Caseware UK (AP4) 2022.0.179 2022.0.179 Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-31509942208091651241414686989562848773372022-02-010falseNo description of principal activity02023-01-31 05771535 2022-02-01 2023-01-31 05771535 2021-02-01 2022-01-31 05771535 2023-01-31 05771535 2022-01-31 05771535 2022-02-01 05771535 2021-02-01 05771535 c:CompanySecretary1 2022-02-01 2023-01-31 05771535 c:RegisteredOffice 2022-02-01 2023-01-31 05771535 d:Buildings 2022-02-01 2023-01-31 05771535 d:Buildings 2023-01-31 05771535 d:Buildings 2022-01-31 05771535 d:CurrentFinancialInstruments 2023-01-31 05771535 d:CurrentFinancialInstruments 2022-01-31 05771535 c:FRS102 2022-02-01 2023-01-31 05771535 c:IndependentExaminationCharity 2022-02-01 2023-01-31 05771535 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05771535 b:Trustee1 2022-02-01 2023-01-31 05771535 b:Trustee2 2022-02-01 2023-01-31 05771535 b:Trustee3 2022-02-01 2023-01-31 05771535 b:RestrictedIncomeFunds 2022-02-01 2023-01-31 05771535 b:RestrictedIncomeFunds 2021-02-01 2022-01-31 05771535 b:TotalEndowmentFunds 2022-02-01 2023-01-31 05771535 b:TotalEndowmentFunds 2021-02-01 2022-01-31 05771535 b:RestrictedIncomeFunds 2023-01-31 05771535 b:RestrictedIncomeFunds 2022-01-31 05771535 b:TotalEndowmentFunds 2023-01-31 05771535 b:TotalEndowmentFunds 2022-01-31 05771535 b:TotalUnrestrictedFunds 2023-01-31 05771535 b:TotalUnrestrictedFunds 2022-01-31 05771535 b:TotalRestrictedIncomeFunds 2023-01-31 05771535 b:TotalRestrictedIncomeFunds 2022-01-31 05771535 c:FullAccounts 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

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

 
THE WINGS MUSEUM LIMITED
 
(A company limited by guarantee)
 

CONTENTS



Page
Reference and administrative details of the Company, its Trustees and advisers
1
Trustees' report
2 - 5
Independent examiner's report
6
Statement of financial activities
7
Balance sheet
8 - 9
Notes to the financial statements
10 - 22

 
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
  
Daniel Hunt, Trustee
Kevin Hunt, Trustee
Aaron Simmons, Trustee

Company registered number

05771535

Charity registered number

1117879

Registered office

43 Easter Way
South Godstone
Godstone
Surrey
RH9 8HG

Company secretary

Kevin Hunt

Accountants

GMBC LLP
Chartered Tax Advisers and Accountants
Marine House
151 Western Road
Haywards Heath
West Sussex
RH16 3LH

Bankers

Barclays Bank plc
2 Carfax
Horsham
West Sussex
RH12 1DN

Page 1

 
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 2023The 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.
 
Page 2

 
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
 

Page 3

 
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.
 

Page 4

 
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:
 

Kevin Hunt
(Trustee)
Page 5

 
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')
 
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

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

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:

1.
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.
the accounts do not accord with those records; or

3.
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

4.
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)].


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 2008My 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
Page 6

 
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


Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
Note
        £
        £
        £
        £

Income from:







Donations and legacies

3

39,474

13,069

52,543

270,982
 
Other trading activities

4

-

50,312

50,312

36,576
 
Investments

5

-

10

10

-
 
Total income
39,474
63,391
102,865
307,558
Expenditure on:







Charitable activities


-

62,154

62,154

52,069
 
Total expenditure
-
62,154
62,154
52,069

Net movement in funds
  
39,474
1,237
40,711
255,489

Reconciliation of funds:

  





Total funds brought forward

  

438,668

254,971

693,639

438,150
 
Net movement in funds

  

39,474

1,237

40,711

255,489
 
Total funds carried forward
  
478,142
256,208
734,350
693,639

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 22 form part of these financial statements.

Page 7

 
THE WINGS MUSEUM LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 05771535

 
 
BALANCE SHEET
AS AT 31 JANUARY 2023


2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
175,000
175,000

  
175,000
175,000

Current assets
  

Debtors
 10 
488,607
493,959

Cash at bank and in hand
  
78,680
44,656

  
567,287
538,615

Creditors: amounts falling due within one year
 11 
(7,939)
(19,977)

Net current assets 
  
 
 
559,348
 
 
518,638

Total net assets 
  
734,348
693,638


Charity funds
  

Restricted funds
 13 
478,142
438,668

Unrestricted funds
 13 
256,206
254,970

Total funds
  
734,348
693,638

Page 8

 
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:

Kevin Hunt
(Trustee)

The notes on pages 10 to 22 form part of these financial statements.

Page 9

 
THE WINGS MUSEUM LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

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

  
2.1

Basis of preparation of financial statements

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.

  
2.2

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.

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.

Page 10

 
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)

  
2.3

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 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.

  
2.4

Government grants

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.

  
2.5

Interest receivable

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.

 
2.6

Tangible fixed assets and depreciation

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:

Freehold land
-

  
2.7

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.

Page 11

 
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)

  
2.8

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.


2.9

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.

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.

  
2.10

Financial instruments

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.

