Lowestoft & East Suffolk Marltime Soclety Flnandal Statements For the year ended 3tst March 2024
LeBal and AdThnIStiat1ve Inforn Annual Report of the Trustees Independent Examlner5 ReFKXt Statement of Flnanclal Athvltles Dalancesheet Note5 to the Financial St*emrts 9-11 The followlng due5 rnt furm part ofthe staknrtNv accounts: Income & Expèndtture A¢count
C Dlxon Icthalr) Mr5 C DaIrS A Gold5nk R HamrN)rkd Mrsj Matth% Commlttee: C Dlxon (Chalrl R Hammund (Vke thalrl S Carter IminuteSecretsry} Mrs C Dalnes ITrp45urpr) Mrsj A8U55 A Goldsptnk P Alferton M Cubltt Mrs J mattts lAdIse£ary) L Tovell Reglstratlon Number. 271444 Prln¢lpal Addre55: Sparrows Nest Whapload Road Independent Examirw. DelN)rah LW FCCA DJDAccryJnttry Servl 5 Monthon Avenue Lowestoffj Suffolk Solldtors: Mear4 Hc&bs and t)urTrnt li Ba1Me Becdes Suffolk
The oblects ofthe charlty are toedatsthe publk in old and ndern shIppi and In the trade5 and afts •5s0dated wfth shlpplng lore In or about LoWe$ft within the Waney dSstrl¢t of Suffc4k The trustees have tsken due re8ard to the 8UIdan pubilshed bythe CharltyComMlssn rewardlng publi¢ benefft and consider the operation of the museum. whidi open to the general puFAic and local schools and youth 8roups. does Indeed provlde a publk bènefit The charfty was frMJnded In 1958 and reglstswed asan IncLYPOrnted charlty under referÈn¢e 2714 The Cty,$ corsthLrtlon wa5 adoFrted on 29th AWH 1976 and reg15tffed wlth the (harlty CommlssTron on 2tstJunE 1976. TheTtee$ are elerted byvote. open to theentlre membefshlp. Temaln In Offi unul they choose to reslgn or are moVed by a membefs ¥Ote. All TfU%tee5 sft on the committee and attend regular rneett. Upon appntment Tn awe pAdedWIth cos ofr. -the chartvs conslitutson -the latest accounts of the char5ty - Charity Commission Buidance notes CC3' Th Essentlal Trust They are a150 enL¥Jur4ged tr) CharityCwnmi55ion and attend appropriatetraining and updating cOUe5 to keep Informed. to manage the xKlety. Any Trustee k¥JnesS Is dlscussed prfortothe fornlal commlttee meeiing at whlch comm]ttee members are wek¢me to attend. iKrt notw)te. Thewlder Mem1h are invlted to attend the AGM arKI any othermr ¥thlch requke a fu¥ membetshlp w)te. The AGM15 nornialty held on the last Thursday in June eath year. All committee members stand for rle¢ll¢)n atth15AGM. The position ofTrustee Is separntefn)m that ofcommrttee memberand as Such the Trustees do not stsnd for re4e¢tk)n * this meeliry. The TnLqtees and manement ccnmlttee are aware of potentlal r15ks fadng the charlty and deal wlth theseas approprjale when are ¢Yperted 1¢ artse. There L% noformal risk assessment wlicy. and Ilkewlse althou8h there formal pdlq forIn¥eSt managementthe Trusttes kÈep an t)n the socty's fvTh15 to ensurethey are reCer4ithe best return forthe of risk deemed acceptable. The soclety contlnuesto run the museum at sParrAs Nest as a means of Meet1 thE object15 ofthe charty and rdtsin8fund5. The museum strlves to appeal to bral people and vbltors allke. The succe$5 of this can be wltnes5ed by comments to staff byvEsltots ènd local school and youth group& Together wlth requestsfor referentt materfal, educatlonal alds and research from both inside and outside of the UJQ
41 Thos year saw the appolntment of two new trustees, but sadly the passing of a longstandlnB Trustee. The former trustee had maintained a 51Bnificant involvement with the museum for manyyears and wlll be mlssed. The museum opened in time for Easter 2023 and remained contlnuously open for the 2023 summer season, thanks to there belng a sufflclent number of volunteèrs. The season saw a slmllar number of v151tors a5 in the previous year whlch Is gratifyln8. The maintenance programme Inltiated bythe winter worklng party Wa5 successfully completed during thls year. The winter also saw the recruitment of two new volunteers. A sudden chan8e in secretary was requlred and one of the new recrults has taken on this Post. Sadly the decllne In membership confjnues and as such has an impact on the age profile of the Members and Friends. The trustees remaln committed to the future of the museum and take all reasonable measures to ensure It's future flnanclal stablllty. Thèy contlnue to maintaln the funds held wlthin the COIF account In IIBht of thè potenJal need to move premlses or Indeed c105e. As at 31st March 2024 the balance held within the COIF account was £241,570. As always the rnuseum contfnyes to rely on the support of volunteers for its operatlon and the trustees wlsh to express their gratltude to all those who, by whatever mean5. enable the 50clety to ConnUe th Its mlsslon to preserve and educate. SIBned on behalf of the Trustee5 by..
