Sheringham Museum Norfolk Trust Ltd (A company limited by guarantee)
Report And Financial Statements For The Year Ended 31st January 2022
Charity Number: 1114816 Company Number: 05415828
Sheringham Museum Norfolk Trust Ltd Financial Statements For The Year Ended 31st January 2022
| CONTENTS Legal and Administrative Information Report of the Trustees Independent Examiners Report Statement of Financial Activities Balance Sheet Notes Forming Part of The Financial Statement |
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| 1 2 - 3 4 5 6 7 - 10 |
Sheringham Museum Norfolk Trust Ltd Legal and Administrative Information For The Year Ended 31st January 2022
| Charity Name: | Sheringham Museum Norfolk Trust Ltd | Sheringham Museum Norfolk Trust Ltd |
|---|---|---|
| Registered Office and | The Mo | |
| Lifeboat Plain | ||
| Sheringham | ||
| Norfolk | ||
| NR26 8BG | ||
| Operational Address: | The Mo | |
| Lifeboat Plain | ||
| Sheringham | ||
| Norfolk | ||
| NR26 8BG | ||
| Company Secretary: | Mr. P. Jolley | |
| Treasurer: | Mr. P. Jolley | |
| Chairman: | Mr. T. R. Groves | |
| Board of Trustees: | Mrs. W. Austin | |
| Mrs. J. F. Grieve | Resigned 14/12 2021 | |
| Mrs. L. G. Lougher | ||
| Mr. T. R. Groves | ||
| Mr. P. Jolley | ||
| M Campbell | ||
| N Wallace | ||
| Governing Document: | Memorandum and Articles | |
| Charity Registration Number: | 1114816 | |
| Charity Registration Date: | 23rd June 2006 | |
| Company Registration Number: | 5415828 | |
| Company Incorporation Date: | 6th April 2005 | |
| Accountants: | Caroline Sands and Associates LLP | |
| Chancellor Cottage | ||
| 46 Holway Road | ||
| Sheringham | ||
| Norfolk | ||
| NR26 8HR |
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Sheringham Museum Norfolk Trust Ltd Trustees' Report For The Year Ended 31st January 2022
Report of the Trustees
The trustees (who are also directors of the charity for the purpose of the Companies Act) present their annual report and financial statements for the trading year 1st February 2021 to the 31st January 20222. The trustees confirm that the annual report and financial statements comply with current statutory requirements, the requirements of the governing document and the provisions of the Statement of Recommended Practice - Accounting and Reporting by Charities 2005.
Constitution
The company is registered as a company limited by guarantee and was set up in line with the governing document on the 6th April 2005. In the event of the company being wound up members (who are the trustees and directors) are required to contribute to an amount not exceeding £1.00 each.
The company is constituted under a memorandum of association dated the 6th April 2005 and is a registered charity number 1114816.
Method of Appointment and Election of Trustees
Potential trustees are approached by an existing member of the board, and their prospective role is discussed. The potential trustee is then invited to attend a Board Meeting, where a vote is then taken as whether to accept them as a new trustee. Existing trustees are also offered the option to nominate a potential trustee at each extraordinary general meeting. Every trustee is required to be re-elected on an annual basis.
Group Structure
Sheringham Museum Norfolk Trust Limited owns all of the issued shares within its subsidiary Sheringham Museum Norfolk (Trading) Limited. The company and its subsidiary undertaking comprise a small-sized group.
Risk Management
The trustees regularly review the risks to which the company may be exposed and can confirm that systems have been put in place to migrate those risks.
Aims and Objectives
The charitable company's principal activity is that of running The Mo Sheringham Museum.
The charitable company's objectives are to:
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providing and maintaining museum, exhibition and education facilities in the area of benefit comprising of Sheringham, Norfolk and its environs.
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Securing the preservation, protection, development and improvement of features or items of historic, cultural or social and economic interest in the area of benefit so that members of the public may develop their knowledge and understanding of the heritage of the seaside town of Sheringham and the surrounding area.
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Preserving and exhibiting historic lifeboats, fishing boats and their equipment associated with Sheringham and thereby contribute to the knowledge and understanding of the public of a lifeboat service and local fishing industry.
2
Sheringham Museum Norfolk Trust Ltd Trustees' Report Continued For The Year Ended 31st January 2022
Going Concern
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Review of Activities
Once again, due to COVID-19 pandemic, we were only able to open the museum for part of the year and so our income was reduced as a result. However we were fortunate enoughto obtain a grant from North Norfolk District Council for £12,000 to assist with the lost income. Work continued on with accessioning artefacts abd displays in general were improved.
