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← Yorkshire Air Museum & Allied Air Forces Memorial

2025-03-31-accounts

Registered number: 01926148 Charity number: 516766

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Chairman's statement 2
Trustees' report 3 - 13
Independent auditor's report on the financial statements 14 - 17
Consolidated statement of financial activities 18
Consolidated balance sheet 19 - 20
Company balance sheet 21 - 22
Consolidated statement of cash flows 23
Notes to the financial statements 24 - 48

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees

Mrs Rachel Semlyen MBE, Chair Mr Timothy Kitching, Vice Chair Mr Robert Emmett Mr Martin Withers DFC (resigned 8 November 2024) Dr Ian Horwood Mr Jonathan Armstrong Mr Anthony Ridge

Company registered number

01926148

Charity registered number

516766

Registered office

Halifax Way, Elvington, York, YO41 4AU

Senior management team

Mr Jonathan Brewer, Museum Director and CEO Ms Jasmine Ballantyne, Events and Visitor Operations Manager Mr Jack Donaldson, Facilities and Maintenance manager (appointed 29 January 2025) Mr Ben Guy, Cafe Manager Mr Gary Hancock, Aviation Conservation Manager Mr Jerry Ibbotson, Marketing and Communications Manager Mr Emyrs Jones, Facilities and Maintenance Manager (resigned 27 September 2024) Ms Sarah Maultby, Collections Officer (appointed 22 July 2024) Mr Ian Richardson, Head of Memorial and Heritage

Independent auditor

BHP LLP, Rievaulx House, 1 St Mary's Court, Blossom Street, York, YO24 1AH

Bankers

Natwest Bank, York, YO1 9YH

Museum Accredition Mentor

Michael Stanley

Page 1

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

CHAIR'S STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

As we reflect on another remarkable year at the Yorkshire Air Museum, it is impossible not to feel a deep sense of pride in our achievements. 2025 marks the 40th anniversary of the first Open Day and the incorporation of the Company in 1985 when we still had to clear a completely derelict site in order to create the museum and memorial that you see today.

One constant over these four decades has been the enthusiasm of our supporters in all parts of the community and the dedication of trustees, loyal and hard-working staff and volunteers. That same spirit has carried us through the challenges brought on by the global pandemic and continues to guide us as we navigate current pressures, from rising operational and maintenance costs, increasing competition for funds and the macroeconomic climate affecting everyone.

In the pages that follow, you will read about milestones this past year, notably the arrival of the mighty Shackleton; the appointment of a professional collections manager for the first time and the successful renewal of our Museum Accreditation; the continuation of historically themed displays, unique international events and the development of an organisation that positions us for a sustainable future.

Mindful of the future, we have a MasterPlan to build on our current success and provide a sustainable legacy, but this still has to be formally launched at the time of writing. There are some reserves for capital development; we have examined our carbon footprint; consulted our neighbours and stakeholders and rigorously monitored governance. Our goal remains clear: to continue to fulfil our mission to honour the past, educate the public and inspire future generations and—to enable that to happen—be the most engaging and dynamic independent aviation museum in the country.

Signer ID: PBFECHV2ND... Mrs Rachel Semlyen MBE, Chair

Date: 23/10/2025 GMT

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements of the Yorkshire Air Museum and Allied Air Forces Memorial for the year 1 April 2024 to 31 March 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The object of the Company is to advance the education of the public by the provision of a museum depicting the history of aviation and to provide a memorial, particularly to those members of the Allied Air Forces who served during the First and Second World Wars and subsequent conflicts. There is particular—though not exclusive—emphasis on Yorkshire as the home of the birth of aviation and of scores of wartime bases.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Statement of Purpose

The Yorkshire Air Museum and Allied Air Forces Memorial ("YAM") is a Registered Charity and a Registered Company limited by guarantee, set up to advance the education of the public by providing a museum and memorial. The Trust seeks to collect and interpret items that record and celebrate the history of aviation and provide a memorial to the allied air forces.

Yorkshire Air Museum celebrates aviation history with a unique collection of aircraft on display at Yorkshire’s bestpreserved, original World War 2 airfield site. We tell stories of innovation, ingenuity and courage that give insight into the aircraft and the people who made and flew them, to inform and inspire current and future generations.

The Museum collects, manages, stores, conserves, displays, and uses for education, research, enjoyment and entertainment, artefacts, airframes, aviation related components, equipment, material, vehicles, uniforms, costumes, textiles, archives, photographs, books, manuscripts, prints, drawings, paintings, sculpture, ephemera, and other items relating to the history of aviation in Yorkshire. We achieve this by maintaining and developing the historic RAF Elvington site, its buildings and its collection to Accreditation standards, and provide access for the public benefit.

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

c. The Museum

The vision of the founders was to create a ‘living museum’ on the original wartime base that would support a memorial to those who served in the cause of peace, with the aim to educate present and future generations and ensure that the sacrifices of the allied air forces are not forgotten.

The location of the museum is on the original administrative core of the former WW2 RAF Bomber Command station, Royal Air Force Elvington, that operated from October 1942 to November 1945. The base was not typical of many others in Bomber Command—which had frequent changes of squadrons—as Elvington was home only to 77 Squadron RAF and then 346 and 347, the unique, freshly-trained French bomber squadrons.

