REGISTERED COMPANY NUMBER: 08203004 (England and Wales) REGISTERED CHARITY NUMBER: 1150163
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
THE AVRO HERITAGE TRUST
Heywood Shepherd Chartered Accountants
1 Park Street Macclesfield Cheshire SK11 6SR
THE AVRO HERITAGE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 12
Detailed Statement of Financial Activities 13 to 14
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THE AVRO HERITAGE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
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 March 2021. 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 Charity was registered in December 2012 at a time when the BAE systems manufacturing complex at the Woodford Aerodrome had been shutdown and the site was in process of being sold for development. On the site was a small but well supported Heritage centre which had been operating for 15 years. This centre, run by volunteers, had acquired a large amount of exhibits and archive material. As part of the sale of the aerodrome, BAE Systems was determined to preserve the Heritage of Avro and as a consequence funded the conversion of the airfield fire station into a modern museum complete with café and shop. Along with the building came XM603 a fine example of a Vulcan Bomber which had remained on the ground at Woodford since being flown in on March 1982.
It was not until 2014 that the fate of the site was known and with demolition commencing, plans for moving were activated.
A Major project in packing and storing all the items from the old Heritage Centre took place over an eight month period, and in May 2015, the new museum was handed over to the volunteers. It was on November 13th of that year when the museum first opened to the public.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The museum presents information and displays to enable visitors to learn about and engage with the rich heritage of Avro from 1907 to 2011. It takes the visitor on a journey showing the amazing, often world leading, designs and aircraft developments from AV Roe's Daily Mail model prize in 1907 to the cancellation of Nimrod in 2011.
It sets out to educate and inspire the public in the rich history and heritage of the British aircraft industry in terms of design, development, engineering and manufacture, especially the importance of A.V. Roe & Co. The Museum does this through the acquisition, research, preservation, protection, maintenance and expansion of the collection.
It displays these collections to the public.
It preserves through archive, documentation, photographs, drawings and all other associated items concerning aircraft design and manufacture, in particular the role of A.V. Roe & Co Ltd
The year
Due to the pandemic, during the year the Museum was only open for three months between August and October with significant restrictions on visitor numbers and no cockpits open. The income during this period was therefore extremely reduced. During the lockdown periods the need for continued maintenance and checks on protection of exhibits meant at least monthly visits to the museum by a limited team of members.
Much work though was still being carried out at members' homes, in particular key parts for restoration for Vulcan XM 603. In addition general administration and work towards Museum accreditation was being undertaken.
A major purchase was made in the year, that of the educational replica S Sugar Lancaster cockpit, which had been on loan to the museum. This significant purchase could not have happened without the support of BAE Systems who donated 50% of the £200,000 purchase price.
The museum has the use of a large building next door, on a three year lease, from August 2020, which it using for storage purposes.
Friends
The museum has over 200 friends who pay an annual fee which allows them free entry on public days and other benefits.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
A very difficult year for the museum but with prudent cost savings and careful management together, with Government support with no rates and a support grant, the museum remained in a sound financial position, albeit with reduced current assets. A Business interruption insurance claim has been lodged for the lockdown period March to July 2020. A further claim has been made for the period November 2020 to May 2021.No income has been received in respect of these claims up to the accounts signing date.
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THE AVRO HERITAGE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
RESERVE POLICY
The Trustees have a reserve policy to hold in reserve at least one years costs.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The Trustees are mindful of the need to provide continuity and succession and as such selection or replacement trustees is taken by existing trustees. This is with a view to enhancing expertise and experience to meet the continuing needs of the charity and to meet the aims and principles of the articles of association. Potential candidates may arise from the volunteers. Trustees also look to identify external candidates. Training courses for trustees have been attended.
Succession
The Trustees are mindful of the need for a succession plan. As such a youth membership has been set up, which has led to the creation of a group of talented and keen young volunteers.
Volunteers
All members of the museum are volunteers the majority of whom attend at least three days a week. The museum could not function without the goodwill and enthusiasm of the volunteers.
