THE CENTRE FOR MAIDENHEAD HERITAGE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 The Centre for Maidenhead Heritage Trustees. Report and Financial Statements for the Period l April 2022 to 31 March 2023 The Trustees present their report and the financial statements for the period l April 2022 to 31 March 2023. The Centre for Maidenhead Heritage is an Association Charitable Incorporated Organisation (CIO) registered with the Charity Commission. It was registered on 25 january 2021. Following a vote by member5 of Maidenhead Heritage Trust in 2019 the CIO was created in order to assume responsibility for the activities of the Trust, which was an unincorporated body. This report and financial statements for the CIO cover the period of the first full financial year from l April 2022 to 31 March 2023. Objectives and actlvities The purposes for which the charity was set up are: to advance the education of the public by providing a herttage museum for the exhibition to the public of objects, documents, photographs and other items connected with the history of Maidenhead and its surrounding districts. The principal activities undertaken by the charity are- providing physical access to the museum to members and the general public and to the collections. providing onllne access to an extensive catalogue of historical documents and artefacts; giving talks and presentations to interested groups, ranging from Schools and youth groups to retired adults arsd care homes. This engagement with the whole local community is of the utmost importance presenting the history of the Air Transport Auxiliary (ATA), which has a long association with nearby White Waltham. Throughout, the trustees have had due regard to the guidance issued by the Charity Commission on public benefit. We rely heavily on the tnput of a band of volunteers without whom the museum would have to cease to operate. We are extremely grateful for all the support they provide. They assist U5 in multiple ways, including: setting up and dismantling exhibits,. manning the museum on a daily basis. answering queries- handling sales through our online shop and the museum shop; running the ATA gallery and the Spiffire simulator. and assisting with bookkeeping and accounts. We employ two part-time staff, a manager/administrator and a curator. We also owe them a debt of thanks for all their efforts. Achievements and performance The Lotal number of visitors between l Aprll 2022 and 31 March 2023 was 3039, still significantly below pre-covid levels. However the number of school and young people (ie cubs/brownies/etc) workshops and talks to adult groups ificreased over the previous period. Nevertheless, we continue to provide access to a wealth of historical information and artefacts for the benefit of all of our visitors and, via our website. the wider world. In April 2022 we took delivery of a 1921 GWK car, built in Maidenhead. It was restored to a drivable condition and was displayed at several local events in summer 2022, proving to be of great public interest. However the delivery of the GWK required a rearrangement of the ground floor gallery with the loss of space previously used Tor temporary exhibitions. The nationa15y important ATA Collection continued to grow. In particular, we know how much people outside the UK appreciate access to the ATA archive because many of the pilots who were in the ATA came to Britain from overseas during the Second World War. We also receive requests for access to the archive for television programmes and for research purposes and regularly cooperate with the aknth0I￿ of fiction based on the ATA story. The Spitfire simulator, part of the ATA gallery, branded as Grandma Flew Spitfires, continues to be extremely popular with people of all ages and visitors from Financial review The enclosed financial statements cover the period from l April 2022 to 31 March 2023 which was the first full financial year since the CIO only took over operations from Maidenhead Heritage Trust on 1st October 2021. In general, visitor numbers are slowly recovering from the effecis of the pandemic. As the SOFA shows, our principal sources of income are donations, cultura5 and educational attivities, and physical and online shop sales. The loss of a local authority was regrettable and has adversely affected the balance sheet, especially with energy and other running costs continuing to rise. The popular Spitfire simulator contributes