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 H8mft￿nd 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 A￿Due
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 Lcv*estrfft 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 COr￿Ider 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 prO￿ded 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 nev￿le￿ and att￿d 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 a￿dre 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 don￿lOn$ 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
re8uIar￿tO wold it bÈcomlngtoo onerous a tasL An a￿kation to rerwthe mu5eum'5 Art5 Council
redIta￿On 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 ￿t￿nVeS to rety on the support of vdunteers for Its opern￿on and the trustees
wlsh to express their gr*itude to all those who. by wh*ever 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 consIdera￿On 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 charl￿eS 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 ReSou￿e5 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
mET￿ET5
87217
381.918
469.135
472.688
FVNDS
Unrestrlcted fvnds
283.333
283.333
284.789
Restrlcted l￿dS
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 8ener*d for the objects of
the charItywith￿ specified purpose and are wailable as generdl fund&
Des5gn*ed 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 FIn￿d31 Actfvlties in theyear in whlch th
are re￿iVed. If they are for deS￿atsd puryx)ses. tly are Only US￿ forthat purposear
appear underthe re5tritted fund headlng.
Expenditure is reported on an ￿(l￿al 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 cO￿T the perlod of
the 25 svr lease. Equlpment Is de￿lated atts rate of 25% u$l￿the ￿dUCIng balan
method. AddbtiDns to the building have also been depredatsd on a 25 year straight Ilne basTrs.
Stock ifivalued atthe lower ofcost or net realisable value. Thefwre rewted in thefir)andal
statements relètes to the stock tske ofjanuary 2025 and the subsequent valuation.
VOLUNTARY INCOME
2024
Grnnt- AIM
Le8ades
Subscriptlons
Donat(t￿$ & 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
cHAR￿ABlE AcnvmE5
Museum expenses
Shop expenses
General admlnstrè
5,636
5.636
5,694
1?58
4ASI
1,497
17,575
114
2￿35
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
376￿12
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 o￿natIng 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 pa￿￿rt 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