Charity Registration No. 1071680 Company Registration No. 03609532 BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) LEGAL & ADMINISTRATIVE INFORMATION Trustees {all of whom are dirertors) Mr A Briault Mr R Leighton MrPASugg Charity number 1071680 Company number 03609532 Registered office 201 Kings Road Arches Brighton East Sussex BNI INB Independent Examiner TCGroup The Courtyard Shoreham Road Upper Beeding Steyning West Su55ex BN44 3TN Bankers CAF Bank Limited Kings Hill West Malling ME19 4JQ
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) CONTENTS Page Trustees Report Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7-14
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED {LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER2024 The trustees are pleased to share their report and the financial statements for the year that concluded on 31 December 2024. These accounts have been prepared in alignment with the accounting policies mentioned in note l of the accounts and are in compliance with the charitys governing document, the Companies Act 2006. and 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 IFRS 1021 las revised for accounting periods commencing from l January 20161 Objectives and Artivities The Brighton Seafront Heritage Trust primarily aims to foster the arts. culture, and heritage of the Fishing Quarter1194 to 208 Kings Road Arche5, paved forecourt) and it5 nearby vicinity in Brighton. To achieve these objectives as a voluntary association with no paid staff. it carries Out the following: Facilitates and manages accommodation for Brighton Fishing Museum (Arches 200 and 2011 that remains open all-year-round with free access. Maintains two workshops. A woodworking workshop {Arch 2051 for boat repair and the creation of display cases and stands commemorating the culture and heritage of the Fishing Industry, and a metal workshop (Arch 2061 for the conservation, repair, and rebuilding of vintage marine engines. Provides and maintains the Fishing Quarter Gallery (Arch 203) for local emerging artists to exhibit and sell their work to a diverse audience at a nominal percentsge of the selling price. Supplies a covered traditionally-seated venue (above Arch2CKJ). and the outside paved forecourt for the annual Mackerel Fayre and other outdoor activities. Offers fully maintained restroom and washing facilities, inclusive of a shower for the use of the Fishing Quarter's occupants and volunteers. Rents out commercial accommodation forthe sale of fish {Arch 2021,a coffee shop IArches 195 and 1961 retail space for selling fish-related products (Arches 197and 2071, and other businesses (Arches 194 and 1981 The rental income balance la portion of which is directed to landlord Brighton and Hove City Council) is used to accomplish our objectives, and annually maintain the structure of the Fishing Quarter. The tru5tee5 have taken into account guidance issued by the Charity Commission while deciding the activitie5 to be undertaken by the charity.
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED {LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER2024 Achievements and Performance The 2023 deficit was reversed and. as anticipated, the Trust enjoyed a surplus of £14,183 in 2024. Since l January 2024, all rent due fortenants has been collected monthly in advance without payment of agent fees. Structure, Governance and Management The charity is a company limited by guarantee. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The company registered as a charity on 12 December 2006. The trustees, who are also the directors forthe purpose of company law. and who served during the year were.. Mr A Briault Mr R Leighton Mr PASugg Trustees are recruited from member5 of the local community, and trained as required. The Chair, with any two trustees, has the delegated power on the dayto day decisions on behalf of the Trust and reports to the other trustees. At any time, major and/or formal decisions are dealt with by calling a Special Meeting of the Trust. There were no such meetings in 2024. The trustees, report was approved by the Board of Trustees on 22 September 2025 Mr A Briault Trustee & Chairman
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED StATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the Direttors of Brighton Seafront Heritage Trusts Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these accounts. the Trustees are required to- select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the accounts on the Eoing concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible forthe maintenance and integrity of the corporate and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED INDEPENDE EXAMINER'S REPORT TO THE TRUSTEES OF THE BRIGHTON SEAFRO HERITAGE TRUST LIMITED I reportto the trustees on my examination of the accounts of the charitable companyfortheyear ended 31 December 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Att 2011 ('the Act,). Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl 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- I have no concerns and have come across no other matters in connertion 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. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act,. or 2. the accounts do not accord with those records- or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Prartice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR5 1021]. 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. Mrs Sarah Johnson for and on behalf of TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Dated: 25 September 2025
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR TO 31 DECEMBER 2024 Restrirted funds 2024 Unrestrirted funds 2024 Total 2024 Total 2023 Income from: Notes Donations and legacies 5,582 5,582 4,854 Charitable activities 53,182 53,182 50,754 Investment income 42 Total income 58,802 58.802 55,650 Expenditure on: Charitable activities 74,469 Net intomellexpenditurel 12,258 12,258 118,8191 Net movernent in funds 12,258 12,258 13 118,8191 Reconciliation of fund5: Total fund balances at I January 2024 177,000 32,540 209,540 228,359 177.0(Xl 44,798 221,798 209,540 Total fund balonces at 31 December 2024 13 The charity has no recognised gains or losses other than the surplus for the financial year. The Notes on pages 21 to 28 form part of these financial statements.
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed Assets Tangible assets Heritage assets 18,557 177,0(10 20,482 177,000 10 195,557 197,482 Current Assets Debtors 11 2.681 25,180 27,861 12,400 1,278 13,678 Cash at bank and in hand Current Liabilities Creditors- amounts falling within one year 12 (1,620) 11,6201 Net Current Assets 26,241 12,058 Total Net Assets 221,798 209,540 Charityfunds Restricted funds 13 177,000 44,798 177,000 32,540 Unrestricted funds 13 Total funds 221,798 209,540 For the financial year ended 31 December 2024 the company was entitled to exemption from audit under sertion 477 of the Companies Att 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respert to accounting records and the preparation of financial statements. The members have not required the companyto obtain an audit of its financial statements forthe year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved by the board of directors and authorised for issue on 22 September 2025 and are signed on its behalf by.. MrA Briault Company Registration No. 03609532 The notes attached here form part of the financial statements.
