OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

Index to Financial Statements
Page number
Trustees
annual
report		 1-4
Independent
examiner's
report to		 the Trustees
Statement
offinancial
activities		 (incorporating the
Income and expenditure
account)
Balance Sheet
Notes to the Financial Statements 8-20
Detailed income and expenditure account 21

Charity Charity Name Name Name The Norfolk The Norfolk Heritage Fleet Trust
Charity Registration
Number 1052303
Company Registration
Number 3114407
Registered Office Hunter's
Yard
Horsefen Road
Ludham
Norfolk
NR29 5QG
Patron BC Read
The Trustees
Thle llUstees wl lo sel ved LIle charitable colopal ry UUI II Ig tile pei iod were as follows:
BElson (resigned 6 May 2020) Rev N H Khambatta (Chairman)
P M Bray Mrs R E Smith
I R Cartwright T Smith (resigned 25 September 2020)
A Drew (Vice Chairman) G Wilkes (appointed 5June 2020)
N Hopkinson
Company Secretary P M Bray
Base Manager and
Administrator Mrs V M Walker
Principal Bankers NatWest
32 Market Place
Dereham
NR19 2AR
Solicitors Cozens
Hardy LLP
Opie Street
Norwich
NR1 3DP
Independent examiner M Proctor FCA DChA
Lovewell Blake LLP
Chartered Accountants
Bankside 300
Peachman Way
Broadland Business Park
Norwich
NR7 OLB

he charity at 31 December 20 20 comprised:
General
Fund		 160,112
Designated
Funds
Repair Fund (premises) 24,987
The Friends ofthe Hunters Fleet 29,934
Restricted Funds 16
0

Unrestricted Unrestricted Funds Funds
Friends
of the Designated Restricted Total Total
Notes General Hunter Fleet Funds Funds 2020 201S
E
Income
Donations
and legacies		 64,144 21,551 82,257 167,952 33,631
Charitable
activities		 125,547 125,547 203,618
Other trading
activities		 42,549 2,430 44,979 50,532
Other income 25,888 25,888
Investments 5 22 27 66
Total income 258 133 24 003 82257 364393 287 847
Expenditure
Raising funds
Event costs and cost ofsales 655 655 5,055
Charitable
activities		 234372 16 539 52739 303650 296447
Total expenditure 235027 16 539 52739 304305 301 502
Net income I(expenditure)
before investment
gains		 23,117 29,518 60,088 (13,655)
Net gains on investments 4027 4 027 4471
Net income I(expenditure)
before transfers 27,144 7,464 29,518 64,115 (9,184)
Transfers
between
funds		 25 37 188 24 000 13188
Net income I(expenditure)
Before other recognised (losses)
Igains 64,321 7,464 (24,000) 16,330 64,115 (9,184)
Other recognised
(losses)/gains
Remeasurement
(losses)/gain		 on
defined benefit nension nlan 27 /32 QQQ na nnns 14 nnn
Net movement
in funds		 32,321 7,464 (24,000) 16,330 32,115 4,816
Reconciliation
offunds
Total funds brought
forward		 462 930 22 470 41 013 444 387 439571
Total funds carried forward 25

2020 2019
Notes Group Charity Group
F		 Charity
r'
Fixed assets
Tangible assets 16 400,175 400,175 394,398 394,398
investments 17 67 121 67 123 63094 63096
467 296 467 298 457492 457 494
Current assets
Stock 18 26,879 17,353 21,726 11,547
Debtors 19 39,208 1,479 85,015 42,613
COIF deposits
(.ash at hank and		 in hand 5,949
190462		 5,949
176607		 5,933
46 511		 5,933
41 9RQ
268,920 207,810 159,185 102,082
Creditors:
Amounts		 falling due
within one year 20 ~98256 ~82 424 106290 49 189
Net current assets 164242 118964 52 895 52 893
Total assets less current liabilities 631,538 586,262 510,387 510,387
Creditors: Amounts falling due
after oiie yeal ne
C
I
Net assets excluding pension liability 566,502 566,502 510,387 510,387
Defined
benefit		 penslcn scheme Ilehlllty 27 ~90 000 ~90000 ~66 000 ~66 000
Net assets 4BQBZ
Charity Funds
Restricted funds 26 16,330 16,330
Unrestricted
funds:
Designated funds
Pension fund 26 (90,000) (90,000) (66,000) (66,000)
Other designated funds 26 54,921 54,921 47,457 47,457
General fund 26 495 251 495251 462 930 462 930

