2020-10-31-accounts - Mtb 102 Trust

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MTB 102 TRUST ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST OCTOBER 2020

REGISTERED IN ENGLAND AND WALES COMPANY NO. 03272289

MTB 102 TRUST

COMPANY NUMBER 03272289 (ENGLAND AND WALES) DIRECTORS R. G. BASEY M. S. HILL P. R. NORTON A.G.D.MURRAY REGISTERED OFFICE 3 SEA LAKE ROAD LOWESTOFT SUFFOLK NR32 3LQ

REGISTERED CHARITY NUMBER 1114950 REPORTING ACCOUNTANT MURRELLS LIMITED CHARTERED ACCOUNTANTS 69-75 THORPE ROAD NORWICH NR1 1UA

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MTB 102 TRUST

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31st October 2020.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:-

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER’S REPORT

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity 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 you, as trustees, concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination, no matter has come to my attention:

1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
to prepare accounts which accord with the accounting records, 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

have not been met; or

2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

RYAN CULLUM

INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES 69-75 THORPE ROAD

NORWICH NR1 1UA

30[th] July 2021

MTB 102 TRUST

REPORT OF THE TRUSTEES

The Trustees who are also directors of the company present their annual report and accounts for the year ended 31[st] October 2020.

PRINCIPAL ACTIVITY

The principal activity of the company is to advance the education of the public in the provision of facilities to maintain, promote,restore, conserve, improve and develop historic vessels for the benefit of the public.

The Trustees are satisfied that the company has achieved its objectives in the year under review.

DIRECTORS

The Directors who served during the year were:

R. G. Basey M. S. Hill P. R. Norton

A. G. D. Murray – resigned 02/07/21

The Trustees have assessed major risks to which the charity is exposed to. In particular those related to the operations and finances of the fund and they are satisfied that systems are in place to mitigate exposure.

There are no uncertainties regarding the charity continuing as a going concern.

STATUS

The company is limited by guarantee and does not have a share capital.

Achievements and Performance

Total incoming resources amounted to £61,233 (2019: £56,739) and after deducting total resources expended of £38,494 (2019: £39,259), net incoming resources amounted to £22,739 (2019: £17,480). At the year end unrestricted funds amounted to £148,615(2019:£125,876).

Financial Review

All resources received and expended are treated as unrestricted funds.

Reserves

Reserves are held to support the company’s operations.

MTB 102 TRUST

REPORT OF THE TRUSTEES

DIRECTORS' RESPONSIBILITIES

Company law requires the Directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company as at the end of the financial year and of the profit or loss of the company for that period.

In preparing those accounts, the Directors 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
prepare the accounts on a going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for maintaining proper accounting records which disclose, with reasonable accuracy, at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In preparing the above report, the Directors have taken advantage of special exemptions applicable to small companies.

SIGNED ON BEHALF OF THE BOARD OF DIRECTORS

……………………….. R. G. BASEY DIRECTOR

Approved by the Board: 30[th] July 2021

MTB 102 TRUST

Balance Sheet - 31[st ] October 2020

		Notes		2020			2019
Fixed Assets
Tangible	Assets	2			2,738			2,315
Current Assets
Debtors		5	100			1,421
Bank Balances			267,615			145,558
			______			______
			267,715			146,979
			---------			---------
Creditors:	Amounts falling
	due within one year	6	121,838			23,418
			---------			---------
Net Current Assets				145,877				123,561
					______			______
Net Assets				£	148,615		£	125,876
					______			______
Reserves
Profit and Loss Account		10		£148,615			£	125,876
					__			__

For the year ending 31[st] October 2020 the company was entitled to an exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ Responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The Directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Signed on behalf of the Board of Directors

……………………… R. G. Basey Director

Approved by the Board: 30[th] July 2021

The Notes on pages 3 to 5 form part of these Accounts

MTB 102 TRUST

Statement of Financial Activities for the year ended 31[st] October 2020

	Notes			2019/20	2018/19
		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
Income and Expenditure
Incoming Resources
Donations	1c	500	-	500	1,572
Sales	1d	59,360	-	59,360	53,656
Rental	1c	1,100	-	1,100	1,200
Interest Received		273	-	273	311
Total Incoming Resources		61,233	-	61,233	56,739
		_	_	_	_
Resources Expended
Direct Charitable Expenditure
Donations		-	-	-	-
		_	_	_	_
		-	-	-	-
		-----------	-----------	-----------	-----------
Other Expenditure
Administration and
Management	3	38,494	-	38,494	39,259
		_	_	_	_
		38,494	-	38,494	39,259
		-----------	-----------	-----------	-----------
Total Resources Expended		38,494	-	38,494	39,259
		_	_	_	_
Net Incoming Resources		122,739	-	122,739	17,480
		_	_	_	_
Balances brought forward at
1st November 2019		125,876	-	125,876	108,396
		_	_	_	_
Balances carried forward at
31st October 2020		£ 148,615	£ -	£ 148,615	£ 125,876
		_	_	_	_

All amounts relate to continued activities.

