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2021-12-31-accounts

Company registration number: 01629881 Charity registration number: 284687

Nautical Museums Trust Limited

(A company limited by guarantee, incorporating The Warship Ann Trust and the Warship Resolution Trust)

Annual Report and Financial Statements for the Year Ended 31 December 2021

Manningtons A J Thomson FCA 7 Wellington Square Hastings East Sussex TN34 1PD

Nautical Museums Trust Limited

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6 to 7
Balance Sheet 8 to 9
Notes to the Financial Statements 10 to 20

Nautical Museums Trust Limited

Reference and Administrative Details Reference and Administrative Details
Trustees P Marsden
T McDonald
D Spooner
A Dodge
S O'Sullivan
Principal Office Shipwreck Museum
Rock A Nore Road
Hastings
East Sussex
TN34 3DW
Registered Office Shipwreck Museum
Rock A Nore Road
Hastings
East Sussex
TN34 3DW
Company Registration Number 01629881
Charity Registration Number 284687
Bankers National Westminster
Havelock Road
Hastings
East Sussex
TN34 1GW
CAF Bank
West Malling
ME19 4SQ
Independent Examiner Manningtons
A J Thomson FCA
7 Wellington Square
Hastings
East Sussex
TN34 1PD

Page 1

Nautical Museums Trust Limited

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2021.

Trustees

P Marsden

T McDonald

D Spooner

N McClure (Resigned 13 May 2021)

A Dodge

S O'Sullivan

Objects and aims

The objective for which the Trust was established remains the same - to promote the education, understanding and enjoyment of maritime history and archaelogy for everyone.

The Trust regards the involvement of the public as a high priority, arranging visits by schools and other educational organisations, putting on presentations, setting up guided walks as well as ensuring visitors to the Shipwreck Museum can easily and clearly understand the stories and histories relating to the artefacts and exhibits on display.

Public benefit

In setting the charity’s objectives and planning its activities, the trustees confirm that they have complied with the requirements of Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

The trustees, as part of their report, have asked the Chairman to give an account of the main events and activities of the year, which fall within his responsibilities.

Financial review

The operating surplus of £28,724 before depreciation (2020: surplus £13,648) on a total income of £104,436.

Cash at year end was £57,247 (2020: £41,225).

A Government Business Bounce Back Loan of £17,500 has been repaid.

Policy on reserves

Following last year's formal recognition by the Board that the Trust needs to hold sufficient reserves to be able withstand any unforeseen material reduction in its income and/or and unexpected increase in costs, a sum of £5,000 has been duly set aside. This will be added to in the future.

Structure, governance and management

Nature of Governing Document

Nautical Museums Trust Limited is a company limited by guarantee governed by its Memorandum and Articles of Association. It is registered, alongside two subsidiary trusts: The Warship Ann Trust; and the Warship Resolution Trust as a charity.

Page 2

Nautical Museums Trust Limited

Trustees' Report

Recruitment and appointment of trustees

Trustees can be appointed on an ad hoc basis during the year by the Board of Trustees to fill identified skill vacancies. Any trustee appointed during the year and one third of remaining trustees are subject to reappointment by members at the Annual General Meeting.

All trustees are required to register any potential conflict of interest between their personal and private interests and those of the Trust.

Organisational Structure

The trustees meet eight times a year to administer the charity and ensure compliance with all regulations and directives. This includes a regular review of the risks attached to the operation of the Trust. These risk areas cover a wide range, including, but by no means restricted to:

(a) proper care and training for volunteers, ensuring DBS checking is implemented

The Board of Trustees is currently looking to increase the number of its members to help accomplish its future action and business plans.

Museum Accreditation

The Museum has full formal accreditation from the Arts Council of England.

Page 3

Nautical Museums Trust Limited

Trustees' Report

Chairman’s Report

The ongoing COVID-19 pandemic and its accompanying lockdowns, restrictions and other curtailments inevitably presented severe obstacles. The Museum was not able to reopen its doors to visitors until May 21st, which essentially meant there was only ⅗of a year’s operational time in 2021!

Notwithstanding these problems, the Museum has been able to successfully weather the storm, as witnessed by the financial figures. Following reopening, visitor numbers quickly returned to pre-pandemic levels while donations and shop sales exceeded those of many previous years - and those were when the building was open all year round! The total number of visitors was 47,722 compared to 61,245 in the 2019 full year.

