The delay (quite legal) in the required accounts filing means that its never possible to really know whats going on if the charity dont give away any further information. Things can slide very quickly and knowing what happened up to Oct 2017 whilst reviewing in Sept 2018 will in no way will give the full , "real time" story.
I think one of the key things will be the valuation of the airframe as last time, it was extraordinary (someone remind me?). By doing this, it gave the impression that the charity was asset rich and, therefore, in better health than a lower, more realistic figure. I wonder if the Trustees have discussed this or requested an independent expert valuation?
Just looked it up, £791112 in "heritage assets". I would be very interested to see how this figure changes within the next set of accounts. The Vulcan was valued at £739.286. As at 31 October 2015, the Board valued the aircraft at £750,000. The nature of the asset means it is not possible to derive a market valuation. The trustees therefore valued the aircraft, based on their knowledge and experience of working in the aviation industry. As at 31 October 2016, the Board have reassessed their valuation of the aircraft and still consider it to be reasonable.
An admission of no attempt to get an indepedent valuation or benchmark the value against other airframes. A reduction from £750,000 to £739,286 was agreed. By definition, everything has a market value. It's the price the market will pay. Everything has a market value. How is it not possible to gain a market valuation? I'm surpised the accountant's signed off on that.
Any team of trustees within any charity can boost the reported value of their assets by saying that its not possible to derrive a market value of assets but we have agreed its worth £xxxx. http://www.charitysorp.org/media/620446 ... ule-12.pdf
12. Write-down of assets to their recoverable amounts
12.1. The FRSSE requires that fixed assets and goodwill must be carried in the balance
sheet at no more than the recoverable amount. The recoverable amount of an asset
is the higher of the amounts that can be obtained from selling the asset (i.e. net
realisable value) or continuing to use the asset in the business (i.e. value in use). If the
carrying amount (net book amount) of a fixed asset or goodwill is considered not to be
recoverable in full at the balance sheet date, the carrying value of the asset must be
written down to the estimated recoverable amount.
“The best computer is a man, and it’s the only one that can be mass-produced by unskilled labour.”