**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 2022**
## **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 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**|5|to|6|
|**Notes to the Financial Statements**|7|to|12|
|**Detailed Statement of Financial Activities**|13|to|14|
**THE AVRO HERITAGE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
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 2022. 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**
The start of the year was interrupted by lockdown restrictions and the museum only opened to the public from June and then with number restrictions and with no cockpits open due to social distancing guidelines safeguarding the public and volunteers. This reduced income and it was not until September that cockpits opened but with certain continuing restrictions. In addition public reluctance to visit public places resulted in reduced visitor numbers. It was not until the last three months of the financial year that some form normality returned.
## **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 difficult year but not compared to the previous one. Ongoing prudence in cost management meant that the financial impact of the pandemic, both lockdown and aftereffects was containable. In addition, Government support with reduced business rates resulted in the reduction in reserves being as budget.
The Business interruption claim was finally settled with the receipt of £59,690.
## **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.
Page 1
**THE AVRO HERITAGE TRUST**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT 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 13 December 2022 and signed on its behalf by:
T Barnes - Trustee
Page 2
**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 2022.
## **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.
Neil Kennington FCA Chartered Accountant Heywood Shepherd Chartered Accountants 1 Park Street Macclesfield Cheshire SK11 6SR
13 December 2022
Page 3
**THE AVRO HERITAGE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022**
|**2022**
Unrestricted
Restricted
**Total**
fund
funds
**funds**
Notes
£
£
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**24,245**
**-**
**24,245**
**Charitable activities**
Museum activities
**61,537**
**-**
**61,537**
Other trading activities
2
**90,474**
**-**
**90,474**
Investment income
3
**77**
**-**
**77**
Other income
**4,075**
**-**
**4,075**
**Total**
**180,408**
**-**
**180,408**
**EXPENDITURE ON**
Raising funds
**19,038**
**-**
**19,038**
**Charitable activities**
Museum activities
**92,952**
**-**
**92,952**
Other
**6,795**
**-**
**6,795**
**Total**
**118,785**
**-**
**118,785**
**NET INCOME**
**61,623**
**-**
**61,623**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**409,130**
**-**
**409,130**
**TOTAL FUNDS CARRIED FORWARD**
**470,753**
**-**
**470,753**|2021
Total
funds
£
121,467
34,938
8,929
244
507|
|---|---|
||166,085|
||6,244
47,528
8,006|
||61,778|
||104,307
304,823|
||409,130|
The notes form part of these financial statements
Page 4
**THE AVRO HERITAGE TRUST**
## **BALANCE SHEET 31 MARCH 2022**
|Unrestricted
Restricted
fund
funds
Notes
£
£
**FIXED ASSETS**
Tangible assets
7
**20,385**
**-**
Heritage assets
8
**258,919**
**-**
**279,304**
**-**
**CURRENT ASSETS**
Stocks
9
**13,352**
**-**
Debtors
10
**63,387**
**-**
Cash at bank and in hand
**129,222**
**-**
**205,961**
**-**
**CREDITORS**
Amounts falling due within one year
11
**(14,512)**
**-**
**NET CURRENT ASSETS**
**191,449**
**-**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**470,753**
**-**
**NET ASSETS**
**470,753**
**-**
**FUNDS**
12
Unrestricted funds
**TOTAL FUNDS**|**2022**
**Total**
**funds**
**£**
**20,385**
**258,919**
**279,304**
**13,352**
**63,387**
**129,222**
**205,961**
**(14,512)**
**191,449**
**470,753**
**470,753**
**470,753**
**470,753**|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|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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
Page 5
continued...
**THE AVRO HERITAGE TRUST**
## **BALANCE SHEET - continued 31 MARCH 2022**
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 13 December 2022 and were signed on its behalf by:
T Barnes - Trustee
I Lomax - Trustee
The notes form part of these financial statements
Page 6
**THE AVRO HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **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.
continued...
Page 7
**THE AVRO HERITAGE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **2. OTHER TRADING ACTIVITIES**
|Fundraising events
Shop income
Cafe income
Exceptional items
**3.**
**INVESTMENT INCOME**
Deposit account interest
**4.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets|**2022**
**£**
**4,145**
**19,576**
**9,063**
**57,690**
**90,474**
**2022**
**£**
**77**
**2022**
**£**
**6,795**||2021
£
333
6,716
1,880
-|
|---|---|---|---|
||||8,929|
||||2021
£
244|
||||2021
£
8,006|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **Trustees' expenses**
Trustees make payments on behalf of the charity for various costs for which they are reimbursed.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
Restricted
fund
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
11,837
109,630
**Charitable activities**
Museum activities
34,938
-
Other trading activities
8,929
-
Investment income
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|Total
funds
£
121,467
34,938
8,929
244
507|
|---|---|
||166,085|
||6,244
47,528
8,006|
||61,778|
continued...