Financial Review and Reserves Policy
It is the policy of the company to maintain unrestricted funds, which are the free reserves of the company, at a level which provides sufficient funds to cover management and administrative costs.
Restricted reserves are held solely for the construction and running of The Mo Museum in accordance with the Heritage Lottery Funding requirements. The trustees continue to monitor the level of the reserves on a regular basis.
The company's charitable activities have continued, the profit / deficit this year being:
Auditors
Caroline Sands and Associates are currently appointed as the charitable company's auditors and have expressed their willingness to continue in that capacity.
Trustees Statement
The trustees have made enquiries of their fellow directors and of the charitable company's auditors and taken such other steps, as are required by their duty as trustees of the company to exercise reasonable care, skill and diligence.
So far as the trustees are aware, there is no relevant audit information of which the appointed auditor is unaware and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the appointed auditor is aware of that information
The trustees are aware that if any statement approved in the accounts is made falsely or that they fail to take reasonable steps to prevent such a report being approved they have committed an offence.
In preparing their report and the financial statements, the trustees have taken advantage of the provisions applicable to companies subject to the Small Companies Regime, section 415A of the Companies Act 2006.
Approved by the board on the ……………………………………. and signed on its behalf by:
Name:
Signature:
3
Sheringham Museum Norfolk Trust Ltd Independent Examiners Report For The Year Ended 31st January 2022
Caroline Sands and Associates present their report to the trustees for the year ended 31st January 2021
Respective Responsibilities of Trustees and Examiner
The trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the Act)) and that an independent examination is needed. It is my responsibility to
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●examine the accounts (under section 145 of the Act),
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●to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Act), and
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●to state whether particular matters have come to my attention.
Basis of Independent Examiner's Statement
The examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charitable company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.
Independent Examiner's Statement and Opinion
In the course of our examination, no matter has come to our attention:
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1) which gives us reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
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●proper accounting records are kept (in accordance with section 386 of the Companies Act 2006); and
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●accounts are prepared which agree with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities; or
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2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
In our opinion:
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1) The financial statements are in agreement with the accounting records kept by the company
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2) Having regard only to, and on the basis of the information contained in those records the financial statements have been drawn up in a manner consistent with the provisions specified in the Companies Act 2006 and that the company satisfied the requirements for exemption from an audit under charity and company law.
Caroline Sands and Associates Chancellor Cottage 46 Holway Road Sheringham Signed: ……………………………………… Norfolk NR26 8HR Name: Caroline Sands A.F.T.A I.F.A.
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| Sheringham Museum Norfolk Trust Ltd Statement of Financial Activities For The Year Ended 31st January 2022 Notes Incoming Resources Income Resources From Generated Funds: Voluntary income: 3a Activities for generating funds: 3b Investment income 3c Incoming Resources From Charitable Activities: 3d Other Incoming Resources: 3e Total Incoming Resources Resources Expended Costs of Generating Funds: 4a Charitable Activities 4b Governance Costs 4c Other Resources Expended Total Resources Expended Net Incoming Resources Before Transfers Transfers Gross transfers between funds Net Movement In Funds Reconciliation of Funds Total Funds Brought Forward Total Funds Carried Forward |
(A company limited by guarantee) Charity Number: 1114816 Unrestricted Funds 2022 Restricted Funds 2022 Total Funds 2022 Total Funds 2021 £ £ £ £ 288 0 288 830 1,201 1,201 360 23,000 23,000 22,335 19,285 19,285 2,694 13,178 4,840 18,018 60,169 56,952 4,840 61,792 86,388 685 685 831 49,036 7,257 56,293 40,491 1,196 1,196 3,438 88,301 3,791 92,092 92,197 139,218 11,048 150,266 136,957 -82,266 -6,208 -88,474 -50,569 0 0 0 0 -82,266 -6,208 -88,474 -50,569 858,366 991,105 1,849,471 1,900,040 776,100 984,897 1,760,997 1,849,471 |
(A company limited by guarantee) Charity Number: 1114816 Unrestricted Funds 2022 Restricted Funds 2022 Total Funds 2022 Total Funds 2021 £ £ £ £ 288 0 288 830 1,201 1,201 360 23,000 23,000 22,335 19,285 19,285 2,694 13,178 4,840 18,018 60,169 56,952 4,840 61,792 86,388 685 685 831 49,036 7,257 56,293 40,491 1,196 1,196 3,438 88,301 3,791 92,092 92,197 139,218 11,048 150,266 136,957 -82,266 -6,208 -88,474 -50,569 0 0 0 0 -82,266 -6,208 -88,474 -50,569 858,366 991,105 1,849,471 1,900,040 776,100 984,897 1,760,997 1,849,471 |
|---|---|---|
| 86,388 | ||
| 831 40,491 3,438 92,197 |
||
| 136,957 | ||
| -50,569 0 |
||
| -50,569 | ||
| 1,900,040 | ||
| 1,849,471 |
There were no recognised gains or losses other than above.