a useful sum to the balance sheet. The trustees will seek ways of increasing the utilisation of the simulator and therefore the income from it. As explained more fully in the notes to the accounts, these financial statements reflect the day-to-day operations of the museum the CIO has taken over from the Heritage Trust. The museum operates from freehold premises at 18 Park Street, Maidenhead purchased by Maidenhead Heritage Trust with the help of a Loan Grant from the Baylis Trust, which 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, accordingly, these accounts do not inc5ude the property or the loan, Reserves equivalent to the net equity position in the property have also not been transferred but.￿[[1 be once the legal formalities have been completed. The book value of the property a5 at l October 2021 was £700,561 and the Loan Grant is £455,000, so the net figure of reserves still held by the Trustees of Maidenhead Heritage 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 Maldenhead Heritage Trust with effect from l October 2021 and at 31 March 2022 tley have fallen to £94,742, so there was a net deficit for the period of £146. Overall, no reserves were in deficit at the period end. We do not have a specific policy determining the 5evel of reserves that we should hold but we are always conscious to keep annual expenditure within income where at all possible. The accounts have been prepared on a going concern basis. This 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 to repay the loan In the meantime, the property may have to be sold to repay the loan The principal risks facing 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 cost-of-living crisis. To address these risks Trustees need to undertake a major fvnd raising initiatlve. Structurei governance and management 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 Trustees. The liability of all members in the event of the CIO having to be wound up is zero. In selectlng new trustees we endeavour to broaden the board's business and chariiable experience as much as possible. Members or existing trustees can appoint trustees. There must be at least three trustees at all times and no more than 12. Reference and administratlve detslls The charity operate5 the Maidenhead Heritage Centre and as the Air Transport Auxiliary museum and gallery. The registered charity number is 1193240. The CIO is registered in England and Wales. Our princlpal address is: Maidenhead Heritage Centre, 18 Park Street, Maidenhead SL6 ISL. Trustees The names of the charity Trustees, who were appointed on 25 January 2021 and who were in office throughout the period since incorporation are.. Christopher Hobbs (resigned 12 February 2024) Christopher ¥rol (resigned 21 March 2023) Alan Mellins (Chairman) Richard Poad MBE Martin Sandford {resigned 16 Jtsly 2024) Stewart White (appointed 12 July 2023) Richard Poad is one of five people who hold the legal title to 18 Park Street, along with four former trustees of Maidenhead Heritage Trust. They have held the title since the property was acquired. As explained above, steps are being taken to transfer legal ownership to the CIO. The Trustees declare that they have approved the Trustees. report above Signed on behalf of the charity's Trustees i A Mellins, Chairmarf Date: 2 May 2024 THE CENTRE FOR MAIDENHEAD HERrrAGE SYATEMENTOF FINANCiALAcfMnES FOR ThE PERII)D END￿31 AIARQI 2023 I APRIL2U22T031 W&CH 2Q23 NLXéS Funds Funds Totsl IMCOMINSRESOURCES O¢naSons and le8acles Substript￿TrS Cuttural a[KJeducatk)￿thbeS Grants Othortr•dln84cY 20,759 1.570 14,143 20,759 1.570 14.143 5.426 9.535 1.030 6.624 6￿11 J,9)1 1930 45,828 ItEStyJRCESEcludin rental and su port feesl 845 593 1,081 696 96 8,012 1.995 206 1,672 16ffi57 THE CENTrE FOR MAIDENHEAD HER￿AGE NOTESTO AND FORMING PART OF THE Accoupifs FOR THE YEAR ENDED 31 MARCH 2023 All resources expended ultimatety relate to wnnin8 our charitsbie actfvltles. 