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2021-12-31-accounts

THE NORFOLK HERITAGE FLEET TRUST

A company limited by guarantee

CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31 December 2021

Company number 3114407 Charity number: 1052303

The Norfolk Heritage Fleet Trust

For the year ended 31 December 2021

Index to Financial Statements

Index to Financial Statements
Page number
Trustees annual report 1 - 4
Independent examiner’s report to the Trustees 5
Statement of financial activities (incorporating the
Income and expenditure account) 6
Balance Sheet 7
Notes to the Financial Statements 8 - 20
Detailed income and expenditure account 21

The Norfolk Heritage Fleet Trust Trustees annual report For the year ended 31 December 2021

The Trustees, who are also directors for the purposes of company law, present their report and the unaudited financial statements of the charitable company and group for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Companies Act 2006 and 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 published in October 2019.

Reference and Administrative Information

Charity Name The Norfolk Heritage Fleet Trust Charity Registration Number 1052303 Company Registration Number 3114407 Registered Office Hunter’s Yard Horsefen Road Ludham Norfolk NR29 5QG

The Trustees

The trustees who served the charitable company during the period were as follows:

P M Bray N Hopkinson Dr R J A Cadman (appointed 11 February 2022) Rev N H Khambatta (Chairman) I R Cartwright Mrs R E Smith M Coupe (appointed 11 February 2022) G Wilkes A Drew (Vice Chairman) 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 0LB

1

The Norfolk Heritage Fleet Trust Trustees annual report (continued) For the year ended 31 December 2021

Objectives and activities

The principal objectives are to advance the education of the public by the provision of facilities for sail training and to maintain, promote, restore, conserve, improve and develop historic and traditional sailing craft.

Public benefit

The Trust gives discounts of up to 30% to be given to youth groups to fulfil the objective to support young people.

The policy of the Trustees is for the yard to be open to the public within the restraints of Health and Safety requirements so that the public can see a traditional working Broads boat yard.

The Hunter yachts are well known and loved by many thus the Trustees not only maintain the Fleet in good condition but also ensure the yachts are sailed as often as possible so that the public can enjoy the sight of traditional sailing boats.

The Trustees have paid due regard to the Charity Commission’s published guidance on public benefit in planning the activities undertaken by the charity.

Achievements and performance and plans for the future

The continuing difficult trading conditions presented by the coronavirus pandemic resulted in a very conservative approach to the financial year. In the event certain aspects of the pandemic resulted in achieving far better results than we expected. The foreign travel restrictions resulted in a very satisfactory level of bookings.

During the year the Trust began exploring enhancing our social media presence and as a result a new web-site and booking system are being created dedicated expressly to the experience which the Trust can offer. The Heritage Lottery approved a further grant from their Covid 19 emergency support fund and this was very welcome as it covered the costs of the extra work entailed to ensure staff and customers could stay safe and Covid free. The grant included an element towards ensuring that there were sufficient reserves to allow for a safety net.

The Trust was honoured by a visit from HRH The Princes Royal as part of the celebrations to mark our first 25 years.

Looking forward we expect to engage at least two more staff, one working with the boats and another in the office on bookings and reception. We are also exploring engaging a fund-raising firm to assist us in accessing grants in line with the aims of the Trust. Our small team, closely engaged in keeping the yard at work cannot have the time and expertise which a dedicated professional firm can bring to the assistance of the Trust.

We hope to continue electrifying the sailing experience which we offer and a longer term objective is to create an apprenticeship scheme.

Financial Review

The net income for the year, before gains and losses, was £57,601 (2020 – net income of £60,088), as shown on page 6.

During the year the Trust awarded bursaries to schools and youth groups amounting to £1,256 (2020 - £954).

The results of the Trust’s wholly owned subsidiary, Hunters Fleet Limited, are shown in note 7 of the accounts.

The Trustees consider the results for the year and the year end position to be satisfactory.

In addition to donations the Trust benefited from voluntary help from various individuals, to whom grateful thanks are extended.

