The Council of Management present their annual report and financial statements for the year ended 31 August 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitable company's governing document, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (Charities SORP (FRS 102)).
The GAC objects are to advance education for the public benefit by preserving, exhibiting, and interpreting Gloucestershire’s aviation heritage. The trustees confirm that they have had regard to the Charity Commission’s guidance on public benefit when planning the museum’s activities and setting priorities for the year.
The museum continued to provide free public access to its collections, delivered educational experiences for visitors of all ages, and expanded its community learning offer for local aerospace firms. These activities directly further the charity’s objects and provide clear public benefit.
The Jet Age Museum continues to receive positive feedback from sources such as TripAdviser and the feedback continues to highlight the enthusiasm of the museum’s volunteers. Further, the report from an unannounced ‘Visit England’ inspector was very positive and included the statement that ‘the Jet Age Museum delivers a unique and memorable experience for visitors of all ages’. Despite these positives, however, visitor numbers decreased from 20,247 to 18,937 (a reduction of 6.5%), reflecting the impact of sustained warm and settled weather throughout the spring and summer. To offset these reductions, the Trustees committed to ongoing improvements in promotions, including advertising and social media. Consideration will also be given to the likelihood of continued warmer seasons due to climate change, and how the museum’s attractions may need to be adjusted to reflect this.
Open day income fell by 3.5% to £91,983, but this was more than offset by other income streams, including significant support from Ontic in the form of donated furniture and contributions to car parking improvements.
Last year’s addition of the new workshop wall has been a great success, creating a more effective Community Learning Space, and allowing the workshop activities to continue without disturbing events being held in the Learning Space. New improvements made during the year include launching a new web site and enhancing the museum displays. The latter has included embracing the green agenda with two electric aircraft exhibits, introducing an interactive Typhoon display and adding more videos, acquiring a Vampire two-seater cockpit and converting the Gnat cockpit to Jet Age Museum ownership. The workshop continued to deliver high‑quality conservation work and positive progress was made with the Gladiator project and Meteor NF14 restoration. There have also been progressive improvements made in the café, with a steadily increasing range of refreshments and food products on offer.
The announcement of the planned sale of Gloucester Airport was an important development during the year. This led to negotiations with the airport, culminating in a new licence agreement allowing continued access to the area known as ‘Plot B’ as well as allowing the museum’s use of ‘Plot C’ too. Once the agreement was signed, the required boundary fence between the museum area and the airport was erected.
Running costs increased by 59% to £107,888, reflecting several planned capital and maintenance projects essential to the museum’s long‑term sustainability. Major items included:
£16,050 for the new boundary fence
£16,881 for new chairs, tables, café improvements and crew room upgrades
£17,328 for groundworks, including drainage surveys and car park surfacing
Our neighbour Ontic generously contributed nearly £10,000 towards the new chairs and provided additional support to the museum.
The trustees monitored expenditure closely throughout the year and approved all major capital commitments.
Spending was aligned with the museum’s strategic priorities and supported by available reserves and donor contributions.
The Trustees note emerging cost pressures in areas such as insurance, consumables and equipment, and the widening gap between income and expenditure growth. The Board will review these matters during the current financial year to ensure continued financial sustainability and appropriate stewardship of the charity’s resources.
The trustees aim to maintain reserves at a level sufficient to ensure the museum can continue to operate in the event of unforeseen financial challenges. The reserves position at year‑end was reviewed and considered appropriate for the charity’s size, activities, and risk profile.
Risk Management
The trustees maintain a risk register and review it regularly. The principal risks identified during the year were:
1. Security of tenure
The museum’s landlord, Gloucestershire Airport, is undergoing a change of ownership. While the new 5–10 year licence for Plots B and C provides medium‑term operational stability, the trustees recognise that this does not constitute long‑term security. The board intends to build a constructive relationship with the new owners at the earliest opportunity, understand their strategic intentions for the wider site, and explore options for securing a longer‑term arrangement.
2. Volunteer capacity
Volunteer numbers have shown steady improvement, but remain a key long‑term operational risk. The trustees continue to prioritise recruitment, training, and retention.
3. Financial sustainability
The trustees monitor financial performance closely through regular reporting, prudent budgeting, and diversification of income streams.
The trustees are satisfied that appropriate mitigation measures are in place and that risks are being actively managed.
The trustees’ priorities for the coming year include:
Establishing a positive working relationship with the new airport owners and exploring options for longer‑term tenure
Strengthening visitor engagement through improved publicity and digital outreach
Expanding the use of the community learning space for training and educational partnerships
Progressing conservation work on the Meteor NF.14 and Gladiator
Exploring opportunities to enhance outdoor visitor experiences
Developing fundraising opportunities and strengthening donor relationships
These plans support the museum’s long‑term sustainability and its mission to preserve and share Gloucestershire’s aviation heritage.
