Bristol Aero Collection Trust Trustees' Report and Accounts
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BRISTOL AERO COLLECTION TRUST TRUSTEES' REPORT AND ACCOUNTS FOR THE YE AR ENDED 31 MARCH 2019 Company registered number: 0 2689238 Charity registered number: 1010632. BRISTOL AERO COLLECTION TRUST FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 CONTENTS PAG E Trustees’ Annual Report 1 - 7 Reference & Administrative Information 8 - Statement of Responsibilities of Trustees 9 Independent Auditors’ Report 10 - 12 Consolidated Statement of Financial Activities 13 The Charity’s Statement of Financial Activities 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the accounts 17 - 31 BRISTOL AERO COLLECTION TRUST TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2019 The Board of Trustees ("the Board") has pleasure in presenting its report and financial statements for the Charity for the year ended 31 March 2019. Our Vision An aerospace industrial museum and learning centre in Filton that inspires and entertains today's and future generations through the stories and achievements of Bristol’s aerospace industry - past, present and future. Aims and Objectives The Trustees have had due regard, as required by the Charities Act 2011, to the Charity Commission's general guidance on public benefit when reviewing its aims and objectives and in planning its activities. The Objects of the Trust as stated in its Memorandum of Association are: · To advance public education in all matters concerning aircraft and the aircraft and aerospace industries, in particular by the provision of a museum for the public display, restoration and conservation of aircraft, flying boats, missiles, rockets, satellites, other flying aerial or space devices or machines and the component parts of them and drawings or archives and other products of, or relating to the aircraft and aerospace industries; and · To promote or undertake research into the history of aircraft design manufacture and operation including the history of the persons and companies involved in these activities and to publish and disseminate the useful results of that research. The specific public benefits that flow from our Vision and Objects are: · To enable a wide range of people to participate in and learn about the region's aviation heritage; · To advance learning, skills and training, particularly in science, technology, engineering and design as well as heritage conservation skills; · To conserve the aviation heritage, including Concorde 216, for present and future generations to experience, appreciate and enjoy; and · To celebrate the world class achievements of the aerospace industry and the people who made it possible. Achievements The Trust’s museum, Aerospace Bristol, welcomed 158,000 visitors in the year, achieving excellent ratings across social media and visitor evaluation. The museum received a number of prestigious travel and tourism awards and is a Visit England Quality Assured Attraction (achieving an accolade for its food and drink offer). The Trust also submitted its full application under the Arts Council England’s Accreditation Scheme, and Museum Accreditation is expected in early 2020. Some 11,000 school visitors were welcomed during the year and the Trust’s Learning team delivered over 250 workshops linked to the national curriculum for all ages, with an emphasis on science, technology, engineering and maths. The Trust has continued to develop its audience and widen accessibility. Over the year, the museum has welcomed and engaged through outreach with dementia groups, those from socially disadvantaged backgrounds, BAME groups, the LGBTQ+ community and young people not in education, employment or training. The museum pays great attention to those who are less able through the quality of its facilities and staff training. There is a comprehensive Accessibility Guide, Autism Guide and the museum is registered with Changing Places. 1 BRISTOL AERO COLLECTION TRUST TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2019 The Trust enjoyed a highly successful year for its events and hospitality business, welcoming over 18,000 guests to its meeting centre and lecture theatre, as well as hosting many prestigious occasions and events underneath the wings of Concorde. Throughout the year, the museum was also the venue for the RAF100 Baton Relay, BBC Antiques Roadshow and Bristol Children’s Hospital Grand Appeal Gromit Trial. The Trust continued to preserve and maintain 9.5 acres of the historic Filton Airfield, its World War One Grade II listed Hangar 16M and nationally-important collections of objects and archives, including Concorde G-BOAF, the last passenger jet to fly supersonically when she returned to her birthplace at Filton in 2013. In the summer of 2018, airframe restoration by volunteers recommenced on site. In November 2018, the Trust took possession of a World War One Grade II listed Hangar 16M on the museum site under a long-term lease from BAE Systems to create a conservation-in-action centre open to visitors to view conservation work on large objects such as the Bristol Bolingbroke, Freighter, and