After the war the buildings and land remained derelict for more than forty years, until in 1982/3 a dedicated group got together with the vision of establishing a museum and memorial. Negotiations with the site owners and with the local authority—followed by volunteers clearing the decades of rubble and undergrowth—resulted in the formation of a company and charity in 1985. The company was incorporated in June of that year and the first Open Day was held on Sunday 11 August. The seven-acre site was purchased in 1993 and has since expanded to twenty acres. The twelve-year Halifax Project resulted in creating the unique, only complete, four-engine Halifax restoration of a Handley Page Halifax B Mk.III bomber.

YAM remains an independent charity run by a board of trustees, full and part-time staff and around 100 dedicated volunteers.

There are 22 buildings on site of which 11 are original, including the Grade2 listed Control, or Watch Tower, 5 are 1940s buildings relocated from other airfields including the Station Chapel, a T2 Hangar and 6 are new structures built to blend in with the era.

There are more than 60 aircraft and vehicles covering almost the entire history of flight from the early pioneers to the Cold War era and beyond. Our Cold War collection of aircraft is believed to be one of the most comprehensive in the country.

The archives collection contains uniforms, photographs, paintings, drawings and maps, medals and personal logbooks detailing more than a hundred service records. The unique collaboration between the museum and the Air Crew Association Archives Trust secured the collection of numerous items previously held by individuals and now incorporated into the museum’s care in a funded, specially equipped building.

d. Allied Air Forces Memorial

The whole museum is a memorial to the allied air forces, in particular to those in the Yorkshire-based, 4 and 6 Groups of Bomber Command. The main hangar is dedicated to the Canadian squadrons. The historic core—the area around the Tower or Watch Office—is preserved as the central administrative block of RAF Elvington, home of 77 Squadron 1942-44 and 346 Guyenne and 347 Tunisie French squadrons 1944-45.

There is a recreated and well-used Station Chapel with fittings from other original airbase chapels, and two memorial gardens for reflection and dedications where annual ceremonies are held and attract civic and military attendees.

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

The 77 Squadron RAF memorial at the entrance to the site dates from 1989 and was designed and built by 77 Squadron RAF Association with whom we keep a close link. The Association also created the 77 Squadron History Room in the Bomber Command display building, a memorial window in the parish church of Holy Trinity, Elvington and hand-written Rolls of Honour in the Station Chapel.

The memorial to the French squadrons is situated on the main York to Elvington road towards the village where the living quarters of the personnel were in wartime. It is owned and maintained by Elvington Parish Council as it predates the Museum by some thirty years. The Museum, in partnership with the French veterans’ Association des Anciens et Amis des Groupes Lourds, organises and takes part in the annual Remembrance Day ceremonies and we participate in the ceremonies in France from time to time.

Achievements and performance

a. Activities during the year

a. Significant Events and Displays in 2024 -25

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

b. Aircraft News

c. Partnerships and People

Legacies, Fundraising and Grants

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

At the time of writing the campaign has raised £122,508 in donations from the public, the sale of second-hand books and funding from the Arnold Burton Charitable Trust, the Noel Goddard Terry Trust, the Patricia & Donald Shepherd Charitable Trust, the PDCP Shepherd Foundation Trust. Support in kind also gratefully received from ALP Architecture and Forge Photography and Film Production Limited.

With further interior and the rest of the specialist exterior work and kitting out, the expected sum still to be needed is likely to be substantial. We have provision for some of these costs and that of our 1940s buildings, in funds held in reserve.

Visitor numbers

During the financial year 2024/5 we welcomed 66,576 visitors on site. The previous year saw an exceptional 75,285 visitors, exceeding that of the previous year (62,075) and pre-pandemic numbers (previous three years of 12 months open: 56,000, 60,000 and 53,000). We believe that our visitor numbers are holding up well, especially in comparison with other attractions still recovering in attendance from the Covid years.

Staffing

All staff, except those involved directly in the trading company (YAMCO), are employed by YAM, the charity.

Volunteers

The Museum could not operate without its dedicated and enthusiastic volunteers. They bring with them a vast crosssection of skills, experience and knowledge. They help and support us daily as guides, stewards, archivists, school visit leaders, engineers and gardeners. They receive frequent commendations from visitors for their enthusiasm, knowledge, and readiness to help with information.

Companies who offer volunteering days to their employees are always welcome. We also have opportunities for volunteers with special needs who gain experience and enjoyment from being able to help maintain our grounds or aircraft.

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

Nature Conservation

The ‘Nature of Flight’ conservation area covers around 1.75 hectares (4.3 acres). This area is designated as a Site of Importance for Nature Conservation (SINC) by City of York Council due to its special wildlife interest. It is accessible to museum visitors via an attractive path around the perimeter, and an area which has been used formerly for educational activities and picnic tables. The area was managed according to a maintenance plan drawn up by Martin Hammond, Ecologist and Wildlife Consultant in October 2020. This and a five-year programme of coppicing the woodland is to be reviewed.

Environment Policy

YAM and YAMCO make every effort to care for the natural resources of the site and to minimise their impact on the environment with a programme of landscape management, upgrading building insulation, low-energy lighting, recycling, running aircraft engines commensurate with maintenance and display need, reducing the use of single-use plastic and unnecessary printing.

