Company registration number.. 08203004 Charity registration number.. 1150163 The Avro Heritage Trust Unaudited Financial Statements for the Year Ended 31 March 2024 Bright Partnership Limited Chartered Accountsnts 1 Park Street Macclesfield Cheshire SK116SR
The Avro Heritage Trust Contents Trustees, Report 1to3 Independent Examiner's Report 4t05 ststement of Financial Activities Balance Sheet 7t08 Notes to the Financial Statements 9t014 Detailed Statement of Financial Activib-es 15to17
The Avro Heritage Trust Trustees. Report 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 2024. 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 advan 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. A large archive facility preserves and records all related material which is available for research and study. During the year the archive systems have been reviewed, from which a plan for future systems updates has been agreed. During the year the 748, following its restoration, was added to the exhibits in the main hall and allowed the public to be able to view another cockpit. This being part of continual refreshment of exhibits and such action is reflected in the number of repeat visits and an increasing number of friends of the museum. A dedicated team of volunteers worked hard in improving and restoring several recent additions to the collection. By way of example, the 707C, a unique Avro two seater delta wing jet that first flew in 1953, was totalty repainted and further work carried out to allow public aCss. Visitor numbers again increased and general public admissions increased by 25 %. A large part of this increase in visitor numbers was from further away in the country and from abroad. Page 1
The Avro Heritage Trust Trustees. Report Volunteers All members of the museum are volunteers. Numbers have increased and stand at 170. The museum operating times are for general public, Friday, Saturday, Sunday, and Bank Holiday Mondays. Members days are Tuesday and Thursday which are also for school and Group visits some of which include evenings. The museum could not function without the goodwill and enthusiasm of the volunteers. Of great encouragement is a very keen junior section an increasing number of volunteers of and age which bodes well for SucsSion. Achievement and Perforniance Achievements Continually adding to the visitor experience with pop up exhibits Increased number of events to attract a wider audien Closer ties with ATC groups and hosting the annual North wing training day To consolidate the kpi of the friendly and informative connection beeen volunteers and the public Protect and preseNe the Avro Heritage legacy for this and future generations Further our excellent relationship with the community with allowing free use of our facilities Continue to offer a major attraction to all age group schools and groups, many with special needs Maintain our position as a major attraction in the North West of England Reserve policy The Trustees have a reserve policy to hold in reserve at least one year's costs. Structure, Governance and Management Governing document The charity is controlled by its goveming 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 Ouard 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 Page 2
The Avro Heritage Trust Trustees. Report Reference and Administrative Details Charity Registration Number= 1150163 Company Registration Number.. Registered Office.. 08203004 AVRO Heritage Museum Woodford Aerodrome Chester Road Woodford Cheshire SK7 1AG Independent Examiner: Bright Partnership Limited Chartered Accountants 1 Park Street Macclesfield Cheshire SK116SR Trustees Trustees.. T Barnes, Chairman (appointed 28 August 2024) K Whittaker E Wennell J Ambrose l Lomax R Yates A Paterson (appointed 30 July 2024) The annual report was approved by the trustees of the charity on by and signed on its behalf T Barnes Trustee Page 3
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 2024. 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 Acf). 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 14515){b} of the 2011 Act. Independent examiner's statement Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because I am a member of , which is one of the listed bodies. 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 Avro Heritage Trust 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 Practi for accounting and reporting by charities lapplicable 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. Page 4
The Avro Heritage Trust Independent Examiner's Report to the trustees of The Avro Heritage Trust ('the Company.) Mr Neil Kennington FCA {Senior Statutory Auditor) for and on behlf of Bright Partnership Limited Chartered Accountants 1 Park Street Macclesfield Cheshire SK116SR Date............................... Page 5
The Avro Heritage Trust Statement of Financial Activities for the Year Ended 31 March 2024 {Including Income and Expenditure Account and Ststement of Totsl Recognised Gains and Losses) Unrestricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income Other income 21,893 124,217 100,523 1,212 5,009 21,893 124,217 100,523 1,212 5,009 25,645 93,530 109,205 207 9,736 Total income 252.854 252.854 238,323 Expenditure on: Charitable activities {196,252) (196,252) (228,5981 Total expenditure (196,252) (196,252) (228,5981 Net income 56,602 56,602 9,725 Net movement in funds 56,602 56,602 9,725 Reconciliation of funds Total funds brought forward 480,478 480,478 470,753 Total funds carried forward 12 537,080 537,080 480,478 All of the charity's activits-es derive from continuing operations during the above tsvo periods. The funds breakdown for 2023 is shown in note 12. The notes on pages 9 to 14 form an integral part of these financial statements. Page 6
The Avro Heritage Trust (Registration number: 08203004) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Heritage assets Tangible assets 258,919 12,353 258,919 16,470 271,272 275,389 Current assets Stocks Debtors Cash at bank and in hand 14,611 20,848 254,323 12,695 50,610 165,737 10 289,782 229,042 Creditors: Amounts falling due within one year 11 23,974 23,953 Net current assets 265,808 205,089 Net assets 537,080 480,478 Funds of the charity: Unrestricted income funds Unrestricted funds 537,080 480,478 Total funds 12 537,080 480,478 The notes on pages 9 to 14 form an integral part of these financial statements. Page 7
