REGISTERED COMPANY NUMBER: 08334042 (England and Wales) REGISTERED CHARITY NUMBER: 1153929
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31st December 2022
for
The Marriott's Warehouse Trust
Stephenson Smart (East Anglia) Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ
The Marriott's Warehouse Trust
Contents of the Financial Statements for the Year Ended 31st December 2022
| Page | |||
|---|---|---|---|
| Trustees' Report | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | to | 6 |
| Statement of Cash Flows | 7 | ||
| Notes to the Statement of Cash Flows | 8 | ||
| Notes to the Financial Statements | 9 | to | 15 |
| Detailed Statement of Financial Activities | 16 | to | 17 |
The Marriott's Warehouse Trust
Trustees' Report for the Year Ended 31st December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2022. The trustees have adopted the provisions of 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
Objectives and aims
The Trust is a registered charity whose principal object is to advance the education of the public by establishing an exhibition and interpretation centre, and to promote the Historic Landmarks of the town of King's Lynn to increase the Public's Knowledge and awareness of the town's history. The Trust also works to promote the town's Hanseatic connections, both historic and contemporary. The Trustees have complied with the requirements of section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission.
Achievement and performance
In 2022 following the end of COVID-19 restrictions the Trust reintroduced a programme of lectures and to engage the public in the town's history. The Trust continued to increase its online presence through social media engagement. This allowed the Trust to continue to meet its educational objectives.
Financial review
Financial position
In 2022 the Trust's Project Manager resumed her contracted hours. Maintenance and improvement works were commissioned which have been provided for in the accounts. In these circumstances the Trustees are satisfied with the results for the year.
Investment policy and objectives
The Trustees Investment policy is to maximise returns on the cash balances held, having due regard to risk.
Reserves policy
The charity defines its reserves as the value of those assets over and above those which are required for it to meet its current commitments and planned expenditure. Trustees aim to have sufficient reserves to enable the charity to meet its financial objectives for one year.
Future plans
The Trustees are engaged in organising further lectures and events during 2023/24 and in promoting the use of the premises for room hire and educational purposes. Grants opportunities to enable enhancement of the heritage exhibits continues to be explored. A partnership has been established with the Town Guides enabling more frequent use of the facilities linked to their programme of walks and tours. The Trust is currently engaged in ongoing negotiations with Borough Council for the renewal of their lease on the premises, which the trustees anticipate will enable a continuation of their activities in the building over the medium to long term.
Structure, governance and management
The Marriott's Warehouse Trust, a company limited by guarantee, was incorporated on 17 December 2012.
The Trustees are recruited and appointed by pro-active invitation and relevant skills and experiences are reviewed at this time. Induction and training is given when required. All Trustees give their time voluntarily and received no benefits from the Trust. Three Trustees are appointed for three years as representatives of King's Lynn and West Norfolk Borough Council and one as a representative of Norfolk County Council.
Reference and administrative details
Registered Company number 08334042 (England and Wales)
1
The Marriott's Warehouse Trust
Trustees' Report
for the Year Ended 31st December 2022
Registered Charity number 1153929
Registered office Marriott's Warehouse The South Quay King's Lynn Norfolk PE30 5DT
Trustees
Dr P R Richards - Trust consultant (resigned 19.4.2023) Cllr A J Wright (resigned 19.4.2023) Mr P C T Gidney Mrs C A Bower (resigned 18.1.2023) Mrs P Rowlands Mr P S Foster - chairman Mrs M E Taylor Mr N J Daubney Business Adviser (appointed 20.4.2022) (resigned 18.1.2023) Mr J Hoyle Mr S P Mackee (appointed 6.2.2023) Mr M E Pitcher (appointed 18.1.2023)
Company Secretary
Independent Examiner Claire Melton Stephenson Smart (East Anglia) Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................................
Mr P S Foster - Trustee
2
Independent Examiner's Report to the Trustees of The Marriott's Warehouse Trust
Independent examiner's report to the trustees of The Marriott's Warehouse Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Claire Melton
Stephenson Smart (East Anglia) Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ
Date: .............................................