The charity's trustees are responslble for the preparation of the accounts. The charlWs trustees conslder that an audit is not required for thls year under se¢Oon 144121 of the charle5 Att 2011 lthe Charitfjes Act) and that an independent examlnation is needed. It is my responslblllty to: examine the accounts under settion 145 of the Charities Act- follow the procedures lald down in the general direthons 8iven bythe Charlty Commission (under sectlon 14515llbl of the Charltfes Art,l.' and 5trte whether partlcular matters have come to my attention. My examlnatborj was carrled out in accordance wlth the general dlrectlons 85ven by the Charlty Commission. An examlnation includes a review of the accounting record5 kept by the charity and a comparlson of the accounts presented with those records. It a150 includes consSderation Of any unusual Items or dlsclosures In the a¢¢ounts, and seeklng explanatlons from you as Trustees concern5ng anv such m*ters. The produreS undertsken do not provide all the evldence that would be required in an audlt, and consequently no opinion15 glven as to whether the accounts Present a'true and fèlrvlew" and the report is Ilmlted to those matter5 Set OLrt In the ststement below. In connection with my examination. no matter has come to my atten0. which 8lves me reasonable ¢¥u5eto belleve that. In any material respert. the requlrements.. to keep aCcounn8 records In accordance wlth settlon 130 of thè Charltles A¢t'. and to Ppare at¢ounts which accord wlth thè accountlng records and comply with the requirement5 of the ChaTiknes Act have not been met D J Dyer FCCA DJD Accountin8 Services
2023 Incomlng re50urcesfor8eneratlfund5 Voluntsry income Investment Income Fundfaislng 5,253 5.253 11,604 5.801 4,215 li.9 Incomlng resourcesfrom Charltsble 9ffi52 9.652 Totsl In¢omln8 Resou 15310 11.ts9 26.5(P3 19.264 RES(KIRs EXPENDED Charltsble acY¥itles 17.625 14. 3L689 34.233 Totsl Resources Expe1ved 17.625 14.064 3L689 34233 Net Incom[ Resources 12315.Ix)) {265.1X)I {5,180.(KII 114.9691 Fund values brought forward 287.104 190,764 477.868 491837 Totsl fund values orrled forward 284.789 187.899 472.688 477,868 The Ite5 on pw9to 11 fr)rni p¥tofthe finat*thlslknnEnts.
