Company Number 2181626 Charity Number 519627
Furness Maritime Trust – Directors Report 2022-2023
Furness Maritime Trust is a company limited by guarantee with no share capital.
The Directors report for the year ended 31[st] March, 2023, was approved by the Trust at the annual meeting held on the 21[st] November, 2023.
The Directors submit the annual report together with the financial statements for the year ended 31[st] March, 2023.
The Companies Act 2006 requires the preparation of financial statements for each financial year that gives a true and fair view of the state of affairs of the Trust and of any income and expenditure for the year. In preparing the financial statements there is a requirement to:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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Prepare the financial statements on the going concern basis unless it is not appropriate to presume that the Trust will continue in business.
The company was established for charitable purposes only, with the principal activity being the collection of donations for the purchase of items to be exhibited at the Dock Museum, North Road, Barrow-in-Furness.
During 2022-2023, £28,758.00 was collected in general donations, £107.50 earned in bank interest. There was £237.20 paid out, for administrative expenses and £10,000.00 for the Shipyard Town project match funding.
The net income for 2022-2023 was £18,628.30 and the net assets of the Trust were £147,469.90 as at the 31[st] March, 2023.
Signed on behalf of Furness Maritime Trust by:
S M Roberts CPFA, ACMA Assistant Director of Finance (Deputy Section 151 Officer) Westmorland and Furness Council
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Company Number 2181626 Charity Number 519627
Furness Maritime Trust - Financial Statements 2022-2023
Income and Expenditure Statement for the year ended 31[st] March, 2023
| 2021-2022 £ |
Note | 2022-2023 £ |
|
|---|---|---|---|
| 87,566.33 | Turnover | 1 | 28,758.00 |
| 10,000.00 | Exhibits purchased and donations given | 2 | 10,000.00 |
| 26.00 | Administrative expenses | 13.00 | |
| 34.77 | Miscellaneous expenses | 224.20 | |
| 77,505.56 | Operating income/(expenditure) | 18,520.80 | |
| 3.16 | Other non-trading income | 107.50 | |
| 77,508.72 | Net income/(expenditure) for the financial year transferred to reserves |
18,628.30 |
Signed on behalf of Furness Maritime Trust by:
S M Roberts CPFA, ACMA Assistant Director of Finance (Deputy Section 151 Officer) Westmorland and Furness Council
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Company Number 2181626 Charity Number 519627
Furness Maritime Trust - Financial Statements 2022-2023
Balance Sheet as at the 31[st] March, 2023
| 2021-2022 £ |
Note | 2022-2023 £ |
|
|---|---|---|---|
| Current assets | |||
| 128,841.60 | Cash at bank | 147,469.90 | |
| Current liabilities | |||
| 0.00 | Creditors | 3 | 0.00 |
| 128,841.60 | Net assets | 4 | 147,469.90 |
For the year ended 31[st] March, 2023, Furness Maritime Trust was entitled to exemption from audit under section 477(2) of the Companies Act 2006.
The trustees have not required the Trust to obtain an audit of its accounts for the year ended 31[st] March, 2023, in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibility for:
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Ensuring the company keeps accounting records that comply with section 386, and;
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Preparing the accounts to give a true and fair view of the state of affairs of the Trust as at the financial year end and its income and expenditure for the financial year, in accordance with the requirements of section 393 of the Companies Act 2006.
Signed on behalf of Furness Maritime Trust by:
S M Roberts CPFA, ACMA Assistant Director of Finance (Deputy Section 151 Officer) Westmorland and Furness Council
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Company Number 2181626 Charity Number 519627
Furness Maritime Trust - Notes to the Financial Statements for the year ended 31[st] March, 2023
1. Principal accounting policies
The Company was incorporated on the 21[st] October, 1987, as a company limited by guarantee without share capital and is a registered charity.
Every member of the Trust undertakes to contribute such amount as may be required (not exceeding £10) to the assets of the Trust in the event of the same being wound up while a member, or within one year of ceasing to be a member.
The turnover for 2022-2023 is the total amount received as donations
No provision is made for taxation as the company is a registered charity.
2. Exhibits and Donations
In 2022-2023 there was a donation made in respect of the Shipyard Town project as match funding.
3. Creditors
There are no creditors at the end of the financial year.
4. Reserves
| 2021-2022 £ |
2022-2023 £ |
|
|---|---|---|
| 51,332.88 | As at 1stApril | 128,841.60 |
| 77,508.72 | Added to/(used from) reserves | 18,628.30 |
| 128,841.60 | As at 31st March | 147,469.90 |
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Company Number 2181626 Charity Number 519627
Furness Maritime Trust – Sources and Distribution of funds in the year to 31[st] March, 2023
The following table shows the inflows (income) and outflows (expenditure) for the financial year 2022-2023:
| Inflow £ |
Outflow £ |
Total £ |
|
|---|---|---|---|
| Cash brought forward at 1stApril, 2022 | |||
| Current account | 94,335.81 | ||
| Deposit account | 34,505.79 | 128,841.60 | |
| Plus amounts received | |||
| Donations & Funding | 28,758.00 | ||
| Interest | 107.50 | 28,865.50 | |
| Less amounts paid | |||
| Shipyard Town Project | (10,000.00) | ||
| Miscellaneous expenses | (224.20) | ||
| Administrative expenses | (13.00) | (10,237.20) | |
| Net total | 147,469.90 | ||
| Cash carried forward at 31st March, 2023 | |||
| Current account | 112,856.61 | ||
| Deposit account | 34,613.29 | ||
| Net total | 147,469.90 |
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