Lowestoft & East Suffolk Maritime Society Flnanclal Statements For the year ended 31st March 2025
Legal and Adminisrdtfve Informat Annual Report of the Tn Independent Examinets Reyt Statement of Flnanclal Actiwtles Balance Sheet Notes to the Financlal Statements 9-11 The followlr8 pa8e does not fonn part of ts statutory accounts: Income & Expendlture Puwnt
Trustees: C Dixon (Chalrl C Dait)es A Goldsplnk R Hammond Mr5J Matthews Commlttee: C Otson R H8mftnd Ivlce thalr) Mrs S Carter Iminute Secteiary) Mrs C Daine5 ITreasurerl Mrs J Matthews Is•) MYSJ A8USS P Allerton S Earl Mrs V Banham Imembership Seuetary) Mrs J Durrant A Ayres ReglstratlM Number: 271444 Prlncipal Addre5S: Marltime Museum Sparrows Nest Whapload Road Lowesto¢ Suffolk Independent Examlner. Deborah Iwr FCCA 5 Monckton ADue Lowestoft, Suffolk 5ollcltots: Mears, Hobbs and Durrdnt li Balfygats Beccles olk Bankers: Nat West Suffolk
The oblects ofthe chaiity are to educate the wblic In old and modem 5hlppln& and In the trades and crdfts asso¢iated with shipplng kKe in or about Lcvestrfft wlthin the Waveney dlstritt of Suffolk The trustees have taken due regard to the guidan publlshed by the Charlty Commi&slon Trgarding publlc benefft and COrIder the operation of the museum, which open to the general publlc and local sthools and youth 8roup4 does indeed provSde a publ benefiL The charitywas fourKled In 1958 and re8tstwd an Incor[ tharity under reference 2714 The charity's constitytion was adopted on 29th Aprll 1976 and registered with the Charlty Commission on 21st June 1976. The Trustee5 are elected by vote. open to the entEre membershlp. remain in office untll ttr choose to reslgn or are removed by a members vote. All Trustees slt on the committee and attend regular meetn8s. Upon appolntmentTrustees are prOded wlth top*s ofr. . the tharltr¢s 0>0 - the latest accounts ofthe tharity - Chartty Commi5slon guldance notes CC3' The Essertlal Tntstee. They are also encouraged to read Charity CommissM)n nevle and attd approprAte tralnl and updating cour5ÈS to keep infomed. The committee 15 electsd and comprtses Trustees and society membws. The comm5ttee meet montNy to manage the soclety. Any Trustee business Is dlxussed priorto the formal commlttee meettng at whith committee members are welcome to attend, but not vote. The wtder membershlp are Invlted to attend the AGM and ary other meetings whlch requlTe a full membershlp vote. The AGM15 normally held on the last Thursday In June each year. All commtttee members stand for electlon at this AGM. The posftlon of Trustee is separate from thatof cThnmlttee member and as such the Trustees do not stsnd for re4ectkni at meetiDB. The Tnlstees and management commlttee are adre of wtentlal risks faclng the charlty and deal with these as approprlate when tlw are expected to Wise. There Is no fomial rtsk asse&sment poMcy• likewlse although there is noformal F¥)Ilcy for Investment manwent theTNstees keep an on the souety's funds to ensure they a rece5ving the best return for the level of rlsk deemed acceptsble, The society continues to run the museum atsparrows Nest as a means of meetlng the objectives ofthe charity and raisift8 funds.The museum stflves to appea to local people and visttoys alike. The success of thi5 can be wknessed by comments to staff by ViSFtors and l(xal school and wth groupL Together with requestsfor reference matertal. educatlonal atd5 and researth from both inslde and outslde of the UK.