2

The Norfolk Heritage Fleet Trust Trustees annual report (continued) For the year ended 31 December 2021

Reserves Policy

The reserves of the charity at 31 December 2021 comprised:

General Fund
Designated Funds
Repair Fund (premises)
The Friends of the Hunters Fleet
Restricted Funds		 £
184,554
24,987
17,066
26,699
253,306

The free reserves referred to above do not include provision for the Defined Benefit Pension Scheme deficit of £9,000. Deficit contributions are being made by the Trust in addition to monthly contributions in line with payroll. The estimated value of contributions during the next financial year is £20,000.

It is the long term intention of the Trustees to build up the reserves within the General Fund and the Repair Fund to a level equivalent to 6 months expenditure, which amounts to approximately £120,000. This level of reserves is considered appropriate to provide for unexpected repair and maintenance costs and in case funds are required to cover temporary downturns in income.

Structure, Governance and Management

Governing document

The organisation is a charitable company limited by guarantee, incorporated on 16 October 1995 and registered as a charity on 26 January 1996. The charity was established under a Memorandum of Association which sets out the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.

Recruitment, appointment and training of Trustees

Trustees shall be persons who through residence, occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the charity.

On appointment, Trustees are provided with:

a) Copies of the Memorandum and Articles of Association;

b) Details of the Charities Commission Guidelines "The Essential Trustee – What you need to know, what you need to do".

c) The latest Financial Statements.

d) Copies of all current policies operated by the group.

In addition, the Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.

The Trustees are directors within the meaning of the Companies Act 2006. The Trustees that held office throughout the year and at the date of approval are listed on page 1.

In accordance with the Articles of Association A Drew and N Hopkinson will retire and being eligible, will offer themselves for reappointment.

3

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Independent Examiner's Report to the Trustees of The Norfolk Heritage Fleet Trust For the year ended 31 December 2021

I report to the Charity’s Trustees on my examination of the accounts of the group and the company for the year ended 31 December 2021 which are set out on pages 6 to 20.

Responsibilities and basis of report

As the charity trustees of the group and company (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 the group and company 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 group and company 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

Since the group and company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 that in any material respect:

  1. accounting records were not kept in respect of the group and company 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.

M Proctor FCA DChA Bankside 300 Independent Examiner Peacham Way Lovewell Blake LLP Broadland Business Park Chartered Accountants Norwich NR7 0LB Date: 12/05/2022

5

The Norfolk Heritage Fleet Trust

Consolidated statement of financial activities (incorporating the income and expenditure account) For the year ended 31 December 2021

Notes
Income
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Other income
5
Investments
6
Total income

Expenditure
Raising funds
Event costs and cost of sales
Charitable activities
8
Total expenditure

Net income / (expenditure)
before investment gains
Net (losses) / gains on investments
17

Net income / (expenditure)
before transfers
Transfers between funds
25

Net income / (expenditure)
Before other recognised gains
/ (losses)
Other recognised gains/(losses)
Remeasurement gain/(losses) on
defined benefit pension plan
27
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
25		 Unrestricted Funds
Friends
of the
Designated Restricted
Total
General Hunter Fleet
Funds
Funds
2021
£
21,464
18,709
-
38,166
78,339
221,132
-
-
-
221,132
40,486
3,413
-
-
43,899
1,640
-
-
-
1,640
1
2
-
-
3
284,723
22,124
-
38,166
345,013
3,825
-
-
-
3,825
233,498
34,992
-
15,097
283,587
237,323
34,992
-
15,097
287,412
47,400
(12,868)
-
23,069
57,601
(2,681)
-
-
-
(2,681)
44,719
(12,868)
-
23,069
54,920
(68,300)
- 81,000
(12,700)
-
(23,581)
(12,868)
81,000
10,369
54,920
74,000
-
-
-
74,000
50,419
(12,868)
81,000
10,369
128,920
495,251
29,934
(65,013)
16,330
476,502
545,670
17,066
15,987
26,699
605,422		 Total
2020
£
167,952
125,547
44,979
25,888
27
364,393
655
303,650
304,305
60,088
4,027
64,115
-
64,115
(32,000)
32,115
444,387
476,502

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared

All of the above amounts relate to continuing activities.

The notes on pages 8 to 20 form an integral part of these financial statements

6

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The Norfolk Heritage Fleet Trust Notes to the Financial Statements For the year ended 31 December 2021

1. Accounting policies

(a) Basis of accounting

The Norfolk Heritage Fleet Trust is a registered charity in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are described within the Trustees Report on pages 1 to 4.