3
The Marriott's Warehouse Trust
Statement of Financial Activities for the Year Ended 31st December 2022
| Unrestricted Restricted fund funds Notes £ £ Income and endowments from Donations and legacies 437 - Other trading activities 2 2,318 - Investment income 3 26,500 - Other income - - Total 29,255 - Expenditure on Raising funds 4 4,679 1,648 Charitable activities General charity 23,331 87 Total 28,010 1,735 NET INCOME/(EXPENDITURE) 1,245 (1,735) Reconciliation of funds Total funds brought forward 44,292 2,278 Total funds carried forward 45,537 543 |
2022 Total funds £ 437 2,318 26,500 - 29,255 6,327 23,418 29,745 (490) 46,570 46,080 |
2021 Total funds £ 518 881 22,083 13,907 |
|---|---|---|
| 37,389 | ||
| 2,602 20,722 |
||
| 23,324 | ||
| 14,065 32,505 |
||
| 46,570 |
The notes form part of these financial statements
4
The Marriott's Warehouse Trust
Statement of Financial Position
31st December 2022
| Notes Fixed assets Tangible assets 8 Current assets Stocks 9 Debtors 10 Cash at bank and in hand Creditors Amounts falling due within one year 11 Net current assets Total assets less current liabilities NET ASSETS Funds 13 Unrestricted funds Restricted funds Total funds |
2022 £ 22,759 - 15,454 33,707 49,161 (25,840) 23,321 46,080 46,080 45,537 543 46,080 |
2021 £ 7,751 2,449 4,823 32,387 39,659 (840) 38,819 46,570 46,570 44,292 2,278 46,570 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
5
The Marriott's Warehouse Trust
Statement of Financial Position - continued
31st December 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr P S Foster - Trustee
The notes form part of these financial statements
6
The Marriott's Warehouse Trust
Statement of Cash Flows
for the Year Ended 31st December 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 25,420 25,420 (24,100) (24,100) 1,320 32,387 33,707 |
2021 £ 15,524 |
|---|---|---|
| 15,524 | ||
| - | ||
| - | ||
| 15,524 16,863 |
||
| 32,387 |
The notes form part of these financial statements
7
The Marriott's Warehouse Trust
Notes to the Statement of Cash Flows for the Year Ended 31st December 2022
1. Reconciliation of net (expenditure)/income to net cash flow from operating activities
| Reconciliation of net (expenditure)/income to net cash flow from operating activities | ||
|---|---|---|
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Decrease/(increase) in stocks (Increase)/decrease in debtors Increase in creditors Net cash provided by operations |
2022 £ (490) 9,092 2,449 (10,631) 25,000 25,420 |
2021 £ 14,065 1,368 (231) 202 120 |
| 15,524 |
| 2. Analysis of changes in net funds At Net cash Cash at bank and in hand Total |
1.1.22 Cash flow At 31.12.22 £ £ £ 32,387 1,320 33,707 32,387 1,320 33,707 32,387 1,320 33,707 |
1.1.22 Cash flow At 31.12.22 £ £ £ 32,387 1,320 33,707 32,387 1,320 33,707 32,387 1,320 33,707 |
|---|---|---|
| 33,707 | ||
| 33,707 |
The notes form part of these financial statements
8
The Marriott's Warehouse Trust
Notes to the Financial Statements for the Year Ended 31st December 2022
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 33% on cost Fixtures and fittings - 15% p.a. reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
9
The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
| 2. Other trading activities Fundraising events Room hire Sale of goods and royalties 3. Investment income Rents received 4. Raising funds Investment management costs Rent and business rates Water rates 5. Net income/(expenditure) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2022 £ 1,635 680 3 2,318 2022 £ 26,500 2022 £ 1,725 - 1,725 2022 £ 9,092 |
2021 £ 218 650 13 881 2021 £ 22,083 |
2021 £ 218 650 13 |
|---|---|---|---|
| 881 | |||
| 2021 £ 1,778 556 |
|||
| 2,334 | |||
| 2021 £ 1,368 |
6. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31st December 2022 nor for the year ended 31st December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2022 nor for the year ended 31st December 2021.
