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REGISTERED COMPANY NUMBER: 01734164 (England and Wales)
REGISTERED CHARITY NUMBER: 287745















Unaudited Financial Statements
for the year ended
31 August 2024

for

City of Norwich Aviation Museum

City of Norwich Aviation Museum

Contents of the Financial Statements
for the year ended 31 August 2024










Page

Report of the Trustees 1 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6

Notes to the Financial Statements 7 to 14

City of Norwich Aviation Museum (Registered number: 01734164)

Report of the Trustees
for the year ended 31 August 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of 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 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 on 16 July 2014 (as amended by Update Bulletin 1 published on 2 February 2016.

OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objective is the advancement of the education of the public by operating, maintaining and expanding a museum for the preservation and exhibition of aircraft and other exhibits relating to the aviation history of the county of Norfolk. All income raised by the charity is in pursuit of these objectives.

Public benefit
The directors confirm that they have had due regard to the guidance on public benefit published by the Charity Commission, and that all main activities undertaken by the charity are for the public benefit.

Relationships and Co-operations
The charity enjoys a close working relationship with the RAF 100 Group Association, exhibiting the collection gathered by this Association. There is no financial connection between the charity and the RAF 100 Group Association and the relationship was founded and is maintained on mutual objectives.

We have an agreement with RAF 74 Squadron Association that an exhibition of exhibits owned by them is displayed by the charity. We look forward to further co-operation with the 74 Squadron Association with future projects at the museum. There is no financial connection between the charity and this organisation.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
We are able to report that, despite increased economic pressures, that visitor numbers for 2023/4 were only marginally lower than for the previous years. We are conscious that organisations and visitor attractions such as the Museum rely on potential visitors having disposable income to spend and increases in the cost of living can have a marked effect on our receipts.

A major development at the Museum during the year was the realignment of the boundary at the southern end of the Museum site. This arrangement has increased the size of the premises and given the Museum a more usefully shaped site with a narrow tapered area having been exchanged for a larger piece of ground. This work was completed in spring 2024 and represented the major item of spending on capital projects in the financial year. A further benefit is that a new long term lease is in the process of being agreed on the Museum site, extending the period of the previous lease.

We were pleased to be able to fully open the new exhibition building constructed in 2022/3 in early 2024. This facility houses exhibits moved to the Museum from the closing Fenland and West Norfolk Aviation Museum as well as displays showing the development of Norwich Airport and the history of the airfield from 1939-1967 when it served as RAF Horsham St Faith.

Restoration work continued to our aircraft exhibits during the year. Progress continued to be made with various projects. Funds have been gathered during the year to enable this work to continue during 2024/5.

Organisations such as ours depend on the support and goodwill from volunteers and the progress we continue to achieve would not be possible without the valuable and outstanding efforts of our members. We should also record our gratitude to the commitment of our employees.

FINANCIAL REVIEW
Financial position
The trustees consider that the charity is in a strong financial position at the year end with total funds of £599,091
(31/8/2023 - £550,724).


City of Norwich Aviation Museum (Registered number: 01734164)

Report of the Trustees
for the year ended 31 August 2024


FINANCIAL REVIEW
Reserves policy
The charity holds an accumulated fund of sufficient level to guarantee payment of the general expenses of operating the Museum for some time to come. The fund also exists to provide contingency funding in respect of grant aid projects should the need arise.

The Trustees continue to monitor the level of reserves held by the charity. These reserves, in addition to being sufficient to cover the running costs of the Museum during a time when income may be limited, also have an allocation for the future purchase of exhibits.

Operating costs and the value of potential new exhibits have increased significantly in recent years and the level of reserves held will also need to be proportionally higher. In addition, with the investment made in new buildings and facilities and the arrival of additional exhibits in recent years, additional accessible funds need to be available to cover both anticipated and unexpected repair and maintenance costs.

In the medium to longer term, we will need to construct further additional exhibition areas to enable more of the Museums expanding collection to be accessible to public display and improved workshop facilities to enable conservation and restoration of larger exhibits. Funds will need to be accumulated to enable us to meet these aims.

FUTURE PLANS
We continue to work towards regaining our Arts Council accreditation, lost prior to the start of construction of the Norwich Northern Distributor Road and the resultant situation concerning our lease on the Museum site.

A number of directors resigned their office in the summer of 2024 and most of the remaining Trustees have stated their intention to stand down at the Museums next Annual General Meeting. New directors were recruited and appointed by the members in autumn 2024 - see trustee information later in this report. We should record our thanks for the service given to the Museum by those directors who stood down in 2023/4.