All incoming resources and resources expended derive from continuing activities.
The notes on pages 9 to 12 form part of these financial statements.
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| Sheringham Museum Norfolk Trust Ltd Balance Sheet For The Year Ended 31st January 2022 Fixed Assets Tangible Fixed Assets 6a Investments 6b Current Assets Debtors 7 Cash at Bank 1 Cash In Hand Creditors:Amounts falling due within one year Creditors 8 Creditors:Amounts falling due after one year 9 Mortgage Net Current Assets (Liabilities) Net Assets Charity Funds Restricted Funds Unrestricted Funds Total Funds |
(A company limited by guarantee) Charity Number: 1114816 31-Jan-22 31-Jan-22 31-Jan-21 31-Jan-21 £ £ £ £ 1,607,645 1,693,250 1 1 1,607,646 1,693,251 19,708 25,458 134,335 131,454 101 101 154,144 157,013 793 793 793 793 - - - - 153,351 156,220 1,760,997 1,849,471 984,897 991,105 776,100 858,366 1,760,997 1,849,471 |
(A company limited by guarantee) Charity Number: 1114816 31-Jan-22 31-Jan-22 31-Jan-21 31-Jan-21 £ £ £ £ 1,607,645 1,693,250 1 1 1,607,646 1,693,251 19,708 25,458 134,335 131,454 101 101 154,144 157,013 793 793 793 793 - - - - 153,351 156,220 1,760,997 1,849,471 984,897 991,105 776,100 858,366 1,760,997 1,849,471 |
(A company limited by guarantee) Charity Number: 1114816 31-Jan-22 31-Jan-22 31-Jan-21 31-Jan-21 £ £ £ £ 1,607,645 1,693,250 1 1 1,607,646 1,693,251 19,708 25,458 134,335 131,454 101 101 154,144 157,013 793 793 793 793 - - - - 153,351 156,220 1,760,997 1,849,471 984,897 991,105 776,100 858,366 1,760,997 1,849,471 |
|---|---|---|---|
| - | - | ||
| - | - | ||
| 1,849,471 | |||
| 991,105 858,366 |
|||
| 1,849,471 |
Directors and Trustees
In accordance with company law, the company directors certify and acknowledge that:
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●so far as they are aware, there is no relevant audit information of which the company's auditors are unaware, and as the directors of the company that they have taken all of the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of the information.
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●for the year ending 31st January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 ("The Act") relating to small companies.
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●the directors have not required the company to obtain an audit of its accounts for the year ending 31st January 2019 in accordance with Section 476 of the Companies Act 2006.
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●the directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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●the accounts and statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting By Charities and with the provisions applicable to companies subject to the Small Companies Regime within Part 15 of the Companies Act 2006.
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●the directors of the company, must not approve the accounts unless they are satisfied that the accounts give a true and fair view of the assets, liabilities, financial position and profit and loss:
Approved by the board on the ……………………………………. and signed on its behalf by:
Name: Signature:
6
Sheringham Museum Norfolk TrustLtd (A company limited by guarantee) Notes Forming Part of The Finanncial Statements Charity Number: 1114816 For The Year Ended 31st January 2022
ACCOUNTING POLICIES
The principal accounting policies of the company have remained unchanged from the previous year and are set out below:
1. Basis Of Accounting: The financial statements have been prepared in accordance with the historical cost convention and the Companies Act 2006 and the Statement of Recommended Practice: Accounting and Reporting By Charities issued in March 2005
2. Fund Accounting: a) Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
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b) Designated funds are unrestricted funds earmarked by the trustees for particular purposes
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c) Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
3. Incoming Resources: All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
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a) Voluntary income is received by way of grants, donations and gifts and is included in fill in the statement of financial activities when receivable. Grants, where entitlement is not conditional on the delivery of specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
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b) Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
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c) Investment income is included when receivable. d) Incoming resources from charitable trading activity are accounted for when earned.
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e) Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
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4. Resources Expended: Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any vat which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
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a) Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
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b) Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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c) Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
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d) All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor areas, per capita or estimated usage as set out in note 4.
5. Fixed Assets: a) Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £1,000.00 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, which in all cases is estimated at 4 years.
b) Investments held as fixed assets are re-valued at mid-market value at the balance sheet date and the gain or loss take to the Statement of Financial Activities.