Financial review

a. Results for the year

In the year to 31 March 2025 total income to the Group, YAM + YAMCO increased by £30,800, from £1,430,016 to £1,460,816.

Total expenditure during the year, including depreciation, decreased, from £1,477,432 to £1,377,951. This resulted in a gross operating surplus for the year of £82,865, an improvement of the deficit of £47,416 of the previous year which included £135,993 spend on the Tower restoration.

At the year end, total funds carried forward were £1,152,717, (£1,069,852 in the previous year). Of these funds, £1,069,663 were unrestricted (£1,031,287 were unrestricted (2024) and £83,054 were restricted (£38,565 were restricted in 2024).

b. Going concern

As part of their assessment of the going concern basis of preparation, the trustees have considered the impact of wider economic events on the charity's activities.

Given the level of assets and reserves and the budget forecast up to the end of March 2026, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

c. Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level that enables the charity to meet its working capital requirements on an ongoing basis. The Trustees believe that they need to maintain minimum reserves equivalent to around £200,000.

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Free reserves as at the year-end were £316,592 (£301,854 in 2024) an excess holding funds for immediate projects for the repair and updating of buildings including the ongoing restoration of the Control Tower.

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee incorporated on 26 June 1985. It is a registered charity number 516766. The Articles of Association were last updated 5th April 2019.

b. Management

In accordance with the Articles, Life Members of the Company are:

Stuart Armstrong Christopher Birch Ian Carstairs OBE Sir Ron Cooke DL John Edmonds Revd Charles Morgan MBE Howard Newbould Graham Pitchfork MBE Derek Reed Ian Reed MBE Rachel Semlyen MBE

c. Trustees’ Responsibility

Trustees have independent and legal responsibilities for the charity’s management and administration to ensure that it is carries out its purposes for the public benefit. The Board meets at least six times a year and is responsible for defining the mission and strategic priorities of the Museum and for setting and supervising the implementation by management of policies directed at that mission, with reference to finance (trading activities, fund raising), capital projects (premises, structures), content (exhibits, archive and educational material), personnel (senior appointments, relations between staff and volunteers) and any other issues which the Board may find require their input. There are the following Standing Committees of the Board.

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

c. Methods of appointment or election of Trustees

The Trustees are aware of the need to strengthen the Boards of both YAM and YAMCO especially looking towards future succession. The Trustees continue to encourage applications for these Board positions.

With advertisements and publicity, the Board actively seeks new Trustees of YAM and non-executive directors of YAMCO Ltd to increase its diversity and skills. Formal and informal interviews are then conducted to ensure that the Board has a cross-section of skill sets and experience and that Trustees can take part in standing committees and working groups as appropriate. Each new Trustee and non-executive director is given induction sessions and encouraged to attend relevant training.

d. Equality and Diversity Policy

YAM and YAMCO aspire to be a forum for dialogue and the expression of many different perspectives. It is wholly committed to the principles of equality, diversity and inclusion and the benefits of these, both for visitors to, and people who work for, the Museum.

The Museum values and respects the diversity of its audiences and its staff and is committed to:

We do not discriminate on the basis of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation. The Museum’s Management has overall responsibility for the effective operations of this policy and for ensuring compliance with the law on discrimination.

e. Pay policy for senior staff

The Trustees consider that the senior management teams of YAMCO & YAM comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Museum and its associated businesses on a day-today basis. The pay of such senior staff is reviewed annually by the Museum Director in consultation with the Trustees and the pay of the Museum Director is reviewed annually by the Chairman and other Trustees.

f. Risk management

The Museum has considered the risks associated with its operational and corporate responsibilities and undertakes regular assessments regarding statutory compliance, including Health & Safety, Environmental Health and the Environment Act. Appropriate training is given to staff and volunteers in relation to First Aid and risks associated with the daily operation of the site. Suitable comprehensive insurance cover is maintained and reviewed each year for the assets, employees, workers and third-party liability.

At each main Board meeting, the Trustees review health and safety issues and assess the risks to which the company and the group is exposed. They look in particular at those risks related to the operations and finances of the company. The group is satisfied that systems and procedures are in place to mitigate its exposure to the major risks. This review of risks has been extended to each Standing Committee in respect of the relevant risks.

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

Plans for future periods

The Trustees are looking at the future needs of the museum in terms of buildings and infrastructure. The Strategic Business Plan announced previously continues to underpin the activities of the museum with adjustments to its progress dependent on the general economic climate.

A MasterPlan for future expansion of facilities and display space has been developed with internal and external consultation. The proposal aims to address the need for future sustainability of the Museum with particular regard to expanding displays, creating archival and restoration space, protection for the heritage aircraft, security and improved visitor facilities to increase income and footfall. Plans were drawn up by Chartered Built Environment Consultant, Keith Hardcastle who also has project-managed the restoration of the Control Tower. We are grateful to him for his continued assistance and insightful leadership for this exciting venture. More details are available from the Museum Director.

Public benefit

The Trustees review the performance, aims and objectives of the company every year. In carrying out the review, the Trustees refer to the Charity Commission's guidance on public benefit to ensure that all future and planned activities meet that guidance.