Statement of compliance and basis of preparation:

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Group accounts

The financial statements consolidate the results of the charity and its wholly owned subsidiary Hunters Fleet Limited on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

(c) Fund accounting

• Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

• Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

• Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(d) Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probably that the income will be received.

• Income from donations and legacies includes grants, donations, and gifts and is included in full in the Statement of Financial Activities when entitlement is established. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

• Income from long term moorings is released over the period of the mooring.

8

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

1. Accounting policies (continued)

(e) Expenditure and irrecoverable VAT

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land Not depreciated Buildings 2% straight line New dyke 2% straight line Plant and equipment 20% straight line Office equipment & web site 33[1] /3% straight line Hire fleet 2.5% straight line Motor vehicles 33% straight line

(g) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in subsidiaries are measured at cost less impairment.

(h) Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

9

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

1. Accounting policies (continued)

(i) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

(j) Employee benefits

The charity operates a defined benefit plan for the benefit of its qualifying employees. A liability for the charity’s obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method. Actuarial valuations are obtained at least triennially and are updated at each balance sheet date.

One member of the charity’s staff belongs to the Norfolk County Council Pension Fund, which provides benefits based on final pensionable pay.

The charity also operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable and directly allocated to the activities of the Trust.

(k) Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

The trustees have considered the impact of COVID-19 on the trust in making this assessment.

10

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

2.
Income from donations and legacies
General
Friends
Restricted
£
£
£
Donations
6,321
7,705 6,000
Subscriptions
-
11,004
-
Government Covid grant
15,143
-
-

Grants
-
-
32,166

21,464
18,709
38,166		 2021
Total
£
20,026
11,004
15,143
32,166
78,339
 2020
Total
£
58,087
9,865
25,000
75,000
167,952

Income from donations and legacies was £78,339 (2020 - £167,952) of which £40,173 (2020 - £85,695) was attributable to unrestricted funds and £38,166 (2020 - £82,257) was attributable to restricted funds.

3.
Income from charitable activities
Hire income		 2021
£
221,132
 2020
£
125,547

Income from charitable activities was £221,132 (2020 - £125,547) which was all attributable to unrestricted funds.

4.
Income from other trading activities
General
Friends
£
£
Mooring income
34,608
-
Friends AGM and events
-
1,990
Merchandise and other income
5,878
1,423
40,486
3,413		 2021
Total
£
34,608
1,990
7,301
43,899		 2020
Total
£
40,378
100
4,501
44,979

Income from other trading activities was £43,889 (2020 - £44,979) which was all attributable to unrestricted funds.

5.
Other income
General
Friends
£
£
Furlough income
590
-
Government interest contribution
1,050
-

1,640
-
 2021
Total
£
590
1,050
1,640		 2020
Total
£
25,178
710
25,888

Other income was £1,640 (2020 - £25,888) which was all attributable to unrestricted funds.

6. Investment income 2021 2020
£ £
Bank deposit interest - Trust 1 5
- Friends of the Hunter Fleet 2 22
3 27

Income from investments was £3 (2020: £27) which was all attributable to unrestricted funds.

11

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

7. Net income from trading subsidiary

The Trust has a wholly owned trading subsidiary, Hunter’s Fleet Limited, which also operates the Trust’s hire fleet. The company pays its taxable profit to The Norfolk Heritage Fleet Trust under the Gift Aid regulations. A summary of its trading results is shown below.

Profit and loss account
Turnover
Cost of sales
Gross profit
Administrative expenses
Net profit
Net profit paid to The Norfolk Heritage Fleet Trust under Gift Aid		 2021
£
242,927
(207,449)
35,478
(3,372)
32,106
32,106		 2020
£
163,823
(140,280)		 2020
£
163,823
(140,280)

