MTB 102 TRUST
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST OCTOBER 2024
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
REGISTERED OFFICE:
3 SEALAKE ROAD LOWESTOFT SUFFOLK. NR323LQ
REGISTERED CHARITY NUMBER: 1114950
REPORTING ACCOUNTANT:
JOHN DARRELL WILLIS CHARTERED ACCOUNTANT GABLE HOUSE BULLACEBUSH LANE BLOFIELD NORWICH NRI13 48G
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 31% October 2024.
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:-
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examine the accounts under section 145 of the 2011 Act;
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e 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
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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 the review of the accounting records kept by the charity and a comparison of the accounts present 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:
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1) which gives me reasonable cause to believe that in any material respect the requirements:
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¢ to keep accounting records in accordance with section 386 of the Companies Act 2026; and e 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.
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ow
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JOHN DARRELL WILLIS INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES GABLE HOUSE BULLACE BUSH LANE BLOFIELD NORWICH NR1348G
25" July 2025
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° October 2024.
PRINCIPAL The principal activity of the company is to advance the education of the public in the ACTIVITY: 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
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 £67,590 (2023 £66,246) and after deducting total resources expended of £59,631 (2023 £54,351) net incoming resources amounted to £7,959 (2023 £12,149) At the year end unrestricted funds amounted to £193,590 (2023 £185,631)
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’ RESPONSIBILITES:
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:-
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e — select suitable accounting policies and then apply them consistently e observe the methods and principles in the Charities SORP e make judgements and estimates that are reasonable and prudent
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¢ 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
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cee [Seana]
DIRECTOR
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Approved by the Board: 25" July 2025
MTB 102 TRUST
Balance Sheet — 31% October 2024
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Notes 2024 2023
Fixed Assets
Tangible Assets 2 244,105 244,356
Current Assets
Stock 5 9,110 8,997
Debtors 6 555 1,380
Bank Balances 39,962 39,284
49,627 49,661
Creditors: Amounts falling
due within one year 7 100,142 108,386
Net Current Assets (50,515) (58,725)
Net Assets £ 193,590 £ 185,631
Reserves
Profit and Loss Account 1] £193,590 £ 185,631
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For the year ending 31‘! October 2024 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.
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Signed on behalf of the
Board of Directors
OeR. G. Basey
Director
Approved by the Board: 25" July 2025
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The Notes on pages 3 to 5 form part of these Accounts
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MTB 102 TRUST
Statement of Financial Activities for the year ended 31° October 2024
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|---|---|---|---|---|---|---|---|
|Notes|2023/24|2022/23|
|Unrestricted|Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|Income|and Expenditure|
|Incoming|Resources|
|Donations|le|255|-|255|205|
|Sales|ld|66,685|-|66,685|65,391|
|Rental|le|650|-|650|650|
|Total|Incoming|Resources|67,590|-|67,590|66,246|
|Resources|Expended|
|Direct|Charitable|Expenditure|
|Donations|-|-|-|-|
|Other Expenditure|
|Administration|and|
|Management|3|59,631|-|59,631|54,097|
|59,631|-|59,631|54,097|
|Total|Resources Expended|59,631|-|59,631|54,097|
|Net incoming|Resources|7,959|-|7,959|12,149|
|Balances|brought|forward|at|
|1 November 2023|185,631|-|185,631|173,482|
|Balances|carried|forward|at|
|31" October|2024|£|193,590|£|-|£193,590|£185,631|
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All amounts relate to continued activities
The Notes on pages 3 to 5 form part of these Accounts
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MTB 102 TRUST
Notes to the Accounts for the year ended 31% October 2024
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Accounting Policies
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(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.
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(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”.
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(c) Donations and Rents Donations are credited to the Profit and Loss account in accordance with the accruals concept.
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(d) Sales Sales represent goods and sold services provided to customers.
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(e) Resources Resources expended are recognised in the period in which they were incurred.
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(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.
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(g) Restricted Funds These are funds subject to the conditions proposed by the donor or by the specific terms of the appeal under the funds are realised.
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(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 Freehold Property Nil
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MTB 102 TRUST
Notes to the Accounts for the year ended 315 October 2024
| 2. | TangibleAssets | Freehold | |||
|---|---|---|---|---|---|
| Property | Equipment | Total | |||
| Cost—31.10.23 | 242,675 | 5,317 | 247,992 | ||
| Additions | - | - | - | ||
| Cost— 31.10.24 | 242,675 | 5,317 | 247,992 | ||
| Depreciation—31.10.23 | - | 3,635 | 3,635 | ||
| Charge in theyear | - | 252 | 252 | ||
| Depreciation—31.10.24 | - | 3,887 | 3,887 | ||
| NetBook Value~—31.10.24 | 242,675 | 1,430 | 244,105 | ||
| NetBookValue—31.10.23 | 242,675 | 1,681 | 244,356 | ||
| 3. | Administration and Management | 2024 | 2023 | ||
| Subcontract | 24,078 | 21,861 | |||
| Purchases— adjusted forstock | 5,386 | 629 | |||
| Lease | 5,684 | 11,368 | |||
| Rates | 4,282 | 3,779 | |||
| Insurance | 4,100 | 4,935 | |||
| Light and Heat | 9,464 | 7,369 | |||
| Stationery, Telephoneand Internet | 1,001 | 906 | |||
| Repairs and Maintenance | 2,790 | 622 | |||
| WasteDisposal | 1,248 | 1,037 | |||
| Licences and Subscriptions | 66 | 170 | |||
| ComputerCosts | 203 | - | |||
| Bank Charges | 60 | 145 | |||
| Confirmation Statement Fee | 13 | 13 | |||
| Accountancy Fees | 1,004 | 966 | |||
| Depreciation | 252 | 297 | |||
| £59,631 | £54,097 | ||||
| 4. | NetIncome Resources are stated after charging:- | 2024 | 2023 | ||
| Depreciation | £ 252 | £297 | |||
| Directors’ Remuneration | - | - | |||
| 5. | Stock | 2023 | 2023 | ||
| Consumable Stores | £9,110 | £8,997 | |||
| 6. | Debtors | 2023 | 2023 | ||
| Trade Debtors | £ | 555 | ~£ 1,380 | ||
| — | a | ||||
| 4 |
MTB 102 TRUST
Notes to the Accounts for the year ended 31% October 2024
7, Creditors and Accruals
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|---|---|---|---|---|---|
|Due|within|one year|
|2024|2023|
|Directors’ Loan|Accounts|63,070|70,925|
|Other|Creditors|and|Accruals|37,072|37,461|
|£|100,142|£|108,386|
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8. Taxation
The company is a registered charity and is not subject to Corporation Tax.
9. Contingent Liabilities
Nil.
10. 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.
11. Profit and Loss Account
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|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Total|
|Fund|Fund|Fund|Fund|
|2024|2023|
|Balance —|15* November 2023|185,631|-|185,631|173,482|
|Surplus|for the year|7,959|-|7,959|12,149|
|Balance~|31° October 2024|£|193,590|£|-|£193,590|£185,631|
|12.|Analysis|of|Assets|between|Funds|
|Unrestricted|Restricted|Total|Total|
|Fund|Fund|Fund|Fund|
|2023|2022|
|Fixed Assets|244,105|-|244,105|244,356|
|Net|Current|(Liabilities)|(50,515)|-|(50,515)|(58,725)|
|Net Assets|—|315'|October 2024|£|193,590|£|-|£193,590|£185,631|
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13. Directors’ and Trustees Remuneration and Related Party Transaction
No member of the committee received any remuneration for the year.
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