This year once again bruught the challenge5 (rfattracting and retainin¥ vOlUrtee The age profile of the current volunteers and trustee5 remains an area of czwKem and is under ronstant revlew. The museum opened forthe season at Easter 2024 and thls year saw an increase in visltor numbers, albelt onty a small one. The Introducthn of a second donlOn$ box In the body of the museum proved successful in generatlng an Increase In donatio Work on updating pollcies al procedures was Lbmpleted. It has been resol¥ed to monltor these more re8uIartO wold it bÈcomlngtoo onerous a tasL An akation to rerwthe mu5eum'5 Art5 Council redItaOn has been submitted. The trustee5 remain commltted to the future of the museum arKI take all reasonable measures to ensure It's futurefinancial stability. continue to maintsln the funds held wlthin the COIF account in Ilght of the p)tendal need to premlses OF Indeeddose. As at 315t March 2025 the balance held withln the COIF atcount Wa5 £253.537. As always the museum tnVeS to rety on the support of vdunteers for Its opernon and the trustees wlsh to express their gritude to all those who. by whever means, enable the so¢ty to eontlnue th Its misslon to preserve and educate. Signed on behalf ofthe Trustees by: Date: i< //,.
The charity's trustees are responslble for the preparation of the accounts. The tharlty's trustees consider that an audlt Is not required for this year under section 144121 of the Charities Act 2011 (the Charltles Act) and that an independent examination Is needed. It Is my responsiblllty to.. examifte the accounts under section 145 ofthe Charities Att; follow the procedures lald down In the general dlrections given by the ctkarlty Commission lunder section 1451511b) of the Charltles Act.).. and state whether partlcuiar matters have come to my attentlon. My examinadon was carried out in accordance wlth the general dlrectlons glven by the Charlty Commission. An examination indudes a review of the accounting records kept by the charity and a tomparlson of the attounts presented with those records. It also includes consIderaOn of any unusual items or dIsclosur in the accounts. and seeking explanations from you as Twstees concemlng any such matters. The procedures undertaken do not provide all the evidence that would be requlred In an audlt. and consequently no oplnlon Is given as to whether the accounts present a "true and fair vlew" and the report is limited to those matters set out in the Statement below. In connection with my examlnation. no matter has come to my attentS0n: which gives me reasonable cause to believe that. in any material respert. the requirements: to keep accountlng COrdS In accordance wlth sethon 130 of the charleS Act.. and to prepare accounts whlch accord with the accountlng records and comply wlth the requirements ofthe Charldes Art have not been met DJDyer FCCA DJD Accountin8 Services
2024 INCOMIN6 RESOURCES Incoming re50urce5 for zenerating funds VcAuntary Income Investment Sncome Fundralsing S,iIKJ 430 5.100 12,397 165 5.253 11.604 11,967 165 Incoming resources from Charitsble 9,652 Totsl Incomlng Resources 16,639 IL967 28,fA6 26509 RESOUR(E5 EXPENDED Charitsble actlvities 18.(85 14. 32,IS9 31,689 Totsl ReSoue5 Expended i&(Y35 14,064 31159 31,689 Net Incoming Resources (L456.(K)) (2.097.> {3553.001 (5,180} Reconclll•¥on otfunds Fund 4wlues brought forward 284.789 472,688 477 Totsl fund values carried fonYJrd 283.333 185.802 469,135 472,688 The noteson pages9to llf(wm p*tofthÈ finaNJal Slthments.