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

There are the following Standing Committees of the Board.

Management

The management team under the museum director, is responsible for the operation, organisation and promotion of the Museum on a daily basis. This includes: financial management; health and safety and risk management; site maintenance and coordination; contractor hiring and supervision; capital projects planning and supervision; collections control, accreditation and curatorial services; exhibition planning and design; staff and volunteer management; events planning and organisation; visitor experience and liaison management; external public relations and marketing; outreach event design and participation; external partnerships; fundraising; environmental planning; memorial commemorative events and duties; membership and databases; visitor enquiry responses; business and professional networking.

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditor

The auditor, BHP LLP, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

The report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Signer ID: PBFECHV2ND... Rachel Semlyen MBE Chair of Trustees Date: 23/10/2025 GMT

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

Opinion

We have audited the financial statements of Yorkshire Air Museum & Allied Air Forces Memorial (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL (CONTINUED)

misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL (CONTINUED)

Auditor responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

To address the risks of fraud through management override controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

Signer ID: CRZCVPKXXZ... Laura Masheder (Senior statutory auditor)

for and on behalf of

BHP LLP

Statutory Auditor Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH

Date: 23/10/2025 GMT

Page 17

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
Other income
7
Total income
Expenditure on:
Other trading activities
6
Charitable activities:
8,9
Control Tower restoration
Other charitable activities
Total expenditure
Net movement in funds
22
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
22		 Unrestricted
funds
2025
£
74,126
794,652
519,852
6,536
21,002
1,416,168
503,166
-
874,626
1,377,792
38,376
1,031,287
38,376
1,069,663		 Restricted
funds
2025
£
44,648
-
-
-
-
44,648
-
-
159
159
44,489
38,565
44,489
83,054		 Total
funds
2025
£
118,774
794,652
519,852
6,536
21,002
1,460,816
503,166
-
874,785
1,377,951
82,865
1,069,852
82,865
1,152,717		 Total
funds
2024
£
158,533
742,366
519,461
9,656
-
1,430,016
472,042
135,993
869,397
1,477,432
(47,416)
1,117,268
(47,416)
1,069,852

The Consolidated statement of financial activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Page 18

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

REGISTERED NUMBER: 01926148

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
14
Heritage assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash deposits
19,26
Cash at bank and in hand
26
Creditors: amounts falling due within one year
20
Net current assets
Creditors: amounts falling due after more than
one year
21
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
22
Total funds		 12,189
46,004
374,572
123,793
556,558
(77,188)		 2025
£
685,223
-
100
685,323
479,370
(11,976)
1,152,717
1,152,717
83,054
1,069,663
1,152,717		 19,251
31,457
208,520
252,832
512,060
(128,893)		 2024
£
686,585
-
100
686,685
383,167
-
1,069,852
1,069,852
38,565
1,031,287
1,069,852

Page 19

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

REGISTERED NUMBER: 01926148

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Signer ID: PBFECHV2ND... Mrs Rachel Semlyen MBE Chair of Trustees Date: 23/10/2025 GMT

The notes on pages 24 to 48 form part of these financial statements.

Page 20

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

REGISTERED NUMBER: 01926148

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
14
Heritage assets
15
Investments
16
Current assets
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one year
20
Net current assets
Creditors: amounts falling due after more than
one year
21
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
Total funds		 96,075
374,572
75,576
546,223
(66,732)		 2025
£
674,128
-
200
674,328
479,491
(11,976)
1,141,843
1,141,843
83,054
1,058,789
1,141,843		 106,196
208,520
180,787
495,503
(111,809)		 2024
£
675,752
-
200
675,952
383,694
-
1,059,646
1,059,646
38,565
1,021,081
1,059,646

Page 21

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Signer ID: PBFECHV2ND... Mrs Rachel Semlyen MBE Chair of Trustees Date: 23/10/2025 GMT

The notes on pages 24 to 48 form part of these financial statements.

Page 22

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
Cash flows from operating activities
Net cash provided by operating activities
25
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
New finance leases
Repayments of finance leases
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
26		 2025
£
97,622
6,536
(83,468)
(76,932)
22,140
(5,817)
16,323
37,013
461,352
498,365		 2024
£
102,045
9,656
(177,842)
(168,186)
-
-
-
(66,141)
527,493
461,352

Page 23

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The Yorkshire Air Museum and Allied Air Forces Memorial is an incorporated charity registered in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and activities are set out on page 3 of these financial statements and include advancing the education of the public by the provision of a museum depicting the history of aviation and to provide a memorial, particularly to those members of the allied Air Forces who served during the First and Second World Wars and subsequent conflicts.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

Yorkshire Air Museum & Allied Air Forces Memorial meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements. The Company's net movement in funds for the year was £82,197 (2024 - £(45,701)).

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 £.

2.2 Going concern

As part of their assessment of the going concern basis of preparation, the trustees have considered the impact of current and recent events on the group and parent charitable company's activities and workforce, as well as the wider economy and on the forecasted income for the year to 31 March 2026. The trustees are confident that they have in place plans to deal with any financial losses that may arise.

At the time of approving the financial statements, the trustees have a reasonable expectation that the group and parent charitable company have adequate resources to continue in operational existence for the foreseeable future. For this reason, the trustees continue to adopt the going concern basis in preparing the financial statements.

