Plummer Parsons Charity Registrnllon No. 1071680 Chartered Accoun￿￿tS Company Rogistralion Ilth 03609532 IEnglJnd and Wales) BRIGHTON SEAFRONT HERITAGE TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 *Ath405V￿. 1*0512021 COMPANIES HOUSE A21 #349 Chartered Accountants & Statutory Auditor BRIGHTON SEAFRONT HERITAGE TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION MrA Briaull Mr R LeNJhton MsGAM0rri5 MrPASugg MsGAMorr Charity nUM￿r 1071680 Cornparby numbgT 03609532 Prlnclpal addr￿S 201 lfjngs Road Arches hton BN1 1NB R¢glstsr•d offie• 201 lfjngs Ro•*Ath$ Bnghton BNI INB Ind8p•nd•nt •xamin•r Kieran Mccurdy FCA CTA 4 Frederick Yefface Frederi(* Pla 8NI 1AX BRIGHTON SEAFRONT HERITAGE TRUST LIMITED CONTENTS Trustees, re Independent Èxamintes rÈr Statementof financ4al acts¥i Statement offinartial Notes to the financial ststefflents 7-13 BRIGHTON SEAFRONT HERITAGE TRUST LIMITED - TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020 The trustees present their report and financial siatÈments lor the year ended 31 December 2020. The aecounts have been p￿pared in at£owdanc• *ilh the accounliThJ Fthies set out in note 1 to the accounts and comply with the charivs goweming Ilocumenl the Cornpanies Act 2006 and "Accojnling atml Report¥lg by Chaiiti"es.' Stalemerf of Recommended PraCt￿e applicable to charities preparing Iheir a¢courrts in accordartce wrth the Financial Rewrbng Standard applicable in Ihe UK and Republtc of Ireland {FRS 1021" (a$ amended for accounting periods COMMe￿1Vj from 1 Jan￿ry 2016) Obj•cO¥es and •ctiv•ties The objects of the Brighton Fishirvj ￿arter Trust are lo ad¥arv the arts. culiufe and hentage of the Fishing Ouarter {194 to ￿)8 Kin9s Road Arches. paved forecourt) and its suwroundin9 area of Brighton. To athieve these obj.ects as a Voluntary asxKiat*)n *1lh no paKI stslP. . It suppl¢s and rnainlains accommo￿ for Brighton Ftsling IAuseurn (Arches 200 and 201) that 1$ free attess. open ￿7 the year round. It is estimated that in 201&17 the museum had 20D.000 Visitor& A far larger number of people promenaded through the extemal areas of the FishM)g Quarter. . It provides and maintains t#￿ *￿rkShOps. A (Arch 205) for the repair of boats and the construction of display cases and stsnds for the culture and heritage of the Fb5hirwJ Industry and a metal workshop (Arcb 2061 for the conservation. repair and thldin9 of Vintage marine engines. It provides and maintsin5 the Fishing Quarter Gallery (Arth 203) for local new artists to show and sell their wo¥* to a larye and diverse a￿ler￿e for a payment of a Irhv pertentage of the selling price. . It pro¥idès a tradib"onaNy seated venue (the pa¥eO f￿eC￿rtj for the annual MaekerÈl Fayre and other . It pn)vides a fulty main¢ained toilet and VAslwng lacilths induding a Sh(r￿ for the use of the or￿PanIS and volunteers ofthe Fish¥ry Quartef. . It wovides commercial rented for the commercial f￿￿e￿en (Afch 202), accomwrndation for selling fish ￿lated FNodLKts i.e. fth. smoked fish, 5hÈlffish and a handyman's tore to five independent retailer5 {Ard*s 194. 197. 