2. Income from donations donations and legacies and legacies and legacies 2020 2019
General Friends Restricted Total Total
f. E f
Donations 39,144 11,686 7,257 58,087 23,905
Subscriptions 9,865 9,865 11,882
Government Covid grant 25,000 25,000
Grants 75000 75000 ~2156
Income
from
donations
attributable
to unrestricted		 and
legacies
was f167,952 (2019 — f33,631) of
funds and f82,257 (2019- 86,000)was attributable		 which
f85,695 (
to restricted
funds
3. Income from charitable activities 2020 2019f
Hire income 125.54Z 203.616
Income from charitable activities was f125,547 (2019 - f203,618)which was all attributable
to u
4. Income from other trading activities 2020 2019
General Friends Total Total
f. f
Mooring income 40,378 40,378 38,282
Friends AGM and events 100 100 3,824
Merchandise and other incor. .e 4501

Income from other trading
activities was		 f44,979(2019 - f50, 532)which w as all attributa ble
to u
Other income 2020 2019
General Friends
f.		 Total
f.		 Totalf
Furlough
income		 25,178 25,178
Government
interest contribution		 710 710

Other income was 625, 888(2019-fNil) which was all attributable
t		 o unrestricted
funds.
Investment income 2020 2019f
Bank deposit interest -Trust 5 13
- Friends ofthe Hunter Fleet 22 53

Profit and los s account 2020 2019
f.
Turnover 163,823 205,931
Cost ofsales (1402801 (1805011
Gross profit 23,543 25,430
Administrative expenses ~3321 ~3458
Net profit
Net profit paid to The Norfolk Heritage Fleet Trust under Gift Aid
Charitable
activities		 Friends of
General the Hunter Designated Restricted 2020 2019
Fund Fleet Fund Fund Total Total
f
Salaries and wages (including
pension contributions):
see note 12 148,283 5,789 154,072 167,159
Training 110 110 574
Light, heat &water 1,943 1,655 3,598 4,838
Rates 1,389 525 1,914 3,511
hhntnr 2,213 2,213 2419
Materials
and repairs		 23,942 12,000 32,981 68,923 43,072
Repairs to premises 1,342 1,342 5,087
Laundry 854 854 3,517
Insurance —Boat and premises 1,840 5,183 7,023 6,530
- Personnel 1,230 1,230 1,298
River tolls 6,606 6,606 7,023
VAT adjustment (1,363) (1,363)
Depreciation 26,064 26,064 16,190
Development
ofweb site		 280 280 858
Support costs (note 9) 28 245 4539 30784 34371
9. Support costs Support costs Friends of
General the Hunter 2020 2019
Fund Fleet Total Total
f. F
"Friends ofThe Hunter Fleet" costs
- Printing, stationery 8 postage 4,539 4,539 4,070
Postage and telephone 2,673 2,673 2,354
Insurance 451 451 449
Management accountancy 637 637 516
Independent examiner 5,000 5,000 4,907
Professional fees 132 132 124
Advertising 5,176 5,176 8,664
Office costs 2,006 2,006 1,801
Sundries 4,166 4,166 5,110
Bank cIial ges 81tu iilimiest 3,057 AWW
X,BI0
Subscriptions 170 170 667
Website booking 2 777 2777 3333
10. Net income I(expenditure) 2020f 2019
F
Net income is stated after charging:
Depreciation of tangible fixed assets

Investments 2020 2019
Subsidiary
undertakings
Details ofsubsidiary undertakings at the balance sheet date are as follows:-
Name of Nature of 0/ Result for Net
company Business owned the year assets
Hunter's
Fleet Limited		 Hire fleet 100
operators
The subsidiary
undertaking		 is incorporated in England (company number 0315?685).
Other Investments 2020 2019
E
Market value as at 1 January 63,094 68,623
Disposals (10,000)
Unrealised
gain		 4027 4471
Market value as at 31 December

market at the balance she et date.
Stocks 2020 2019
Group Charity Group Charity
E
Merchandise 10,344 1,095 11,229 1,325
Other stocks 16535 16258 10497 10222
All stock is either held for resale or for use on the fleet in future years.
Debtors
2020 2019
Group Charity Group Charityf
Trade debtors 37,761 32 81,018 29,128
Amount
owed		 by Hunter's Fleet Ltd 9,818
Other debtors
Prepayments and accrued income 1 447 1 447 3997 3667

off8,865
Deferred		 is due after more than 5
income		 years.
2020 2019
Group
f.		 Charity
f		 Group
f		 Charity
f
As at 1 January 84,697 28,946 100,009 35,715
Released in the year (84,697) (28,946) (100,009) (35,715)
Deferred in the year 60,073 5,247 84,697 28,946

Opening Closing
funds Net income Gains Transfers funds
E
Restricted funds
Electric engine fund ~6000
Unrestricted funds
Designated funds
Provision for pension deficit (86,000) 20,000 (66,000)
Friends ofthe Hunter Fleet 33,022 (552) (10,000) 22,470
Repair 24 987 24 987
(27,991) (552) 10,000 (18,543)
General fund 467 562 ~14632 14000 ~4 000 462 930
Total 44~~Z

