e rernrds; or the financlal statements do not comply wlth Ihe accounlrvJ requlrements of Secuon 396 of the 2006 Ad other than any r8qulrem8nt that the accounts glve a true and falr vlew ththlch18 nol a matter ¢on8ldffed a$ part of an Indèp8ndont oxamlnation: or Ihe Ilnandal 8lBtemen18 have not be•n propared In acmrdanco with th• mèth'od8 and prlnclp1•8 of the Statement of Rewmmondod Pr8cllco for accountlng and r6POrtlng ty tharftSe6 appllcable to charitles prepaling Iholr a¢counts In actordanc• wlth the FlnarKlal Reporting Slondaid appllcable In the UK aThJ . R•public of Iroland (FRS 102). I hav• no conc•rn8 and have come across no other rnatters in connedlon w6th the examlnaiion to vthlch attentlon should be drawn In thls n order to enable a proper understanding of the Ilnancial statgmgnts to be reached. Robert And8￿On FCA Azets Audll SeThlce$ 3m¢ Mkldlemarch Bu8lng88 Pa Siskin Drive Coventry CV3 4FJ Unlted Klngdom MIDLANDAIR MUSEUM STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unr•$trfct•d Unrestrlcted lunds lunds 2024 2023 Notes t)onations and legacies Chafltable actlvltles Other tradlng actlvlties Investments 1.748 126.921 97,396 9.256 2.744 125.087 93.538 4.915 Tol•l Incom• 235.321 226.284 Ral8lw lund8 495 Charltable 8cdvltle8 258,511 224,281 Total •wndtturn 259,008 224,607 Net (•xpendltiirnylnGome lor yearl Net mov•m•nt In lunda 123.685) 1.677 Fund balances at 1 January 2024 749.896 748.219 Fund balan￿8 at 31 Doc•mb•r 2024 726,211 749,896 The 8talement of financl81 actiYStl08 Indudo3 all gains and108888 recognlsod in thè year. All Income and expendlture deriv• from contlnulng actmtles. The ststement of financial activ•ties a160 ￿mplIeS with tho requlremonts for an Income and expendilure ac¢ount under the Companie$ Act 2006. cMirJcfi MIDLANDAIR,MUSEUM BALANCE SHEET AS AT31 DECEMBER 2024 Flx•d Ms•t8 Trngiblg 89s6t8 13 235￿4 239.039 14 15 YJ,201 3245 472.060 22,163 1197 494,371 DEbtor3 Cash at bank ond In hand 499.108 518,731 Cr•dltW8: 4mounl• lalllng du• wlthln on• y••r 16 (8,729) (7.874) 490.37T 510,857 Totsl •M•lo euff•nt l•bll#l•• 728211 749,896 Incom• fund• Oeslgnlt￿ fvndl Gonoral unrn8tri(*ed funds 100,377 120.854 726211 749.898 726211 749,896 The company Is ènlitled to ts oxemplrln fTom tho audll requlrement ￿￿thIn￿l ID ￿lI)n 47T of Ihe Comp￿1￿8 Act 2006. far the ypar ended 31 December 2024. The dlret*rn acknovrtodge tholr rnspon￿￿I￿eS ts comptyiTrJ *lth thv rnqUIr￿errt* of th• Comparlo8 Ad 2006 wllh rngpct to a¢w)uiftln9 To￿ld& and Ihg pro￿T￿n ol fingndal slalom￿1¥, Thew Ihaftdal 8tatements h•¥• tJ•bn rnpared In th• prnylelon8 applicablo to comwdnla8 subject to th• •m•ll (¥Jmpanl•8 rnglm•. Tho rnombern havg nol requhl th¢ oxTrpany to tsblaln an of It8 ffn8ndal 8tatemeftts for th? >*ar lfi questlon In actorfDn(* wlth 89Ctlon 478. Thg ts ware approv￿ by t￿ Tru•lae8 on ... Mr8 Chalrman MrA R E¥an8 Comp•ry R•Dl8tratlon No. 0135Y553 MIDLAND AIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢countlng pollcl•• Charlty Inforniallon Midland Air Museum Is 8 prlvate compary Ilmtted by guarantee inmrporated In England and Wales. The re9iStered offic8 Is Coventry Airport, Rowley Road, Coventy. CVB 3AZ. Unlted Klngdom. 