Regislered number: 05415828 SHERINGHAM MUSEUM NORFOLK TRUST LTD DIRECTORS, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Caroline Sands & Associates LLP Chancellor Cottage 46 HolaY Road Sheringham Norfolk NR26 8HR
Sheringham Museum Norfolk Trust LTD Contents Pa%e Company Inforniation Directors, Report Accountant's Report Incomc and Expcnditurc Account Balance Sheet Notes to the Financial Statemenls 8-9 The following pages do not fonn part of the statutory accounts: Detailed Income and Expenditure Account io
Sheringham Museum Norfolk Trust LTD Companv Information For The Year Ended 31 January 2024 Direetors Mr Jonathan Duff Mr T. Grovcs Mrs Wendy Austin Mrs Rosemary Smiih Mrs Mhairi Campbell Mr Nicholas Wallace Company Number 05415828 Registered Office Themo Lifeboat Plain Sheringham Norfolk NR26 8BG Accountants Caroline San(ts & Associates LLP Chanccllor Cottagc 46 Holway Road Shcringham Norfolk NR26 8HR Pagc I
Sheringham Museum Norfolk Trust LTD Compani. No. 05415828 Directors, Report For The Year Ended 31 January 2024 The directors present their report and the financial statements for the year ended 31 January 2024. Directors Thc dircctors who hcld officc during thc ycar wcrc as follows: Mr Jonathan Duff Appointed 1910912023 Mr T. Grovc5 Mrs Wendy Austin Mr Timothy Groves Mr Paul Jollcy Mrs Rosemary Smith Mrs Mhairi Campbell Mi Nicholas Wallacc Resigned 2010612023 Rcsigncd 2010612023 Statement of Director5, Responsibilities The directors are responsible for preparing the Directors, Report and the financial ststements in accordance with applicable law and regulations. Company law requires ihe directors to prepare financial siatemenis lor each financTal year. Under that law the dire¢lors have clcctcd to prcparc thc financial statcmcnts in accordancc ivith Unitcd Kingdom Gcncrally Acccptcd Accounting PTacticc {United Kingdom Accounting Standards and applicable law)- Under company law the directors must not approve the financial statements unle66 they are satisfied ihat ihey give a tnLe and lair view of Ihe slate of alTairs of the company and of ihe surplus OT dcficit of thc company for that PCTiod. In PTcparing thc finaT]cial statCTncnts thc dircctors arc rcquircd to.. select suiiable accounting policies and then apply them consistently- make judgments and accounting estimates that are reasonable and prudent: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in busine55. Thc dircctors arc rcsponsiblc for kccping adcquatc accounting rccord5 that arc sufficicnt to show and cxplain tlic company's transactions and disclose wiib reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Aci 2006. They are also responsible for safeguarding the assets of the coinpany and hcncc for thking rcasonablc stcps for thc prcvcntion and dctcction of fraud and othcr irrcgularitics. Pagc 2
Sheringham Museum Norfolk Trust LTD Dire¢tors' Report (Continued) For The Year Ended 31 January 2024 The directors are responsible for the maintenance and iniegrity of ihe corporate and financial infom)ation included on the coinpany's website. Legislation in the United Kingdom goi'erning the preparation and disseinination of financial statements may differ from legislation in other jurisdictions. Small Company Rule5 This report has been prepared in accordance with the special provisions relating to companies subject to the small companies rcgime within Part 15 of the Cotnpanies Act 2006. On behalf of the board Mr Nicholas Wallacc Dircctor 0311012024 Pagc 3
Sheringham Museum Norfolk Trust LTD Accountant's Report For The Year Ended 31 January 2024 Report to the direelors on the preparation of the unaudited statutory aeeounts of Sheringham Museum Norfolk Trust LTD for the vear ended 31 Januan" 2024 In order to assist you to fulfil your duries under the Companies Act 2(K)6. 1 have prepared for your approval the accounts of Sheringham Museum Norfolk Trusi LTD for the year ended 31 January 2024 which comprise the Income and Expenditure Account. thc Balancc Shcct and thc rclatcd notcs from thc accounting rccords and from information and cxplanations you havc given to us. As a practising member of the Institute of Financial Accountanis (IFA), we are subject to its ethical and other professional requiremenls which are delailed at hilps-//w'w.I[a.0rg.UklabOUt-usla¢1ing-in-Ihe-pub]I¢-1nleresm¢Mberregulat1Ons. This report is made solely to the directors of Sheringham Museum Norfolk Trust LTD. as a body, in accordance with the lern of our engagement letter dated . Our work has been undertaken solely to prepare foT your approval the accounts of Sheringham Muscum Nortolk Trusi LTD and statc thosc mattcrs that wc haTrc agrccd to statc to thc dircctors of Shcringham Muscuin Norfolk Trust LTD, as a body, in this report. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than Sheringham Museum Norfolk Trusi LTD and its directors: as a body, for our work or for this report. It is YOUT duty to cnsurc that Shcringham Muscum Norfolk Tnt LTD has kcpt adcquatc accounting rccord5 and to prcparc statutory accounts that give a true and fair vlew of the assets, liabiliiies, financial position and profit or loss of Sheringham Museum Norfolk Trnst LTD. You consider that Sheringham Museum Norfolk Trust LTD is exempt froin the statutory audit rcquircmcnt for thc ycar. Wc havc not been insiruclcd to carry oul an audil of the accounts of Shctin¥hatn Museum Norfolk Trust LTD. For this r¢as0n, we have not verified the accuracy or completeness of the accounting records or inforn]ation and explanations you have given to and we do noi, Iherefore, express any opinion on the financial statements. Signed Carolinc Sands and Associatcs LLP 0311012024 Caroline Sands & Associates LLP Chancellor Cottage 46 Holway Road Sheringham Norfolk NR26 8HR Pagc 4