The City of Norwich Aviation Museum faces numerous challenges not least with the rising costs of operating the charity. We actively continue to look for ways to contain and reduce our operating costs and joined a co-operative buying group in spring 2024 which has produced savings on inputs where the benefit of bulk purchasing has proven to be advantageous. A combination of group buying and the operation of solar panels on the new building have reduced the cost of electricity to the Museum significantly.

We aim to continue to expand and develop the Museum towards the Museums objective aim of preserving Norfolk's aviation heritage.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a company limited by guarantee, incorporated on 23 June 1983 and governed by its Memorandum and Articles of Association. The liability of each member in the event of a winding up is limited to £1.00.

Organisational structure
All major decisions affecting the day to day running of the charity and those that will affect its future operation are taken at monthly directors meetings. A quorum of four directors is required for a meeting and if necessary, decisions are approved by a majority vote with the charity chairman having a casting vote.

Induction and training of new trustees
New directors are recruited and trained by existing directors and are appointed by the members at Annual General Meetings. New directors are made familiar with their legal obligations under charity and company law, the contents of the charity's Memorandum and Articles of Association, the decisions making process and the recent financial performance of the charity. Directors are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Risk management
The directors continue to examine the major risks that the charity faces and have developed systems to monitor and control these risks and to mitigate any impact that they may have. Procedures are well established for the review and approval of financial transactions. These matters are subject to ongoing review and the directors are satisfied that systems are in place to mitigate the charity's risk exposure.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01734164 (England and Wales)

Registered Charity number
287745

Registered office
Old Norwich Road
Horsham St Faith
Norwich
Norfolk
NR10 3JF

City of Norwich Aviation Museum (Registered number: 01734164)

Report of the Trustees
for the year ended 31 August 2024


Trustees
Ms K Barwick
K C Sloper
M J Taylor (appointed 18.10.24)
R J Walden (resigned 12.10.23)
D N Waters (resigned 2.6.24)
C S Kerrison
M Thirtle (resigned 2.6.24)
T R D Emms (appointed 18.10.24) (resigned 22.3.24)
T R D Emms (appointed 18.10.24) (resigned 22.3.24)
T H Eady
R Pointing (resigned 3.6.24)
K Davies (appointed 12.10.23) (resigned 4.6.24)
S M Day (appointed 12.10.23)
C Galbraith Smith (appointed 12.10.23) (resigned 22.3.24)
Ms N C E Bales (appointed 18.10.24)
J A Bines (appointed 18.10.24)
N T Claxton (appointed 18.10.24)
R N Farmer (appointed 18.10.24)
W L Ferguson (appointed 18.10.24)
Dr J F Rowson (appointed 18.10.24)

Independent Examiner
Elizabeth Claxton FCA FCCA
TC Group
Accountants
Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 30 January 2025 and signed on its behalf by:





K C Sloper - Trustee

Independent Examiner's Report to the Trustees of
City of Norwich Aviation Museum


Independent examiner's report to the trustees of City of Norwich Aviation Museum ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also 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 your charity's accounts as 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.








Elizabeth Claxton FCA FCCA

TC Group
Accountants
Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY

6 February 2025

City of Norwich Aviation Museum

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the year ended 31 August 2024

2024 2023
Unrestricted Restricted Total Total
funds fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 9,490 10,000 19,490 80,372

Charitable activities
Museum 113,437 - 113,437 109,484
Museum Shop 37,775 - 37,775 36,716

Other trading activities 4 43,641 - 43,641 42,733
Investment income 5 2,958 - 2,958 1,663
Total 207,301 10,000 217,301 270,968

EXPENDITURE ON
Raising funds 6 23,679 - 23,679 23,012

Charitable activities 7
Museum 127,442 - 127,442 101,195
Museum Shop 17,813 - 17,813 24,081
Total 168,934 - 168,934 148,288

NET INCOME 38,367 10,000 48,367 122,680
Transfers between funds 19 (2,000 ) 2,000 - -
Net movement in funds 36,367 12,000 48,367 122,680

RECONCILIATION OF FUNDS
Total funds brought forward 548,724 2,000 550,724 428,044

TOTAL FUNDS CARRIED FORWARD 585,091 14,000 599,091 550,724

City of Norwich Aviation Museum (Registered number: 01734164)

Balance Sheet
31 August 2024

2024 2023
Unrestricted Restricted Total Total
funds fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 323,972 - 323,972 325,022
Heritage assets 14 21,911 - 21,911 24,345
345,883 - 345,883 349,367

CURRENT ASSETS
Stocks 15 5,600 - 5,600 5,800
Debtors 16 4,715 - 4,715 4,248
Cash at bank 243,728 14,000 257,728 204,199
254,043 14,000 268,043 214,247

