Registered number.. 05415828 SHERINGHAM MUSEUM NORFOLK TRUST LTD DIRECTORS, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Caroline Sands & Associates LLP Chancellor Cottage 46 Hol"aY Road Sheringham Norfolk NR26 8HR
Sheringham Museum Norfolk Trust LTD Contents Page Company Infonnation Director5, Report Accountant's Report Income and Expenditure Account Balancc Shcct 67 Noles to the Financial Statements The folloiving pages do not form part of the Statutory accounts: Detailed Income and Expenditure Account io
Sheringham Museum Norfolk Trust LTD Compani. Information For The Year Ended 31 January 2025 Directors Mr Jonathan Duff MTS Wendy Austin Mr Charles Chappell Mrs Ros¢mary Smith Ms Mhairi Campbell Mr Nicholas Wallace Company Number 05415828 Registered Office Thcmo Lifeboat Plain Sheringham Norfolk NR26 8BG Accountants Carolinc Sands & Associatcs LLP Chancellor Cottage 46 Holway Road Sheringham Norfolk NR26 8HR Page I
Sheringham Museum Norfolk Trust LTD Compan!" No. 05415828 Directors, Report For The Year Ended 31 January 2025 The directors present their report and the financial statements for the year ended 31 January 2025. Directors The directors who held olet during the year wcrc as follows= Mr Jonathan Duff Resigned 1210612024 Mr Jonathan Duff Mrs Wendy Austin Mrs Wendy Austin Mr Charlcs Chappcll Appointed 1110612024 Mrs Rosemary Smith Ms Mhairi Campbell Mr Nicholas Wallace Resigned 1110612024 Statement of Directors, Responsibilities Th¢ dircctors ar¢ r¢sponsibl¢ for pr¢paring th¢ Dircctors. R¢port and th¢ financial stalcmcnts in ac¢ordanc¢ with applicabl¢ law and regulations. Company laiv Tequire5 the directors to prepare financial statements for each financial year. Under that law the director5 have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom AcLounting Standards and appliLable law). Undet company la, the diTectors must not appT0e the financial statements unless they are satisfied that they give a trne and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing ihe financial statements the directors are required to: select suitable accounting policies and then apply them consistently- make judgments and accounting es(imates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropTiate to presuTne that the cornpany will continue in business. The directors are responsible for keeping adequate accounting records ihat are sufficienL 10 show and explain the company's transaction5 and disclose M'ith reasonable accuracv at any time the financial position of the company and enable them to ensure that the financial statements comply with ihe Companies Act 2006. They are also responsible for safeguarding the assets of the company and hcncc for taking reasonable stcps for the prcvcntion and detection of fraud and other irregularitics. Page 2
Sheringham Museum Norfolk Trust LTD Directors, Report (continued) For The Year Ended 31 January 2025 The directors are rcsponsiblc for the maintenancc and intcgrity of the corporatc and financial inforn]ation includcd on thc con]pany's website. Legislation in the United Kingdom governing the preparation and dissen]ination of flnancial statements may differ from legislation in other jurisdictions. Small Company Rulc5 This report has been prepared in accordance with the special provisions relating to companies subject to the small companies rcgimc within Part 15 of ihe Companies Act 2006. On behalf of the board Mr Nicholas Wallace Director 2810412025 Page 3
Sheringham Museum Norfolk Trust LTD Accountant'5 Report For The Year Ended 31 January 2025 Report to the direetors on the preparation of the unaudited stsmtory accounts of Sberingham Museum Norfolk Trust LTD for thc vcar cndcd 31 January 2025 In Order to assist you to fulfil your duties under the Companies Act 2006, 1 have prepared for your approval the accounts of Shcringham Muscum Norfolk Trust LTD for the ycar cndcd 31 January 2025 which comprise thc Ineoinc and Expenditurc Account, the Balance Sheet and the related notes from the accounting records and from infom]ation and explanations you have given to us. As a practising member of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https:l/www.ifa.org.uklaboul-us/acting-in-the-public-interestlmemberregulations. This report is made solely to the directors of Sheringham Museum Norfolk Trust LTD, as a body, in accordance with the tenns of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Sheringham Museum Norfolk Trust LTD and state those matter5 tliat we have agreed to state to the director5 of Sheringham Museum Norfolk Trust LTD, as a body, in this report. To the fullest extent pennitted by law. we do not accept OT assume responsibility to anyonc othcr than Shcringham Muscum Norfolk TTUSt LTD and its dirccloTS, 2s a body, for our work or for this rcport. It is your duty to ensure that Sheringham Museum Norfolk Trust LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial posilion and Profit or loss of Sheringham Miiseum Norfolk Trust LTD. You consider that Sheringham Museum Norfolk Trust LTD is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit of the accounts of Sheringham Museum Norfolk Trn5t LTD. For this rea50n, we have not verified the accuracy or completeness of the accounling records or inforn]ation and explanations you have given to us and we do not, thcreforc, express any opinion on the financial statcmcnts. Caroline Sands and Associates LLP 2810412025 Caroline Sands & A550ciates LLP Chancellor Cottage 46 Holway Road Sheringham Norfolk NR26 8HR Page 4
