REGISTERED COMPANY NUMBER: 08334042 (England and Wales) REGISTERED CHARITY NUMBER: 1153929
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 December 2023
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 31 December 2023
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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 14
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The Marriott's Warehouse Trust (Registered number: 08334042)
Trustees' Report for the Year Ended 31 December 2023
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 31 December 2023. 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 2023 the Trust continued its programme of lectures and events designed to engage the public in the town's history. The exhibition area housing Fred Hall's models of historic buildings was upgraded with new lighting and redecoration. This allowed the Trust to continue to meet its educational objectives.
Financial review
Financial position
In April 2023 the Trust's Project Manager moved elsewhere and was replaced with a Building Services Manager on a flexible hours contract. Following various meetings with Borough Council of Kings Lynn and West Norfolk a major programme of maintenance work was commenced, with significant related costs. 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 intend to continue to develop their programme of lectures and events during 2024, to promote the use of the premises for room hire and educational purposes, and to enhance the exhibition and interpretation space. Grant opportunities to enable enhancement of the heritage exhibits and to support the ongoing maintenance programme continue to be explored. The Trust has signed Heads of Agreement with Borough Council for a new 7 year lease on the premises, and is engaged in discussion with the current licensee over plans for development of the restaurant operation.
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)
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The Marriott's Warehouse Trust (Registered number: 08334042)
Trustees' Report
for the Year Ended 31 December 2023
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 (resigned 9.4.2024) Mr P S Foster - chairman (resigned 9.4.2024) Mrs M E Taylor Mr N J Daubney Business Adviser (resigned 18.1.2023) Mr J Hoyle (resigned 1.2.2024) Mr S P Mackee (appointed 6.2.2023) Mr M E Pitcher (appointed 18.1.2023) (resigned 19.4.2023) Mr G J Walker (appointed 30.6.2023)
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 26 September 2024 and signed on its behalf by:
Mr G J Walker - Trustee
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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 31 December 2023.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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
26 September 2024
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The Marriott's Warehouse Trust
Statement of Financial Activities
for the Year Ended 31 December 2023
| 31.12.23 | 31.12.22 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| Income and endowments from | |||||
| Donations and legacies | 1,917 | - | 1,917 | 437 | |
| Other trading activities | 2 | 1,124 | - | 1,124 | 2,318 |
| Investment income | 3 | 26,917 | - | 26,917 | 26,500 |
| Total | 29,958 | - | 29,958 | 29,255 | |
| Expenditure on | |||||
| Raising funds | 170 | - | 170 | 4,602 | |
| Charitable activities | |||||
| General charity | 36,367 | 74 | 36,441 | 25,143 | |
| Total | 36,537 | 74 | 36,611 | 29,745 | |
| NET INCOME/(EXPENDITURE) | (6,579) | (74) | (6,653) | (490) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 45,537 | 543 | 46,080 | 46,570 | |
| Total funds carried forward | 38,958 | 469 | 39,427 | 46,080 |
The notes form part of these financial statements
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The Marriott's Warehouse Trust (Registered number: 08334042)
Statement of Financial Position
31 December 2023
| 31.12.23 | 31.12.22 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed assets | |||
| Tangible assets | 7 | 13,842 | 22,759 |
| Current assets | |||
| Debtors | 8 | 17,889 | 15,454 |
| Cash at bank and in hand | 40,622 | 33,707 | |
| 58,511 | 49,161 | ||
| Creditors | |||
| Amounts falling due within one year | 9 | (32,926) | (25,840) |
| Net current assets | 25,585 | 23,321 | |
| Total assets less current liabilities | 39,427 | 46,080 | |
| NET ASSETS | 39,427 | 46,080 | |
| Funds | 11 | ||
| Unrestricted funds | 38,958 | 45,537 | |
| Restricted funds | 469 | 543 | |
| Total funds | 39,427 | 46,080 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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
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The Marriott's Warehouse Trust (Registered number: 08334042)
Statement of Financial Position - continued
31 December 2023
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 26 September 2024 and were signed on its behalf by:
Mr G J Walker - Trustee
The notes form part of these financial statements
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The Marriott's Warehouse Trust
Statement of Cash Flows
for the Year Ended 31 December 2023
| 31.12.23 | 31.12.22 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 6,915 | 25,420 |
| Net cash provided by operating activities | 6,915 | 25,420 | |
| Cash flows from investing activities | |||
| Purchase of tangible fixed assets | - | (24,100) | |
| Net cash provided by/(used in) investing activities | - | (24,100) | |
| Change in cash and cash equivalents in the | |||
| reporting period | 6,915 | 1,320 | |
| Cash and cash equivalents at the beginning of | |||
| the reporting period | 33,707 | 32,387 | |
| Cash and cash equivalents at the end of the | |||
| reporting period | 40,622 | 33,707 |