However, we are by no means being complacent. It is impossible to predict what post-pandemic visitor patterns will be, nor how people’s spending habits will be affected by rises in the overall cost of living. This makes long-term planning even more hazardous than usual and, while there has been a proposal to amend the Museum’s focus from a generalised overview of shipwrecks to one concentrating more on local maritime history, it is probably unwise to undertake drastic changes at this time. The present approach appears to be working very well and it is on the basis of this current strategy that short- to medium-term decisions will be made. Once a clearer picture emerges, it should then be possible to more confidently and accurately formulate longer-term ambitions.

The decision has been made to continue with important modernisation and upgrading work, begun the previous year after a long period of comparative inactivity, and which has already proven beneficial in terms of favourable visitor response which, in turn, has resulted in a public willingness to make larger donations as well as leading to increased sales in the shop.

In order to assist with the smooth running of the Museum, the Trustees decided to appoint an administrator on a part-time basis. This has resulted in much greater efficiency and allowed Trustees and volunteers to concentrate on their specific roles leaving the routine but absolutely essential day-to-day business procedures to a dedicated member of staff.

It is heartening to note the mood of confidence, optimism and determination to succeed which prevails amongst everyone connected with the Museum. It bodes well for the future.

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... D Spooner Trustee

Page 4

Nautical Museums Trust Limited

Independent Examiner's Report to the trustees of Nautical Museums Trust Limited

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021 which are set out on pages 6 to 20.

Respective responsibilities of trustees and examiner

As the charity’s trustees of Nautical Museums Trust Limited (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 Nautical Museums Trust Limited 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:

  1. accounting records were not kept in respect of Nautical Museums Trust Limited as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

......................................

A J Thomson FCA Manningtons

7 Wellington Square Hastings East Sussex TN34 1PD

Date:.............................

Page 5

Nautical Museums Trust Limited

Statement of Financial Activities for the Year Ended 31 December 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
2
Other trading activities
3
Other income
4
Total Income
Expenditure on:
Raising funds
5
Charitable activities
6
Total Expenditure
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19
Note
Income and Endowments from:
Donations and legacies
2
Other trading activities
3
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19		 Unrestricted
funds
£
39,875
58,854
2,707
101,436
(60,259)
(17,625)
(77,884)
23,552
1,900
25,452
58,877
84,329
Unrestricted
funds
£
33,780
2,842
36,622
(12,804)
(16,556)
(29,360)
7,262
7,262
51,616
58,878		 Unrestricted
funds
£
39,875
58,854
2,707		 Restricted
funds
£
3,000
-
-		 Total
2021
£
42,875
58,854
2,707
101,436 3,000 104,436
(60,259)
(17,625)		 -
(1,000)		 (60,259)
(18,625)
(77,884) (1,000) (78,884)
23,552
1,900		 2,000
(1,900)		 25,552
-
25,452
58,877		 100
2,900		 25,552
61,777
84,329 3,000 87,329
Restricted
funds
£
2,900
-
2,900
-
-
-
2,900
2,900
-
2,900		 Total
2020
£
36,680
2,842
39,522
(12,804)
(16,556)
(29,360)
10,162
10,162
51,616
61,778

All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 10 to 20 form an integral part of these financial statements. Page 6

Nautical Museums Trust Limited

Statement of Financial Activities for the Year Ended 31 December 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

The funds breakdown for 2020 is shown in note 19.

The notes on pages 10 to 20 form an integral part of these financial statements. Page 7

Nautical Museums Trust Limited

(Registration number: 01629881) Balance Sheet as at 31 December 2021

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
- due within one year
Cash at bank and in hand
16
Creditors: Amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
18
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
19		 2021
£
32,182
1,857
302
57,247
59,406
(4,259)
55,147
87,329
-
87,329
3,000
84,329
87,329		 2020
£
37,637
2,538
395
41,225
44,158
(2,517)
41,641
79,278
(17,500)
61,778
2,900
58,878
61,778

The notes on pages 10 to 20 form an integral part of these financial statements. Page 8

Nautical Museums Trust Limited

(Registration number: 01629881) Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements on pages 6 to 20 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:

......................................... D Spooner Trustee

The notes on pages 10 to 20 form an integral part of these financial statements. Page 9

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Nautical Museums Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that the Charity has sufficient reserves to continue as a going concern but are urgently reviewing ways to ensure future financial sustainability. There are no significant areas of uncertainty that affect the carrying value of assets held by the Charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Page 10

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Trustees’ meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £500.00 or more are initially recorded at cost.

The Charity maintains an Accession Register and the majority of the artefacts have been donated to or are on loan to the charity and therefore no valuation has been carried out and the artefacts are not included in the charity's Balance Sheet.