Risk management
Risk management is a key feature of Trustees' meetings, in particular the impact of any legislation and national and local events. Alongside this, but closer to home, risks such as health and safety and public protection, feature strongly.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
08203004 (England and Wales)
Registered Charity number 1150163
Registered office
AVRO Heritage Museum Woodford Aerodrome Chester Road Woodford Cheshire SK7 1AG
Trustees
T Barnes Chairman R Jones J Nichol E Wennell K Whittaker I Lomax R Yates
Independent Examiner
Neil Kennington FCA Chartered Accountant Heywood Shepherd Chartered Accountants 1 Park Street Macclesfield Cheshire SK11 6SR
Approved by order of the board of trustees on 15 February 2022 and signed on its behalf by:
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THE AVRO HERITAGE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
T Barnes - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE AVRO HERITAGE TRUST
Independent examiner's report to the trustees of The AVRO Heritage Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Neil Kennington FCA Chartered Accountant Heywood Shepherd Chartered Accountants 1 Park Street Macclesfield Cheshire SK11 6SR
15 February 2022
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THE AVRO HERITAGE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted Restricted fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 11,837 109,630 Charitable activities Museum activities 34,938 - Other trading activities 2 8,929 - Investment income 3 244 - Other income 507 - Total 56,455 109,630 EXPENDITURE ON Raising funds 6,244 - Charitable activities Museum activities 47,480 48 Other 8,006 - Total 61,730 48 NET INCOME/(EXPENDITURE) (5,275) 109,582 Transfers between funds 12 109,582 (109,582) Net movement in funds 104,307 - RECONCILIATION OF FUNDS Total funds brought forward 304,823 - TOTAL FUNDS CARRIED FORWARD 409,130 - |
2021 Total funds £ 121,467 34,938 8,929 244 507 166,085 6,244 47,528 8,006 61,778 104,307 - 104,307 304,823 409,130 |
2020 Total funds £ 15,603 74,521 71,101 750 3,057 165,032 35,528 125,111 817 161,456 3,576 - 3,576 301,247 304,823 |
|---|---|---|
The notes form part of these financial statements
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THE AVRO HERITAGE TRUST
BALANCE SHEET 31 MARCH 2021
| Unrestricted Restricted fund funds Notes £ £ FIXED ASSETS Tangible assets 7 24,019 - Heritage assets 8 258,919 - 282,938 - CURRENT ASSETS Stocks 9 13,159 - Debtors 10 5,010 - Cash at bank and in hand 138,912 - 157,081 - CREDITORS Amounts falling due within one year 11 (30,889) - NET CURRENT ASSETS 126,192 - TOTAL ASSETS LESS CURRENT LIABILITIES 409,130 - NET ASSETS 409,130 - FUNDS 12 Unrestricted funds TOTAL FUNDS |
2021 Total funds £ 24,019 258,919 282,938 13,159 5,010 138,912 157,081 (30,889) 126,192 409,130 409,130 409,130 409,130 |
2020 Total funds £ 32,025 58,919 90,944 13,646 10,024 210,709 234,379 (20,500) 213,879 304,823 304,823 304,823 304,823 |
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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.
The notes form part of these financial statements
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THE AVRO HERITAGE TRUST
BALANCE SHEET - continued 31 MARCH 2021
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 15 February 2022 and were signed on its behalf by:
T Barnes - Trustee
J Nichol - Trustee
The notes form part of these financial statements
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THE AVRO HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. 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.
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.
Fixtures and fittings - 25% on reducing balance
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 trusteess
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.
Heritage assets
The Museum has a large number of exhibits and artefacts which it has not had to purchase. The exhibits are of a tangible nature with historic, technological and scientific qualities that are held for the benefit of the public for their educational and cultural interest.
Many items have been donated or are on loan from generous owners. Records are kept for all items to track their ownership and existence.
The artefacts and exhibitions owned by the museum as at the year end which have been gifted to them, are difficult to value due to their historic and irreplaceable nature.
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THE AVRO HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
2. OTHER TRADING ACTIVITIES
| Fundraising events Shop income Cafe income 3. INVESTMENT INCOME Deposit account interest 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2021 £ 333 6,716 1,880 8,929 2021 £ 244 2021 £ 8,006 |
2020 £ 26,058 26,930 18,113 71,101 2020 £ 750 2020 £ 10,675 |
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5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
Trustees make payments on behalf of the charity for various costs for which they are reimbursed. A total of 4 Trustees have been reimbursed for their expenses in the year totalling £1,168.( £435 in 2020). These expenses relate to stationery, exhibit and maintenance costs.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 15,603 - Charitable activities Museum activities 74,521 - Other trading activities 71,101 - Investment income 750 - Other income 3,057 - Total 165,032 - EXPENDITURE ON Raising funds 35,528 - Charitable activities Museum activities 125,111 - Other 817 - Total 161,456 - |
Total funds £ 15,603 74,521 71,101 750 3,057 165,032 35,528 125,111 817 161,456 |
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THE AVRO HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds £ £ |
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds £ £ |
Total funds £ |
|---|---|---|
| NET INCOME 3,576 RECONCILIATION OF FUNDS Total funds brought forward 301,247 |
- - |
3,576 301,247 |
| TOTAL FUNDS CARRIED FORWARD 304,823 |
- | 304,823 |
| 7. TANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 |
Fixtures and fittings £ 63,707 |
|
| DEPRECIATION At 1 April 2020 Charge for year |
31,682 8,006 |
|
| At 31 March 2021 | 39,688 | |
| NET BOOK VALUE At 31 March 2021 |
24,019 | |
| At 31 March 2020 | 32,025 |
Property
The Museum property is owned by a separate third party and is leased to the Museum at a peppercorn rent of £1 per annum. The lease expires in 2030 but it is understood that it will be open for renewal.
