THE CENTRE FOR MAIDENHEAD HERITAGE TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022
THE CENTRE FOR MAIDENHEAD HERITAGE TRUSTEEY REPQRT FOR THE PERIOD ENDED al MARCH 2022 The TrLtstees present their report and the financial statements for the period 25 January 2021 to 31 March 2022. The Centrè for Maidenhead Heritage 15 an Association Charitable Incorporated OrBani5ation ICIOI Tegistered with the Charity Commission. It was registered on 25 January 2021. Following a vgte by members of Maidenhead HeritageTrtJst in 2019 the CIO was created in orderto assume re5ponsibilityfor the actlvities of the Trust. which was an unincorporated body. This is the first report and financial statements for the CIO and they cover the period from incoTpor3tion to its first accounting date. 31 March 2022. Oblèrtlves and activltles The purposes fr)r which the charity was set up are.. to advance the education of the public by Prlding a heritage museum for the exhibition to the public of objects, documents, photographs and other item5 connected wth the history of Maldenhead and its surrounding districts. The principal activities undertaken by the charity a.. providing physical ac5$ to thè museum to members and the general public and to the collections. providin8 online access to an extensive ¢atalogue of historical documents and artefacts; givtng talks and presentation5 to interested groups, especially s¢hools' presenting the history of the Air Transport Auxiliary IATA), whid) has a lon8 association Mth nearby white Waltham. Throughout, the trustees have had due regard to thè guidance i55ued by the Charity Commission on public benefit. We rely heavlly on the input of a band of volunteers Without whc+m the museum wovld have to cease to operate. We ore extremely grateful for all the supportthey provide. They assist us In multiple ways, includin8: setting up and dismantling exhibits. manning the museum on a daily basSs.' answering queries; handllng sale5 through our online shop and the museum shop; running the ATA gallery and the Spitflre simulator- and assisting wlth bookkeeping and accounts. We employ two part-tlme staff, a manager/administrator and a curator. We also owe them a debt of thanks for all their efftirts. Achievements ard ptrformanee To some extent, the ongoing effects tsf COVID conlinue to have an impact. However, we have been ablè to keep the museum open and welcome visitors whenever it is open. We believe it is important that heritage is not forgotten and we contSnue to provide acces5 to a wealth of information and historical artefacts for the benefit of all of our visitors and, via our website, thè wider world. In particular, we know how much people outside the UK particularfy appreciate access to the ATA archlve because many of the pilots who were in the ATA came to Britain from overseas during the Second World War. We also re1ve requests for access to the archive for televlslon pro8rdmmes and for re5earth purposes. Thespitfire simulator, part tsf theATA gallery, branded a5Grandmo Flewspitfires. contlnues to be extremely popular with people of all ages and visitors from abroad.
THE CENTRE FOR MAIDENHEAD HERITAGE TRUSTEES. REPORT FOR THE PERIOD ENDED 31 MARCH 2022 Financlal review Although the Ènclosed financial statements cover the period from 25 January 2021 to 31 March 2022, the CIO only took over operations from Maidenhead Heritage Trust on tst October 2021, so the financial results arè for the six months to 31 March 2022. In 8eneral, visitor numbers are increasin8 sieadilv. the SOFA shows, our principal source5 of income are donations. cuItUTal and educaticfial attivities, and physical and online shop sales. Apart from a Covid support Brant fjnanced by tentral govemmenL we no longer reteive a grantfrom the local authority. As explained more fully in the notes t¢ thè accounts, these flnancial statements reflectthe day-to-day operatlon5 of the museLEm the CIO has taken over from the Heritage TrusL The museum operates from freehold premises at 18 Park Street, Maidenhead purchased by Maidenhead Heritsge Trust with the help of a Loan Grant from the Baylis Trust. whith is secured on the property. The formal legal processes of transferring the property to the CIO and of replacing the Loan Grant to one made to the CIO have not yet been completed and, accordingfy, these