The notes form part of these financial statements
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The Marriott's Warehouse Trust
Notes to the Statement of Cash Flows for the Year Ended 31 December 2023
| 1. | Reconciliation of net expenditure to net cash flow from operating activities | |||
|---|---|---|---|---|
| 31.12.23 | 31.12.22 | |||
| £ | £ | |||
| Net expenditure for the reporting period (as per the Statement of Financial | ||||
| Activities) | (6,653) | (490) | ||
| Adjustments for: | ||||
| Depreciation charges | 8,917 | 9,092 | ||
| Decrease in stocks | - | 2,449 | ||
| Increase in debtors | (2,435) | (10,631) | ||
| Increase in creditors | 7,086 | 25,000 | ||
| Net cash provided by operations | 6,915 | 25,420 | ||
| 2. | Analysis of changes in net funds | |||
| At | 1.1.23 | Cash flow | At 31.12.23 | |
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank and in hand | 33,707 | 6,915 | 40,622 | |
| 33,707 | 6,915 | 40,622 | ||
| Total | 33,707 | 6,915 | 40,622 |
The notes form part of these financial statements
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The Marriott's Warehouse Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
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 - Straight line over 3 years Fixtures and fittings - 15% p.a. reducing balance
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.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
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The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
2. Other trading activities
| 2. | Other trading activities | ||
|---|---|---|---|
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Fundraising events | 559 | 1,635 | |
| Room hire | 565 | 680 | |
| Sale of goods and royalties | - | 3 | |
| 1,124 | 2,318 | ||
| 3. | Investment income | ||
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Rents received | 26,917 | 26,500 | |
| 4. | Net income/(expenditure) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Depreciation - owned assets | 8,917 | 9,092 | |
| Other operating leases | 4,125 | 1,500 |
5. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
6. Comparatives for the statement of financial activities
| Comparatives for the statement of financial activities | |
|---|---|
| Unrestricted Restricted fund funds £ £ Income and endowments from Donations and legacies 437 - Other trading activities 2,318 - Investment income 26,500 - Total 29,255 - Expenditure on Raising funds 2,954 1,648 |
Total funds £ 437 2,318 26,500 |
| 29,255 | |
| 4,602 |
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The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 6. Comparatives for the statement of financial activities - continued Unrestricted Restricted fund funds £ £ Charitable activities General charity 25,056 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 7. Tangible fixed assets Fixtures Improvements and to property fittings £ £ Cost At 1 January 2023 and 31 December 2023 23,500 16,485 Depreciation At 1 January 2023 7,833 9,393 Charge for year 7,833 1,084 At 31 December 2023 15,666 10,477 Net book value At 31 December 2023 7,834 6,008 At 31 December 2022 15,667 7,092 |
Total funds £ 25,143 29,745 (490) 46,570 46,080 Totals £ 39,985 17,226 8,917 26,143 13,842 22,759 |
|---|---|
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The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 8. | Debtors: amounts falling due within one year | ||||
|---|---|---|---|---|---|
| 31.12.23 | 31.12.22 | ||||
| £ | £ | ||||
| Other debtors | 17,413 | 13,886 | |||
| Prepayments and accrued income | 476 | 1,568 | |||
| 17,889 | 15,454 | ||||
| 9. | Creditors: amounts falling due within one year | ||||
| 31.12.23 | 31.12.22 | ||||
| £ | £ | ||||
| Accrued expenses | 32,926 | 25,840 | |||
| 10. | Analysis of net assets between funds | ||||
| 31.12.23 | 31.12.22 | ||||
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| £ | £ | £ | £ | ||
| Fixed assets | 13,422 | 420 | 13,842 | 22,759 | |
| Current assets | 58,462 | 49 | 58,511 | 49,161 | |
| Current liabilities | (32,926) | - | (32,926) | (25,840) | |
| 38,958 | 469 | 39,427 | 46,080 | ||
| 11. | Movement in funds | ||||
| Net | |||||
| movement | At | ||||
| At 1.1.23 | in funds | 31.12.23 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 45,537 | (6,579) | 38,958 | ||
| Restricted funds | |||||
| Lighting | 543 | (74) | 469 | ||
| TOTAL FUNDS | 46,080 | (6,653) | 39,427 |
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The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
11. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 29,958 | (36,537) | (6,579) |
| Restricted funds | |||
| Lighting | - | (74) | (74) |
| TOTAL FUNDS | 29,958 | (36,611) | (6,653) |
Comparatives for 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 |
Comparative 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) |
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The Marriott's Warehouse Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
11. Movement in funds - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.22 | in funds | 31.12.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 44,292 | (5,334) | 38,958 |
| Restricted funds | |||
| Lighting | 714 | (245) | 469 |
| Children's book | 1,564 | (1,564) | - |
| 2,278 | (1,809) | 469 | |
| TOTAL FUNDS | 46,570 | (7,143) | 39,427 |
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 | 59,213 | (64,547) | (5,334) |
| Restricted funds | |||
| Lighting | - | (245) | (245) |
| Children's book | - | (1,564) | (1,564) |
| - | (1,809) | (1,809) | |
| TOTAL FUNDS | 59,213 | (66,356) | (7,143) |
12. Related party disclosures
There were no related party transactions for the year ended 31 December 2023.
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