199, 207) and a Museum Shop (Arches 195 and 196). The balance of the rental income (a prow)rtK￿ of goe5 to L4ndknrd Brighton and Hove City Council) is used to meet our obiecis. and annualty maintain the labric of the Fish¥w Quarter. The trustees have paid due regaro to giwjance i55LwI by thè Chariiy CommiSs￿)n rn deciding wthat acli¥ibes the charity should undertake. Aehi•v•m•nts and perforniance Due to the CO¥￿ 19 panderni¢. the museum 7Kas dosed from 20 Marr* 2020 through the fvll year of 2020. Administrative ¢JLrties were continued part lime and remoldy. Income from galkry hire and donatTrons were substsntialty reduced due to the do>JwE requi￿* to meet 9ovemrnent re9dabons. though some fvnds were received for 5UPPOrt from the Brighton and Hgve Covnol. The Fishing Quarter has been rnaintsined throughrKrt Ihe c105urn. Exc*l*nt relalionships a￿ maintaine¢l th Brighton and Hove City Council and ￿latt￿ShIpS have been maintsw*d b¢•1 tygantsaton$ indudin9 The Brwjhton VI￿ Pier TrusL Flnanclal roviow The Statèment of Financial Adl¥it￿ sho*s a r*t ncrease ID funds ts the year of £15,718. ftet ￿ServeS stand at £221.39S. BRIGHTON SEAFRONT HERITAGE TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) ' J FOR THE YEAR ENDED 31 DECEMBER 2020 The present level of funtling is adeqLMte to supptyt Ihe chaiity's obprts. and ttle trustees consider the financial position ofthe charity to be sab"sfactw. It ts the policy of the trust that unreslrthd fvnds have not been designated for a spècific use should be maintairttd * o I￿tI equiVa￿Al to befvfftn three and six month's expentirtU￿. The tnjstees consider that reserves at Ihis level will ensure that. in the event of a signifThnt drop in furnling. they wll be ab￿ to continue the trusvs current acli¥bties consider*w 15 given lo ways in additiLmal funds may be raised. This levd of re5eries ha$ been ftointained Ihe year. The trust will seek ways of enh￿ing and d￿ll￿n9 the Fishing Museum and Fishin9 Quarter. To maintain and develop further the SUCLessful frymal eduCat￿n program for scht)0ls in the education mom Tri Arth 200. Develop ftjrther relationships 4bith retevant local organisal1<￿s. Vlork to overhaul extemalty Ictaled Ix)ats on the paved forecourt wlj be c(Mrtinued. The Fishing Quarter wll be mair)tsined and fully repainted and dec4Jrated. It is the policy of the Trustees to ensure thal re5er¥e5 are m•ntained to enabte ts Trust lo meet its 11a￿11￿.es for the fofeseeable ￿jtU￿. At the year end the charity had free reserves of £34.110 12019: £16,962). As mo71ioned above the Trustees a￿ lty)kin9 into inueasing lundin9. as as attempb.ng lo reduce the costs ofthe chairty. The tmstees have assessed the major risks to the is ex￿. arTrd are salisf*d that systems are in place to rnitigate exposure to the risk5. Struclurn. 9tsv¢m¥n¢o and man4geynent The charity is a company limited by 9uarnrrtee. None of Ihe trustees has any ￿n•￿ela1 interest in the Jmpany. ofthe Irustees are members ofthe company and guarantee to contribute £1 in the event of a winding up. The Company re￿Steffd as a eharfty on 12 Clecember 20r￿. The tNstees. are also the threctors for the purpose of company law. and wtho served durin9 the year and up to the date of signatyre ol the financial staternents Vwe: Mr G J Brwthley MrA 8riault M$ C J HO￿eY Mr R Leighton Aqr N Messenger Ms GAM¢nis MTPASugg {Resigned 30 June 21r20) {Resigned I September 2020) {ReswJned t Apnl 2020) Trustees are re(¥uited from memlJers ofts comrnwity. a￿1 tral￿d as rEquired. The Chair. with any twj trustees. has the ddegaled po¥*r on Ihe day to day decisions on behalf ol the Trust and report lo the other trustees. At any time. major an￿(￿ lurmal deci¥ons are deaw *ith by calling a Spec4al Meetuw of the Trust. The trusiees. re rt was appro¥ed by the Boafd ofTnAiees. Truske Dated.. 