accounts do not include the property or the loan. Reserves equivalent to the net equity position in the property have also not been transferred but will be once the legal formalities have been tompleted. The book value of the property as at l October 2021 was £700,561 and the Loan Grant is £455,OW. so the net figure of reserves Still held by theTrustees of Maidènhead Herita8e Trust is £245.561. The loan is Interest-free. Excluding the property and the loan. the balance of reserve5 totalling some £94.888 was transferred from the Maidenhead Heritage Trust with effett from I ortober 2021 and at 31 March 2022 they have fallen to £94,742. so there was a net deficit for the period of £146. rall, no reser were in deficit at the period end. We do not have a specific policy determinin8 thè level of erVeS that we should hold but we are always conscious to keep aftnual expenditure within income where at all possible. The accounts have been prepared on a going conrn basis. Thi5 assumes that the freehold property and the associated Loan Grant can be transferred to the CIO. The Loan Grant will be repayable by December 2026. If we are unable lo rep3y the103h in the meantime, the property rnay have to be sold to repay the loan The principal risks facin8 the charity currently are.. whether we will be able to repay the Loan Grant from the Baylis Trust by December 2026- and difficulties raising funds at a time when people's incomes are under pressure due to the tost-of-livin8 crisis. To address these risk5 we need to undertake a majorfvnd raising initiative. Structure. governance and mana8ement The CIO is governed by a Constitution adopted on 25 January 2021. The Trustees are all members of the CIO but as an Association CIO we have members other than the Trustee5. The liability of all members in ihe event of the CIO havin8 to be wound up is zero. In selecting new t¥ustees we endeavour to broaden the boards business and charitable experience as much as Possible. Members or existing trustees can appoinl trustees. There must be at least three trustees at all times and no rnore than 12. One-third of trustees must retire from office at each annual general meeting and may stand for re elertion. Reference and admlnlstrallve detalls The charity operates the Maldenhead Heritage Centre and as the Air Transport Auxiliary mu*um and gallery. The re8iStered tharity number is 1193240. The CIO is registered in En8land and Wales.
TrIE CENTRE FOR MAIDENHEAD HERITAGE TRUSTEES, REI>ORT FOR THE PERIOD ENDED 31 MARCH 2022 Our principal address is.. Maldenhead Heritage Centre, 18 Park Street, Maidenhead SL6 ISL. Trust•8s The names of the charity Trustees, who were appointed on 25 january 2021 and who were in offite throughout the period since incorporation are: Christopher Hobbs Iresi8ned 12 February 20241 Christopher Krol (resigned 21 March 2023 Alan Mellins ICh3irmanl Richard Poad MBE artin Sandford Iresigned 16 july 20241 Stewart Whlte (appointed 12 July 20231 Richard Poad is one of five people who hold the legal title to 18 Park StreeL along with lour former trttee5 of Maidenhead Heritage Trust. They have held the title since the property was acquired. A5 explained abDve, steps are being taken to transfer legal ownership to the CIO. TheTrustee5 de¢lare thatthey have approved the Trustee< rèport above SDed on behalf of the charlS Trustees A Mellins, Chairman
THE CENTRE FOR MAIDENHEAD ERITAfjE STATEMENT OF FINAKIAL ACTMTIES F&R THE PERtOD ENDED 31 MAR¢H 2W Funds FuThJs INCOMING RFSOilllCES Donalon5 and hgatie Sub3cription$ CuiwralAndedur*tion81 9.S35 1.030 6.624 6.511 2,511 othortradlnpacle9 1,991 23.180 RESOURfES KXP£NDED Expenaiiure rn.. Raiwngfunds 2.010 11.229 2,800 7.875 2.010 13,015 1.780 Legal fee¥ Supportcosts 337 8,012 23,714 NET tNCOME TRANSFERS 8ETIIEEN FUTr NEF ENTDF FUNDS TRANSRRED FROM MIJDENHEAD HERITAGE TRUST CIOSING 8PLANCE 15341 114fj1 15341 87.488 66.954 {1461 27.768 94.742
THE CENTRE FOR MAIDENHEAD HERITAGE BALANCE SHEET ASAT31 MAACH 2022 NOTES AXED E[s Orher Fly Assets 4,858 4,858 CURREFItASSETS stock Oebtor5 and prepayment5 Cash* bankand in hand 1.924 2,806 85,518 90.248 CURREpif ulL1r1Es Creditctrs and accruals 13641 89.884 94.742 NEfcuRRENfASS TOTALASSEIS LESsCuRRE UABILMES NEfASSErs 94.742 UNRESTrICTED FUNDS Accumulated fund Transferred from Maidenhead Heritsge Trusr Movement forthe period Closing 67,488 15341 66,9Y RESTRicfED IUNDS Transferred from Maidenhead Heritage Trust Movement forthe period Closin8bakn(o 24,708 725 A33 RESTRICTED CAPITALFU14DS Transferred frorn Maidenhead Heritage Trusr Movemeni forthe period Closlngtsbn 1692 13371 1355 TOTAL FUNDS 94.742 Approved bytheTrLtstees on 28Au8USt 2024 ènd si8ned ontheir beha..- A Mellins. Chairman