23,543
(3,321)
20,222
20,222
8.
Charitable activities
Friends of
General
the Hunter Designated Restricted
2021
Fund
Fleet
Fund
Fund
Total
£
£
£
£
£
Salaries and wages (including
pension contributions):
see note 12
151,547
-
- 8,560
160,107
Training
75
-
-
-
75
Light, heat & water
1,762
- - 2,380
4,142
Rates
632
- - 303
935
Motor
3,228
-
-
-
3,228
Materials and repairs
(2,935)
30,000 - 1,854
28,919
Repairs to premises
2,637
-
- 2,000
4,637
Laundry
2,597
-
-
-
2,597
Insurance
- Boat and premises
6,105
-
- -
6,105
- Personnel
1,211
-
-
-
1,211
River tolls
7,150
-
- -
7,150
VAT adjustment
636
-
-
-
636
Depreciation
27,419
-
-
-
27,419
(Profit) on disposal
(197)
-
-
-
(197)
Development of web site
4,714
-
-
-
4,714
Support costs (note 9)
26,917 4,992
-
-
31,909
233,498 34,992
- 15,097
283,587		 2020
Total
£
154,072
110
3,598
1,914
2,213
68,923
1,342
854
7,023
1,230
6,606
(1,363)
26,064
-
280
30,784
303,650

£268,490 (2020 - £250,911) of the above costs were attributable to unrestricted funds. £15,097 (2020 - £52,739) of the above costs were attributable to restricted funds.

12

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

9.
Support costs
Friends of
General
the Hunter
Fund
Fleet
£
£
“Friends of The Hunter Fleet” costs
- Events
-
280
- Printing, stationery & postage
-
3,839
- Purchases
-
873
Postage and telephone
2,157
-
Insurance
559
-
Management accountancy
637
-
Independent examiner
4,848
-
Professional fees
348
-
Advertising
3,233
-
Office costs
1,516
-
Sundries
6,543
-
Bank charges and interest
3,637
-
Subscriptions
106
-
Website booking
3,333
-

26,917
4,992
10. Net income / (expenditure)
Net income is stated after charging:
Depreciation of tangible fixed assets		 2021
Total
£
280
3,839
873
2,157
559
637
4,848
348
3,233
1,516
6,543
3,637
106
3,333
31,909
2021
£
27,419		 2020
Total
£
-
3,495
1,044
2,673
451
637
5,000
132
5,176
2,006
4,166
3,057
170
2,777
30,784
2020
£
26,064

11. Independent examiners remuneration

The independent examiners remuneration amount to an independent examination fee of £3,570 (2020 - £3,600) and accounts preparation on the subsidiary Hunters Fleet Limited of £1,278 (2020 - £1,400).

13

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

12. Staff costs and emoluments

The cost of employing staff was:
Salaries and wages
Social security costs
Defined benefit pension cost
Defined contribution pension cost
The average number of employees, excluding Trustees, during the year was:
Administration
Boat maintenance
Part-time cleaner
Part-time cleaners (seasonal)		 2021
£
138,919
6,863
12,820
1,505
160,107
2.0
5.0
1.0
6.0
14.0		 2020
£
134,759
5,932
11,930
1,451
154,072
2.0
5.0
1.0
6.0
14.0

There were no employees who received emoluments greater than £60,000.

The total amount of employee benefits received by key management personnel is £36,684 (2020 - £31,369). The Trust considers its key management personnel comprise the Base Manager and Administrator.

13. Trustee remuneration and transactions

No remuneration was paid to any Trustee during the period. Donations totalling £50 (2020 - £75) were received from one Trustee. £1,266 (2020: £Nil) was reimbursed to P M Bray in respect of flags and a zoom subscription purchased. £2,418 (2020: £Nil) was reimbursed to N Khambatta in respect of anniversary book costs.

The charity paid £559 for Trustee Indemnity Insurance in 2021 (2020 - £451).

14. Taxation

The charity has no liability to corporation tax or capital gains tax.

15. Result of The Norfolk Heritage Fleet Trust (parent company)

Net income of £96,814 excluding gift aid from subsidiary company (2020 - income £17,321) has been recognised in the accounts of the Charity. The Charity is not required to produce its own profit and loss account because of the exemption provision in Section 408 of the Companies Act 2006.

16. Tangible fixed assets Group and Charity

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		 Freehold land,
Plant &
Total
buildings and
Hire
office
Motor
dyke
fleet
equipment vehicles
£
£
£
£
£
586,910
308,977
185,827
89,606
2,500
8,719
-
-
2,727
5,992
(2,500)
-
-
-
(2,500)
593,129
308,977
185,827
92,333
5,992
186,735
41,509
93,172
49,554
2,500
27,419
4,180
4,633
16,944
1,662
(2,500)
-
-
-
(2,500)
211,654
45,689
97,805
66,498
1,662
381,475
263,288
88,022
25,835
4,330
400,175
267,468
92,655
40,052
-

Freehold land and buildings includes land at a cost of £100,000 which is not depreciated. All fixed assets are used for direct charitable purposes.