27 April 2021 BRIGHTON SEAFRONT HERITAGE TRUST LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRIGHTON SEAFRONT HERITAGE TRUST LIMITED I report to the trus¢ees on my examinth.on of the finanoal Statem￿ ol BrWtLm SeafrTh)t Heritage Trust Limited {the charity> for the year ended 31 OeceTrts 2020. Responsiblllt1è5 and basis of Yeport As the tnjstees of the charity land also ib directoTr for the wrpose5 of cornpany law) you are resFbonsrble for the preparation of the financ￿1 slatements in accordance *)Ih Ihe requrements of the Companies Act 2006 {the 2006 Act). Havin9 satisfièd myself thal the financial slatements of the charity are not fequired to be audited under Part 16 of the 2006 Act and a￿ eligilAe tr independent examinall(￿. I in respert of my examination of the eharity's financial statements Ca￿le￿ out under sectJ(m 145 of the Charities AGI 2011 {the 2011 Act). In canyfrng out my examinalion I ha￿ ￿ltsWed all the applrcable Diredions gtven by the Charity Commiss¢on under seclion 145151(bl of the 2011 A(#. My exarrrination was cattted oul in accofftsnce *ith ihe ￿eral Dir&*ons gNen by Ihe Charity Conwnission. An examination includes a re¥￿W of the a(wunling re￿d5 kept by the tharity arKJ a ¢omp3ri$0n of thè financial statemnts p￿sented those records. It also includes consideration of any unusual itern5 Qr disdosures in the ffinanryal ststements. and seekn9 explanations from you as trustees concemiffj any such matters. The procedures undertaken do not proMde all Ihe e¥idents th* ¥rnild be required in an audit ond sequendy no opinion is given as to wthether the financial statements present a 'tsue and fair view and the report is Irrnited to those matters sei in Ihe next st*ment Independent oxamin•fs stat•ffl•nt I have completed my examinatrf)n. I confurn that no matter5 have lo my attention in ￿nne￿i￿n vfith the examination gb¥ing me cause to believe that in any mateiial respect.. a￿O￿nting records were nol kept in respect of the tharity 0$ fEqULred by se¢ti(Mi 386 01 the 21)06 Ad., or the financial slaiements do not accwd t**th those ￿s. or tr* financial statements do not c(wn￿Y wth Ihe a￿)LM1]ng requirenwts of section 396 ofthe 20￿ A¢1 other Ihan any requirement thal the arcounts 9Ne a true aThl vièw *thich is not a matter considered as part of an independen¢ examination: or the financial statements have not been prepared in accordance wilh the methTrJs and ￿nciFIe5 of Ihe S￿tement of Recommended Practice for aCc￿n11r￿j and ￿port.￿9 by charities applicable to charities preparing their a￿Unts in acrAydarKe *ilh the Financial Rep￿1[n9 Stsndard aP￿￿ble in the UK and Republic of Ifeland {FRS 102). I ha¥e no concerns and ha¥e come acnBs no other matters in cCrfwli￿ the exarrdnation to whith attention should be drdwn in this repDrt in order to enable a proper ￿derstandIng of the finanoal statements to be reached. Kieran y FCA CTA Plummer Parsons 4 Frederick Terrace Frederick Pla Brighton East Sussex 8N1 1AX Oated". 