THE CENTRE FOR MAIDENHEAD HERITAGE IKITES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERiOD ENDED 31 MARCH 2022 ACCOUNTING POLICIES lal These financial ststements have bèen prepared under the historical ¢ost convention with items recoBnised 3t cost or transaction value unless otherwise stated in the relevant notelsl to these accounts and In accordance with the Statement of Recomrnended Practice.. Aryounting and Rèporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland1SORP FRS 1021 issued on 16 July 2014 and with the Charities Act 2011. Figure5 are stared in pounds sterling. The tharity h35 tsken advanta8È of the provisions in the SORP (update bulletin 11 not to prepare a Statement of Cash Flows. The Centre for Maidenhèad Heritage meets the definition of 3 public benefit entity under FRS 102. Ibl The accounts have been prepared under the golng concern basis, whlch is considered appropriate for the time being. Icl These staternents are for the period from the date the Charity was registered with the Cha¥ity Commlsslon 125 January 20211 to 31 March 2022. The Charity took over the operations of Maidenhead Heritage Trust wth effect from l O¢tober 2021 so the financial results reported are for the six month5 ended 31 March 2022. As described in Note 2, the only depèrture from this is that the freehold property. 18 Park Street, Maidenhead, from which the museum operate5, is not reflected in these figures because legal title to the property and a new grant of the Loan from the Baylis TrusL which is to be secured on the property and which was US to help purchase the property oriwnalty, have not yel been transferred into The Centie for Maidènhead Heritsge. Idl Where funds are received for dedicated purposes they are allotated to funds according to the resirictions placed on them by the donor or payer. lel Depreciation 15 provided at the followin8 annual rates in order to write off each a$5et over its estimated useful life. Individual items under £SCQ are expensed in the yèar acquired. Equipment Artwork TV & Radio Webslte 25% 25% 25% 33.3% Reducing balance Reducing balance Reducing balance Reducin8 balance lfj Income is recogni5ed in the Statement of Finantial Activities ISOFAI when the charity lil becomes entitled to the resources, lill it is more likely than not that the trustees will receive the resources and Iliil the monetary value can be measured with sufficient reliability. IBI Donated 8oods and services are not recorded in the accounts betause of the diff5culeS assessing their falr value and because the time and effort to do so would be disproportionate. Ihl liabilities are reco8nised where it is more likely than not that there is a legal or ronstruttlve obligation committing the charity to pay out sourceS and the amount of the obligation can bè measured with reasonable certainty. 111 The Centre for Maidenhead Heritage is not liable to tsx on it5 income or 8aiMs as these are aPpld for charitable purposes. Ill Shop stk is valued at the lower of cost and net realisable value.
THE CENTRE FOR MAIDENHEAD HERITAGE NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2022 INCOMING RESOURCES 2022 Charitoble cultuml and educotlonalartivities.. Grandma Flew Spitfire Simulator and ticket sales Talks River trips School visits 4.803 1,309 1291 541 Graftts RBWM Covid 5UPPOrt Kickstart employment support grant 4,000 RESOURCES EXPENDED 2022 Rolslnqfvnd5: Goods for resale Advèrtising Marketin8 1,365 495 150 StoJf tosts.. Wages and salaries Employerfs Nl Defined contribution scheme pension contribtrtions 12,895 120 Supyttosts.. Recruitment Property costs Volunteer expenses Print. post and stationery Telephone Equipment repairs and maintenance Bank charges Credit card and Paypal charges (including rental and support fee51 Subscriptions Internet and website Deplation Miscellaneous 310 2,882 74 507 349 515 64 593 1,081 696 96 All resour¢es expended ultimately relate to running our charitable acttvities.
