Registered number: 05771535
Charity number: 1117879
THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the Company, its Trustees and advisers
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Independent examiner's report
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Statement of financial activities
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Notes to the financial statements
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 JANUARY 2023
Trustees
Company registered number
05771535
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Charity registered number
1117879
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Registered office
43 Easter Way
South Godstone
Godstone
Surrey
RH9 8HG
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Company secretary
Kevin Hunt
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Accountants
GMBC LLP
Chartered Tax Advisers and Accountants
Marine House
151 Western Road
Haywards Heath
West Sussex
RH16 3LH
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Bankers
Barclays Bank plc
2 Carfax
Horsham
West Sussex
RH12 1DN
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The Trustees present their annual report together with the financial statements of the Company for the 1 February 2022 to 31 January 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the 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 charity's objects are set out in the charities governing document and are as follows:
To advance the education of the public in World War Two in particular but not exclusively by the provision of a museum.
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. Activities undertaken to achieve objectives
The Museum is principally engaged in advancing the education of the public by the display of aircraft artefacts and equipment and other items relating to military aviation in World War Two.
Achievements and performance
a. Review of activities
The museum was open to the public six days per week from 1st Feb 2022 to 18th November 2022 10.00am to 5.00pm. The Museum was open to the public Saturdays and Sundays 10.00am to 4.00pm 19th November 2022 to 12th Dec 2022 and 7th January 2023 to 31 Jan 2023.
2022-23 was a busy year for the museum and this resulted in an income from entrance fees of £50,312 as opposed to £36,576 in 2021-22.
Feb 2022 work was carried out refurbishing the ignition harness on the museum’s running Rolls Royce Merlin engine ready for the 2022 season.
Feb 2022 Group visit Handcross Boarding School
Mar 2022 Group visit Woodfield School Merstham
Apr 2022 The museum received a large donation of second hand military books to stock our second hand book store.
27th Apr 2022 Rolls Royce Merlin engine test run carried out successfully.
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
Achievements and performance (continued)
May 2022 The museum took delivery of the North American B25 Mitchell bomber rear fuselage.
16th May 2022 The museum’s searchlight was placed on loan for filming
22nd May 2022 Visit by West Sussex Invicta Military Vehicle Preservation Society (IMPS)
29th May 2022 The Wings Museum was proud to host an official stopping off point for the London to Brighton veteran car run.
May 2022 Group visit by Boys Brigade
2nd Jul 2022 The museum attended the Capel Military Show an ideal outreach opportunity
9th Jul 2022 Rolls Royce Merlin engine public run
27 Jul 2022 The museum hosted filming of an episode of Bargain Hunt
22nd Aug 2022 The museum Merlin engine suffered a severe rear bearing failure and all remaining engine run events had to be cancelled.
Sept 2022 Restoration work was carried out on a pilot’s seat from the North American B25 Mitchell bomber which will form the centre piece of the museum when it relocates to Dunsfold in the future
Sept 2022 School visit from Lancing Prep school
Sep 2022 Group visit from a coach tour company
Sep 2022 Group visit 1st Turners Hill Cubs
29th Sept 2022 Museum curators Dan & Kev attended the memorial service for the Petworth Boys School bombing in WW2.
Sept 2022 Full planning permission was given for the new museum at Dunsfold
12th Oct 2022 The museum hosted a Chubb charity day where company employees did a days work for charity
16th Nov 2022 Group visit by Air Training Corps
30th Nov 2022 Group visit 10th Haywards Heath Cubs with talk and workshops
15th Dec 2022 Volunteer Christmas meal and social at The Parsons Pig in Horley
13th Jan 2023 Nose plexiglass received for the North American B25 Mitchell bomber
26th Jan 2023 Temporary display of Napier Sabre engine from a Hawker Typhoon
Jan 2023 Group visit Probus group
2022 Restoration work continued on WW2 Willys Jeep
2022 Restoration work continued on B25 Mitchell cockpit
2022 Restoration work continued on B25 Mitchell wings
Financial review
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company 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.
b. Reserves policy
The Trustees consider that it is necessary to maintain a minimal level of free reserves to cover ongoing and future operations. The Trustees consider it prudent to maintain a level of reserves to cover unexpected eventualities and therefore safeguard the ongoing operation of the Museum.
The charity has reason to believe that in the future the Museum may have to move from the current premises and it is currently seeking to construct a new purpose built museum building on the land that it owns at Dunsfold in Surrey in order to ensure the longevity of the charity indefinitely. With this in mind the Trustees consider it prudent to continue to accumulate funds to finance potential costs. The reserves as at 31 January 2023 amount to £734,348 (£175,000 of this being tied up in the investment of the plot of land at Dunsfold and restricted funds of £478,142 relating to the Dunsfold Museum development leaving £81,206 available as free reserves).
