2023-09-30-accounts

Charity registration number 1117855

Company registration number 5562737 (England and Wales)

NORTH EAST MARITIME TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

NORTH EAST MARITIME TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

A Renwick Dr S Griffiths K Barnard Mr K Lund

(Appointed 25 November 2022)

(Appointed 15 April 2023)

Secretary Mr K Lund Charity number 1117855 Company number 5562737 Registered office 2/3 Wapping Street South Shields Tyne & Wear NE33 1LQ

Independent examiner Quantum Accountancy Services Limited Unit 14 Witney Way Boldon Tyne & Wear NE35 9PE

NORTH EAST MARITIME TRUST

CONTENTS

	Page
Trustees' report	2 - 3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 13

NORTH EAST MARITIME TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Trustees, who are also the directors of North East Maritime Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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NORTH EAST MARITIME TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Trustees present their annual report and financial statements for the year ended 30 September 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Trusts primary objectives are;

1. To educate the public in relation to the maritime heritage and culture within the UK, principally within the north east of England. 2. To encourage and facilitate the conversion, building (where appropriate), restoration, repair and update of historic vessels and general maritime craft including artefacts of all kinds for public display.

The trustees have paid due regard to the Charity Commission's guidance relating to public benefit in decision making during the financial year.

To enhance public benefit the Trust has engaged with other like minded organisation including the Tall Ships event at Hartlepool, the Old Gaffers Association (OGA), Blyth Tall Ship and other regional event. These attendances have provided ample opportunities for training of members and the general public. When appropriate and in consideration of health and safety guidance, the public have been given access to the workshops and its vessels for training purposes.

Achievements and performance

During the financial year, while continuing with its core objectives outlined above, the Trust has made significant progress in its primary objective relating to education. This includes cooperation with local schools, college and university sectors. A very satisfactory completion of the historic 1886 south Shields lifeboat 'Bedford' which was given access to a temporary storage facility by South Tyneside Council, in view of a permanent location being made available for public display.

Financial review

It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr T Finnegan (Resigned 6 November 2023) Mr P Weightman (Resigned 20 November 2023) A Renwick Dr S Griffiths (Appointed 25 November 2022) Mr G Linkleter (Resigned 25 March 2023) D Parker (Resigned 25 November 2022) K Barnard R Branson (Resigned 28 October 2023) Mr K Lund (Appointed 15 April 2023)

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NORTH EAST MARITIME TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Trustees are appointed from the membership and subsequently elected by the members present at the Annual General Meeting, where nominations are submitted. Between AGMs, the board of trustees may appoint new trustees, but these appointments are subject to membership ratification at the following AGM. All trustees are volunteers and officers (Chair, Secretary and Treasurer) and are generally appointed from and by the serving trustee board. The trust operates a vetting policy (as recommended by the Charities Commission) for new trustees and each are required to sign an undertaking that they are not disqualified from serving as a trustee under Companies House and Charity Commission rules. They must also disclose any possible conflicts of interest.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trust is a company limited by guarantee and not having a share capital. It is governed by its articles and memorandum of association. The board of trustees/directors meet regularly and is overseen by at least one annual meeting of the members.

The Trustees' report was approved by the Board of Trustees.

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..............................
K Lund
Trustee
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Date: ...01 March 2024..........................................

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NORTH EAST MARITIME TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTH EAST MARITIME TRUST

I report on the financial statements of the Trust for the year ended 30 September 2023, which are set out on pages 5 to 14.

Respective responsibilities of Trustees and examiner

The Trust’s Trustees, who are also the directors of North East Maritime Trust for the purposes of company law, are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) 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:

• (i) examine the financial statements under section 145 of the 2011 Act;

• (ii) 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

• (iii) 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

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

• (a) which gives me reasonable cause to believe that in any material respect the requirements:

• (i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and

• (ii) to prepare financial statements 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

• (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Rebecca Cairns Chartered Accountant

Quantum Accountancy Services Ltd Unit 14 Witney Way Boldon Tyne & Wear NE35 9PE

Dated: .....06[th] February 2024....................

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NORTH EAST MARITIME TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023

Unrestricted Restricted funds funds 2023 2023 Income from: Donations and Notes £ £ legacies 3 17,871 5,989 Charitable activities 4 344 - Investments 5 9,150 - Total income Expenditure on: 27,365 Charitable activities 6 20,186 6,238 Other 10 Total expenditure Net gains/(losses) on investments 11 - - Net incoming/(outgoing) resources before transfers Gross transfers 1,120 (249) between funds 2,130 (2,130) Net movement in funds Fund balances at 1 October 3,250 (2,379) 2022 155,937 2,379 Fund balances at 30 September 2023 159,187 - 5,989 6,059 - 26,245 6,238	Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 23,860 25,480 7,217 344 - - 9,150 8,430 - 33,354 33,910 26,424 21,163 4,838 - 3,483 - 871 12,372 2,379 - - - 871 12,372 2,379 158,316 143,565 - 159,187 155,937 2,379 7,217 6,059 3,858 - 32,483 25,021 4,838	Total 2022 £ 32,697 - 8,430 41,127 26,001 3,483 14,751 - 14,751 143,565 158,316 3,858 29,859

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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Draft Financial Statements at 06 February 2024 at 13:49:35 NORTH EAST MARITIME TRUST

BALANCE SHEET

AS AT 30 SEPTEMBER 2023

Fixed assets Notes Tangible assets 13 Investment property 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Income funds Restricted funds Unrestricted funds	2023 £ 2,812 16,414 19,226 (7,866)	£ 18,849 128,978 147,827 11,360 159,187 - 159,187 159,187	2022 £ 2,290 29,774 32,064 (18,634)	£ 15,908 128,978 144,886 13,430 158,316 2,379 155,937 158,316

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on ...01 March 2024......................