6. Taxation As a charitable company the trust is exempt from tax on income and gains.
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Sheringham Museum Norfolk Trust
Notes Forming Part of The Financial Statements Continued For The Year Ended 31st January 2022
(A company limited by guarantee) Charity Number: 1114816
6. Fixed Assets
| a) | Tangible Fixed Assets Cost At 1st February 2021 Additions Disposals At 31st January 2022 Accumulated Depreciation At 1st February 2021 Charge for the year At 31st January 2022 Net Book Value At 1st February 2021 At 31st January 2022 |
Leasehold Property Vehicles Equipment Fixtures and Fittings Total 1,970,721 26,540 1,997,261 0 0 - - - - - |
|---|---|---|
| 1,970,721 - - 26,540 1,997,261 |
||
| 285,470 18,521 303,991 84,262 1,341 85,603 |
||
| 369,732 - - 19,862 389,594 |
||
| 1,685,251 - - 8,027 1,693,278 |
||
| 1,600,988 - - 6,657 1,607,645 |
b) Investments
1 Share is held in Sheringham Museum Norfolk Trust (Trading) Limited.
Aggregate of share capital and reserves £ Profit £
| 7 Debtors: Sheringham Museum Trust (Trading) Ltd Sheringham Museum Trust Investment Income 8 Creditors: Amount Falling Due Within One Year Other loans Trade creditors Accruals and deferred income - Draper & Nichols Ltd 9 Creditors: Amount Falling Due After One Year Bank loans and overdrafts Other Creditors |
2022 £ 19,708 - 19,708 - 793 - 793 - - - |
2021 £ 19,708 - 5,750 |
|---|---|---|
| 25,458 | ||
| - 793 - |
||
| 793 | ||
| - - |
||
| - |
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Sheringham Museum Norfolk Trust
Summary of Incoming Resources
For The Year Ended 31st January 2022
| INCOMING RESOURCES Voluntary income: Donations Activities for generating funds: Sponsorship Fundraising Events Schools Friends Other Activity Room Hire Music @ Mo Investment income Rent Incoming Resources From Charitable Activities: Generated Power Admission Income Other Incoming Resources: NNDC Norfolk Community Fund Bank Charge Refund Other Grants |
Unrestricted Funds 2022 Restricted Funds 2022 Total Funds 2022 Total funds 20 £ £ £ 288 0 288 830 |
|---|---|
| 288 0 288 830 |
|
| - - - - 130 - 130 210 695 - 695 76 76 300 - 300 150 |
|
| 1,201 - 1,201 360 |
|
| 23,000 - 23,000 22,335 |
|
| 23,000 - 23,000 22,335 |
|
| 585 585 651 18,700 - 18,700 2,043 |
|
| 19,285 - 19,285 2,694 |
|
| 12,000 - 12,000 25,000 4,840 4,840 1,178 1,178 35,169 |
|
| 13,178 4,840 18,018 60,169 |
|
| 56,952 4,840 61,792 86,388 |
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Sheringham Museum Norfolk Trust Summary of Resources Expended
For The Year Ended 31st January 2022
| Costs of Generating Funds: Cannon Restoration Expansion Project PPSA Exhibition Costs Volunteers Expenses Charitable Activities Establishment Expenses Rent and Rates Light and Heat Repairs Employee Costs Staff Salaries Training Placements Wages and Casual Labour General Administrative Costs Postage and Stationery and Telephone Subscriptions and Licences Insurance Sundries Cleaning & Security Marketing and Publishing IT Equipment & Supplies Governance Costs Accountancy & Legal and Proffesional Bank Charges and Interest Other Resources Expended Health & Safety Training & Development Depreciation Event Expenses Equipment & Materials Display Maintenance |
Unrestricted Funds 2022 Restricted Funds 2022 Total Funds 2022 Total Funds 2021 £ £ £ 664 664 706 21 21 125 685 0 685 831 777 777 3,838 3,838 2716 10,292 10,292 6738 14,907 0 14,907 9,454 18,925 7,257 26,182 23161 0 0 18,925 7,257 26,182 23,161 1,831 1,831 1724 0 4,760 4,760 2920 352 352 404 5,673 5,673 2115 2,057 2,057 713 531 531 15,204 0 15,204 7,876 49,036 7,257 56,293 40,491 1,060 1,060 3248 136 136 190 1,196 0 1,196 3,438 435 435 1174 0 63 85,604 85,604 90355 143 143 51 420 420 554 1,699 3,791 5,490 88,301 3,791 92,092 92,197 |
|---|---|
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