Sheringham Museum Norfolk Trust LTD In¢ome and Expenditure Account For The Year Ended 31 January 2024 2024 2023 Note5 TURNOVER 93,879 73,128 GROSS SURPLUS 93,879 73.128 Administrative expenses (170,848) (141.515) OPERATING DEFICIT AND DEFICIT FOR THE FINANCIAL YEAR (76,969) (68.387} Thc notcs on pagcs 8 to 9 form part of thcsc financial statcmcnts. Pagc 5
Sheringham Museum Norfolk Trust LTD Balance Sheet As Al 31 January 2024 2024 2023 Note5 FIXED ASSETS Tangible Assets 1,450,006 1,527,165 1.450,006 1.527,165 CURRENT ASSETS Debtors Cash at bank and in hand 19,708 147.302 25,448 140.802 167,010 166,250 Creditors: Amounts Falling Due Within One Year (1,375) (805) NET CURRENT ASSETS (LIABILITIES) 165,635 165,445 TOTAL ASSETS LESS CURRENT LIABILITIES 1,615,641 1,692,610 NET ASSETS 1,615.641 1,692,610 RESERVES Other reserves 1,119,295 496,346 1,119,295 573,315 Income and Expenditure Account MEMBER), FUNDS 1.615.641 1,692,610 Pagc 6
Sheringham Museum Norfolk Trust LTD Balance Sheet (eontinued) As Al 31 January 2024 For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to snull COLnpanies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records 1£ nd ihe preparation of accounts. These accounts have been prepared in accordance witb the provisions applicable to companies subject to the small companies, regime. On bchalf of thc board Mr Nicholas Wallace Director 0311012024 The notes on pages 8 to 9 forni part of these financial statements. Pagc 7
Sheringham Museum Norfolk Trust LTD Notes to the Financial Statements For The Year Ended 31 January 2024 General Information Slicringham Muscum Norfolk Trust LTD i5 a privatc company. liinitcd by guarantcc. incorporatcd in England & Walcs, registered number 05415828. The reglsiered office is The Mo. Lifeboai Plain, Sheringham. NorfolL NR26 8BG. Accounting Policie5 2.1. Basis of Preparation of Financial Staternents The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporiing Standard 102 section IA Small Entities "The Financial Reporting Standard applicable in the UK and Rcpublic of Ircland" and thc Companic5 Act 2006. 2.2. Turnover Tumover is measured al the fair value of the consideraiion received or receivable, nel of discounts and value added taxcs. Turnop'cr includcs rcvcnuc carncd from thc salc of goods and from thc Tcndcring of 5crvicc5. Turnovcr is Tcduccd for estirnated customer returns, rebates and other similar alloivances. Sale of goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the 71 ihai ihe customer has signed for the delivery of the good5. Rendering of services Tumovcr from thc rcndcrin¥ of scrviccs is rcco¥niscd by Tcfcrcncc to thc sta¥c of coimplction of thc contract. Thc sta¥c of completion of a contract is Ineasured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised 10 the exient of recoverable expenses when the outcome of a contiact cannot bc cstimated reliably. 2.3. Tangible Fixed Assets and Depreciation Tangible fixed a88er.s are measured at cost less accumulated depreciation and any accumulated impainnent losses. Dcpicciation is pruvided al iat¢s calculatcd to TIt¢ off thc c05t of ihc fixcd a55Cts. 1¢55 thcii cstimated rcsidual valuc, over their expected useful lives on the following bases= Freehold Leasehold Fixtures & Fittings 15 15 15 Average Number of Emplo)'ees Average number of employees. including directors. during the year was.. 2024 2023 Olyice and administialion Pagc ¥
Sheringham Museum Norfolk Trust LTD Notes to the Financial Statements (continued) For The Year Ended 31 January 2024 Tangible Assets Land & Property Freehold Leasehold Fixtures & Fittings Total Cost As at l Fcbruary 2023 1,970,721 27,524 1,998,245 As at 31 January 2024 1,970.721 27,524 1,998,245 Depreciation As at l February 2023 Provided during the period 449,782 21,298 1,112 471,080 77.159 76,047 As at 31 January 2024 76,047 449,782 22,410 548,239 Net Book Value As at 31 January 2024 (76.047) 1,520,939 5,114 1,450,006 As at l February 2023 1,520,939 6,226 1.527,165 Debtors 2024 2023 Due within one year Othcr dcbioTS 19,708 25,448 Creditors: Amounts Falling Due Within One Year 2024 2023 Trade creditors 1,162 213 592 Other creditors 213 1,375 805 Companv limited by guarantee The company is limited by guarantee and bas no share capital. Every member of the company undertakes to contribute to the assets of the company. in the event of a winding up, such an amount as may be required not exceeding £ l. Pagc 9
Sheringham Museum Norfolk Trust LTD Detailed Ineome and Expenditure Account For The Year Ended 31 January 2024 2024 2023 TURNOVER Sales 93,879 93,879 73,128 73,128 GROSS SURPLUS Administrative Expenses Wages and salaries Ratcs 22,092 1,253 5,471 22,627 1,523 3,958 8,060 7,153 2,595 Light and heat Repairs and mainienance Cleaning Computer software costs Repairs. renewals and maintenance Insurance 7,484 4,919 22.638 10,542 1,375 5,728 5,140 1,860 471 Printing, postagc and stationcry Advertising and marketing costs Accountancy fcc5 Legal fees Dcprcciation Sundry expenses Sundry type A 1,092 5,840 77,158 3,362 2,986 81,466 2,236 3,334 (170,848) {141,515} OPERATING DEFICIT AiYD DEFICIT FOR THE FINANCIAL YEAR (76,9691 (68,3871 Pagc 10