Page 11

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Building Conversion 2% on cost Exhibition Cases and Fittings 12.5% on cost Office Equipment 20% Straight Line

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Page 12

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

2 Income from donations and legacies

Donations and legacies;
Donations from individuals
Gift aid reclaimed
Grants, including capital grants;
Government grants
Donations from community groups
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
9,543
2,539
27,793
-
39,875
33,780		 Restricted
funds
£
-
-
-
3,000
3,000
2,900		 Total
funds
£
9,543
2,539
27,793
3,000
42,875
36,680

3 Income from other trading activities

Trading income;
Sales of goods and services
Events income;
Other events income
Total for 2021
Total for 2020
4
Other income
Gains on sale of tangible fixed assets for charity's own use
Total for 2021		 Unrestricted
funds
General
£
57,224
1,630
58,854
2,842
Unrestricted
funds
General
£
2,707
2,707		 Total
funds
£
57,224
1,630
58,854
2,842
Total
funds
£
2,707
2,707

Page 13

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

5 Expenditure on raising funds

a) Costs of trading activities

Note
Costs of goods sold
Membership subscriptions
Marketing and publicity
Depreciation, amortisation and other similar costs
Other direct costs of activities for generating funds
Total for 2021
Total for 2020
b) Investment management costs
Note
Finance charges;
Bank charges
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
26,706
331
2,851
3,172
25,974
59,034
12,288
Unrestricted
funds
General
£
1,225
1,225
516		 Total
funds
£
26,706
331
2,851
3,172
25,974
59,034
12,288
Total
funds
£
1,225
1,225
516

Page 14

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

6 Expenditure on charitable activities

Note
Staff costs
Allocated support costs
Governance costs
7
Activities undertaken directly
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
516
4,962
6,532
5,615
17,625
16,556		 Restricted
funds
£
-
-
-
1,000
1,000
-		 Total
funds
£
516
4,962
6,532
6,615
18,625
16,556

In addition to the expenditure analysed above, there are also governance costs of £6,532 (2020 - £6,424) which relate directly to charitable activities. See note 7 for further details.

7 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Legal and Professional fees
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
1,056
5,476
6,532
6,424		 Total
funds
£
1,056
5,476
6,532
6,424

Page 15

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

8 Net incoming/outgoing resources

Net incoming resources for the year include:

Depreciation of fixed assets
Finance charges payable		 2021
£
3,172
1,225		 2020
£
3,486
516

9 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

10 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Pension costs		 2021
£
25,974
516
26,490		 2020
£
5,081
218
5,299

No employee received emoluments of more than £60,000 during the year.

11 Independent examiner's remuneration

Examination of the financial statements 2021
£
1,056		 2020
£
1,100

Page 16

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

12 Taxation

The charity is a registered charity and is therefore exempt from taxation.

13 Tangible fixed assets

Cost
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
14 Stock
Stocks
15 Debtors
Trade debtors
Other debtors		 Building
Conversion
£
95,798
-
-
95,798
65,586
1,916
-
67,502
28,296
30,212		 Exhibition
Cases and
Fittings
£
71,197
-
(2,837)
68,360
67,302
240
(355)
67,187
1,173
3,895		 Exhibition
Cases and
Fittings
£
71,197
-
(2,837)
68,360
67,302
240
(355)
67,187
1,173
3,895		 Office
Equipment
£
20,094
199
-		 Total
£
187,089
199
(2,837)
184,451
149,452
3,172
(355)
152,269
32,182
37,637
2020
£
2,538
20,293
16,564
1,016
-
67,187 17,580
1,173 2,713
3,895 3,530
2021
£
1,857
2021
£
302
-
302
2020
£
184
211
395

Page 17

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

16 Cash and cash equivalents

16 Cash and cash equivalents
Cash on hand
Cash at bank
Short-term deposits		 2021
£
1,250
53,459
2,538
57,247		 2020
£
50
26,499
14,676
41,225

17 Creditors: amounts falling due within one year

Trade creditors
Other taxation and social security
Accruals
18 Creditors: amounts falling due after one year
Bank loans		 2021
£
2,324
603
1,332
4,259
2021
£
-		 2020
£
1,441
-
1,076
2,517
2020
£
17,500

