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
- (b) overall health and safety
- (c) insurance matters (eg, fire, business interruption)
- (d) security for both personnel and artefacts
- (e) proper care of the Museum’s artefacts
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:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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