1.1 Accountlng conventlon The financi81 statements have been prepared in accordance wrlh the charltyls [governing documentj. the Companies Act 2006. FRS 102 Yhe Flnanclal Reporting Standard applicable in the UK and Republic of Irèland" <'FRS 10Y) and Ihe Chaiities SORP "Accounting and Repo￿.n9 by Charilies: Staiement ol Recommended Practice appllcable to charities preparing their accounts in accordance with the Financol Reporting St8ndatd applicable In the UK and Republic of Ireland (FRS 102)" (effecllvo 1 January 2019). The c￿rIty is a Publlc Benefft Enttty as d￿Ined by FRS 102. Tho charity has taken advantage ol the prc*vi8lons In the SORP for tharftles not lo prepare a Stalwnent of Cash Flows. The llnanelal ststements are prepared in sterflng, whlch Is tho functlonal cuiren¢y of the Charfty. Monetary amounts in these financlal Statew￿Trts are rounded to the nearesl £. The financial siatements have boen prèpared under the h18torical cost ￿nventIon. lrnodlfied to Includè the revaluatlon of freehold propertjas and to include investment propertles and c&rtaln flnanctal instruments al falr valu8]. The prlnelpal 8c¢ounts'n9 pollcies adopted are Set out below. 1.2 Golng Can￿M At the Ilmo of approvlng the Ilnanclal statements, Ihe Trujtees have a reasonabl• expectotlon that the d)arfty has adequate resources to ￿n11Thue In op8retlon81 exlstenca for the lore8ee8ble future, Thus the Truste•8 conllnug to adopt the qolno concern ba$l$ of accountlng In preparlng the flnanclal stalements. 1.3 Charltable fund• Unrestricted fund8 are avallabl• for use at the discr•iion of th• Trustees In fijrtherance of tholr charftable obioclives. RestrlLted lund9 8re subject to 8￿C￿e eonditlon8 by donors as to how they may bg U￿d. Thè wrr*)s•s and uses of the restrlcted funds are set out In the notes to Ihe fjnanclal ststements. Endowment fund8 are 6ubJo¢t to spedfic condilions by donors that the capltsl must b8 maintained by the 1.4 I￿offi9 Income is Trcognlsed when the charity is legally entitknl kn It after any perfonnance conditions have been met, the amounts can be measured roliably, and It is probable that income wlll be rec*ived. Cash donatlons afe recognised on receipt, Olher donatlons am recognised once the charity has been notified of Ihe donation. unless performance conditions require deferral of the amounl. Incorne tax recoverable In relation tu done￿on8 received under Glft Aid or deads ol covenant Is recognlsed at the Ilme of the donatknn. Legacie8 are re(¥)gn18ed on recelpt or otheThYlse If the charity has been notffied of en IM￿ndIng distributlon, the amount is known, and recelpt 18 8XPOCtod. If the amount 18 not known, the legacy 18 treated as a contSngent asset. MIDLANDAIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcl (Contlnuad) 1.5 Expendfturn All expendlture Is a￿}unted for on an accruals basis and has b8on dassffied under h8adings Ihat aggregate all costs related to the ¢at8gory. Expendituro is re¢ognlsed whore there Is a legal or eA)nstructlve obligation to make payments to thlrd partles, It is probable thal the settlement wlll be required and the amounl of the obllgatlon can be measurod rellably. Ineo)verable VAT Is charged as an expense agalnst the actlvlty for whlch the expendlturn arose. 