##
##
##
##
##
##
|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||||||