The Avro Heritage Trust (Registration number: 08203004) Balance Sheet as at 31 March 2024 The charitable company is entiled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. 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 (al ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (bj 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. These financial statements have been prepared in accordan with the provisions applicable to charitable companies subject to the small companies regime. The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on and signed on their behalf by.. T Barnes Trustee l Lomax Trustee The notes on pages 9 to 14 form an integral part of these financial statements. Page 8
The Avro Heritage Trust Notes to the Financial Statements for the Year Ended 31 March 2024 1 Accounting policies Statement of compliance The financial statements have been prepared in accordance with 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)) (issued in October 2019} {Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of preparation The Avro Heritage Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable 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 Taxation The charity is exempt from corporation tax on its charitable acb"vities Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Asset class Fixtures and fittings Depreciation method and rate 25 % on reducing balance Stock Stocks are valued at the lower of cost and net realisable value, after making due allowan for obsolete and slow moving items. Page 9
The Avro Heritage Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Fund structure Unrestricted funds can be used in accordan with the charitable objectives at the discretion of the trustees. 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. 2 Income from other trading activities Total funds Total 2023 Cafe Income Shop Income Fundraising events Exceptional items 25,877 36,972 24,865 12,809 19,322 28,429 17,144 44,310 100,523 109,205 Page 10
The Avro Heritage Trust Notes to the Financial Statements for the Year Ended 31 March 2024 3 Investment income Total 2024 Total 2023 Deposit account interest 1,212 207 4 Net incomingloutgoing resources Net incoming reSoUrS for the year include.. 2024 2023 Depreciation of fixed assets 4,118 5,491 5 Trustees remuneration and expenses There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses Trustees make payments on behalf of the charity for various costs for which they are reimbursed 6 Taxation The charity is a registered charity and is therefore exempt from taxation. Page 11
The Avro Heritage Trust Notes to the Financial Statements for the Year Ended 31 March 2024 7 Tangible fixed assets Furniture and equipment Total Cost At 1 April 2023 68,444 68,444 At 31 March 2024 68,444 68,444 Depreciation At 1 April 2023 Charge for the year 51,974 4,117 51,974 4,117 At 31 March 2024 56,091 56,091 Net book value At 31 March 2024 12,353 12,353 At 31 March 2023 16,470 16,470 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 propety commenced August 2020 under a three year lease at a peppercorn rent. Since 2023 this lease has now become a 6 month rolling lease. Page 12
The Avro Heritage Trust Notes to the Financial Statements for the Year Ended 31 March 2024 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 Irreplaable 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 Stock 2024 2023 Stocks 14,611 12,695 10 Debtors 2024 2023 Prepayments Other debtors 3,990 16,858 5,096 45,514 20,848 50,610 11 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors Accruals 8,086 4,442 11,446 15,951 8,002 23,974 23,953 Page 13
The Avro Heritage Trust Notes to the Financial Statements for the Year Ended 31 March 2024 12 Funds Balance at 1 April 2023 Incoming resources Resources expended Balance at 31 March 2024 Unrestricted funds General 480.478 252.854 (196,252) 537,080 Balance at 1 April 2022 Incoming resources Resources expended Balance at 31 March 2023 Unrestricted funds General 470,753 238,323 (228,598) 480,478 13 Related party transactions There were no related party transactions for the year ended 31 March 2024. Page 14
The Avro Heritage Trust Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Income and Endowments from: Donations and legacies {analysed below) Charitable activities {analysed below) Other trading activities (analysed below) Investment income (analysed below) Other income (analysed below) 21,893 124,217 100,523 1,212 5,009 25,645 93,530 109,205 207 9,736 Total income 252,854 238,323 Expenditure on: Charitable activits'es {analysed below) (196,252) (228,598) Total expenditure 196,252 228,598 Net income 56,602 9,725 Net movement in funds 56.602 9,725 Reconciliation of funds Total funds brought forward 480,478 470,753 Total funds carried forward 537,080 480,478 This page does not form part of the statutory financial statements. Page 15
The Avro Heritage Trust Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Donations and legacies Donations 21,893 25,645 21,893 25,645 Charitable activities Subscriptions Admissions Cockpit Experience 1,911 97,481 24,825 3,328 70,827 19,375 124,217 93,530 Other trading activities Cafe income Shop income Fundraising events Exceptional items 25,877 36,972 24,865 12,809 19,322 28,429 17,144 44,310 100,523 109,205 Investment income Interest on cash deposits 1,212 1,212 207 207 Other income Room Hire Other income 3,952 1,057 1,445 8,291 5,009 9,736 Charitable activities Purchases Cafe cost of sales EPOS costs Exhibition Expenses (21,805) {19,581) (4,103) (6.414) (17,193) (10,3831 (4,9951 (3,4381 L 41 Office costs Rates Light, heat and power Insuran Repairs and maintenance Computer sofvare and Maintenan costs (6,341) (7,306) (52,269) (6,300) (12,898) {561) (4,7861 {19,917) (15,2791 (6,3101 (52,1601 (29) This page does not form part of the statutory financial statements. Page 16
The Avro Heritage Trust Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Other costs Cleaning Event costs Project costs Advertising Depreciation of fixtures and fittings Accountancy fees Legal and professional fees (3,912) (7,348) (17,742) (15,860) (3,052) (4,117) (2.200) (4,443) 196,252 (5,3801 (8,7321 (16,2621 (39,0961 (3,0681 (5,4901 (1,9421 {14,138} 228,598 This page does not form part of the statutory financial statements. Page 17