Page 24

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Costs of raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the bank.

Page 25

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.6 Taxation

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s.256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tax in relation to the trading subsidiary is recognised in the consolidated statement of financial activities when chargeable.

2.7 Tangible fixed assets and depreciation

Acquisitions only arise when donated to the charity or if it is believed that they will further the charity’s objectives. Once acquired they will be preserved by the charity in order to keep their historical, artistic, scientific, technological, geophysical or environmental qualities to such a high level as to contribute to knowledge and culture. A register of all assets held by the charity is available and the assets themselves are accessible to the public with prior agreement. Heritage assets are to be held for the foreseeable future.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold land - not depreciated
Freehold buildings - 2.5% & 20% straight line
Exhibits and displays - 10% to 20% straight line
Equipment and vehicles - 20% per annum or 25% reducing balance

2.8 Heritage assets

Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Fair values for donated assets are estimated by reference to market prices.

Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly outweighs any benefit to the users of the accounts then heritage assets are not recognised on the balance sheet.

Page 26

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 27

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.15 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.16 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.17 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Critical accounting estimates and assumptions:

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Heritage assets

Assets donated to the Museum, considered to be Heritage Assets, are not recognised on the Balance Sheet of the Financial Statements where the Trustees can not reliably estimate the value of these assets. When assets are donated to the Museum, the Trustees consider if a value can be estimated for the asset however due to the nature of the assets donated this is not always feasible because of specific nature of the assets and lack of comparable items. Heritage assets also includes a number of assets that have been fully depreciated. This is considered to be an appropriate net realisable value for these assets considering the factors above.

Page 28

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3. Critical accounting estimates and areas of judgement (continued)

Recoverability of intercompany loans (Charitable company only)

Management judgement is required in determining the recoverability of intercompany loans in order to appropriately recognise the recoverability across the group. This includes an estimate of cashflows resulting from trading in various group companies, which may differ to actual outcomes.

4. Income from donations and legacies

Donations
Legacies
Grants
Total 2024		 Unrestricted
funds
2025
£
37,586
34,290
2,250
74,126
88,058		 Restricted
funds
2025
£
44,648
-
-
44,648
70,475		 Total
funds
2025
£
82,234
34,290
2,250
118,774
158,533		 Total
funds
2024
£
82,882
75,105
546
158,533

5. Income from charitable activities

Educational (museum and memorial)
Total 2024		 Unrestricted
funds
2025
£
794,652
741,293		 Restricted
funds
2025
£
-
1,073		 Total
funds
2025
£
794,652
742,366		 Total
funds
2024
£
742,366

Page 29

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Membership subscriptions
Gate receipts
Income tax recoverable
Guide books
Other income
Total 2024		 Unrestricted
funds
2025
£
2,635
686,956
80,013
-
25,048
794,652
741,293		 Restricted
funds
2025
£
-
-
-
-
-
-
1,073		 Total
funds
2025
£
2,635
686,956
80,013
-
25,048
794,652
742,366		 Total
funds
2024
£
3,419
657,931
69,322
105
11,589
742,366

6. Other trading activities

Charity trading income
NAAFI, shop, site and room hire income
Fundraising trading expenses
Light and heat
Maintenance
Telephone
Staff training and welfare
Irrecoverable VAT
NAAFI and shop cost of sales
Staff costs
Depreciation
Net expenditure from other trading activities
Total 2024		 Unrestricted
funds
2025
£
519,852
(7,105)
(3,195)
(279)
(78)
(4,719)
(237,974)
(246,445)
(3,371)
(503,166)
16,686
47,419		 Total
funds
2025
£
519,852
(7,105)
(3,195)
(279)
(78)
(4,719)
(237,974)
(246,445)
(3,371)
(503,166)
16,686
47,419		 Total
funds
2024
£
519,461
(6,555)
(1,780)
(917)
(670)
(4,343)
(228,743)
(225,882)
(3,152)
(472,042)
47,419

Page 30

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7. Other income

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Insurance claim 21,002 21,002 -

8. Analysis of expenditure on charitable activities

Summary by fund type

Educational (museum and memorial)
Total 2024		 Unrestricted
funds
2025
£
874,626
931,912		 Restricted
funds
2025
£
159
73,478		 Total
2025
£
874,785
1,005,390		 Total
2024
£
1,005,390

9. Analysis of expenditure by activities

Educational (museum and memorial)
Total 2024		 Activities
undertaken
directly
2025
£
486,490
652,247		 Support costs
2025
£
388,295
353,143		 Total
funds
2025
£
874,785
1,005,390		 Total
funds
2024
£
1,005,390

Page 31

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Site costs and services
Insurance
Publicity
Control Tower Restoration
Total 2024
Analysis of support costs
Staff costs
Administration services
Office expenses
Governance costs (note 10)
Total 2024		 Educational
2025
£
55,806
81,459
266,440
25,986
56,799
-
486,490
652,247
Educational
2025
£
305,832
28,607
25,298
28,558
388,295
353,143		 Total
funds
2025
£
55,806
81,459
266,440
25,986
56,799
-
486,490
652,247
Total
funds
2025
£
305,832
28,607
25,298
28,558
388,295
353,143		 Total
funds
2024
£
81,167
68,167
297,087
24,377
45,456
135,993
652,247
Total
funds
2024
£
266,617
29,083
21,391
36,052
353,143