The lease of the property constitutes not only the Museum building and premises but also the Vulcan aeroplane which is a Museum exhibit.
The use of an adjacent property commenced August 2020 under a three year lease at a peppercorn rent.
8. HERITAGE ASSETS
The Museum has a large number of exhibits and artefacts which it has not had to purchase. The exhibits are of a tangible nature with historic, technological and scientific qualities that are held for the benefit of the public for their educational and cultural interest.
Many items have been donated or are on loan from generous owners. Records are kept for all items to track their ownership and existence.
The artefacts and exhibitions owned by the museum as at the year end which have been gifted to them, are difficult to value due to their historic and irreplaceable nature.
Assets have however also been purchased for the purpose of exhibiting in the Museum and in the Trustees opinion fall within the category of Heritage Assets. This includes a heritage asset bought for exhibition purchased at a cost of £200,000 in October 2020.
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THE AVRO HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
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9. STOCKS
2021 2020
£ £
Stocks 13,159 13,646
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
EPOS Control 140 395
Gift aid 2,487 2,095
Prepayments 2,383 7,534
5,010 10,024
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade creditors 13,007 -
Accruals and deferred income 17,882 20,500
30,889 20,500
12. MOVEMENT IN FUNDS
Net Transfers
movement between
At 1.4.20 in funds funds At 31.3.21
£ £ £ £
Unrestricted funds
General fund 304,823 (5,275) 109,582 409,130
Restricted funds
S SUGAR
- -
109,582 (109,582)
TOTAL FUNDS 304,823 104,307 - 409,130
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 56,455 (61,730) (5,275)
Restricted funds
S SUGAR
109,630 (48) 109,582
TOTAL FUNDS 166,085 (61,778) 104,307
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THE AVRO HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.4.19 £ Unrestricted funds General fund 301,247 |
Net movement in funds £ 3,576 |
At 31.3.20 £ 304,823 |
|---|---|---|
| TOTAL FUNDS 301,247 |
3,576 | 304,823 |
| Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 165,032 |
Resources expended £ (161,456) |
Movement in funds £ 3,576 |
| TOTAL FUNDS 165,032 |
(161,456) | 3,576 |
13. RELATED PARTY DISCLOSURES
Donations have been received from Trustees during the year totalling £620 (£700 - 2020). Membership income has been received from Trustees totalling £20 during the year (nil - 2020).
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THE AVRO HERITAGE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities Fundraising events Shop income Cafe income Investment income Deposit account interest Charitable activities Subscriptions Admissions Cockpit Experience Grants Other income Room Hire Total incoming resources EXPENDITURE Other trading activities Purchases Cafe cost of sales EPOS costs Charitable activities Exhibition Expenses Insurance Office costs Repairs and maintenance Advertising Other costs Rates Heat and light Cleaning/ waste Archives Event costs Vulcan renovations Licence agreement |
2021 £ 121,467 333 6,716 1,880 8,929 244 3,714 6,011 356 24,857 34,938 507 166,085 3,351 867 2,026 6,244 2,007 5,633 2,986 6,292 1,705 977 1,131 10,968 3,458 1,017 3,303 1,976 4,375 45,828 |
2020 £ 15,603 26,058 26,930 18,113 71,101 750 5,871 51,345 17,305 - 74,521 3,057 165,032 13,928 9,821 1,921 25,670 11,832 5,054 5,257 10,857 2,778 4,370 17,338 11,892 10,244 609 23,228 4,026 5,708 113,193 |
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This page does not form part of the statutory financial statements
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THE AVRO HERITAGE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Support costs Management Depreciation of tangible and heritage assets Governance costs Accountancy Legal fees Total resources expended Net income |
2021 £ 8,006 1,700 - 1,700 61,778 104,307 |
2020 £ 10,675 2,060 9,858 11,918 161,456 3,576 |
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This page does not form part of the statutory financial statements
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