27 Awil 2021 BRIGHTON SEAFRONT HERITAGE TRUST LIMITED. STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT R)R THE YEAR ENDED 31 DECEMBER 2020 Unr•strlcted Unrestiicted funds funds 2020 2019 Notss Donations and legacaes Charilable actiwties 28.489 18,173 18,945 30.053 Tolal In¢om¢ 46.862 48.998 Chawitable arbvities 71.183 Net in¢omel(oxpendilure) for the yearl Not movement in fvnd5 15.718 (22,185) F￿d balances at 1 January 2020 205.677 227,862 Fund balan¢•s at 31 DKomb•T X120 221.39S 205.677 The $t•tsmeni ¢f fin¥ft¢i•l a¢li¥itsts in¢ludes •ll g•ns and 10s8es re¢4)gnised in the year. All r￿me and eXPend￿re derive Irtxn c￿lIn￿1n9 a(*¥ibes. The statement of financial alx> complies wilh ts requwnents for an and expendibJre ac¢ount under the Companie5Acl 20￿. BRIGHTON SEAFRONT HERITAGE TRUST LIMITED STATEMENT OF FINANCIAL POSITION AS A T 31 DECEMBER 2020 2020 2019 Flxed ass•ts Property. plant and equipment Heritage assets 10.28S 177.000 12,715 176.000 10 187.285 188.715 Cuffent assets It)¥enlories Trade and t>ther receivables Cash at bank and in hand 11 12 2.000 6.356 28.654 2.000 5,617 17.816 37.010 12.900) 25.433 (8.471) CuTrwrt li•biliti•s 13 Net eurrent assets 34.110 16,962 Tolal assets less current liabiliti•s 221.395 205.677 Incomo funds General Vnreskn￿ed lunds Revaluati￿ rese￿* 89.610 131.785 73.892 131.785 221.395 205.677 221.395 205.677 BRIGHTON SEAFRONT HERITAGE TRUST LIMITED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2020 The company is entitled to the exemption from the au(rrt requirement (x)ntair￿d ￿ Se￿1￿ 477 of the Companies Act 20C6. for the year ended 31 DewnbÈr 2020. The directors acknO￿edge their re5p0n5ibil￿es for ensuring that the ¢harity keeps %counting re¢ords which cOM￿Y with section 386 of the Act and lor preparin9 financial statements ¥*ttich give"a true and fair View of the state of affairs of the company as at the end of the finan¢ial year and of its incoming ￿$OUrceS and application of resources, including its income and expenditu￿, for the financial year in a¢cordance with tr*e requiremènts of seth'on5 394 and 395 olhenhi5e comply with Ih? requimnents of Ihe C(xmpanies Act 20￿ relating to financial statements. so tdr as applicable to the company. The members have rth)t required the ¢ornpany to obtsin an audit ol its fffiancial slatemenls for the year in question in accordance with seclion 476. Th•s• ffinarKlal statements Ibave been wepared w) xcudarKe *ith the provisions appyicable to companles subject to the small companies regime. The financial ststernents were apwoved by the Tntstees on 27 Awil 2021 s G A bknrris Tw$tso CoM￿nY Rrylstsatlw Nty 03609532 BRIGHTON SEAFRONT,HERITAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 A¢coyniing polfcl•s Charity InfoTmaiion Brighton Seafront Heritage Trust Lirnited is a pri¥* casis*l￿n the liatslty is Charilable expendi￿re comwises those costs Inr￿rIed by the tharity in pursurft of its CharIta￿e obpdives. Both &Jpwl and G¢¥eMa￿ ¢osts are re¢harged to tr* main *ivity and forni port of charitable expenditure vthh a separate analysis provrded in Ihe notes. Govemarte costs incjude tIM)5e costs ssociated wth meeting the staty¢ory requirerner￿ of the charity and indude o)5ts linked to the strategi¢ managemenl ￿the tharity. All costs Include nortqeeo¥erable VAT. 1.6 PrO￿rtY. plant and •quipm•nt ProF*rty, plant and equipment are iiitially measured at cost al￿ subse(wenty mèasured at cost or Depreciation is recognised so as to wiile off the cost or Yaluabon ol assets less their ￿SidUal values over their usefrJl lives on thè folJowrt9 basÈs: Leasehold Improvements Plant aTrJ machinery 20 years straight IN 20 yeaF5 sts*3ht line The gain or foss aiisin9 on the disposal of an asset is dÈtÈrrninÈd as thÈ drfYeIer￿ bei¥￿ tht sale proceeds and the carrying of Ihe asse( and is recogni5ed ￿ net irw1￿(eXPe￿d1tUTe) for th¢ year. 1.7 H•rltag• assets Heritage assets consist ol mLtseum exhibiis held by the trusi are re*dtuÈd ahrA￿llY by the trustees. 