1.0 Tanglblo flx•d as8•ts Tangible fixed assets are inltially measured at cost and Subsequently measured at cost or valuation. net of depreciation and any impairrnent10$8es. Depreclation Is r8¢ognlsed so as to wrlie off the cost or valuatlon of assots1888 thelr resldual value8 over their uBelul Ilves on the following ba8es', Leasehold land and bulldlng$ Flxtures and fittings Slto assets 2% - 5% on orlglnal cost 10% - 33% on orfglnal ¢08t 1 OtrA on 0rf9lnal cost The gain or loss arislng on the dlsposal of an a88et Is determined as the dIfferert￿ belwoen the sale proceeds and the ¢arrying valu8 of the assec and Is rocognlsed In Ihe statement of Ilnanclal actI￿les. 1.7 Impalmiont ol fix•d assets At each ieportlng end date. the chaTIty re¥18W8 the eArrylng amounts of 5ts langlble assets to determlne whether there Is any Indlcatlon Ihat those assets have suffered an Impalfment loss. If any such Indtatlon exists, the recoverable amount of ihe asset Is estlm8ted In order to deternlna the extent of the impairment Ios8 (If any). 1.8 Stockj Stocks are gtated at the lower of cost and esllmated sellin9 price loss ￿$ts to completo and so11. Cost omprises dlreci malerials and. where applicable. dlrect labour ry)sts and those overheads thal have been incurred in bringing the stocks to thelr present locallon and condition. Ilems held for dl8tribution at no Of nomlnal conskleration are measured the lowor of repla¢emonl cost and cost. Net realtsable v81ue Is the estimated selllng Pri￿ less 811 esllmaled ￿Sts of complellon and costs to be In¢uffed in marketlng. selling and distribution. 1.9 Cash and cash •qulval•nt8 C8sh and cash equivalents Include cash In hand, deposlts held at call wlth banks. other short-term Ilqukl investments with original maturities of three monlhs or less. and bank overdraft8. Bank overdrafts are shown wilhin borrowings in current liabilities. 1.10 Flnan¢lal Instruments The ¢hanty has elected to apply the provisions of Section 11 'Basic Financi81 Instruments. ar￿ Sectlon 12 'Other Fir￿nCIal Instruments Issues. of FRS 102 to all of ils finan(xal instruments. Finandal instruments are recognised In the charfws balanc£ sheet when the charity becomes party to the contraclual provlsions of the Inslrnment. Flnandal assets and liabilities are offset, wlth lh8 net amounts presented In the finandal statemants. when there Is a legally enforceable rl9ht to set off the recognlsed amounts and there Is an Inientlon to settle on a nol basls or lo reallse the asset and settle the Ilablllty simultaneousty. MIDLAND AIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcl•8 (Contlnued) Baslc finan¢lal assets Baslc financSal assots. whl¢h Include debtors and cash and bank balances, 8r6 Inltlally measurad at trans8Ctlon prle8 including transactlon costs and are subsequently caffied al amorlsed cost uslng the effectlve intarest method unloss th8 arrangement constitutes a fflnanclng transaction, whor6 the transactlon Is measured at the present value of thè fu￿re recelpts dlscountèd at a martet rale of Interest. Financial a8S6ts classified as r8celvable wlthln one yèar are not amortlsed. Baslc flnancl•l Ilablllfjes Baslc financlal Ilablllties, includlng credltors and bank loans aro inltLqlly recognls8d at Iransactlon prlce unless the arrangement constitutes a finandng transacllon. where the debt Instrumont Is measured at the present . value of the ftrture payments discounted at a market rate of InteresL Flnancial Ilabilities Glassified as payable wlthln on8 year are not amort18ed. Debt Instruments arn subsequenlly carried at amortlsad cost, U8ing the effectSve Interest rate method. Tradg credltorg are obllgalions to pay for goods or servlces that have been a¢quired Sn the ordinary courBe of operatlons from 8uppllefS. Amounts payable are classified as current Ilabilities If payment is due wlthln ono year or less. If not, they are presented as nonme and galns falling within seciion 505 of th8 Taxes Act 1988 or section 252 of the Taxatlonof Chargeable Galryd Act 1992 to the exlenl that tr￿se are applled to lis ¢hartsble objects. 