Page 32

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Governance costs

Audit and accountancy
Legal and professional fees
Total 2024
11.
Auditor's remuneration
Auditor's remuneration - audit
All non-audit services not included above		 Unrestricted
funds
2025
£
19,095
9,463
28,558
35,952		 Restricted
funds
2025
£
-
-
-
100		 Total
funds
2025
£
19,095
9,463
28,558
36,052
2025
£
12,950
25,251		 Total
funds
2024
£
15,297
20,755
36,052
2024
£
12,340
24,255

Page 33

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12. Staff costs

Wages and salaries
Social security costs
Pension costs		 Group
2025
£
559,140
39,012
9,931
608,083		 Group
2024
£
528,866
35,833
8,967
573,666		 Company
2025
£
329,535
25,670
6,433
361,638		 Company
2024
£
318,549
23,033
6,202
347,784

The average number of persons employed by the Company during the year was as follows:

Operational
Administrative		 Group
2025
No.
26
4
30		 Group
2024
No.
25
6
31

During the year, Yorkshire Air Museum (YAM) employed 9 full time and 5 part time staff, while its trading subsidiary YAMCO employed 2 full time and 14 part time staff. This equates to a total of 18.8 full-time equivalent (FTE) staff across the group for the year.

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 1 1

During the year key management personnel's remuneration, for the Museum Director and Head of Memorial and Heritage, Events and Visitor Operation Manager, Cafe Manager, Aviation Conservation Manager, Marketing and Communication Manager, Collections Officer and Facilities and Maintenance Manager, including employers' pension and national insurance totalled £314,679 (2024: £284,699).

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £1,324 was reimbursed to 1 trustee relating to one-off travel expenses on behalf of the Museum).

Page 34

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14. Tangible fixed assets

Group

Cost or valuation
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Freehold
property
£
1,099,578
9,100
1,108,678
585,694
22,284
607,978
500,700
513,884		 Exhibits and
displays
£
146,454
11,000
157,454
130,787
2,728
133,515
23,939
15,667		 Equipment and
vehicles
£
469,368
63,368
532,736
312,334
59,818
372,152
160,584
157,034		 Total
£
1,715,400
83,468
1,798,868
1,028,815
84,830
1,113,645
685,223
686,585

Included in freehold property is freehold land at a cost of £97,561 (2024: £97,561) which is not depreciated.

Included within fixed assets are items acquired under hire purchase agreements. The net book value of such assets amounts to £16,298 (2024: £nil). The related hire purchase creditors are disclosed within creditors due within one year and after more than one year as appropriate.

Page 35

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Freehold
property
£
1,099,578
9,100
1,108,678
585,694
22,284
607,978
500,700
513,884		 Exhibits and
displays
£
146,454
11,000
157,454
130,787
2,728
133,515
23,939
15,667		 Equipment and
vehicles
£
372,393
59,735
432,128
226,192
56,447
282,639
149,489
146,201		 Total
£
1,618,425
79,835
1,698,260
942,673
81,459
1,024,132
674,128
675,752

Included in freehold property is freehold land at a cost of £97,591 (2024: £97,591) which is not depreciated.

Included within fixed assets are items acquired under hire purchase agreements. The net book value of such assets amounts to £16,298 (2024: £nil). The related hire purchase creditors are disclosed within creditors due within one year and after more than one year as appropriate.

Page 36

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15. Heritage assets

The charity holds a variety of historic aircraft, vehicles and other items that may be considered to be heritage assets. The assets are held for the purpose of allowing the charity to fulfil its objective of advancing the education of the public by the provision of a museum depicting the history of aviation.

The trustees consider that obtaining valuations for the majority of the historic aircraft and other items that are exhibited in the museum would involve disproportionate cost. Furthermore, given the specialist nature of the assets and the absence of comparable market values it is considered that conventional valuation approaches may in any event lack sufficient reliability. As such, the charity does not recognise heritage assets on its balance sheet, except to the extent that there have been recent acquisitions where an exhibit or artifact has been purchased by the charity, in which case the asset is initially included at cost and is subsequently depreciated. All of these heritage assets have been fully depreciated in previous years.

Any expenditure on heritage assets that in the view of the trustees is required to preserve individual assets is recognised as expenditure in the statement of financial activities as incurred.

In the past 5 years, no heritage assets have been purchased or disposed of.

16. Fixed asset investments

Group
Cost or valuation
At 1 April 2024
At 31 March 2025
Company
Cost or valuation
At 1 April 2024
At 31 March 2025		 Investments in
subsidiary
companies
£
100
100
Investments in
subsidiary
companies
£
200
200

Page 37

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

The following were subsidiary undertakings of the Company:

Names
Company
number
Principal activity
Airspeed (York) Limited
08734418
Dormant
YAMCO Limited
02801334
Catering, retail and
venue hire
The financial results of the subsidiary for the year were:
2025		 Names
Company
number
Principal activity
Airspeed (York) Limited
08734418
Dormant
YAMCO Limited
02801334
Catering, retail and
venue hire
The financial results of the subsidiary for the year were:
2025		 Holding
100%
100%
2024
YAMCO Limited £ £
Income 536,529 531,505
Expenditure (529,861) (497,220)
Profit/(loss) for the year 6,668 34,285
Total assets 74,077 111,079
Total liabilities (155,103) (198,773)
Net liabilities (81,026) (87,694)

Airspeed (York) Limited was dormant in both years and has share capital of £100 and reserves of £nil. Accordingly it has been excluded from this consolidation.