CREDITORS
Amounts falling due within one year 17 (13,069 ) - (13,069 ) (11,124 )

NET CURRENT ASSETS 240,974 14,000 254,974 203,123

TOTAL ASSETS LESS CURRENT LIABILITIES 586,857 14,000 600,857 552,490

CREDITORS
Amounts falling due after more than one year 18 (1,766 ) - (1,766 ) (1,766 )

NET ASSETS 585,091 14,000 599,091 550,724
FUNDS 19
Unrestricted funds 585,091 548,724
Restricted funds 14,000 2,000
TOTAL FUNDS 599,091 550,724

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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


The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2025 and were signed on its behalf by:





S M Day - Trustee

City of Norwich Aviation Museum

Notes to the Financial Statements
for the year ended 31 August 2024


1. STATUTORY INFORMATION

City of Norwich Aviation Museum is a private company limited by guarantee without share capital, registered in England and Wales. The company's registered number and registered office address can be found in the report of the trustees.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and and the expected level of income and expenditure for 12 months from authorising these financial statements in making their assessment.

Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Leasehold improvements - over the lease term
Equipment - 10% reducing balance

Heritage assets
Heritage assets are recognised on the balance sheet and initially measured at cost when purchased. Assets are subsequently stated at cost less accumulated depreciation. Depreciation is provided using the 10% reducing balance method.

Donated heritage assets are not recognised on the balance sheet as information on the valuation of such assets is not available and the cost of providing such information is expected to significantly outweigh any benefit to the users of the accounts.The nature and amount of donated assets is significant to the museum.

Acquisitions of heritage assets consist of aircraft and aviation artefacts, and arise when donated to the charity, or purchased by the charity, and the trustees believe that the asset will further the charity's objectives. Once acquired they are preserved by the charity in order to keep their historic qualities and to contribute to aviation knowledge and culture. A register of all heritage assets held by the charity is being compiled and the assets themselves are accessible to the public in the museum, or if not on general display, then with prior agreement. Heritage assets are to be held for the foreseeable future.

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

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.


City of Norwich Aviation Museum

Notes to the Financial Statements - continued
for the year ended 31 August 2024


2. ACCOUNTING POLICIES - continued

Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Donated goods and services
No amount is included in income in the financial statements for volunteer time 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 nature of contributions supplied by volunteers is significant to the charity.

No amount is included in income in the financial statements for fixed asset donations as information on the valuation of such assets is not available and the cost of providing such information is expected to significantly outweigh any benefit to the users of accounts.

3. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 17,844 78,336
Grants - 280
Subscriptions 1,646 1,756
19,490 80,372

4. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Fundraising events 5,749 4,720
Tea room income 37,892 38,013
43,641 42,733

5. INVESTMENT INCOME
2024 2023
£    £   
Interest received 2,958 1,663


City of Norwich Aviation Museum

Notes to the Financial Statements - continued
for the year ended 31 August 2024


6. RAISING FUNDS

Other trading activities
2024 2023
£    £   
Purchases 23,679 23,012

7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 8) Totals
£    £    £   
Museum 74,642 52,800 127,442
Museum Shop 17,813 - 17,813
92,455 52,800 145,255

8. SUPPORT COSTS
Governance
Management costs Totals
£    £    £   
Museum 47,102 5,698 52,800

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 15,264 6,222
Fees paid for independent examination 5,194 5,660
Other business advice provided by independent examination 504 -
Stock expensed 40,367 43,558
Depreciation - heritage assets 2,434 2,705

10. TRUSTEES' REMUNERATION AND BENEFITS

No trustee received remuneration from the charity during the year. Total trustee and key management personnel remuneration benefits were £0. (31/8/23 - £0).

Trustees' expenses

During the year 10 trustees (31/8/23 - 5 ) were reimbursed expenses of £7,244 (31/8/23 - £8,355).

11. STAFF COSTS
2024 2023
£    £   
Wages and salaries 41,909 35,586
Other pension costs 1,366 993
43,275 36,579

City of Norwich Aviation Museum

Notes to the Financial Statements - continued
for the year ended 31 August 2024


11. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

2024 2023
Museum - 1
Museum shop/Tea Room 2 2
Administration 1 1
3 4

No employees received emoluments in excess of £60,000.