As at 31 December 2020
Long term
Liabilities &
Tangible
fixed assets		 Investments Current
assets		 Current
liabilities		 Pension
Scheme		 Total
E E
Restricted funds
Heritage Lottery 16330 16330
Designated
funds
Provision for pension
deficit (90,000) (90,000)
Friends ofthe Hunter Fleet 29,934 29,934
Repair 24 987 24 987
54,921 (90,000) (35,079)
General fund 400 175 67 121 191247 98256 65036 495251
Total

As at 31December 2019
Long term
Liabilities &
Tangible Investments Current Current Pension
fixed assets assets
F		 liabilities Scheme
f		 Total
Restricted funds
Electric engine fund
Deslgl Iated funds
Provision
for pension
deficit (66,000) (66,000)
Friends ofthe Hunter Fleet 22,470 22,470
Repair 24 987 24987
47,457 (66,000) (18,543)
General fund 394 398 63094 111728 106290 462 930
Total

The total recognised
in the period was		 as follows:
2020 2019
Current service cost (11,000) (10,000)
Part service cost (1,000)
Net interest expenditure ~1000 ~3000
Recognised
in net (expenditure)		 (12,000) (14,000)
Recognised
in other gains		 12000 14000
Total cost recognised
Amounts
recognised
in the balance sheet were as follows		 2020 2019
Present value offunded
obligations		 (674,000) (607,000)
Fair value of plan assets 584000 541 000
Changes
in the present value ofthe defined benefit obligations		 were as follows:
2020 2019
E
Opening
defined
benefit obligation		 607,000 559,000
Total service cost 11,000 11,000
Interest expense 12,000 16,000
Actuarial losses 54,000 31,000
Contrib11tions
by scheme participants
Benefits paid		 2 QQQ
~12000		 2 QQQ
~12000
Closing defined
benefit obligation
Changes
in the fair value ofthe pension		 plan assets were as follows 2020 2019
E
Opening
plan assets		 541,000 473,000
interest income 11,000 13,000
Actual return on plan assets (excluding interest income) 22,000 45,000
Contributions
by charity		 20,000 20,000
Contributions
by scheme participants
Benefits paid		 2,000
~12000		 2,000
~12000
Closing defined
benefit assets

The amount
tha
as follows:		 t each maj or class of pen sion
plan		 assets constitut e of the fair value ofthe total plan assets was
2020 2019
f.
Equity instruments 303,680 270,550
Debt instruments (bonds) 204,400 189,350
Properiy 64,240 59,5 r0
Other assets 11 66D 21 64D
Amounts
recognised
in the Statement		 of Financial Activities 2020 2019
Total service cost 11,000 11,000
Interest income (11,000) (13,000)
Interest cost 12000 16000
Total operating charge
The principal
actuarial
assumptions		 used were as follows: 2020 2019
Discount rate 1.25% 2.0%
Expected rates ofsalary increases 3.15% 2.6%
Expected rates of pension increases 2.45% 2.3%
Inflation assumption
(CPI)		 2.45% 22%
Commutation
of pensions		 to lump sums 50% and 75% 50%and 75%
Life expectancy is based on the Funds VitaCurves wiih improvemenis in iine with ihe CMi 2crt8 modei assuming the
current rate of improvement has reached a peak and will converge to a long term rate 1.25%pa. The average future life
expectancies at age 65are summarised below:

2020 2019
f.
Income
Hire income, moorings and other sales 165,925 241,589
Merchandise sales and other income 2,171 6,960
Donations,
legacies and general		 171,579 10,038
Government contribution to loan 710
"The Friends ofthe Hunter Fleet" income
-Subscriptions 9,865 11,882
-AGM/events 100 3,824
- Interest receivable 22 53
—Merchandise sales and other income 2,330 1,466
—Donations 11,686 12,022
Interest receivable 5 13
Costs ofgenerating
funds		 655 2,488
Direct charitable
expenditure
Salaries and wages (including pension costs) 154,072 167,159
Training 110 574
Light, heat and water 3,598 4,838
Rates 1,914 3,511
Motoi n non
C,C 18		 A A A
f IV
Materials and repairs 68,923 43,072
Repairs to premises 1,342 5,087
Laundry 854 3,517
Insurance -Boat and premises 7,023 6,530
- Personnel 1,230 1,298
River tolls 6,606 7,023
VAT adjustment (1,363)
Depreciation 26,064 16,190
Development ofwebsite 280 858
272,866 262,076
Fund-raising and publicity costs
"Friends ofthe Hunter Fleet" costs:
- Events 1,317
- Printing,
stationery		 &postage 4,539 4,070
—Purchases 1,250
Administration
expenses
Postage and telephone 2,673 2,354
Insurance —Trustee 451
Management accountancy 637 516
Independent examination 5,000 4,907
Professional fees 132 124
Advertising 5,176 8,664
Office costs 2,006 1,801
Sundries 4,166 5,110
Bank charges 3,057 2,376
Subscriptions 170 667
Website booking 2 777 ~3333
Expenditure 26245
3~05		 30 301
3~
Net income/(expenditure) for the year before gains