14

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

17. Investments 2021 2021 2020
£ £
Subsidiary undertakings 2 2
Details of subsidiary undertakings at the balance sheet date are as follows:-
Name of Nature of % Result for Net
company Business owned the year assets
£ £ £
Hunter’s Fleet Limited Hire fleet 100 - 2
operators

The subsidiary undertaking is incorporated in England (company number 03157685).

Other Investments
Market value as at 1 January
Unrealised (loss)/gain

Market value as at 31 December
Historic cost		 2021
£
67,121
(2,681)

64,440
38,823		 2020
£
63,094
4,027

67,121

38,823

The portfolio comprises of 6,909.35 units (2020 – 6,909.35 units) in the COIF Charities Fixed Interest Fund with a market value of £64,440 (2020 - £67,121).

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

18. Stocks

Stocks
Merchandise
Other stocks		 2021
Group
Charity
£
£
8,966
1,239
29,610
28,282

38,576
29,519		 2020
Group

£
10,344
16,535

26,879
 Charity
£
1,095
16,258
17,353

All stock is either held for resale or for use on the fleet in future years.

19. Debtors

Trade debtors
Amount owed by Hunter’s Fleet Ltd
Prepayments and accrued income		 2021
Group
Charity
£
£
83,654
14,496
-
6,021
14,835
14,835
98,489
35,352		 2020
Group
Charity
£
£
37,761
32
-
-
1,447
1,447
39,208
1,479

15

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

20. Creditors: Amounts falling due within one year

2021
Group
Charity
£
£
Trade creditors
(169)
(169)
Tax and social security
14,168
14,168
Amount owed to Hunter’s Fleet Ltd
-
-
Accruals and deferred income
123,606
42,208
Other creditors
1,891
1,791
Bank loan
-
-
139,496
57,998
Creditors: Amounts falling due after one year
Accruals and deferred income
20,359
20,359

Bank loans
-
-

20,359
20,359
 2020
Group
£
9,578
5,149
-
76,276
1,890
5,364
98,256
-
65,036

65,036
 Charity
£
9,578
5,149
45,201
19,967
1,890
640
82,424
-
19,760
19,760

21. Creditors: Amounts falling due after one year

The Bounceback bank loans were both repaid during the year.

22. Deferred income

Deferred income
2021 2020
Group Charity Group
Charity
£ £ £ £
As at 1 January 60,073 5,247 84,697 28,946
Released in the year (60,073) (5,247) (84,697) (28,946)
Deferred in the year 127,260 47,312 60,073 5,247
127,260 47,312 60,073 5,247
Deferred income represents funds invoiced and received in advance of future boat hire and moorings.
Company status
The company is limited by guarantee. Each member is liable to contribute a sum, not exceeding £1, in the even
of a winding up.
Related party transactions
During the year the group raised invoices, under normal commercial terms to the following Trustees:
P M Bray Winter storage, mooring fees & anniversary books £2,516 (2020: £1,885)
Rev N H Khambatta Mooring fees and merchandise £1,158 (2020: £1,078)
I R Cartwright Boat hire £783 (2020: £Nil)
N Hopkinson Winter storage and merchandise £686 (2020: £630)
£620 owed at the year end
R Smith Winter storage & materials £684 (2020: £Nil)
£64 owed at the year end
G Wilkes Books £20 (2020: £Nil)

23. Company status

The company is limited by guarantee. Each member is liable to contribute a sum, not exceeding £1, in the event of a winding up.

24. Related party transactions

During the year management fees of £206,488 (2020: £139,250) were paid from Hunters Fleet Limited to the Trust. At 31 December 2021 Gift aid payable, equal to the value of taxable profits, was £32,106 (2020: £20,222). The intercompany balance of £6,021 owed to the Trust from Hunters Fleet Limited is net of the gift aid payable.