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 12,036 68,336 80,372

Charitable activities
Museum 109,484 - 109,484
Museum Shop 36,716 - 36,716

Other trading activities 42,733 - 42,733
Investment income 1,663 - 1,663
Total 202,632 68,336 270,968

EXPENDITURE ON
Raising funds 23,012 - 23,012

Charitable activities
Museum 101,195 - 101,195
Museum Shop 24,081 - 24,081
Total 148,288 - 148,288

NET INCOME 54,344 68,336 122,680
Transfers between funds 116,336 (116,336 ) -
Net movement in funds 170,680 (48,000 ) 122,680

RECONCILIATION OF FUNDS
Total funds brought forward 378,044 50,000 428,044

TOTAL FUNDS CARRIED FORWARD 548,724 2,000 550,724


City of Norwich Aviation Museum

Notes to the Financial Statements - continued
for the year ended 31 August 2024


13. TANGIBLE FIXED ASSETS
Leasehold
improvements Equipment Totals
£    £    £   
COST
At 1 September 2023 377,911 32,532 410,443
Additions 14,214 - 14,214
At 31 August 2024 392,125 32,532 424,657
DEPRECIATION
At 1 September 2023 66,722 18,699 85,421
Charge for year 13,881 1,383 15,264
At 31 August 2024 80,603 20,082 100,685
NET BOOK VALUE
At 31 August 2024 311,522 12,450 323,972
At 31 August 2023 311,189 13,833 325,022

14. HERITAGE ASSETS
Total
£   
MARKET VALUE
At 1 September 2023 and 31 August 2024 61,851
PROVISIONS
At 1 September 2023 37,506
Charge for year 2,434
At 31 August 2024 39,940
NET BOOK VALUE
At 31 August 2024 21,911
At 31 August 2023 24,345

Summary analysis of heritage asset transactions

31/8/23 31/8/2331/8/2231/8/2131/8/20
£   £ £ £ £


Cost of acquisitions in the year- -9,2509,780-

Donated assets not recognised in the balance sheet-----

Charge for impairment in the year-----

Carrying amount of assets disposed of in the year-----

Proceeds from disposals-----


City of Norwich Aviation Museum

Notes to the Financial Statements - continued
for the year ended 31 August 2024


15. STOCKS
2024 2023
£    £   
Stocks 5,600 5,800

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Prepayments and accrued income 4,715 4,248

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 4,006 5,529
Social security and other taxes 913 595
Other creditors 2,000 -
Accruals and deferred income 6,150 5,000
13,069 11,124

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 1,766 1,766

19. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.9.23 in funds funds 31.8.24
£    £    £    £   
Unrestricted funds
General fund 548,662 38,367 (2,000 ) 585,029
Members deposits 62 - - 62
548,724 38,367 (2,000 ) 585,091
Restricted funds
Restricted fund 2,000 10,000 2,000 14,000

TOTAL FUNDS 550,724 48,367 - 599,091

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 207,301 (168,934 ) 38,367

Restricted funds
Restricted fund 10,000 - 10,000

TOTAL FUNDS 217,301 (168,934 ) 48,367


City of Norwich Aviation Museum

Notes to the Financial Statements - continued
for the year ended 31 August 2024


19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.9.22 in funds funds 31.8.23
£    £    £    £   
Unrestricted funds
General fund 377,982 54,344 116,336 548,662
Members deposits 62 - - 62
378,044 54,344 116,336 548,724
Restricted funds
Restricted fund 50,000 68,336 (116,336 ) 2,000

TOTAL FUNDS 428,044 122,680 - 550,724

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 202,632 (148,288 ) 54,344

Restricted funds
Restricted fund 68,336 - 68,336

TOTAL FUNDS 270,968 (148,288 ) 122,680

Restricted funds
Fenland Hall
During the year £10,000 of income was received from Fenland for spending on Fenland Hall. This remained in restricted funds at the year end.

Future building projects
A further £2,000 was moved from general to restricted funds during the year in relation to future building projects.

Vulcan aircraft
£2,000 also remains in a separate restricted fund brought forward from previous years that is restricted for the preservation of the Vulcan aircraft

Designated funds
During the year the charity had 3 Designated funds

Museum safeguarding
During the year £15,000 was moved into a designated fund for museum safeguarding. There was no expenditure out of this fund during the year.

Fence realignment
During the year £15,000 was moved into a designated fund for Fence realignment of which £14,000 was spent during the year and therefore £1,000 was remaining at the year end.

Tornado acquisition/Aircraft pads
During the year £14,000 was moved into a designated fund for Tornado Acquisition/Aircraft pads

City of Norwich Aviation Museum

Notes to the Financial Statements - continued
for the year ended 31 August 2024


20. RELATED PARTY DISCLOSURES

There were no related party transactions during the year except for reimbursed expenses to certain trustees which are disclosed in note 10.