10
The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
| 7. Comparatives for the statement of financial activities Unrestricted Restricted fund funds £ £ Income and endowments from Donations and legacies 518 - Other trading activities 881 - Investment income 22,083 - Other income 13,907 - Total 37,389 - Expenditure on Raising funds 2,602 - Charitable activities General charity 20,620 102 Total 23,222 102 NET INCOME/(EXPENDITURE) 14,167 (102) Reconciliation of funds Total funds brought forward 30,125 2,380 Total funds carried forward 44,292 2,278 |
Total funds £ 518 881 22,083 13,907 |
|---|---|
| 37,389 | |
| 2,602 20,722 |
|
| 23,324 | |
| 14,065 32,505 |
|
| 46,570 |
11
The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
| 8. Tangible fixed assets Fixtures Improvements and to property fittings £ £ Cost At 1st January 2022 - 15,885 Additions 23,500 600 At 31st December 2022 23,500 16,485 Depreciation At 1st January 2022 - 8,134 Charge for year 7,833 1,259 At 31st December 2022 7,833 9,393 Net book value At 31st December 2022 15,667 7,092 At 31st December 2021 - 7,751 9. Stocks 2022 £ Stocks - 10. Debtors: amounts falling due within one year 2022 £ Other debtors 13,886 Prepayments and accrued income 1,568 15,454 |
Totals £ 15,885 24,100 |
Totals £ 15,885 24,100 |
|---|---|---|
| 39,985 | ||
| 8,134 9,092 |
||
| 17,226 | ||
| 22,759 | ||
| 7,751 | ||
| 2021 £ 2,449 |
||
| 2021 £ 4,417 406 |
||
| 4,823 |
12
The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
11. Creditors: amounts falling due within one year
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Accrued expenses | 25,840 | 840 | ||||
| 12. | Analysis of net assets between funds | |||||
| 2022 | 2021 | |||||
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | funds | funds | |||
| £ | £ | £ | £ | |||
| Fixed assets | 22,265 | 494 | 22,759 | 7,751 | ||
| Current assets | 49,112 | 49 | 49,161 | 39,659 | ||
| Current liabilities | (25,840) | - | (25,840) | (840) | ||
| 45,537 | 543 | 46,080 | 46,570 | |||
| 13. | Movement in funds | |||||
| Net | ||||||
| movement | At | |||||
| At 1.1.22 | in funds | 31.12.22 | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 44,292 | 1,245 | 45,537 | |||
| Restricted funds | ||||||
| Lighting | 714 | (171) | 543 | |||
| Children's book | 1,564 | (1,564) | - | |||
| 2,278 | (1,735) | 543 | ||||
| TOTAL FUNDS | 46,570 | (490) | 46,080 | |||
| Net movement in funds, included in the above | are as follows: | |||||
| Incoming | Resources | Movement | ||||
| resources | expended | in funds | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 29,255 | (28,010) | 1,245 | |||
| Restricted funds | ||||||
| Lighting | - | (171) | (171) | |||
| Children's book | - | (1,564) | (1,564) | |||
| - | (1,735) | (1,735) | ||||
| TOTAL FUNDS | 29,255 | (29,745) | (490) |
13
The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
13. Movement in funds - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.21 | in funds | 31.12.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 30,125 | 14,167 | 44,292 |
| Restricted funds | |||
| Lighting | 816 | (102) | 714 |
| Children's book | 1,564 | - | 1,564 |
| 2,380 | (102) | 2,278 | |
| TOTAL FUNDS | 32,505 | 14,065 | 46,570 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 37,389 | (23,222) | 14,167 |
| Restricted funds | |||
| Lighting | - | (102) | (102) |
| TOTAL FUNDS | 37,389 | (23,324) | 14,065 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.21 | in funds | 31.12.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 30,125 | 15,412 | 45,537 |
| Restricted funds | |||
| Lighting | 816 | (273) | 543 |
| Children's book | 1,564 | (1,564) | - |
| 2,380 | (1,837) | 543 | |
| TOTAL FUNDS | 32,505 | 13,575 | 46,080 |
14
The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
13. Movement in funds - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 66,644 | (51,232) | 15,412 |
| Restricted funds | |||
| Lighting | - | (273) | (273) |
| Children's book | - | (1,564) | (1,564) |
| - | (1,837) | (1,837) | |
| TOTAL FUNDS | 66,644 | (53,069) | 13,575 |
14. Related party disclosures
There were no related party transactions for the year ended 31st December 2022.
15
The Marriott's Warehouse Trust
Detailed Statement of Financial Activities for the Year Ended 31st December 2022
| Income and endowments Donations and legacies Donations Other trading activities Fundraising events Room hire Sale of goods and royalties Investment income Rents received Other income Government Covid-19 grants Total incoming resources Expenditure Other trading activities Opening stock Purchases Cost of events Closing stock Investment management costs Rent and business rates Water rates Charitable activities Wages Rates and water Insurance Light and heat Telephone Carried forward |
2022 £ 437 1,635 680 3 2,318 26,500 - 29,255 2,449 600 1,553 - 4,602 1,725 - 1,725 12,933 (317) 858 983 30 14,487 |
2021 £ 518 218 650 13 881 22,083 13,907 37,389 2,218 236 263 (2,449) 268 1,778 556 2,334 7,756 - 606 - - 8,362 |
|---|---|---|
This page does not form part of the statutory financial statements
16
The Marriott's Warehouse Trust
Detailed Statement of Financial Activities for the Year Ended 31st December 2022
| Charitable activities Brought forward Sundries Repairs and maintenance Legal and professional fees Depreciation of tangible fixed assets Total resources expended Net (expenditure)/income |
2022 £ 14,487 756 (3,117) 2,200 9,092 23,418 29,745 (490) |
2021 £ 8,362 1,912 8,121 959 1,368 |
|---|---|---|
| 20,722 | ||
| 23,324 | ||
| 14,065 |
This page does not form part of the statutory financial statements
17