GAC is governed by a board of trustees responsible for strategic oversight, compliance with charity law, and stewardship of the museum’s assets. Trustees are appointed in accordance with the governing document and receive induction training covering their legal duties, the museum’s operations, and relevant policies.
Operational responsibilities are delegated to volunteer teams, including workshop, visitor services, and site management groups, with oversight retained by the trustees through regular reporting and review.
The trustees maintain appropriate policies covering health and safety, data protection, volunteer management, and safeguarding. No safeguarding concerns were reported during the year.
The Council of Management, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The Council of Management has the power to appoint any person to be a member of the Council of Management. There is no maximum number of members of the Council of Management, although a figure can be set by the company in General Meeting. The minimum number is two.
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law the directors 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors 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.
The Council of Management's report was approved by the Board of Council Of Management.
I report to the Council of Management on my examination of the financial statements of Gloucestershire Aviation Collection (the charity) for the year ended 31 August 2025.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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 that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements 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 financial statements 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 financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Gloucestershire Aviation Collection is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 3 Ambrose House, Meteor Court, Barnett Way, Barnwood, Gloucester, GL4 3GG.
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006, UK Generally Accepted Accounting Practice as it applies from 1 January 2015 and the Charities Act 2011. The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention modified to include the revaluation of heritage assets. The principal accounting policies adopted are set out below.
The Council of Management has carefully considered going concern, particularly in the light of the impact of the Covid 19 pandemic. At the time of approving the financial statements, the Council of Management has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Council of Management continue to adopt the going concern basis of accounting in preparing the financial statements.
There are no material uncertainties about the charity's ability to continue.
Unrestricted funds are available for use at the discretion of the Council of Management in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Donations, grants (including Government grants) and cafe and shop income are included in the period when the conditions for entitlement, probability and measurement are met.
Investment income is accounted for when received,
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Liabilities recognised as resources expended are included in the period when these is a legal or constructive obligation, committing the charitable company to the expenditure. Their allocation is as follows:
Costs of running the museum, shop and cafe are included under charitable activities.
Costs of examining the accounts are included under charitable activities.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Heritage assets are stated at valuation less depreciation. Revaluation gains/losses are credited/charged to the relevant fund account.
No depreciation is charged because it is immaterial, as the estimated residual value of the assets is not materially different from the carrying amount of the assets.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Current assets
Current assets are stated at the lower of cost and net realisable value.
Liabilities
Liabilities are stated at settlement value.
In the application of the charity’s accounting policies, the Council of Management are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Unrestricted shop and cafe income
Rates and service charge
Insurance
Electricity, Gas and water
Consumables and equipment
Advert, newsletters and reunions
Subscriptions
Cost of shop and cafe sales
None of the Council of Management (or any persons connected with them) received any remuneration or expenses during the year.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The freehold building has been constructed on land which is leased from a third party.
The charitable company has acquired over many years several retired military aircraft and other artifacts. These include 4 complete Meteors, a Gladiator, a Harrier, another Meteor, a Typhoon, Trident forward fuselage and a Javelin FAW.9. The charitable company also has replicas of the Gloster E28/39, the Gloster Gamecock and a Hurricane. There is also a large number of other artifacts, including several aero engines. Those aircraft which have undergone restoration or have been built more or less from scrap, have a significant amount of volunteer labour time invested in them.
These assets, were valued by the Council of Management, at 31 August 2013, at market value, based on insurance values to reflect replacement cost. Due to the nature of the assets involved, the Council of Management believes this to be a realistic basis on which to value these assets. The valuation has not been updated in the reporting period, as the council of management is not aware of any material change since the last valuation.
Had these assets not been revalued, they would have been stated at cost £155,096 (2024 £143,364). Any depreciation would have been immaterial, as the estimated residual value of the assets would have at least equalled their cost.
Recorded expenditure this year and for the preceding 5 years, on these assets is as follows
2025 £11,732 2024 £21,300
2023 £8,529 2022 £8,193
2021 £9,280 2020 £4,130
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The charitable company leases the land upon which its building is situated from a third party landlord. Under this lease, rent payable is based on a percentage of a defined 'operating profit'. Accordingly, future rent commitments cannot be quantified with reasonable certainty, however, based on this definition of operating profit, it is unlikely that any significant rent will be payable to the landlord for the forseeable future.
The Council of Management believe the charitable company is not under the control of any individual.