Sheringham Museum Norfolk Trust LTD Income and Expenditure Account For The Year Ended 31 Januar} 2025 2025 2024 Notes TURNOVER 117,731 93,879 GROSS SURPLUS 117,731 93,879 Administrative expenses (171,955) (170,848) OPEIL4TING DEFICIT {54.224} (31) (76,969) Interesl payable and similar charges DEFICIT FOR THE FILYANCIAL YEAR (54.255) (76,969) Th¢ not¢s on pagcs 8 to 9 forn] part of th¢s¢ financial stat¢m¢nts. Page 5
Sheringham Museum Norfolk Trust LTD Balance Sheet As At 31 Januari, 2025 2025 2024 Notes FIXED ASSETS Tangible Assets 1,376,845 1,450,006 1,376,845 1,450,006 CURRELNT ASSETS Debtors 19,426 171,484 19,708 147,302 Cash at bank and in hand 190,910 167,010 Creditors: Amounts Falling Due Within One Year (6.369) (1,375) NET CURRENT ASSETS (LIABILITIES) 184,541 165,635 TOTAL ASSETS LESS CURRENT LIABILITIES 1.561.386 1,615,641 NET ASSETS .561,386 1,615,641 RESERVES Oiher reserves 1,119,295 442,091 1,119,295 496.346 In¢om¢ and Expcnditurc Accowit MEMBERS, FUNDS .561,386 1,615,641 Page 6
Sheringham Museum Norfolk Trust LTD Balance Sheet (continued) As At 31 Januari. 2025 For the year ending 31 January 2025 the company was cntitlcd to cxcmption from audit undcr section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obiain an audit in accordance wilh 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 and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. On bchalf of the board Mr Nicholas Wallace Director 2810412025 The notes on pages 8 to 9 forn] part of these financial statements. Page 7
Sheringham Museum Norfolk Trust LTD Notes to the Financial Statements For The Year Ended 31 January 2025 General Information SheringhaTn Museum Norfolk Trust LTD is a private company, IiTnited by guarantee, incorporated in England & Wales, registered number 05415828. The registered office is The Mo, Lifeboat Plain, Sheringham, Norfolk, NR26 8BG. Accounting Policies 2.1. Basis of Preparation of Financial Statements The financial statements have been prepared under the historical cost convention and in accoTdance with Financial Reporting Standard 102 section IA Small Entities "The Financial Reporting Standard applicable in the UK and Rcpublic of Ircland" and ihe Companies Act 2006. 2.2. Turnover Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnoi'er includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for cstimatcd customcr rcturns, r¢batcs and oih¢r similar allowanccs. Sale of goods Turnovcr from ihc salc of goods is recogniscd whcn thc significant risks and rcwards of ownership of the goods has transferred to the buyer. This is usually at the poini that the customer has signed for the delivery of the goods. Rendering of services Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing ihe costs incurred for work perfonned to date to the total cstimatcd contract Costs. Tumovcr is only r¢cognis¢d to th¢ ¢xl¢nt of Tccov¢rabl¢ ¢xp¢ns¢s whcn thc outcomc of a contract cannot be estimated reliably. 2.3. Tangible Fixed Assets and Depreciation Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impainnent losses. Depreciation is provided at rate5 calculated to TIte off the cost of the fixed assets: less theiT estimated residual value, over their expected useful lives on the follow.ing bases= Frcchold Leasehold Plant & Machinery Fixtures & Fittings 15 15 15 15 Average Number of Employees Average number of cmployees, including directors, during the ycar was: 2025 2024 Office and administration Page 8
Sheringham Museum Norfolk Trust LTD Notes to the Financial Statements (continued) For The Year Ended 31 January 2025 4. Tangible Assets Land & Property Leasehold Fixtures & Fittings Total Cost As at l F¢bruary 2024 .970,721 27.524 1,998,245 As at 31 January 2025 1,970.721 27,524 1.998,245 Depreciation As at l February 2024 Provided during the period 525.829 22,410 916 548,239 73,161 72,245 As at 31 January 2025 598,074 23,326 621,400 Net Book Value As at 31 January 2025 1,372,647 4,198 1,376,S45 As at l February 2024 1,444,892 5,114 1,450,006 5. Debtors 2025 2024 Due within one year Other debtors 19,426 19,708 6. Creditors: Amounts Falling Due Within One Year 2025 2024 Tradc crcditors 6,156 213 1.162 213 Other creditors 6,369 1,375 7. Company limited b), guarantee The company is limilcd by guarantee and has no sharc capital. Every member of the company undertakes to contribute to the assels of the company, in the event of a winding up, such an amount as may bc r¢quircd not ¢xc¢¢ding £ l. Page 9
Sheringham Museum Norfolk Trust LTD Detailed Income and Expenditure Account For The Year Ended 31 January 2025 2025 2024 TURNOVER Sales 117,731 117,731 93,879 93,879 GROSS SURPLUS Administrative Expenses Wagcs and salarics Rates 27,320 1.269 9.412 7.073 6,387 2,495 28.070 8.750 1.191 393 22,092 ,253 5,471 Light and heat Repairs and Maintenance Cleaning Computer software Losts Repairs, renewals and maintenance Insurance 7,484 4,919 22,638 10,542 ,375 5.728 Printing, postage and stationery Advertising and marketing costs Telecommunications 1,490 588 Accountancy f¢cs Legal fees Depreciation Sundry expenses Sundry type A 490 5,840 77,158 3,362 2,986 73,160 585 3,282 (171.955) (170,848) OPERATING DEFICIT {54,224) (76,969) Interest payable and similar charges Bank charges 31 (31) DEFICIT FOR THE FINANCIAL YEAR (54,255) (76,969) Page 10