4 TANGIBLE FIXED ASSErs Brought fO￿arlI Additions Dispc¢sals At 31 March 2023 125.042 125.042 Depreclatlon Bfought forward Dis osals Charge for Period Disposals At 31 Mar¢h 2023 120.184 120.184 Net Book Value At 31 March 2022 At 31 Marth 2023 As explalned above, the freehold property from whlth the museum operates ha5 yet to be transferred to TCMH and so has not been reflected In these accryjnts because the legal title has yet to be transferred. This proce55 is underway. LOAN GRAKr The LouÉs Ba￿15 Maidenhead Advertiser Tnjst lent the Trustees of the Maidenhead Heritage Trust £455,000 to help finarhce the purchase refurbishment of 18 Park Street. Maidenhead. Liability has not yet been formally transferred to The Centre for Maldenhead Herltage but the legal proces5 is underway. Repayment of the loan is to be extentjed to December 2026. The loan wlll be secured on the freehold property when that ha5 been transferred to the CIO. The loan must be repaid in full on the earliest of: the charity ceasing busine55. the property being sold is sold or December 2026. S. RESTRicfED FUNDS ANALYSIS Brought Forward Added in period Chan8e in perlod Carried forward Restrlcted caphal funds Grandma Flew SpiifEres Exhlblt Other reS￿cted funds Grandma Flew Spiffires Appeal Lobby Other Kickstart grant TOTAL 15,167 5.859 3,682 725 15,167 5,859 3,682 725 THE CETrITRE FOR MAIDENHEAD HERrrAGE NOTES TO ANO FORMING PART OF THE ACCOUlItS FOR THE YEAR ENDED JI PaARCH 2023 6. TRANSFER OF UNDERTAKING FROM MAIDENHEAD HERITAGE TRUST In furtherance of a re501utlon passed by the members of Maidenhead Herf(age Trust at their 2019 Annual General Meetin& The Centre for Maldenhead Heritage {YCMH"I wa5 created as an A5SOaation Charitable Incorporated Organisation, and approval of the cha￿ty Commission to transfer operation5 to the CIO from the Maidenhead Herltage Trust was obtained. On 30 september 2021 the Trust Ceased day-twlay operations and at midnight on that day the operations were transferred to TCMH. The Heritage Centrds operations have continued unthanged and TCMH ha5 assumed the all but one of the liabilltles of Maldenhead Heritage Trust. At the time of this ￿port the legal title in the freetrtold property from which the charity operates and the asslgnment of the Loan Grant from the Baylis Trust are Still in the course of being transferred, subject to final a8reement of terms and regulatory approvol. Although Maldenhead Heritage Trust is to be wound up In due course. no adjustment to the ￿TryIng values of the a55ets or 1Sabllltles in these financlal statements is considered to be necessary as the transfer to TCMH has been arran8e(I to allow the Centre to continue operate unthanged. The Ilablllty of members to contribute to the CKYS Ilabllttles in the event of a winding up is capped at zero, under the Constitution. 7. TrUSTEES' EXPENSES AND BENEFrrs None of the tru5tee5 re￿IVed any Temuneratlon or benefits in the pedod. Any expenses th* were relmbursed were all for artlng as agent for the CIO. EMPLOYEES The a¥era6e number of employees in the perlod wa5 2. 9. PENSIONS The CIO provlde5 3 defined contrlbutlon pension scheme for ell8lble employees. Contributions are pald as they fall due and are held in separately administered funds. CHARITY COMMISSION FOR ￿LAND AND WTr￿5 Independent examlnerf.s report on the accounts Se￿10￿ A Independenl Examiner's Report Rep¢￿10 thgtrustw• On accounts forth• >*ar 31sF 202 Charty Tro 111 any) Ilq314-0 I reFth to tr￿{eeS my examK]aticm d the accounts of thsve charity (Ihe Tft￿) ftyth8 year eThJed 31 0 3 yO"X3. Rosponslbllftlos and basis of rgport As the chaWstrLSte4 you are reSP)n￿ for the prep8ratton of t in *ccffjjar￿ with tre r￿UIreMents of the Chathles Aot 2017 Acri. I rekYAt in resw d my examinakn of ts Tru5Ys carr￿d OLrt urKler 145 crf the 2011 Act ax1 fft carryrg out my examlnal¥)n. I have f01bw￿ al th& Dwecbons gNen by ts Clprity Commls*on urxlw 14q5Xb) (rf th8 ACL Independent trha cPor1￿$ go&% I[￿]e exce9J￿1 Q50,(M)O arxj l am q￿71￿ Io examlneffs statsmont ￿dertake IhB examinalrn by memtw d [In8ert name of appl￿ rtsi tthyl]. Dabt& [ l rf n(* app1kab￿. I have my examwFtiJL I ccrfinn that no materi81 matters tsve Cc￿9 to my attenti￿ n c￿tIM with the 8x&minalion (other than that dthk)s&l tjeknw") wlith gv85 me ca￿& to bel￿0 that in, any m*rial the accwnts dKI CoM￿Y wth the aFpIKabk r4uirements ¢cnc¢rnit¥J th8 f(Th7 and content of ￿COUnts sgt out ￿ the CPwibo5 (Acccwts ReFM)ris) R￿U￿iL￿s 2008 otsr than ￿Y Toquirement ttHt the &counts give a tnR faw. which B not a matter vAlh the ex8mlrth to which attmtr￿ shoukj ￿ dr8wn In th15 report in . Pkne d8tsts the the br8ckats Ythey nrA epDy. Slwwd: Name: rtLé LTq Relevant professional qualifi¢•tion(sl or body Oct 2018 y1￿Y>. Addr•B8: 3)e£x43 Lkne o.- Spr.tioii B DisLlobure Only complete rf the examiner needs lo highlight mat&r5al mattets of concem Glve here brfof dètslb 01 any iteTllS that the examlnor wi$h69 to dl•clo•è. .>** . i.L4 IER Oct 2018