Structure, governance and management
a. Constitution
The Wings Museum Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
One third of the directors, or the number nearest to one third, must retire in rotation at each annual general meeting. This year it was the turn of Daniel Hunt. Daniel Hunt was re-elected to act as director by ordinary resolution.
c. Financial risk management
The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
The Company maintains a valid Public Liability Insurance which also covers it for potential excavations and aircraft recoveries in the UK and in Europe.
Plans for future periods
The museum has had to pay rent for the hanger in the year. It is intended that this will be a temporary situation, the long term aim is to move to a purpose built museum building on the land at Dunsfold owned by the museum and be rent free. Planning permission was granted with conditions for the new purpose built museum at Dunsfold.
The financial condition of the Museum as at 31st January 2023 is satisfactory and the Trustees consider that the Museum's financial resources are adequate to enable it to continue its activities at planned levels.
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
Members' liability
The Members of the Company guarantee to contribute an amount not exceeding £10 to the assets of the Company in the event of winding up.
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 year. 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 25 October 2023 and signed on their behalf by:
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
Independent examiner's report to the Trustees of The Wings Museum Limited ('the Company')
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I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 January 2023.
Responsibilities and basis of report
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As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 25 October 2023
Tina Pearce
GMBC LLP
Chartered Tax Advisers and Accountants
Marine House
151 Western Road
Haywards Heath
West Sussex
RH16 3LH
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 JANUARY 2023
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the year.
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The notes on pages 10 to 22 form part of these financial statements.
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 05771535
BALANCE SHEET
AS AT 31 JANUARY 2023
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Creditors: amounts falling due within one year
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 05771535
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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 on 25 October 2023 and signed on their behalf by:
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The notes on pages 10 to 22 form part of these financial statements.
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
The Wings Museum Limited is a private company, limited by guarantee, domiciled in England and Wales, registration number 05771535. The registered charity number is 1117879. The registered office of the company is 43 Easter Way, South Godstone, Godstone, Surrey, RH9 8HG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Wings Museum Limited 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.
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.
Grants are included in the 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 investment income is recognised at the time the investment income is receivable.
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
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 accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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Tangible fixed assets and depreciation
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Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
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.
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Liabilities and provisions
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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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
The Company 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.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company 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 Company 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.
Investment income, gains and losses are allocated to the appropriate fund.
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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Income from donations and legacies
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Mid Sussex District Council Covid 19 relief grant
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Subtotal detailed disclosure
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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Income from other trading activities
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Income from charitable activities
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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Analysis of expenditure by activities
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Activities undertaken directly
2023
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Advance the education of the public in World War Two
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Repairs, restoration and display related costs
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
6.Analysis of expenditure by activities (continued)
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Analysis of support costs
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Advertising and promotion
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Independent examiner's remuneration
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Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts
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Fees payable to the Company's independent examiner in respect of:
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All other services not included above
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
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During the year ended 31 January 2023, no Trustee expenses have been incurred (2022 - £NIL).
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The charity is at the planning and development stage for a purpose built museum to be constructed on the land owned by the charity at Dunsfold Aerodrome. The planning and development costs incurred to date are accounted for within other debtors. The costs will be accounted for as fixed assets once construction is underway.
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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Creditors: Amounts falling due within one year
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Financial assets measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors and other debtors.
Financial liabilities measured at amortised cost comprise trade creditors and accruals.
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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Statement of funds - current year
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Balance at 1 February 2022
£
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Balance at 31 January 2023
£
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Land at Dunsfold Aerodrome
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Dunsfold Museum development
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Dunsfold Museum development
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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Statement of funds (continued)
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Statement of funds - prior year
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Balance at
1 February 2021
£
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Balance at
31 January 2022
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Land at Dunsfold Aerodrome
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Dunsfold Museum development
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Dunsfold Museum development
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Designated fund:
Land at Dunsfold Aerodrome designated fund relates to the land owned by the charity and on which a purpose built museum will be developed. The value of the land is shown in fixed assets.
Dunsfold Museum development designated fund was set up in the prior year and related to funds set aside for the planning and development of a purpose built museum on the land owned by the charity at Dunsfold Aerodrome. The museum planning and development costs have now been set against restricted fund donations and so the balance on this designated fund has been transferred to unsrestricted funds.
Restricted fund:
Dunsfold Museum development restricted fund was set up in a previous year. It relates to various generous donations received during the current and prior years for the planning and development of a purpose built museum on the land owned by the charity at Dunsfold Aerodrome. The planning and development costs incurred to date are accounted for within other debtors.
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THE WINGS MUSEUM LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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Analysis of net assets between funds
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Analysis of net assets between funds - current year
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Creditors due within one year
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Analysis of net assets between funds - prior year
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Creditors due within one year
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Related party transactions
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The amount owed to the Trustees at the end of the financial year amounted to £4,273 (2022 £3,257).
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