Lowestoft & East Suffolk Marltime Soclety
Flnandal Statements
For the year ended 3tst March 2024

LeBal and AdTh￿nIStiat1ve 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 DaIr￿S
A Gold5￿nk
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￿ lAdI￿se£￿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 Ba1￿Me
Becdes
Suffolk

The oblects ofthe charlty are toed￿atsthe publk in old and n￿dern shIppi￿ and In the trade5 and
afts •5s0dated wfth shlpplng lore In or about LoWe$￿ft within the Wa*ney dSstrl¢t of Suffc4k The
trustees have tsken due re8ard to the 8UIdan￿ pubilshed bythe CharltyComMlss￿n rewardlng publi¢
benefft and consider the operation of the museum. whidi ￿ open to the general puFAic and local
schools and youth 8roups. does Indeed provlde a publk bènefit
The charfty was frMJnded In 1958 and reglstswed asan IncLYPOrnted charlty under referÈn¢e 2714
The C￿￿ty,$ corsthLrtlon wa5 adoFrted on 29th AWH 1976 and reg15tffed wlth the (harlty CommlssTron
on 2tstJunE 1976.
TheT￿￿tee$ 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 app￿ntment Tn￿ awe p￿AdedWIth co*s 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 cOU￿e5 to keep Informed.
to manage the xKlety. Any Trustee k¥J￿nesS Is dlscussed prfortothe fornlal commlttee meeiing at
whlch comm]ttee members are wek¢me to attend. iKrt notw)te. Thewlder Mem1￿￿h￿ are
invlted to attend the AGM arKI any otherm*￿r￿ ¥thlch requke a fu¥ membetshlp w)te.
The AGM15 nornialty held on the last Thursday in June eath year. All committee members stand for
r￿le¢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 man￿ement cc*nmlttee 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 soc*ty's fvTh15 to ensurethey are reCer4i￿the best return forthe of risk deemed acceptable.
The soclety contlnuesto run the museum at sParr￿As Nest as a means of Meet1￿ thE object1￿5 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 Con￿nUe
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 charl￿e5 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 pro￿dureS 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 atten￿0￿.
which 8lves me reasonable ¢¥u5eto belleve that. In any material respert.
the requlrements..
to keep aCcoun￿n8 records In accordance wlth settlon 130 of thè Charltles A¢t'. and
to P￿pare 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 re50urcesfor8eneratl￿fund5
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(KIR￿s EXPENDED
Charltsble acY¥itles
17.625
14.
3L689
34.233
Totsl Resources Expe1v￿ed
17.625
14.064
3L689
34233
Net Incom[￿ Resources
12315.Ix))
{2￿65.1X)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 I￿te5 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'ACC￿Jnt¥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 8er￿1 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 re￿IVed.
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 headi￿8.
Expenditure Is reply￿d on an a(£rual basls as the labllSty Is Incurred.
Charltable ortIV￿e$ comprise those costs h￿TTed by the tharfty In the delh*ryof Its actvltles
and the P￿￿510n of Its ServI￿S tothe publl
All fixe(l assets are intlally recorded at tost
Dep￿lat￿)￿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 rp*15able 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
FUNDR￿SING
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 adMIt￿ratIon
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 h*lèrth2024
155556
26m6
181,562
3Lrt M*th 2023
169.620
29517
199.137
The 0￿gInal 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 Tr￿k¥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 eXp￿Se$ 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