Page 18

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

19 Funds

19 Funds
Balance at
Balance at 1 31
January Incoming Resources December
2021 resources expended Transfers 2021
£ £ £ £ £
Unrestricted
General
Unrestricted Fund 58,877 101,436 (77,884) (3,100) 79,329
Designated
Designated Fund - - - 5,000 5,000
Total Unrestricted 58,877 101,436 (77,884) 1,900 84,329
Restricted
Sussex Foundation 1,000 - (1,000) - -
Foreshore Trust Small &
Events Grant Programme 1,900 - - (1,900) -
Royal Pavillion - 3,000 - - 3,000
Total restricted 2,900 3,000 (1,000) (1,900) 3,000
Total funds 61,777 104,436 (78,884) - 87,329
Balance at 31
Balance at 1 Incoming Resources December
January 2020 resources expended 2020
£ £ £ £
Unrestricted funds
General
Unrestricted Fund 51,615 36,622 (29,360) 58,877
Restricted
Sussex Foundation - 1,000 - 1,000
Foreshore Trust Small & Events
Grant Programme - 1,900 - 1,900
Total restricted funds - 2,900 - 2,900
Total funds 51,615 39,522 (29,360) 61,777

Page 19

Nautical Museums Trust Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

The specific purposes for which the funds are to be applied are as follows:

Sussex Foundation - Grant to Upgrade Website

Foreshore Trust Small and Events Grant Programme - Grant for an educational event

Royal Pavillion - Consultancy and Recruitment

20 Analysis of net funds

20 Analysis of net funds
Cash at bank and in hand
Net debt		 At 1 January
2021
£
41,225
41,225		 Financing cash
flows
£
16,022
16,022		 At 31
December
2021
£
57,247
57,247

Page 20

Nautical Museums Trust Limited

Detailed Statement of Financial Activities for the Year Ended 31 December 2021

Income and Endowments from:
Donations and legacies (analysed below)
Other trading activities (analysed below)
Other income (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2021
£
42,875
58,854
2,707
104,436
(60,259)
(18,625)
(78,884)
25,552
25,552
61,777
87,329		 Total
2020
£
36,680
2,842
-
39,522
(12,804)
(16,556)
(29,360)
10,162
10,162
51,616
61,778

This page does not form part of the statutory financial statements. Page 21

Nautical Museums Trust Limited

Detailed Statement of Financial Activities for the Year Ended 31 December 2021

Donations and legacies
Museum
Other
Other
Gift Aid tax Reclaimed
Grants Receivable - Sussex Foundation
Grants Receivable - Foreshore Trust Small and Events Grant
Grants Receivable
Grants Receivable - Primrose
UK Government Grants
Other trading activities
Sales of purchased goods
Sales of purchased goods
Charitable Activities/Events
Other income
(Profit)/loss on disposal of tangible fixed assets
Raising funds
Purchases
Wages and salaries
Trade subscriptions
Bank charges
Bank charges
Bank Interest payable - admin
Other Interest payable
Wages and salaries
Repairs and maintenance
Computer Software and Maintenance
Advertising
Depreciation of freehold property
Depreciation of fixtures and fittings
Depreciation of office equipment
Charitable activities
Repairs and maintenance		 Total
2021
£
-
9,543
-
2,539
-
-
3,000
-
27,793
42,875
57,224
-
1,630
58,854
2,707
2,707
(26,706)
(507)
(331)
-
(1,090)
(135)
(2)
(21,611)
(2,190)
(1,664)
(2,851)
(1,916)
(240)
(1,016)
(60,259)
(1,858)		 Total
2020
£
805
-
975
-
1,000
1,900
-
5,000
27,000
36,680
-
2,578
264
2,842
-
-
(1,745)
-
(221)
(426)
(90)
-
-
(4,468)
(400)
(213)
(1,755)
(1,915)
(595)
(976)
(12,804)
-

This page does not form part of the statutory financial statements. Page 22

Nautical Museums Trust Limited

Detailed Statement of Financial Activities for the Year Ended 31 December 2021

Repairs and maintenance
Sundry expenses
Pension Costs
Travelling
Rent and rates
Water rates
Light, heat and power
Insurance
Repairs and maintenance
Telephone and fax
Computer and website costs
Printing, postage and stationery
Printing, postage and stationery
Printing, postage and stationery
Consultancy
Legal and professional fees - Independent Examination
Legal and professional fees		 Total
2021
£
-
(158)
(516)
(409)
-
(113)
(2,181)
(2,582)
-
(1,821)
(1,000)
-
(499)
(306)
(650)
(1,056)
(5,476)
(18,625)		 Total
2020
£
(1,933)
(133)
(218)
-
(307)
(68)
(1,599)
(3,256)
(464)
(1,814)
-
(340)
-
-
-
(1,100)
(5,324)
(16,556)

This page does not form part of the statutory financial statements. Page 23