The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
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 the 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 consequently 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.
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. 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 several new exhibits were displayed and the 100th anniversary of AV Roe & Co ltd was celebrated with a major event. This included the launch of an exhibition of the aviation heritage of Manchester, 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.
Visitor numbers again increased and general public admissions increased by 20%. As in past years it was most encouraging that a large part of this increase in visitor numbers was from further away in the country and from abroad.
Group visits, school visits and a greater connection with the local community resulted in all available dates being taken and future bookings at record levels. The drive to greater diversity was paramount and a social responsibility fund was set up to help schools with the cost of travel to the museum.
Volunteers
All members of the museum are volunteers. Numbers have increased and stand at 180. 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 and an increasing number of volunteers of an age which bodes well for succession.
Continually adding to the visitor experience with pop up exhibits
Increased number of events to attract a wider audience
Closer ties with ATC groups and hosting the annual North wing training day
To consolidate the kpi of the friendly and informative connection between volunteers and the public
Protect and preserve 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 operating 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 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.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of The Avro Heritage Trust (the trust) for the year ended 31 March 2025.
Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the trust’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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 that in any material respect:
accounting records were not kept in respect of the trust as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements 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 financial statements 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 financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Avro Heritage Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Woodford Aerodrome, Chester Road, Woodford, Cheshire, SK7 1AG.
The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
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.
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Trustees make payments on behalf of the charity for various costs for which they are reimbursed.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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. Since 2023 this lease has now become a 6 month rolling lease.
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.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2024 - none).