-1 2024 Tangible 37,076 128?80 165,456 181,562 Shop stock Cash In hand Cash at bank 6,855 190 214 299.785 284A47 304.074 191,516 I) 46,247 YJ.536 253538 253538 CURRENT tIABILrriES Creditors- afflounts falling due within one year 395 395 390 NET CURRENT ASSETS 41 303.679 291.126 mETET5 87217 381.918 469.135 472.688 FVNDS Unrestrlcted fvnds 283.333 283.333 284.789 Restrlcted ldS 185,W2 185,802 187A99 283333 185.802 469,135 472,688 APPROVED BY THE TRusfEES ON and on thelr behalfby
ACCOUPMNG POLlaFS The accounts have been prepared under the historical cost convention in accordan with the Charlttes StatemeTrt of Recommended PractKe ISORPI 'P£ccwJntln8 and Reporti Charitres'15sued Ir+ Marth 21KJ5aAdthe chariti 2011. Unrestri¢ted fuftds are donatfons and other income recet¥eil as 8enerd for the objects of the charItywith specified purpose and are wailable as generdl fund& Des5gned fund5 are amounts whlth havè been set aside at the discretion ofthe Trustees for a speclfic. but not le8ally bindiry purpose. All Incomlng resources are Included In the Statement of Finandal Acifvlties when the charlty Isentitled to the Income and the amount be quantffied with nable accuracy. Voluntary Income Is re%d bywdy of don1 and Is Induded In full In the Statement of Flnan¢lal Acovities when re¢ei¥ed. Grants are recognised in full In the Ststmemert of FInd31 Actfvlties in theyear in whlch th are reiVed. If they are for deSatsd puryx)ses. tly are Only US forthat purposear appear underthe re5tritted fund headlng. Expenditure is reported on an (lal bay5 as the liakMlity15 incurre Charltsble activlbes comprfse those costs incurred bythe charity in the delivery of its act¥ities and ihe provlslon of tts ser4kes to the All fixed assets are inllalfy recorded at C05t. Depreclaiion Is proNided on the new extenslon on astraight Ilne basls to cOT the perlod of the 25 svr lease. Equlpment Is delated atts rate of 25% u$lthe dUCIng balan method. AddbtiDns to the building have also been depredatsd on a 25 year straight Ilne basTrs. Stock ifivalued atthe lower ofcost or net realisable value. Thefwre rewted in thefir)andal statements relètes to the stock tske ofjanuary 2025 and the subsequent valuation. VOLUNTARY INCOME 2024 Grnnt- AIM Le8ades Subscriptlons Donat(t$ & Covenants (gross) 1,050 L389 2.814 L113 1,1 3.787 5.IlX) 5,ICKI 5.253
INVEsfMENT INCOME 8ank intvest 430 11.967 11397 IL604 FUNDRAISING Fundroising 165 165 INCOMING RESOUR FROM CHARrrABLE ACTIVI Museum admission Shop sales Other 5,118 151 10.944 10,944 9,652 cHARABlE AcnvmE5 Museum expenses Shop expenses General admlnstrè 5,636 5.636 5,694 1?58 4ASI 1,497 17,575 114 235 1.492 3,680 14,064 835 Insurance Depreci*ion other expenses 1,492 17,744 18.095 14064 32.159 31.689 Shop expenses have been adlusted for the closlwstock Wdlue of goods b(4hL 10
TANGIBLE FIXED ASSET Total 376.812 50,164 426,976 1st Aprll 2024 Addltions 1,638 31st March 2025 37612 5L802 428.614 Deprectadon tst 4Jrtl 2024 Charge forthe year 223272 ,072 21142 2,6n 245,414 17.744 31st Marth 2025 2x344 24,814 263.158 Net Book V•h 31st March2025 138,468 26,988 165,456 31st March 2024 153540 281)22 18L562 The orl8lnal mu5Èum extenslon has been fulty depredated and so is rTrot shown abrNe. This would forni part of the unrÈsiritt fvnd agset> Induded In the extenslon walue above are items onatIng from both restrkted and unrestrlrted funding. The unrestrlcted has a net bookvalue at 31st March of £10,088 REMUNERATION AND EXPENSES The chartty does not empkny staff. All work Is wKled on a wAuntary basls by supporte15 and Trustees allke. No Trustees receivè part for exptyw aslde from the rdmbursement ofoutof potht expenses Incurred on behalfofthe charlty. 11
Museum admlsslon 5,118 Donatlons & Le8acles Grants Remlnlswio Boxes arnl Ben's Quest 3,787 135 120 Other Incr Subscriptioiis Shop sales Coffee, Raffles etc Outreach I See the Sea COIF Interest Bank interest 1.113 4.383 31 11.199 11967 430 22,836 28,& 21.391 26,509 Museum expenses Inc repalrs Shop expen Administrative Depredatlon Insuran Other expense5 1,958 4,851 17,575 2,835 17,744 IA92 114 31,689 32,159 Surplus of Income over Expendltufe {3,5531 15,1801 12