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2023-03-31-accounts

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 2023

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 2023

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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
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THE AVRO HERITAGE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

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 2023. 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 consequentially 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 its final flight in March 1982.

OBJECTIVES AND ACTIVITIES

Objectives and aims

To advance the education of the public and the heritage of the British aircraft manufacturing industry in relation to the development and history of aircraft design, engineering and manufacture. In particular, the role played by A V Roe & Co Ltd, through the acquisition, research, preservation, protection, and expansion of the collections.

To display these collections to the public.

To preserve through archive, documentation, photographs, drawings and all other associated items connected to the manufacturing industry and in particular the role of A V Roe &Co Ltd.

The year

The primary aim of the museum is to tell the story of Avro aircraft and their development from 1907 to 2011. This includes iconic aircraft such as 504, Anson, Lancaster, Shackleton, Vulcan and Nimrod. In addition, the archive facility seeks to preserve and record all related material, available for research and study.

During the year a considerable amount of progress was achieved, significantly ahead of the Business Plan.

Volunteers

All members of the museum are volunteers the majority of whom attend at least three days a week. The museum operating times are Friday, Saturday, Sunday and Bank holidays (public days) and members' days Tuesday and Thursday, when group visits take place. The museum could not function without the goodwill and enthusiasm of the 150 volunteers.

Friends

The museum has over 250 friends who pay an annual fee which allows them free entry on public days along with other benefits.

ACHIEVEMENT AND PERFORMANCE

Achievements

RESERVE POLICY

The Trustees have a reserve policy to hold in reserve at least one years costs.

Page 1

THE AVRO HERITAGE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

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 of additional 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 who may well have specific skills as identified. Trustees are encouraged to be outward facing as well as hands on.

Risk management

Risk management is a feature of Trustees' meetings in particular the impact of any legislation and local and national 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 (resigned 13.12.22) E Wennell K Whittaker I Lomax R Yates J Ambrose (appointed 1.5.23)

Independent Examiner

Neil Kennington FCA Heywood Shepherd Chartered Accountants 1 Park Street Macclesfield Cheshire SK11 6SR

Approved by order of the board of trustees on 28 November 2023 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 2023.

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

Heywood Shepherd Chartered Accountants 1 Park Street Macclesfield Cheshire SK11 6SR

28 November 2023

Page 3

THE AVRO HERITAGE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

2023
Unrestricted
Restricted
Total
fund
funds
funds
Notes
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
25,646
-
25,646
Charitable activities
Museum activities
93,530
-
93,530
Other trading activities
2
109,205
-
109,205
Investment income
3
207
-
207
Other income
9,736
-
9,736
Total
238,324
-
238,324
EXPENDITURE ON
Raising funds
32,571
-
32,571
Charitable activities
Museum activities
194,428
-
194,428
Other
1,600
-
1,600
Total
228,599
-
228,599
NET INCOME
9,725
-
9,725
RECONCILIATION OF FUNDS
Total funds brought forward
470,753
-
470,753
TOTAL FUNDS CARRIED FORWARD
480,478
-
480,478		 2022
Total
funds
£
24,245
61,537
90,474
77
4,075
180,408
19,038
92,952
6,795
118,785
61,623
409,130
470,753

The notes form part of these financial statements

Page 4

THE AVRO HERITAGE TRUST

BALANCE SHEET 31 MARCH 2023

Unrestricted
Restricted
fund
funds
Notes
£
£
FIXED ASSETS
Tangible assets
7
16,470
-
Heritage assets
8
258,919
-
275,389
-
CURRENT ASSETS
Stocks
9
12,695
-
Debtors
10
50,610
-
Cash at bank and in hand
165,737
-
229,042
-
CREDITORS
Amounts falling due within one year
11
(23,953)
-
NET CURRENT ASSETS
205,089
-
TOTAL ASSETS LESS CURRENT LIABILITIES
480,478
-
NET ASSETS
480,478
-
FUNDS
12
Unrestricted funds
TOTAL FUNDS		 2023
Total
funds
£
16,470
258,919
275,389
12,695
50,610
165,737
229,042
(23,953)
205,089
480,478
480,478
480,478
480,478		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 5

continued...

THE AVRO HERITAGE TRUST

BALANCE SHEET - continued 31 MARCH 2023

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 28 November 2023 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 2023

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 2023

2. OTHER TRADING ACTIVITIES

Fundraising events
Shop income
Cafe income
Exceptional items
INVESTMENT INCOME
Deposit account interest
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 2023
£
17,144
28,429
19,322
44,310
109,205
2023
£
207
2023
£
5,491		 2022
£
4,145
19,576
9,063
57,690		 2022
£
4,145
19,576
9,063
57,690
90,474
2022
£
77
2022
£
6,795

3.

4. NET INCOME/(EXPENDITURE)

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

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
24,245
-
Charitable activities
Museum activities
61,537
-
Other trading activities
90,474
-
Investment income
77
-
Other income
4,075
-
Total
180,408
-
EXPENDITURE ON
Raising funds
19,038
-
Charitable activities
Museum activities
92,952
-		 Total
funds
£
24,245
61,537
90,474
77
4,075
180,408
19,038
92,952

continued...

Page 8

THE AVRO HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
£ £ £
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
7. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 April 2022 66,868
Additions 1,576
At 31 March 2023 68,444
DEPRECIATION
At 1 April 2022 46,483
Charge for year 5,491
At 31 March 2023 51,974
NET BOOK VALUE
At 31 March 2023 16,470
At 31 March 2022 20,385

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 2023

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

10.

Stocks
DEBTORS
Amounts falling due within one year:
Gift aid
Prepayments
Amounts falling due after more than one year:
Other debtors
Aggregate amounts		 2023
£
12,695
2023
£
1,203
5,097
6,300
44,310
50,610		 2022
£
13,352
2022
£
921
4,776
5,697
57,690
63,387

continued...

Page 10

THE AVRO HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023 2022
£ £
Other creditors 15,952 -
Accruals and deferred income 8,001 14,512
23,953 14,512
12. MOVEMENT IN FUNDS
Net
movement
At 1.4.22 in funds At 31.3.23
£ £ £
Unrestricted funds
General fund 470,753 9,725 480,478
TOTAL FUNDS 470,753 9,725 480,478
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 238,324 (228,599) 9,725
TOTAL FUNDS 238,324 (228,599) 9,725
Comparatives for 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

continued...

Page 11

THE AVRO HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

12. MOVEMENT IN FUNDS - continued

Comparative 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

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

Page 12

THE AVRO HERITAGE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

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
Carried forward		 2023
£
25,646
17,144
28,429
19,322
44,310
109,205
207
3,328
70,827
19,375
-
93,530
1,445
8,291
9,736
238,324
17,193
10,383
4,995
32,571
3,438
6,310
4,787
52,160
3,068
69,763		 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
45,912

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 2023

Charitable activities
Brought forward
Other costs
Rates
Heat and light
Cleaning/ waste
Archives
Event costs
Project costs
Computer costs
Support costs
Management
Depreciation of tangible and heritage assets
Governance costs
Accountancy
Legal fees
Total resources expended
Net income		 2023
£
69,763
5,380
19,917
15,279
8,731
-
16,262
39,095
30
174,457
5,491
1,942
14,138
16,080
228,599
9,725		 2022
£
45,912
5,924
9,403
8,620
7,771
243
5,660
4,187
-
87,720
6,795
1,918
3,314
5,232
118,785
61,623

This page does not form part of the statutory financial statements

Page 14