A Drew is a director of Alan Boswell Insurance Brokers. During the year the Trust purchased insurance through Alan Boswell Insurance Brokers, amounting to £11,609 (2020: £8,310). £Nil was owing to Alan Boswell Insurance Brokers at the year end. A grant of £10,000 (2020: £Nil) was received from Alan Boswell during the year.

16

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

25. Reconciliation of movement in funds

Year ended 31 December 2021

Restricted funds
Heritage Lottery
Alan Boswell
Electric engine fund
Unrestricted funds
Designated funds
Provision for pension deficit
Friends of the Hunter Fleet
Repair
General fund
Total		 Opening
Net income /
funds
(expenditure)
£
£
16,330
7,069
-
10,000
-
6,000
16,330
23,069
(90,000)
-
29,934
(12,868)
24,987
-
(35,079)
(12,868)
495,251
47,400

476,502
57,601		 Gains
£
-
-
-
-
-
-
-
-
71,319
71,319		 Transfers
£
(12,700)
-
-
(12,700)
81,000
-
-
81,000
(68,300)
-		 Closing
funds
£
10,699
10,000
6,000
26,699
(9,000)
17,066
24,987
33,053
545,670
605,422
(

Friends of Hunter Fleet

Transfers

Year ended 31 December 2020

Restricted funds
Heritage Lottery
Electric engine fund
Unrestricted funds
Designated funds
Provision for pension deficit
Friends of the Hunter Fleet
Repair
General fund
Total		 Opening
funds
Net income
£
£
-
22,261
-
7,257
-
29,518
(66,000)
-
22,470
7,464
24,987
-
(18,543)
7,464
462,930
23,106

444,387
60,088		 Gains
£
-
-
-
-
-
-
-
(27,973)
(27,973)		 Transfers
£
(5,931)
(7,257)
(13,188)
(24,000)
-
-
(24,000)
37,188
-		 Closing
funds
£
16,330
-
16,330
(90,000)
29,934
24,987
(35,079)
495,251
476,502

17

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

26. Analysis of assets between funds

As at 31 December 2021

Long term Long term
Liabilities &
Tangible Investments Current Current Pension
fixed assets assets liabilities Scheme Total
£ £ £ £ £ £
Restricted funds
Heritage Lottery - - 10,699 - - 10,699
Alan Boswell - - 10,000 - - 10,000
Electric engine fund - - 6,000 - - 6,000
- - 26,699 - - 26,699
Designated funds
Provision for pension
deficit - - - - (9,000) (9,000)
Friends of the Hunter Fleet - - 17,066 - - 17,066
Repair - - 24,987 - - 24,987
- - 42,053 - (9,000) 33,053
General fund 381,475 64,440 259,610 (139,496) (20,359) 545,670
Total 381,475 64,440 328,362 (139,496) (29,359) 605,422

As at 31 December 2020

Long term Long term
Liabilities &
Tangible Investments Current Current Pension
fixed assets assets liabilities Scheme Total
£ £ £ £ £ £
Restricted funds
Heritage Lottery - - 16,330 - - 16,330
- - - - - -
Designated funds
Provision for pension
deficit - - - - (90,000) (90,000)
Friends of the Hunter Fleet - - 29,934 - - 29,934
Repair - - 24,987 - - 24,987
- - 54,921 - (90,000) (35,079)
General fund 400,175 67,121 191,247 (98,256) (65,036) 495,251
Total 400,175 67,121 262,498 (98,256) (155,036) 476,502

18

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

27. Charity Pension Scheme

The charity operates a defined benefit pension plan for qualifying employees providing benefits based upon final pensionable pay. The pension is funded by the payment of contributions and assets of the plan are held in a separately administered fund.

The most recent comprehensive actuarial valuation of pension plan assets and the present value of the defined benefit obligation was carried out at 31 December 2021.