  
2.11

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 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.

Page 12

 
THE WINGS MUSEUM LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.

Income from donations and legacies





Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £
        £
Government grants





 
Mid Sussex District Council Covid 19 relief grant

-

-

-

22,857
 
Subtotal detailed disclosure



-
-
-
22,857
Donations

39,474

13,069

52,543

248,125
 
Subtotal



39,474
13,069
52,543
248,125
Total 2023


39,474
13,069
52,543
270,982
Total 2022


247,387
23,595
270,982

Page 13

 
THE WINGS MUSEUM LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.

Income from other trading activities

Income from charitable activities




Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Entrance fees

50,312

50,312

36,576
 
Total 2022


36,576
36,576


5.

Investment income




Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Bank interest

10

10

-
 
Total 2022


-
-


Page 14

 
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





Activities undertaken directly
2023
Support costs
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £
        £





Advance the education of the public in World War Two

10,323

51,832

62,155

52,069
 
Total 2022


7,954
44,115
52,069


Analysis of direct costs




Activities
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Repairs, restoration and display related costs

10,323

10,323

7,954
 
Total 2022


7,954
7,954

Page 15

 
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)

Analysis of support costs




Activities
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Sundry expenses

452

452

78
 
Telephone

515

515

412
 
Subscriptions

35

35

35
 
Advertising and promotion

3,408

3,408

1,538
 
Bank charges

1,294

1,294

760
 
Insurance

2,118

2,118

1,904
 
Accounting fees

2,076

2,076

1,681
 
Travel and subsistence

-

-

965
 
Rent

34,339

34,339

32,142
 
Premises costs

2,707

2,707

1,655
 
Motor expenses

4,888

4,888

2,607
 
Van hire

-

-

338
 
Total 2023


51,832
51,832
44,115
Total 2022


44,115
44,115


7.

Independent examiner's remuneration

2023
2022
£
£

Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts
1,170
1,068

Fees payable to the Company's independent examiner in respect of:

All other services not included above
893
480

Page 16

 
THE WINGS MUSEUM LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 January 2023, no Trustee expenses have been incurred (2022 - £NIL).


9.


Tangible fixed assets




Freehold property

£


Cost or valuation

At 1 February 2022
175,000


At 31 January 2023

175,000




Net book value


At 31 January 2023
175,000


At 31 January 2022
175,000


10.



Debtors


2023
2022
£
£


Due within one year

Trade debtors
1,056
-

Other debtors
487,551
493,959

488,607
493,959

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.

Page 17

 
THE WINGS MUSEUM LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.



Creditors: Amounts falling due within one year


2023
2022
£
£


Trade creditors
29
15,159

Other creditors
4,273
3,257

Accruals
3,637
1,561

7,939
19,977


12.



Financial instruments


2023
2022
£
£

Financial assets

Financial assets measured at amortised cost
567,287
538,615

2023
2022
£
£

Financial liabilities

Financial liabilities measured at amortised cost
(3,666)
(16,720)

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.

Page 18

 
THE WINGS MUSEUM LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

13.

Statement of funds


Statement of funds - current year

Balance at 1 February 2022
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at 31 January 2023
£

Unrestricted funds






Designated funds







Land at Dunsfold Aerodrome

175,000

-

-

-

175,000
 
Dunsfold Museum development 

29,411

-

-

(29,411)

-
 



204,411
-
-
(29,411)
175,000

General funds







General Funds 

50,559

63,390

(62,154)

29,411

81,206
 
Total Unrestricted funds




254,970

63,390

(62,154)

-

256,206

Restricted funds







Dunsfold Museum development 

438,668

39,474

-

-

478,142
 

Total of funds


693,638
102,864
(62,154)
-
734,348

Page 19

 
THE WINGS MUSEUM LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

13.

Statement of funds (continued)



Statement of funds - prior year

Balance at
1 February 2021
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at
31 January 2022
£

Unrestricted funds






Designated funds







Land at Dunsfold Aerodrome

175,000

-

-

-

175,000
 
Dunsfold Museum development 

-

-

-

29,411

29,411
 



175,000
-
-
29,411
204,411

General funds







General Funds 

71,868

60,171

(52,069)

(29,411)

50,559
 
Total Unrestricted funds




246,868

60,171

(52,069)

-

254,970


Restricted funds







Dunsfold Museum development 

191,282

247,386

-

-

438,668
 


Total of funds


438,150
307,557
(52,069)
-
693,638

Page 20

 
THE WINGS MUSEUM LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

Aim and use of funds

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.
 

Page 21

 
THE WINGS MUSEUM LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

14.

Analysis of net assets between funds

Analysis of net assets between funds - current year

Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £



Tangible fixed assets

-

175,000

175,000

Current assets

478,142

89,145

567,287

Creditors due within one year

-

(7,939)

(7,939)

Total 


478,142
256,206
734,348



Analysis of net assets between funds - prior year

Restricted funds
2022
Unrestricted funds
2022
Total
funds
2022
        £
        £
        £



Tangible fixed assets

-

175,000

175,000

Current assets

438,669

99,948

538,617

Creditors due within one year

-

(19,977)

(19,977)

Total 

438,669
254,971
693,640



15.


Related party transactions

The amount owed to the Trustees at the end of the financial year amounted to £4,273 (2022 £3,257).

Page 22