Registered Charity Number: 278455
THE SIR MAX AITKEN MUSEUM
RECEIPTS AND PAYMENTS ACCOUNTS
FOR THE YEAR ENDED
30 SEPTEMBER 2025
THE SIR MAX AITKEN MUSEUM
LEGAL AND ADMINISTRATIVE INFORMATION
Registered office
The Prospect 83 High Street Cowes Isle of Wight PO31 7AJ
Founder
The Late Sir Max Aitken Bt.DSO.DFC.
Trustees
The Trustees who served during the year, were as follows: Mr C G Little (Chairman) Mr R M Bicket Mr R O Power Mr R I Powell Mr G J Bailey (Appointed 11 April 2025)
Secretary
Miss J Nicholson
Governing document
Trust deed dated 29 June 1979
Charitable status
Registration Number: 278455 HMRC Reference: XN51416
Solicitors
Womble Bond Dickinson Oceana House 39-49 Commercial Road Southampton SO15 1GA
Bankers
Messrs C Hoare & Co 37 Fleet Street London EC4P 4DQ
Accountants and Independent Examiner
Moore (South) LLP Chartered Accountants 9 St Johns Place Newport Isle of Wight PO30 1LH
THE SIR MAX AITKEN MUSEUM RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| CONTENTS | PAGE |
|---|---|
| Trustees’ Annual Report | 1-2 |
| Independent Examiners Report | 3 |
| Statement of Payments | 4 |
| Statement of Assets and Liabilities | 5 |
THE SIR MAX AITKEN MUSEUM RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
TRUSTEES’ ANNUAL REPORT
The Trustees present their annual report and financial statements for the year ended 30 September 2025.
The financial statements have been prepared in accordance with the Trust's deed, and the Charities Act 2011, following the guidance for receipts and payments account issued by the Charity Commission.
Objectives and activities
The trust’s objects are to manage the Museum as Sir Max Aitken intended.
The Founder, Sir Max Aitken, created the Museum from his personal collection of pictures, yachting trophies and memorabilia. It is contained in the former Ratsey sail loft, which was an integral part of Sir Max’s home, the Prospect at Cowes.
The Prospect and adjoining properties occupy an important position in Cowes whether viewed from the sea or the High Street. Sir Max devoted time and energy after the 1939-45 war to the revitalising of Cowes as the leading yacht centre and it was his vision that the Prospect would play an important role. As well as the Prospect, he restored or rebuilt a number of properties on the waterfront to improve the appearance of the town to visitors.
Sir Max perceived that the presence in Cowes of the Royal Ocean Racing Club was essential in the promotion of Cowes as an international yachting centre and he encouraged this by making the premises available to them and entertaining competitors during their yachting events at the Prospect. He equally encouraged offshore powerboating to make Cowes its main venue.
The Trustees continue to manage their funds and properties consistently with the objects of the Trust. Within these confines, they will continue to manage the Museum as Sir Max intended. They will leave the collection in the Museum broadly as Sir Max left it and will seek to ensure that it is maintained in proper condition; maintain the Prospect and the adjoining properties in their ownership in the best possible order; and hire the Museum for functions to bodies which they believe enhance the yachting, community and business interests of Cowes.
The RORC lease for the Disrespect was terminated in December 2024. A joint venture and licence have now been signed with Mr Jack Anselm which allows the Trust to meet its objectives by continuing to provide accommodation to the yachting community.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake for public benefit.
Achievements and performance
There has been a levelling-off of general visitor number and event bookings over the year however there is an encouraging diversity in the range of recently booked events.
The ongoing upkeep and regular maintenance programme of all properties has continued.
The Trusts investments continue to be managed by Saranac Partners under a balanced portfolio mandate which is invested with the objective of minimizing capital fluctuations.
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THE SIR MAX AITKEN MUSEUM RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
Financial Review
The Trustees have opted to prepare the 2025 accounts on a receipts and payments basis in line with recent practice and the Charities Act, and following the guidance issued by the Charity Commission. The statement of assets and liabilities are prepared on the accounting principles and policies which have been in place over recent years, with updated market values for the investments. The Trust incurred a net deficit of £12,293 for the year (2024: surplus of £16,938) with the deficit taken from funds. The Trust investments increased in value at the year end to £966,845 (2024: £904,788).
The Trust continues to re-invest the income from the portfolio of managed investments for the longer term.
The Trust has no restricted funds within these accounts.
Reserves policy
The level of free reserves at the end of the financial year is £987,872 (2024 - £938,725). Free reserves are defined as unrestricted funds, less any designated funds, and those assets tied up in property and equipment. The reserves provide a financial underpin to ensure that the income from the investments, together with the rents and museum hire, is sufficient to meet the normal annual expenditure, whilst providing funds to maintain the assets of the Trust.
Structure, governance and management
The Sir Max Aitken Museum is an unincorporated registered charity under number 278455. Further legal and administrative information is given on the first schedule.
New Trustees may be appointed by a resolution meeting of the Trustees and training is given at the appropriate level. Trustees meet a minimum of twice a year.