Fighter. Sufficient capital funding for a first phase of development was secured (largely from Biffa Awards), surveys and enabling works were completed and listed building consent received. During the year, the Trust also secured storage for its reserve collection in the Brabazon Hangar until May 2020 and a comprehensive collection review is currently underway. Following extensive preparations in 2018, in January 2019 the Trust commenced its celebrations of the 50th Anniversary of the maiden UK flight of Concorde which took off from Filton Airfield, the site of the museum, on 9th April 1969. Throughout the year there was a series of special events and activities, including a Royal Gala dinner hosted by our patron HRH The Princess Royal who introduced the first ‘drooping’ of the nose of Concorde G-BOAF since her return to Filton in 2003. The Trust also took a major temporary exhibition, “Concorde: the world-shrinker” to the Bristol International balloon Fiesta to reach out to new audiences. From September 2018, with funding administered by the National Archives (Archives Revealed), the Trust employed a Project Archivist to work on a 12-months project to catalogue a significant portion of Concorde material, making it publicly accessible for the first time. The Trust continued to focus on enhancing its operational and financial systems, and to strengthen its senior management team, including the appointment of a new Head of Finance & Administration. To further its charitable activities in Collections and Learning, the Trust made new senior appointments to deliver major conservation projects, collections management, and outreach and community engagement programmes. Volunteers, including Trustees, continued to play a vital role in enhancing the visitor experience. In addition to existing volunteers, new volunteers were recruited in conservation, visitor services and collections research, with a drive towards increasing diversity. There are currently some 120 volunteers contributing to the work of the Trust who have contributed some 26,000 hours of voluntary time. The Trust thanks all individual donors, companies and grant–giving Trusts and Foundations who have continued to support the Trust throughout the year. Plans for the future The Trust’s Forward Plan sets out its strategic goals and plan of action for the period until 2022 in order to achieve its charitable purposes and maintain its financial sustainability. This is a key element of the Trust’s application to the Arts Council England’s Accreditation Scheme, which should be attained in the first half of 2020. 2 BRISTOL AERO COLLECTION TRUST TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2019 During 2020, the first phase of development of the WWI Grade II listed Hangar 16M project will be completed, providing a conservation workshop, volunteer and staff facilities and collections storage. This will provide enhanced learning and work experience opportunities and the Trust will be working specifically with Weston College and UWE Bristol to achieve this. The Trust will continue the major review of its reserve collection, with the large object rationalisation completed by Spring/Summer 2020 along with the relocation of the remaining reserve collection to the museum site from its current storage in the Brabazon Hangar. The strategic review of the collection, which follows the Museums Association Code of Ethics, will continue until 2022. A new full-time Archivist will be appointed to continue to digitise and catalogue its nationally- significant archive collection and to make it increasingly accessible to the public. The Trust will continue to build on its learning and outreach programmes, developing its partnership with local universities, colleges, schools, industry and community groups. The museum will aim to offer many more volunteering opportunities, especially for young people as a means of providing pathways into training and employment and engage with hard to reach audiences. Fundraising will continue to be an important function as the Trust works towards closing the initial capital project and commence further phases of development, as well as the on-going funding of key posts and activities in collections and learning. Financial Review Results Net income/(expenditure) figures for the consolidated accounts in 2019 and 2018 are summarised below: 2019 2018 £000’s £000’s Net (deficit)/income in the Charity’s Free fund (140.6) 732.1 Increase in BAC Trading Limited’s reserves 16.2 74.0 Net deficit in the Charity’s Fixed asset fund (364.8) (174.4) Total (deficit)/income in unrestricted funds (489.2) 631.7 Net income/(deficit) in restricted funds 184.4 (802.2) Net expenditure (304.8) (170.5) Charity’s Free fund (£000’s) – 2019 (£140.6), 2018 £732.1 In comparing 2019 with 2018 it is important to appreciate that the museum only opened in the second half of the 2018 financial year thereby distorting the comparison between 2018 and 2019 as income and expenditure was in transition throughout the 2018 year. It should be noted that the 2019 results include a full year of income and overheads plus finance costs on a higher level of borrowing.