1.8 Impalmi•nt of n¢n*tsrr•nl os$0ts At eath le[￿rting end d*e. the tharity reviews the caThying amounts of its tsngible assets to determine whether there is any in¢Jication that lI￿e assets have sUffe￿d an impairment bss. If any such indication exists. the recoverable arn￿nt of the asset is eslimated in order lo dete￿Ine the extent of the impairment loss {it any). 1.9 Iw•ntories Inventorie5 are ststed at the of l¥)￿ and esbmated sewing price Ipss costs to cunplete and sell. Cost mprises direct materials and. 4¥here applicable. direct labtsjr costs and tI￿se ovetheads that have been incurred in brirrfJing the invenlofies to thew wesent hxation and condithjn. Items held for distribubon at no or nominal ¢onsbJeration a￿ measured the of replace￿ cost and o)st. Net ￿lisable v¥fue is the sdlng price less all Costs of completion and costs to be incurred in rnathetrng. selliNJ and tftstribulion. 1.10 Cash and cash oquival•nts Cash and cash equivalents irtctu￿ rash in hand. d¢pp¥i15 held at call v•fth b￿ks, other $hDrt-terrn liquid investments vrilh original maturit*s of three rnon￿ or less. and bank overdrafts. Bank overdrafts are BRIGHTON SEAFRONT HERITAGE TRUST LIMITED . NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 Accounting polici {Continu•d) 1.11 Flnanclal Instrum•nts The charity has elected to apply the provisions of Section 11 '8asic financial Inslwments. ano Section 12 'Other Financial Instruments Issue5. of FRS 102 to all ol rts fmancial irtstnJThEnts. Financial in$triJments are recogrnsed in Ihe Chari￿s balance sl*et the clArity becomes party to the contractual pro¥i$itins of the inslnJment. Financial assets and liabilrttes are offsei wilh the nel amounts wesented in the financial statements, *then there is a legally enfo￿eab1e Njhl to set off the recogni5ed aIrt￿nts and there is an ￿tention to sewe M a ne¢ basi5 or to realise Ihe asset and settle the liaLx"lrty simullaneousty. Basic financial assets Basic finanual a55e15. whtch indude trade othér rteeNabks arttl cash and bank balarKes, are initialty measured at transacti￿ prir£ Ir￿uding transacti￿ costs aryl are subsequenyy caffied at amoitised cos¢ using the effective interest methoLI unless Ihè affaNJement cmstrtutes a financing transachon. vh)ere the transaction ts measured at tr* PTE5enl value of the fvlure ret•Pts discojnted at a mathet rate of inlerest. Financial a55¢ts classified as receivablt *ithin year are not am¢)rlised. Bask fina￿la1 lia￿.111￿*S Basie financial liabil￿e$, indudin9 trade and other payables arKI bank loars afe initially recognised al transaclion priee unless the affangernent ￿n5￿lu￿ a financrrnJ transact￿n. wfiere the debt instrument is measu￿￿ at the present value of the fvture payments dixounled at a mathet rate of interest. Finantyol liabilities classified as payable within (￿e year are not aTr)rtI￿. Debt instnJments are 5ubsequenlly rarried at amortised cosl. the efte¢ti¥e interest rate method. Trnde payables are oblgalion5 to pay fw goods or sep4￿eS that have been acquired in the ordirlary course of operations Iw¢¥n suppliers. An￿Unts payabk das&fied as oyrent liabililies il payment is t1ue wriihin ¢)ne year or less. If not. they a￿ wesented as non-current liabitib"es. Trade payables are ￿COgnised initialty at transarDon pric* and subsequenty measurrd at amortised cost UWTh3 the Ètlective interest method. Derecognition of fmancial liabilieles Finanaal 