FIXEDASSE75 Tan8ible 39.118 142.444 181,562 199.137 CURAEKfASSETS Shop stock Cash In hand Cash at bank 6.855 214 4528 227 214 42.876 49y5 241.571 241.571 284.447 291,516 274.366 279.121 CURREt4T LIABILITIES CreditC7r5- amounts falllng due wlthln one year 390 390 NET CURREf4r A55ETS 49,555 291.126 278.731 NET ASSEts 88.673 384.015 472,688 477.868 FUNDS Unrestrlrtèd furwjs 284.789 284.789 287.104 Re5trftted fvnds 187W9 187,899 190.764 284.789 4n,688 477,868 APPROVED 8Y THETRusfEES ON and 4ned on their behalftrrf
The acwunts ha¥e been prepared underthe hlstorical cost coTrthtfon In accordanre wlth th? Chariiies 5tsteThEnt of Recommended PrKtice (SORPI'ACCJnt¥ng and Rep¢)rtlng by Charliles" Issued In Marth 21yJ5 and CharltiEs Art 2011. Unrestrlctetl funds are donatlons other Income recel¥Ed as generated forthe objects of the charlty wlthout spetiflèd wrposè and art mllable a5 8er1 fvnds. Desl8nated fijnds are amounts whlch have been setaslde atthe dls¢retton of the Trustses for a specifit. but not le8aly bIn{b pwp All incoFnill8 resouTce5 are Induded In the statern of Anandal Adlth when the charlty Is entitled to the income ar the amount be quantTfied reasonable accuracy. Voiuntary Income Is rece1 aTKt is induded In lull In the Slatement of Flnan¢ial Aciivltles when reIVed. Grants are recognlsed In full Iri the Stètmementof Rnandal Aclfrh In the year In whlch tl are received. Flthey are for designated putyoses. thware only used fty that wrpose and appear underthe restrKted fund headi8. Expenditure Is replyd on an a(£rual basls as the labllSty Is Incurred. Charltable ortIVe$ comprise those costs hTTed by the tharfty In the delhryof Its actvltles and the P510n of Its ServIS tothe publl All fixe(l assets are intlally recorded at tost Deplat)lS provlded on the new extension on a Stra Ilne bas15 to ¢over the period of the 25 yeèr lease. Equipment 15 depreciated the Trte of 25% USI the reducirva balan¢e method. Additions to the buildir4 hwe ?150 been dÈwEdated on a 25 swstral8ht line basts. Strxk ts valued atthe lower of cost or net rp15able volue. The fi8ure reported In the finandal statements relates to the stock take of January 2024 and the subsequent lUatiOn. VOWNTARY INCOME Grant- AIM Legacles Subscrlptions Donatlons & Covenants (8rtsssl 750 1.050 IA41 3.610 1814 2,814 5.253 5.253 5,801
IL&IL Bank interest 11.ts9 IL 4.215 FUNDRSING Fundratsln8 Museum adm155KJn Shop sales Other 5.118 5.118 4383 5.112 4.136 151 9,652 9.652 9,248 IYK 5,694 5.694 58 4,851 1.497 17575 114 Shop expenses Genefal adMItratIon Insurance Depre¢latlon Other expenses 4.851 1.497 3.511 114 14x64 17,895 520 17.625 14. 31.689 34.233 5Fw)p expense5 hwe been adju5tedforthedosl St(X*Iue of8wd5 bought. 10
TAIIGIBiE HXED ASSEr 376A 50.164 426,976 1st Aprll 2023 Additrons 31st Marth 2024 376.812 50.164 426.976 1st Aprll 2023 Charge for the year 207.192 14. 20,647 3511 227.839 17575 31st Marth 2024 Z21256 24.158 245.414 Not 8ookValue 31st hlèrth2024 155556 26m6 181,562 3Lrt Mth 2023 169.620 29517 199.137 The 0gInal museum extenslon has bew fulty depredated and so ts not shown a1xy. Thls would fomi part of the Unrestricted fund as5et& Included In the &xtenslon value ab are Items orWn4ttn8 from both re5tr1cted and unyestrlcted fundln8. The unrestridd has a fiet Trk¥alue at3Lst Marth of £ILLVJ6 REMUNERA11014 EXPENSES The charrty does not employ stsff. All work is prnvjed on a w)lurtary basts by supporter5 Ind Tnjstees allke. No Trustees recefve payment for exFew asldefrom the relmbursement of out of pocket eXpSe$ Incurred on behalfcrfthe charfty. 11
Museum admi55ion 5,1 5.112 Donatlons & Le8ades Grants Remlnlscence Boxes and Ben's 3.610 750 Other Inwne Subscrlpttons Shop sales Coffee, Raffles rt¢ Outreach I See the Sea COIF Interest Bank Inter£rt 1.441 4.136 4383 31 iU99 2L391 509 14,152 19,264 Museum ewses InL repalrs Shop expenses Admlnlstrative Depreclat5on Insurance 4.851 17575 L497 114 17.895 520 34.233 3L689 (rpluS of Expendlture ob*r IMJme) Surplus of Income o¥er Expenditure (5.1801 12