THE CENTRE FOR MAIDENHEAD HERITAGE NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 202Z 4 TANGIBLE FIXED ASSETS Radlo Total Cost Trdn5ferred from Maidenhead Herita8e Trust Additions At 31 March 2022 125,042 2,592 600 131,714 2 2592 13 Depredatlon Transferred from Maidenhead Heritsge Trust Char8e for Period At 31 March 2022 3,480 119,488 696 2,592 126.160 480 126 856 Net Book Value Transferred from Maldenhead Heritage Trust At 31 March 2022 A5 explained above, the freehold property from which the museum operates has yet to be transferred to TCMH and so has Trot been reflected in these accounts because the legal title has yet to be traftsferred. This pro¢ess Is underwav. LOAN GK4NT The Louis Baylis Maidenhead Advertiser Trust lent the Trustees of the Maidenhead Heritage Trust £455,000 to help finance the pur¢h35e and refurbishment of 18 Park Street, Maidenhèad. Liability has not yet been forrnally transferred to The Certtre for Maidenhead Heritage but the legal process is underway. Repayment of the loan is to be extended to December 2026. The loan will be secured on the freehold property when that has been transferred to the CIO. The loan must be repaid in full on the earliest of.. the charity ceasing busine55, the property being sold or December 2026. 6. RESTRICTED FUNDS ANALYSIS Brought Forward Added in period Change in period Carried forward Restricted capital fvnds Grandma Flew Spitfirés Exhibit Other restrlrted funds Grandma Flew Spitfires Appeal Lobby Other Kltkstart grant TOTAL 15.167 S.859 3,682 15,167 5,859 3,682 725
THE CENTRE FOR MAIDENHEAD HERITAGE NOTES TO AND FORMIMG PART OFTHE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2022 7. TRANSFER OF UNDERTAKING FROM MAIDENHEAD HERITAGE TRU In furtherance of a resolution passed by the members of Maidenhead Heritage Trust ai their 2019 Annual General Meetin& The Centre for Maidenhead Heritage IYCMH") was Created as an Association Charitable Incorporated Organisation. and approval of the Charity Commission to transfer operations to the CIO from the Maidenhe4d Heritage Trust was obtained. On 30 September 2021 the Trust Trased day-ttrday operations and at midnight on that day the operations were transferred to TCMH. The Herits8e Centre's operation5 have continued unchat)8ed and TCMH has assumed the all but one of the liabilities of Maidenhead Heriiage Trust. At the time of this report the legal tltle in the freehold property from which the char operates and the assignment of the LDan Grant from the Baylis Trust are still in the course of being transferred, subjett to final a8reement of terms and regulatory approval. Although Maidenhead Heritage Trust is to be wound up in due course, no adjustment to the ¢arryingvalue5 of the assets or liabillties in these financial statements is considered to be netsssary as the transfer to TCMH has been arranged t¢ allow the Centre to continue operate unchanged. The employees of the Trust have been transferred to TCMH under the Transfer of Undertaking5 (Protection of Ernploymentl Regulations and members of Maidenhead Heritage Trust have become members ofTCMH. The liability of members to contribute to the CIO'S liabilities in the event of a windlng up Is capped at zero, underthe Constitution. 8. TRUSTEES. EXPENSES AND BENEFITS N¢trne of the trustees received any remuneration or beneffts in the period. Any expenses that were reimbursed were all for acting as agènt for the CIO. 9. EMPLOYEES The average number of employees in the period wa5 2. 10. PENSIONS The CIO provides a defined contribution pension scheme for eligible employees. Contributions are paid as they fall due and are held in separatety administered funds.
THE CENTRE FOR MAIDENHEAD HERITAGE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CENTRE FOR MAIDENHEAD HERITAGE I report lo the trustees on my examination of the financial statsm8nls of The Centre For M8Klenhe8d Heritage {Ihe ¢harityl for the year ended 31 DeGernber 2022. Responsibilitles and basis of report As the Iruslees of the charrty you ar8 responsible for th8 preparation of the financial statements in accoidance with the requirements of the Gharf(iesAct 2011 Ithe 2011 Acti. I report in respect of my examination of the chgrity's financial statements Garried ¢xrt under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable DirectK)ns given by the Charity C¢Jmmi88ion under section 14515}Ibl of the 2011 AGt. Independent examinefs slalement I have comF4eted my examinab'on. I confimi that no matters have come to my attention in Connecti with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by se¢tion 130 of the 2011 Act- or the finanaal statements do not accord with those record5," or the financial statements do not Comply with the applicable requirements conceming the form and content of accounts sel out In the Charrties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true fair view which is not a matter considered as part of an Iependent examination. I have no concerns and have come across no other matters In connection wlth the exInatIon to which attention should be drawn in thi5 report in order lo enable a proper understanding of tha financial stslements to be reach9d. Paul Fagan FCCA Craufurd Hale Audlt SoNlcgs Llmltad CIO Craufurd Hal8 Group Ground Floor, Arena C¢yJt Crown Lane MAIDENH&4D SL6 8QZ Dated.. 28 August 2024