11a￿"11t1eS are derecognised Th*￿ the charity's Contr￿ obli9ations expl￿ or are discharged or Criticjl arcounting ostlmatss and judgwn•nts In the appI￿lIan of the charity'5 a¢counting [￿11(JeS. the tnjstees •0 rtrJuired to make Judg￿ents. estimates and assurnW#?ns about the canying arnount of assets and liaknlrties that are not readily apparent frorn ott)er sources. The estimate5 and associated assurnptton5 are based on historical experience and other factors th* are considered to be relevant re$￿ts rnay differfrom these e5tirnatÈs. The e5trmate5 and undafyFng assumptions ¥0 on an ongoin9 basis. Revis￿ to accounting estimates are recognised in the perr(NJ tn wl)i(* the eslirnate 15 rtyised where the revision affects only that period. or rn the period of the revision arKI frJlure peiiLNJs Ihe mision affec*s l)oth ¢urrent and lubjre perhods. BRIGHTON SEAFRONT HERITAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 . Donations and 18ga¢ies Unrnstricted Unrestricted funds fijnds 2020 2019 Donations and gffts Gran 1.489 27.000 5.366 13.579 28.489 18.945 Charilable acli¥iti¢s 2020 2019 Charitablè rental in¢cMxe 18.173 30.053 Cha￿table acli¥ili•s Mus•um runnlng Museum nnin9 costs 2019 2020 DepTecialKJn and impairment Museum nJnnir8 costs Museum & proiecl staff 2.430 17.S29 7,183 2.541 22.109 42,935 27.142 67.585 Share of g)vemanee c¢)Sts (set nc*È 6} 3,802 3,598 30,944 71,183 10- BRIGHTON SEAFRONT HERITAGE.TRUST LIMITED. NOTES TO THE FINANCIAL STATEMENTS (CONTINUEO) FOR THE YEAR ENDED 31 DECEAIBER 2020 Support costs 2019 costs Independent exam1r￿S fees A￿￿n￿rKY Legal and pmfessu)nal 550 550 700 2.552 530 1.000 2.068 530 1.OC*J 2.068 2.552 3.598 3.598 Analy5ed befvften haFitable acli¥iti"es 3.598 3.598 Payments in the year to the Indewthnt Examiner amount to £SSO (2019: £S30) for Ind￿rt￿ent Exarnination vKrk and £70012019: £1.0001 ftsroit￿f servictt. Trnst••s Nor￿ ofthe Irustees {or any persvns win¥d¢d Mrylh Ih¢ml rEvi¥¥d any rvrnuneration or ty¢￿fits from th* charity during the year. A total of £296 (2019.. £1.325) poid to Ihe ¢Nsiees duiMvJ the year kn reimburrie museum running expenses irbcurr8d. Employees The avernge monthly number of employees during the year11￿.. 2020 Number 2019 14umbgr Toial 11 BRIGHTON SEAFRONT HERITAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 pro1￿. plant and equlwnont Cost At 1 January 2020 3.408 14.389 17.797 At 31 December 2020 3.408 14.389 17.797 Doprnclation and Ifflpairn￿nt At 1 January 2020 Oepre¢iab"on ¢harged in the year 850 42S 4.232 2.005 5.082 2.430 Al 31 De¢embw W20 1.275 6.237 7.512 Carrying amount At 31 Decernber 2020 2.133 8,152 10.285 At 31 December 2019 2.558 10.157 12.715 10 H•ritag• ass•ts Al 1 January 2020 176.000 1.000 At 31 D•cember 2020 177.000 Heritage assets consist ofmuseum exhibils hdd by the tsusL •* fevalued annualty by the trustees. 11 Inventorie5 2019 Raw matefials and consumables 2.OlXI 2.000 12 Tvad? and othor roce5vablg 2020 2019 Amounts falllng due *ithln ¢)ne yur. Trade receNables Prepayments artd aceiued InC￿me 4.356 2.000 3.617 2,000 6,358 5.617 12- BRIGHTON SEAFRONT HERITAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 13 Currnnt liabilitiès 2020 2019 Other payables AccNals and deferred incory 400 2.500 4.941 3.530 2.900 .471 14 Relatsd party transactl¢)ns rin9 thè year professttinal fees totauiro £nil (2019.. £6.247) *ve paKI to Riel Solubons Ltd. a cornpany of which Ms G A Morris. a truslee. is a direclor. 13-