17. Stocks

Group Group
2025 2024
£ £
Goods for resale 12,189 19,251

Page 38

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18. Debtors

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Current asset investments
Cash deposits		 Group
2025
£
7,059
-
28,982
9,963
46,004
Group
2025
£
374,572		 Group
2024
£
5,979
-
10,409
15,069
31,457
Group
2024
£
208,520		 Company
2025
£
5,647
52,647
28,302
9,479
96,075
Company
2025
£
374,572		 Company
2024
£
1,096
83,689
8,013
13,398
106,196
Company
2024
£
208,520

19. Current asset investments

Page 39

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Obligations under finance lease and hire purchase
contracts
Other creditors
Accruals and deferred income
Deferred income at 1 April 2024
Resources deferred during the year
Amounts released from previous periods		 Group
2025
£
10,878
29,262
4,347
180
32,521
77,188
Group
2025
£
3,641
4,720
(66)
8,295		 Group
2024
£
22,154
67,428
-
1,708
37,603
128,893
Group
2024
£
730
3,641
(730)
3,641		 Company
2025
£
7,516
22,348
4,347
-
32,521
66,732
Company
2025
£
3,641
4,720
(66)
8,295		 Company
2024
£
15,998
59,110
-
-
36,701
111,809
Company
2024
£
730
3,641
(730)
3,641

Admission fees paid in advance have been deferred.

21. Creditors: Amounts falling due after more than one year

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Net obligations under finance lease and hire
purchase contracts 11,976 - 11,976 -

Finance and hire purchase borrowings are secured against the assets to which they relate.

Page 40

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22.
Statement of funds
Statement of funds - current year
Unrestricted funds
Designated funds
Fixed assets
Control Tower Restoration fund
General funds
General fund
Trading fund
Total Unrestricted funds
Restricted funds
Grants and Donations
Airgunners
Control Tower
Archives Security
Total of funds		 Balance at 1
April 2024
£
675,752
42,848
718,600
400,481
(87,794)
312,687
1,031,287
6,771
23,191
7,427
1,176
38,565
1,069,852		 Income
£
-
-
-
879,639
536,529
1,416,168
1,416,168
1,100
-
43,548
-
44,648
1,460,816		 Expenditure
£
(84,830)
-
(84,830)
(763,101)
(529,861)
(1,292,962)
(1,377,792)
(159)
-
-
-
(159)
(1,377,951)		 Transfers
in/out
£
94,301
25,000
119,301
(119,301)
-
(119,301)
-
-
-
-
-
-
-		 Balance at 31
March 2025
£
685,223
67,848
753,071
397,718
(81,126)
316,592
1,069,663
7,712
23,191
50,975
1,176
83,054
1,152,717

Page 41

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Fixed assets
Control Tower Restoration fund
General funds
General fund
Trading fund
Total Unrestricted funds		 Balance at
1 April 2023
£
402,205
109,514
511,719
477,860
(122,079)
355,781
867,500		 Income
£
-
-
-
826,963
531,505
1,358,468
1,358,468		 Expenditure
£
(71,319)
(66,666)
(137,985)
(768,749)
(497,220)
(1,265,969)
(1,403,954)		 Transfers
in/out
£
344,866
-
344,866
(135,593)
-
(135,593)
209,273		 Balance at
31 March
2024
£
675,752
42,848
718,600
400,481
(87,794)
312,687
1,031,287

Page 42

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22. Statement of funds (continued)

Restricted funds
Grants and donations
Canadian Memorial Hanger
Airgunners
Aircrew Association
Control Tower
Archives Security
Kirkby Foundation
HLF Emergency fund
Control Tower Restoration
Play Area
Total of funds		 Balance at
1 April 2023
£
6,962
71,890
23,191
105,967
7,427
1,340
2,865
1,575
-
28,551
249,768
1,117,268		 Income
£
2,221
-
-
-
-
-
-
-
69,327
-
71,548
1,430,016		 Expenditure
£
(2,412)
-
-
-
-
(164)
-
(1,575)
(69,327)
-
(73,478)
(1,477,432)		 Transfers
in/out
£
-
(71,890)
-
(105,967)
-
-
(2,865)
-
-
(28,551)
(209,273)
-		 Balance at
31 March
2024
£
6,771
-
23,191
-
7,427
1,176
-
-
-
-
38,565
1,069,852

Designated funds

The fixed asset fund represents the fixed assets held in unrestricted funds of the parent charity.

The Control Tower Restoration fund represents the funds allocated by the trustees for the work on the restoration of the Control Tower.

Restricted funds

Grants and donations relate to amount received to be spent on specific projects.

