**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** **----- Start of picture text -----**
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
**----- End of picture text -----**
**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. - The gifting of the Avro 707C to the museum by RAF Museums - Completion of restoration of the 748 cockpit - The agreement with Rolls-Royce for the loan of five key engines used in Avro aircraft - The completion of the total renovation of the cockpit of Vulcan XM603 allowing tours by the public - Visitor numbers reached 25,000 ## **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** - Providing an ever changing and improving exhibition for the public to experience the heritage of Avro and the Woodford site. - To create a friendly and informative relationship between volunteers and visitors. This is reflected in comments both online and in the visitors' book and in a 90% mark with Visit England. - Protect, preserve and enhance the Avro Heritage legacy. - Extensive archive activity cataloguing, digitising and preserving items both transferred from storage and donated/loaned to the museum by individuals during the year. - Add to the local community as a major attraction in the area which reflects in increased activity for local businesses. An example being the adoption of the local primary school. - A significant increase in the number of schools and other groups visiting the museum, many of whom had special needs ## **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 - (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 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