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 1.0 Statutory inforniation Brighton Seafront Heritage Trust Limited {036095321 is a company limited by guarantee incorporated in England and Wales. The charity is underthe control of the trustees. The registered office is 201 Kings Road Arches, Brighton, BNI INB. 2.0 Accounting policies 2.1 Accounting basis and standards The financial statements have been prepared in accordance with the Charities 50RP IFRS 1021 Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191, the Financial Reporting Stsndard applicable in the UK and Republic of Ire13nd IFRS 102) and the Companies Act 2006. Brighton Seafront Heritage Trust Limited meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The accounts are prepared in sterling and rounded tothe nearest pound. 2.2 Going concem At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus. the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 2.3 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless perfomiance conditions require deferral of the amount. Other income is recognised in the period in which it is re1vable and to the extent the goods have been provided or on completion of the service.
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised on an accruals basis when the liability is incurred. Charitable expenditure comprises those costs incurred by the charity in pursuit of its charitable objectives. Both Support and Governance costs are recharged to the main artivity and form part of charitable expenditure with a separate analysis being provided in the notes. Governance costs include those costs associated with meeting the statutory requirements of the charity and include costs linked to the strategic management of the charity. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company- this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the h igher of its fair value less costs to sell and its Value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases: Leasehold improvements Plant and machinery Office equipment 20 years straight line 20 years straight line 25% straight line 2.7 Herit4e assets Heritage assets consist of museum exhibits held by the trust and are revalued periodically by the trustees. At each reporting date the Company assesses whetherthere is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less cost5 to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recogni5ed when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments forthe goods or service5 it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. discounted at the pre-tax discount rate that refletts the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.11 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds relate solely to the value of Heritage Assets held. All amounts, other than Heritage assets, stated in the accounts relate to unrestricted funds. The value of Heritage assets held has been transferred to restricted funds in the year as this better reflects the restrictions on their use.
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.13 Critical Accounting Estimates and Area of Judgement In preparing financial statements it is necessary to make certain judgements. estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry any significant risk of material adjustment on the next financial year. Income from donations and legacies 2024 2023 Donations 5,582 4,854 Income from charitsble artivities 2024 2023 Rents 38,279 14,903 36,204 14,550 Gallery and loft hire 53,182 50,754 Income from investments 2024 2023 Bank interest 38 42 -10-
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 6 Costs of charitable artivity 2024 2023 Direct costs Property running costs 24,941 26.128 Property repairs and maintenance 1.927 6.647 Rental management fees 2,748 Lease renewal legal fees 960 5,456 Lease renewal management 13,860 27,828 54,839 Support costs Administrative and advertising 12,060 15.581 OlCe and general costs 4,911 2.550 Governance costs 1,745 1.499 18,716 19.630 46,544 74,469 7 Independent examinerfs remuneration 2024 2023 Fees payable to the Compan¢s independent examiner for the independent examination of the Company's annual accounts Fees payable to the Company's independent examiner in respett of- Accounts preparation 972 972 648 648 -11-
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustee's Remuneration and Expenses No Trustees received any remuneration or other benefits in the year12023.'£NILI. During the year ended 31 December 2024. Trustee expenses have been reimbursed to a total of £53 12023.- £NILI. Tangible fixed assets Long-term leasehold property Plant and machinery Office Equipment Total Cost or valuation At lJanuary2024 3008 27,750 2,921 34,079 At 31 December 2024 3A08 27.750 2.921 34.079 Depreciation At lJanuary2024 2,295 9,534 1,769 13,598 Charge for the year 170 1.178 576 1.924 At 31 December 2024 2065 10,712 2,345 15,522 Net bookvalue At 31 Detember 2024 17.038 576 18.557 At 31 December 2023 1.113 18,216 1,152 20,481 -12-
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 Heritage assets Assets recognised at valuation 2024 2023 Carrying value at year end 177.000 177.000 177,000 177,000 Heritage assets consists of artrfacts held in the museum. The assets range from fishing equipment, related books and images, architertural items from the West Pier and online archives. These assets cannot be sold and can only be re-allocated to other accredited museums, as such their value is kept in a restricted fund. In the view of the Trustees, there was no impairment to the valuation of Heritage assets in the year. 11 Debtors 2024 2023 Trade debtors 9,739 2,661 Prepayments and accrued income 2,681 2,681 12,400 12 Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 1,620 1,620 -13-
BRIGHTON SEAFRONT HERITAGE TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 Funds All assets in the accounts. other than the value of the Heritage Assets, relate to general unrestricted funds. Due to the restrirtions on the use of the Heritage Assets, their value is held in a restricted fund. Movements on these funds are shown on the Statement of Financial Activities. 14 Analysis of net assets between funds Fund balances at 31" December 2024 are represented by- Unrestrirted Funds Restrirted Funds Total 2024 Tangible fixed assets Heritage assets Current assets Current liabilities 18.557 18,557 177,000 27,861 (1,6201 221,798 177,(X)O 27.861 11,6201 44.798 177,1KJO Fund balances at 31" December 2023 are represented by- Unrestrirted Funds Restrirted Funds Total 2023 Tangible fixed assets Heritage assets Current assets Current liabilities 20.482 20,482 177,000 13.678 (1,6201 209,540 177.1XJO 13.678 11,6201 32.540 177,1KJO IS Related party transactions All three trustees rent space from the charity for arches 194- 198. Rents payable were £20.374 for the year12023.- £16,867) of which £NIL was outstanding atthe year end12023.-£4581. -14-