The Notes on pages 3 to 5 form part of these Accounts

MTB 102 TRUST

Notes to the Accounts for the year ended 31[st] October 2020

1. Accounting Policies

(a) Basis of Accounting
The accounts have been prepared under the historical cost accounting convention and in accordance with Accounting and Reporting by Charities - Statement of Recommended Practice, the Financial Reporting Standard for Smaller Entities and incorporate the results of the principal activity which is described in the Trustees’ Report and which is continuing.
(b) Cash Flow

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under Financial Reporting Standard 1 "Cash Flow Statements".

(c) Donations and Rents
Donations are credited to the Profit and Loss account in accordance with the accruals concept.
(d) Sales
Sales represent goods sold and services provided to customers.
(e) Resources
Resources expended are recognised in the period in which they were incurred.
(f) Unrestricted Funds These are funds available to the charity for its general purposes and use of such funds remain at the discretion of the charity’s management committee.
(g) Restricted Funds
These are funds subject to the conditions proposed by the donor or by the specific terms of the appeal under which the funds are realised.
(h) Depreciation

Depreciation is calculated to write down the cost of all tangible fixed assets over their estimated useful lives at the following annual rate:-

Equipment

15% reducing balance

MTB 102 TRUST

Notes to the Accounts for the year ended 31[st] October 2020

2. Tangible Assets

2.	Tangible Assets
		Equipment	Total
	Cost - 31.10.19	4,527	4,527
	Additions	790	790
		_	_
	Cost - 31.10.20	5,317	5,317
		-----------	-----------
	Depreciation - 31.10.19	2,212	2,212
	Charge in the year	367	367
		_	_
	Depreciation - 31.10.20	2,579	2,579
		-----------	-----------
	Net Book Value - 31.10.20	2,738	2,738
	Net Book Value - 31.10.19	2,315	2,315
3.	Administration and Management
		2020	2019
	Purchases	561	2,420
	Lease	13,134	14,328
	Rent and Rates	2,567	2,492
	Insurance	4,779	4,359
	Light and Heat	4,793	4089
	Stationery, Telephone and Internet	1,049	1,339
	Website Costs	131	160
	Repairs and Maintenance	8,645	7,735
	Protective Clothing	18	10
	Waste Disposal	903	898
	Licences and Subscriptions	60	72
	Annual Return Fee	13	13
	Accountancy Fees	1,474	936
	Depreciation	367	408
		_	_
		£ 38,494	£ 39,259
		_	_
4.	Net Incoming Resources are stated after charging:-
		2020	2019
		£	£
	Depreciation	367	408
	Directors’ Remuneration	-	-
		_	_
5.	Debtors
		2020	2019
	Trade Debtors	£	£ 1,421
		_	_

MTB 102 TRUST

Notes to the Accounts for the year ended 31[st] October 2020

6. Creditors and Accruals

	Due within one year	Due within one year
	2020	2019
Trade Creditors	-	1,318
Directors’ Loan Accounts	20,925	20,887
Other Creditors and Accruals	100,913	1,213
	_	_
	£ 121,838	£ 23,418
	_	_

7. Taxation

The company is a registered charity and is not subject to Corporation Tax.

8. Contingent Liabilities

Nil.

9. Company Status

The company is limited by guarantee and does not have a share capital. The members of the company are the Trustees named. In the event of the company being dissolved, the liability in respect of the guarantee is limited to £1 per member of the company.

10. Profit and Loss Account

11.

	Unrestricted	Restricted	Total	Total
	Fund	Fund	Fund	Fund
			2020	2019
Balance - 1stNovember 2019	125,876	-		108,936
Surplus for the year	22,739	-		17,480
	______	______	______	______
Balance - 31st October 2020	£ 148,615	£ -	£	£ 125,876
	______	______	______	______
Analysis of Assets between Funds
	Unrestricted	Restricted	Total	Total
	Fund	Fund	Fund	Fund
			2020	2019
Fixed Assets	2,738	-		2,315
Net Current Assets	145,877	-		123,561
	______	______	______	______
Net Assets - 31stOctober 2020	£ 148,615	£ -	£	£ 125,876
	______	______	______	______

12. Directors’ and Trustees’ Remuneration and Related Party Transaction

No member of the committee received any remuneration for the year.

MTB 102 TRUST

Trading and Profit and Loss Account for the year ended 31[st] October 2020

		2019/20
Donations Received			500		1,572
Sales			59,360		53,656
Rental Income			1,100		1,200
Interest Received			273		311
			______		______
			61,233		56,739
Expenses
Purchases	561			2,420
Lease	13,134			14,328
Rates	2,567			2,492
Insurance	4,779			4,359
Light and Heat	4,793			4,089
Stationery, Telephone and Internet	1,049			1,339
Website Costs	131			160
Repairs and Maintenance	8,645			7,735
Protective Clothing	18			10
Waste Disposal	903			898
Licences and Subscriptions	60			72
Annual Return Fee	13			13
Accountancy Fees	1,474			936
	______			______
			38,127		38,851
			______		______
Net income before Depreciation
			23,106		17,888
Depreciation			367		408
			_____		_____
Surplus for the year		£	22,739		£ 17,480
			_____		_____