Page 8
**THE AVRO HERITAGE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
|**6.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||fund|funds|funds|
|||£|£|£|
||**NET INCOME/(EXPENDITURE)**|(5,275)|109,582|104,307|
||**Transfers between funds**|109,582|(109,582)|-|
||**Net movement in funds**|104,307|-|104,307|
||**RECONCILIATION OF FUNDS**||||
||**Total funds brought forward**|304,823|-|304,823|
||**TOTAL FUNDS CARRIED FORWARD**|409,130|-|409,130|
|**7.**|**TANGIBLE FIXED ASSETS**||||
|||||Fixtures|
|||||and|
|||||fittings|
|||||£|
||**COST**||||
||At 1 April 2021|||**63,707**|
||Additions|||**3,161**|
||At 31 March 2022|||**66,868**|
||**DEPRECIATION**||||
||At 1 April 2021|||**39,688**|
||Charge for year|||**6,795**|
||At 31 March 2022|||**46,483**|
||**NET BOOK VALUE**||||
||At 31 March 2022|||**20,385**|
||At 31 March 2021|||24,019|
## **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.
continued...
Page 9
**THE AVRO HERITAGE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **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.
## **9. STOCKS**
|Stocks
**10.**
**DEBTORS**
Amounts falling due within one year:
EPOS Control
Gift aid
Prepayments
Amounts falling due after more than one year:
Other debtors
Aggregate amounts
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Accruals and deferred income|**2022**
**£**
**13,352**
**2022**
**£**
**-**
**921**
**4,776**
**5,697**
**57,690**
**63,387**
**2022**
**£**
**-**
**14,512**
**14,512**|2021
£
13,159|
|---|---|---|
|||2021
£
140
2,487
2,383|
|||5,010|
|||-|
|||5,010|
|||2021
£
13,007
17,882|
|||30,889|
continued...
Page 10
**THE AVRO HERITAGE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **12. MOVEMENT IN FUNDS**
|**MOVEMENT IN FUNDS**||||||
|---|---|---|---|---|---|
|||||Net||
|||||movement||
||||At 1.4.21|in funds|At 31.3.22|
||||£|£|£|
|**Unrestricted funds**||||||
|General fund|||**409,130**|**61,623**|**470,753**|
|**TOTAL FUNDS**|||**409,130**|**61,623**|**470,753**|
|Net movement in funds, included in the above are as follows:||||||
||||Incoming|Resources|Movement|
||||resources|expended|in funds|
||||£|£|£|
|**Unrestricted funds**||||||
|General fund|||**180,408**|**(118,785)**|**61,623**|
|**TOTAL FUNDS**|||**180,408**|**(118,785)**|**61,623**|
|**Comparatives for 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|
|Comparative 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|
continued...
Page 11
**THE AVRO HERITAGE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **13. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2022.
Page 12
**THE AVRO HERITAGE TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Fundraising events
Shop income
Cafe income
Exceptional items
**Investment income**
Deposit account interest
**Charitable activities**
Subscriptions
Admissions
Cockpit Experience
Grants
**Other income**
Room Hire
Other income
**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
Carried forward|2022
£
**24,245**
**4,145**
**19,576**
**9,063**
**57,690**
**90,474**
**77**
**6,874**
**37,179**
**8,984**
**8,500**
**61,537**
**2,760**
**1,315**
**4,075**
**180,408**
**10,396**
**5,174**
**3,468**
**19,038**
**7,139**
**4,310**
**3,251**
**26,312**
**4,900**
**5,924**
**9,403**
**8,620**
**7,771**
**77,630**|2021
£
121,467
333
6,716
1,880
-|
|---|---|---|
|||8,929
244
3,714
6,011
356
24,857|
|||34,938
507
-|
|||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
35,157|
This page does not form part of the statutory financial statements
Page 13
**THE AVRO HERITAGE TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022**
|**Charitable activities**
Brought forward
Archives
Event costs
Project costs
Licence agreement
**Support costs**
**Management**
Depreciation of tangible and heritage assets
**Governance costs**
Accountancy
Legal fees
Total resources expended
**Net income**|2022
£
**77,630**
**243**
**5,660**
**4,187**
**-**
**87,720**
**6,795**
**1,918**
**3,314**
**5,232**
**118,785**
**61,623**|2021
£
35,157
1,017
3,303
1,976
4,375|
|---|---|---|
|||45,828
8,006
1,700
-|
|||1,700|
|||61,778|
|||104,307|
This page does not form part of the statutory financial statements
Page 14