13 Tanglble ffi￿d ass•t8 Loa8•hold Flxlur•s land and fftthigs bulldlngs stt• a•••ts Total Cosl At 1 January 2024 Additlon$ 336.688 13.300 123.455 13,377 473.520 13.300 At 31 December 2024 349,988 123.455 13,377 486,820 D•pr•¢latlon and Impalrniant At 1 January 2024 Depreciatlon charged In the year 116,981 12,802 104.123 3.703 13,377 234.481 16.505 At 31 Decernber 2024 129,783 107,826 13,3TI 250,986 Carrylng arnount At 31 Deoember 2024 220,205 15,629 235,834 At 31 December 2023 219.707 19.332 239,039 14 Stocks 2024 2023 Raw materfals and consumables 23,201 22.163 15 D•btsrs 2024 2023 Amounts falllng du• wllhln one y•ar: Other debtors Prepayments and accnfvd Income 1,102 2.143 2,197 3.245 2,197 16- MIDLAND AIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 16 Credltor8: amounts falllng due wlthln one year 2024 2023 Other taxation and soclal sacurlty Other ¢redilors Accruals and deferred InGome 4,646 918 3,165 3.926 8,729 7.874 17 R•tlr•m•nt b•n•fft s¢h•rn•8 D•finod eontrfbutlon 8¢h•m• Tho charity operato8 a defined contrlbutlon p8n81on s¢hem8 for all qualfylng employ••s, The ajsets of the schomg are held Separately trom those of the Charlty in an indopènd•nlly admlnl$terod fund. The charga to prorrt or1088 In M8POCt of defined Cfjntrlbutlon sch•me8 wa8 £3,092 {2023 - £2,444). 18 De8lgnatod lund• The Incomo funds of thè charlty Include tho followlng do81gnated funds whlch have bgen set gslde out of unrostricted funds by the trustees for spacific purposès: Movgmanl In funds InGomlng R*￿re•S 8•urc•• p•nd•d1 JITh￿ry 2024 Movement In funds Incomlng our¢•• Bal4n¢• •1 l J•nuary 2CI23 B•l*nc• It •xp•ndgd 31 D•¢•mb•r 2024 Flxed assets fund Bulldlng development fund Acqulsltlon fvnd Reservo lund 188,560 66,276 (15,794) 239,042 13,300 (16,508> 235.834 255,000 255,000 255,000 55,000 80.000 55.000 80.000 55,000 80.000 578,560 66,276 {15.794) 629.042 13,300 {16.508> 625.834 Th8 trust88s hav6 designated varlous fundg thls year as follows., The Building Dgvelopmant fund Is to provide lunds Io 8nable more exhlblts to ba displayed under cover to impTove the visitor experience and to piotecl exhibtts for the future. The Acquisition fund is to provide funds to enable suitable axhibits to be acqulred when they be¢(xne available lo continue to develop and improve the museum's collection. The Reserve fund is (Xlnsidered sufficient to cover Ihe operaling costs of the museum for a perlod of slx months. 19 Flnanelal eommitin•nts• 9uaranteos and conllngent Ilabllitles In 2001 the Museum acquired a MIG21 aircraft with the &ssistance of Prism fundlng. The amount rncelved w85 £2,000 whlch would be￿me repayable should the Museurn sell the airwdft. 17- MIDLANDAIR MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Related party transactlons During the year, the wrfe and daughters of Mr B. James were employed by the museum at open market rates. Mr B. James was excluded from all dlscussions and dedsIons ￿lated to their employment. 18-