The Canadian Memorial Hangar fund represents a grants awarded towards the cost of construction of the T2 Canadian Memorial Hangar. Terms of the National Heritage Memorial Fund grant state that the company will not sell, let, pledge, mortgage, charge or otherwise encumber the property without prior consent of the National Heritage Memorial Fund. A grant from the PRISM Grant Fund was provided on behalf of the Museums & Galleries Commission. The assistance was provided subject to the condition that the Hangar is distinguished in title from the remaining assets of the Yorkshire Air Museum and will not be mortgaged or charged in any way.

The Airgunners fund represents amounts received dedicated to the Airgunners memorial room.

Page 43

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

The Aircrew Association fund relates to the cost of the archives building which was funded by grants from the Aircrew Association.

The Control Tower fund represents a grant received from the Arnold Burton Foundation for a project to improve and maintain the control tower display.

The Archives Security fund consists of a donation received specifically for the archives collection.

The Kirkby Foundation represents a grant received from the Kirkby Foundation for a families and children's project.

The HLF Emergency Fund represents a grant received to cover essential costs for 4 months in response to the COVID-19 crisis.

The Control Tower Restoration fund has been set up raise funds for the restoration work on the exterior walls and windows of the Control Tower.

The Play Area fund represents donations received towards the installation of play equipment from The Arnold Burton Charitable Trust and The Kirkby Foundation.

Fund transfers

A transfer has been made from the general fund to the designated fixed assets fund equal to the fixed asset additions net of disposal proceeds. A transfer has also been made from restricted funds to the designated fixed asset fund in relation to assets purchased with restricted funding, which do not have on going restrictions attached to them.

23. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
April 2024
£
718,600
312,687
38,565
1,069,852		 Income
£
-
1,416,168
44,648
1,460,816		 Expenditure
£
(84,830)
(1,292,962)
(159)
(1,377,951)		 Transfers
in/out
£
119,301
(119,301)
-
-		 Balance at 31
March 2025
£
753,071
316,592
83,054
1,152,717

Page 44

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds
Restricted funds		 Balance at
1 April 2023
£
511,719
355,781
249,768
1,117,268		 Income
£
-
1,358,468
71,548
1,430,016		 Expenditure
£
(137,985)
(1,265,969)
(73,478)
(1,477,432)		 Transfers
in/out
£
344,866
(135,593)
(209,273)
-		 Balance at
31 March
2024
£
718,600
312,687
38,565
1,069,852

24. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2025
£
685,223
100
473,504
(77,188)
(11,976)
1,069,663		 Restricted
funds
2025
£
-
-
83,054
-
-
83,054		 Total
funds
2025
£
685,223
100
556,558
(77,188)
(11,976)
1,152,717

Page 45

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
686,585
100
473,495
(128,893)
1,031,287		 Restricted
funds
2024
£
-
-
38,565
-
38,565		 Total
funds
2024
£
686,585
100
512,060
(128,893)
1,069,852

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/(expenditure) for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash provided by operating activities		 Group
2025
£
82,865
84,830
(6,536)
7,062
(14,547)
(56,052)
97,622		 Group
2024
£
(47,416)
71,319
(9,656)
755
32,574
54,469
102,045

Page 46

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

26. Analysis of cash and cash equivalents

Cash at bank
Current asset investments
Total cash and cash equivalents		 Group
2025
£
123,793
374,572
498,365		 Group
2024
£
252,832
208,520
461,352

27. Analysis of changes in net debt

Cash at bank and in hand
Finance leases
Liquid investments		 At 1 April
2024
£
252,832
-
208,520
461,352		 Cash flows
£
(129,039)
(16,323)
166,052
20,690		 At 31 March
2025
£
123,793
(16,323)
374,572
482,042

The group had no debt in the prior year.

28. Pension commitments

The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £9,931 (2024 £8,967). At 31 March 2025 there were outstanding contributions payable of £180 (2024: £1,708).

29. Finance lease commitments

The hire purchase obligation represents repayments payable by the charity for equipment purchased during the period. The interest on the agreement is fixed under the terms of the contract.

The lease term is no more than five years.

Page 47

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4

YORKSHIRE AIR MUSEUM & ALLIED AIR FORCES MEMORIAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

30. Related party transactions

At the balance sheet date the charity had an outstanding gross debtor balance due from its subsidiary undertaking, YAMCO Limited, amounting to £144,647 (2024: £181,689). At the year end a provision has been made for £92,000 (2024: £98,000) in the parent charitable company accounts due to the net liabilities of YAMCO. The net balance, less the provision was £52,647 (2024: £83,689). During the year, charges were made to the subsidiary company of £26,695 (2024: £25,165) for group services, wages and rent. In addition, expenditure was recharged to the subsidiary company of £16,552 (2024: £12,035).

31. Controlling party

The trustees consider that there is no ultimate controlling party of the group or the charity other than the board of trustees as a body.

32. Company limited by guarantee

The charity, being a company limited by guarantee, has no share capital. Every member is liable to contribute a sum not exceeding £1 in the event of the company being wound up whilst still a member or within one year thereafter. The members are not entitled to any distribution of the income or property of the company and, in the unlikely event of the winding up or dissolution of the company, any surplus remaining shall be transferred to some other charitable institution having charitable objects similar to those of the company.

Page 48

Document ID: 6df325a0907f8a0627296abd9160cd646984445320892c665b63c151ae1163d4