Company Number 2181626 Charity Number 519627
Furness Maritime Trust – Directors Report 2024-2025
Furness Maritime Trust is a company limited by guarantee with no share capital.
The Directors report for the year ended 31[st] March, 2025, was approved by the Trust at the annual meeting held on the 29[th] December, 2025.
The Directors submit the annual report together with the financial statements for the year ended 31[st] March, 2025.
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 2024-2025, £195,525.50 was collected with £190,000 from an individual bequest and the balance in general donations, £2,507.53 was earned in bank interest. There was £47,200 paid out for acquisition and match funding for the Dock Museum, and £255.88 in bank charges.
The net income for 2024-2025 was £150,577.15 and the net assets of the Trust were £308,746.35 as at the 31[st] March, 2025.
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 2024-2025
Income and Expenditure Statement for the year ended 31[st] March, 2025
| 2023-2024 £ Note 2024-2025 £ |
2023-2024 £ Note 2024-2025 £ |
2023-2024 £ Note 2024-2025 £ |
2023-2024 £ Note 2024-2025 £ |
|---|---|---|---|
| 10,332.73 Turnover 1 195,525.50 |
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| - Exhibits purchased and donations given 2 (47,200.00) |
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| - Administrative expenses - |
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| (210.91) Miscellaneous expenses (255.88) |
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| 10,121.82 Operating income/(expenditure) 148,069.62 |
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| 577.48 Other non-trading income 2,507.53 |
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| 10,699.30 | Net income/(expenditure) for the financial year transferred to reserves |
150,577.15 |
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 2024-2025
~~;~~ Balance Sheet as at the 31[st] March, 2025
| 2023-2024 £ Note 2024-2025 £ |
2023-2024 £ Note 2024-2025 £ |
2023-2024 £ Note 2024-2025 £ |
2023-2024 £ Note 2024-2025 £ |
|---|---|---|---|
| Current assets | |||
| 158,169.20 Cash at bank 308,746.35 |
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| Current liabilities | |||
| 0.00 Creditors 3 0.00 |
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| 158,169.20 | Net assets | 4 | 308,746.35 |
For the year ended 31[st] March, 2025, 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, 2025, 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, 2025
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 2024-2025 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 2024-2025 the Trust acquired the World War II Dickin Medal awarded to pigeon Tommy VC, from Dalton, for £37,200, and contributed £10,000 towards the Dock Museum National Lottery Heritage Fund Shipyard Town Project.
3. Creditors
There are no creditors at the end of the financial year.
4. Reserves
| 2023-2024 £ |
2024-2025 £ |
|
|---|---|---|
| 147,469.90 | As at 1stApril | 158,169.20 |
| 10,699.30 | Added to/(used from) reserves | 150,577.15 |
| 158,169.20 | As at 31st March | 308,746.35 |
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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, 2025
The following table shows the inflows (income) and outflows (expenditure) for the financial year 2024-2025:
==> picture [463 x 477] intentionally omitted <==
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Inflow Outflow Total
£ £ £
Cash brought forward at 1 [st] April, 2024
Current account 122,978.43
Deposit account 35,190.77 158,169.20
Plus amounts received
Donations 195,525.50
Interest 2,507.53 198,033.03
Less amounts paid
Miscellaneous expenses (255.88)
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Administrative expenses (255.88)
Net total 308,746.35
Cash carried forward at 31 [st] March, 2025
Current account 46,048.05
Deposit account 262,698.30
Net total 308,746.35
----- End of picture text -----
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