The Trustees consider they have complied with their duty to have due regard to the Charity Commissioners’ public benefit guidance.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr R I Powell Mr R O Power Mr C G Little Mr R M Bicket Mr G J Bailey (Appointed 11 April 2025)
The Trustees’ report was approved by the Board of Trustees.
……………………………………… Mr C G Little Trustee
Date:
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THE SIR MAX AITKEN MUSEUM RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report to the charity trustees on my examination of the receipts and payments accounts of the charity for the year ended 30 September 2025, which are set out on pages 4 to 5.
Responsibilities and basis of report
As the charity’s Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“The Act”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material 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 charity as required by section 130 of the Act; or
-
the accounts do not accord with those records.
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.
Kevin R Cooper BA FCA DChA For and on behalf of Moore (South) LLP Chartered Accountants 9 St John’s Place Newport Isle of Wight PO30 1LH
Dated
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THE SIR MAX AITKEN MUSEUM RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
STATEMENT OF RECEIPTS AND PAYMENTS
| 2025 | 2024 | |
|---|---|---|
| Total Funds | Total Funds | |
| £ | £ | |
| RECEIPTS | ||
| Donations and gifts | 1,202 | 1,395 |
| Rental income | 27,555 | 44,970 |
| Service charge contributions | 440 | 1295 |
| Museum hire | 7,550 | 8718 |
| Insurance claim Prospect flooding – received to date (Note 1) | 14,398 | 57,884 |
| Rental Property Dilapidations | 31,000 | - |
| Other | 475 | 604 |
| 82,620 | 114,866 | |
| ASSET AND INVESTMENT SALES | ||
| Proceeds from sale of investments | 30,000 | 30,000 |
| TOTAL RECEIPTS | 112,620 | 144,866 |
| ===== | ===== | |
| PAYMENTS | ||
| Wages and salaries | 37,309 | 36,968 |
| Staff pension costs | 731 | 948 |
| Heating and lighting | 3,503 | 3,165 |
| Insurance and security | 16,542 | 14,603 |
| Insurance claim Prospect flooding – spent to date | 28,709 | 48,573 |
| Repairs, renewals, maintenance and restoration | 12,341 | 6,763 |
| Rates | 229 | 370 |
| Rent | 310 | 310 |
| Alarms and fire equipment | 2,848 | 1,787 |
| Advertising | 1,951 | 1,744 |
| Telephone | 527 | 570 |
| Administration costs | 4,170 | 1,851 |
| Postage and stationery | 262 | 287 |
| Sundry items | 759 | 1,022 |
| Bank charges | 510 | 419 |
| Accountancy | 3,594 | 2,820 |
| Bookkeeping fees | 1,660 | 1,257 |
| Legal and Professional | 7,997 | 3,496 |
| Trustees meetings | 961 | 978 |
| TOTAL PAYMENTS | 124,913 | 127,930 |
| ====== | ===== | |
| (DEFICIT)/SURPLUS OF RECEIPTS AND PAYMENTS FOR THE YEAR | (12,293) | 16,938 |
| Cash funds at 1 October 2024 | 36,466 | 19,528 |
| CASH FUNDS AT 30 SEPTEMBER 2025 | 24,173 | 36,466 |
| ===== | ===== |
Note 1: The Prospect sustained flood damage during exceptional weather in 2023-4 and the repairs were covered by an insurance claim, which was completed in 2025.
The Charity has no restricted or endowment funds, and so total funds comprise unrestricted funds.
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THE SIR MAX AITKEN MUSEUM RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
STATEMENT OF ASSETS AND LIABILITIES
| 2025 | 2024 | |
|---|---|---|
| Total Funds | Total Funds | |
| £ | £ | |
| CASH FUNDS | ||
| Cash in bank | 22,517 | 35,481 |
| Petty cash | 1,656 | 985 |
| 24,173 | 36,466 | |
| ===== | ===== | |
| OTHER MONETARY ASSETS | ||
| Debtors | - | - |
| Prepayments and accrued income | 3,091 | 3,091 |
| 3,091 | 3,091 | |
| ===== | ===== | |
| ASSETS RETAINED FOR THE CHARITY’S OWN USE | ||
| Freehold property, at cost. | 653,412 | 653,412 |
| Fixtures and fittings | 4,377 | 4,377 |
| Heritage assets – Museum artefacts, and collection | 513,694 | 513,694 |
| 1,171,483 | 1,171,483 | |
| ======== | ======= | |
| INVESTMENT ASSETS | ||
| Investments at fair value and managed on the Trust’s behalf | 966,845 | 904,788 |
| ====== | ====== | |
| LIABILITIES | ||
| Creditors | 1,037 | 14,697 |
| Accruals and deferred income | 5,200 | 5,228 |
| 6,237 | 19,925 | |
| ===== | ===== |
The receipts and payment account, together with the statement of assets and liabilities, were approved by the Board of Trustees, and signed on their behalf by:
……………………………………..
Mr C G Little Trustee
……………………………………..
Mr R M Bicket
Date:
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