..............................

K Lund Trustee

Company registration number 5562737

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NORTH EAST MARITIME TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

Charity information

North East Maritime Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 2/3 Wapping Street, South Shields, Tyne & Wear, NE33 1LQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of

Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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NORTH EAST MARITIME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Life Boat 20% Straight line Plant and machinery 20% Reducing balance Fixtures, fittings & equipment 20% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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NORTH EAST MARITIME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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NORTH EAST MARITIME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

3 Donations and legacies

		Unrestricted	Restricted Total	Restricted Total	Total
		Funds	funds	2023	2022
		£	£	£	£
	Donations and gifts	4,225	-	4,225	6,252
	Grant income 11,472 5,989 17,461 23,195
	Membership fees	884	-	884	790
	Other	1,290	-	1,290	2,460
		17,871	5,890	23,860	32,697
4	Charitable activities
					2022
				2023
				£	£
	Other income			344	-
5	Investments
				Unrestricted	Unrestricted
				funds	funds
				2023	2022
				£	£
	Rental income			9,150	8,430
6	Charitable activities
				Charitable	Charitable
				Expenditure	Expenditure
				2023	2022
				£	£
	Charitable expenditure			6,238	4,838
	Share of support costs (see note 7)			18,242	19,375
	Share of governance costs (see note 7)			1,944	1,788
				26,424	26,001
	Analysis by fund
	Unrestricted funds			20,186	21,163
	Restricted funds			6,238	4,838
				26,424	26,001

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NORTH EAST MARITIME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

7 Support costs

Support Governance costs costs £ £ Depreciation 3,506 - Rent 2,917 - Insurance 3,846 - Heat & light 1,343 - Repairs and maintenance 5,787 - Postage & stationary 41 - Telephone 413 - Sundry 174 - Bank charges 215 - Accountancy fees - 1,944 Analysed between 18,242 Charitable activities 18,242 1,944 1,944	2023 £ 3,506 2,917 3,846 1,343 5,787 41 413 174 215 1,944 20,186 20,186	2022 Basis of allocation £ 2,992 100% support 3,690 100% support 1,340 100% support 1,079 100% support 9,425 100% support 41 100% support 397 100 % support 170 100% support 241 100% support 1,788Governance 21,163 21,163

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year, none of them were reimbursed any travelling expenses (2022- none were reimbursed £0).

9 Employees

The average monthly number of employees during the year was:

	2023	2022
	Number	Number
Total	-	-

There were no employees whose annual remuneration was more than £60,000.

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NORTH EAST MARITIME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

10	Other			Unrestricted Unrestricted	Unrestricted Unrestricted
				funds funds
				2023	2022
	Rental property repairs/expenses			1,828	1,146
	Rental property management fee			1,583	1,176
	Other expenditure			2,648	1,536
				6,059	3,858
11	Net gains/(losses) on investments
				Total Unrestricted
					funds
				2023	2022
				£	£
	Revaluation of investments			-	3,483
12	Taxation
	The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or				section
	252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
	13 Tangible fixed assets
		Life Boat	Plant and	Fixtures, fittings	Total
			machinery	& equipment
		£	£	£	£
	Cost
	At 1 October 2022	250	45,729	8,917	54,896
	Additions	5,049	498	900	6,447
	At 30 September 2023	5,299	46,227	9,817	61,343
	Depreciation and impairment
	At 1 October 2022	250	34,456	4,282	38,988
	Depreciation charged in the year	252	2,312	942	3,506
	At 30 September 2023	502	36,768	5,224	42,494
	Carrying amount
	At 30 September 2023	4,797	9,459	4,593	18,849
	At 30 September 2022	-	11,273	4,635	15,908
14	Investment property
					2023
					£
	Fair value
	At 1 October 2022 and 30 September 2023				128,978

The investment property was a legacy bequest from the late Mr Gordon F. Brown.

NEMT is retaining and maintaining the property that is 111 Dinsdale Road in accordance with Mr G. F. Brown's instructions.

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NORTH EAST MARITIME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

15	Debtors
						2023	2022
	Amounts falling due within one year:					£	£
	Other debtors					48	-
	Prepayments and accrued	income				2,764	2,290
						2,812	2,290
16	Creditors: amounts falling due within one year
						2023	2022
						£	£
	Corporation tax payable					1,036	849
	Other creditors					6,542	17,509
	Accruals and deferred income					288	276
						7,866	18,634
17	Analysis of net assets between funds
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2023	2023	2023	2022	2022	2022
		£	£	£	£	£	£
	Fund balances at 30
	September 2023 are
	represented by:
	Tangible assets	18,849	-	18,849	15,908	-	15,908
	Investment properties	128,978	-	128,978	128,978	-	128,978
	Current assets/(liabilities)	11,360	-	11,360	11,051	2,379	13,430
		159,187	-	159,187	155,937	2,379	158,316

18 Related party transactions

At the year end North East Maritime Trust owed the Northumbrian Fishing Heritage Trust £4,501 (2022: £17,509). Mr P Weightman (Trustee, and Secretary of North East Maritime Trust,) and Mr R Branson (Trustee of North East Maritime Trust) are both also involved in the Northumbrian Fishing Heritage Trust. Mr P Weightman is a Trustee and the Secretary, Mr R Branson is a Trustee and the Chairman.

At the year end, a previous agreement and payment of debt to Northumbrian Fishing Heritage Trust (£17,509 - 2022) was made at £13,008 with the remainder of £4,501 allocated as credit for use of the North East Maritime Trust slipway.

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