The total recognised in the period was as follows:

The total recognised in the period was as follows:
2021 2020
£ £
Current service cost (12,000) (11,000)
Net interest expenditure (1,000) (1,000)
Recognised in net (expenditure) (13,000) (12,000)
Recognised in other gains 13,000 12,000
Total cost recognised 20,000 20,000
Amounts recognised in the balance sheet were as follows 2021 2020
£ £
Present value of funded obligations (665,000) (674,000)
Fair value of plan assets 656,000 584,000
(9,000) (90,000)
Changes in the present value of the defined benefit obligations were as follows:
2021 2020
£ £
Opening defined benefit obligation 674,000 607,000
Total service cost 12,000 11,000
Interest expense 8,000 12,000
Actuarial (gains) / losses (11,000) 54,000
Contributions by scheme participants 2,000 2,000
Benefits paid (20,000) (12,000)
Closing defined benefit obligation 665,000 674,000
Changes in the fair value of the pension plan assets were as follows 2021 2020
£ £
Opening plan assets 584,000 541,000
Interest income 7,000 11,000
Actual return on plan assets (excluding interest income) 63,000 22,000
Contributions by charity 20,000 20,000
Contributions by scheme participants 2,000 2,000
Benefits paid (20,000) (12,000)
Closing defined benefit assets 656,000 584,000

19

The Norfolk Heritage Fleet Trust Notes to the Financial Statements (continued) For the year ended 31 December 2021

27. Charity pension scheme (continued)

Closing plan assets

The amount that each major class of pension plan assets constitute of the fair value of the total plan assets was as follows:

2021 2020
£ £
Equity instruments 334,560 303,680
Debt instruments (bonds) 223,040 204,400
Property 72,160 64,240
Other assets 26,240 11,680
656,000 584,000
Amounts recognised in the Statement of Financial Activities 2021 2020
£ £
Total service cost 12,000 11,000
Interest income (7,000) (11,000)
Interest cost 8,000 12,000
Total operating charge 13,000 12,000
The principal actuarial assumptions used were as follows: 2021 2020
Discount rate 1.85% 1.25%
Expected rates of salary increases 3.65% 3.15%
Expected rates of pension increases 2.95% 2.45%
Inflation assumption (CPI) 2.95% 2.45%
Commutation of pensions to lump sums 50% and 75% 50% and 75%

Life expectancy is based on the Funds VitaCurves with improvements in line with the CMI 2018 model assuming the current rate of improvement has reached a peak and will converge to a long term rate 1.5%pa. The average future life expectancies at age 65 are summarised below:

Retiring at the balance sheet date

Retiring at the balance sheet date
Males 21.9 21.7
Females 24.3 23.9
Retiring in 20 years
Males 23.2 22.8
Females 26.2 25.5

The estimated value of employer contributions for the year ended 31 December 2022 is £20,000.

Sensitivity analysis 2021 2020
£ £
Real discount rate -0.5% 50,000 51,000
Salary increase rate +0.5% 5,000 3,000
Pension increate rate +0.5% 45,000 47,000

Actual return on investment

The actual return on the scheme assets for the year was £70,000 (2020: £33,000).

28. Commitments

During the year the charity committed to the redevelopment of its website. During the year £4,125 was paid towards this work with a remaining £4,125 to be paid during the year ended 31 December 2022.

20

The Norfolk Heritage Fleet Trust Income and Expenditure Account For the year ended 31 December 2021

Income
Hire income, moorings and other sales
Merchandise sales and other income
Donations, legacies and general
Government contribution to loan
“The Friends of the Hunter Fleet” income
- Subscriptions
- AGM/events
- Interest receivable
- Merchandise sales and other income
- Donations
Interest receivable
Costs of generating funds
Direct charitable expenditure
Salaries and wages (including pension costs)
160,107
Training
75
Light, heat and water
4,142
Rates
935
Motor
3,228
Materials and repairs
28,919
Repairs to premises
4,637
Laundry
2,597
Insurance
- Boat and premises
6,105
- Personnel
1,211
River tolls
7,150
VAT adjustment
636
Depreciation
27,419
(Profit) on disposal
(197)
Development of website
4,714
Fund-raising and publicity costs
“Friends of the Hunter Fleet” costs:
- Events
- Printing, stationery & postage
- Purchases
Administration expenses
Postage and telephone
2,157
Insurance
- Trustee
559
Management accountancy
637
Independent examination
4,848
Professional fees
348
Advertising
3,233
Office costs
1,516
Sundries
6,543
Bank charges
3,637
Subscriptions
106
Website booking
3,333
Expenditure
Net income for the year before (losses) / gains		 2021
£
255,740
5,878
60,220
1,050
11,004
1,990
2
1,423
7,705
1
345,013
3,825
154,072
110
3,598
1,914
2,213
68,923
1,342
854
7,023
1,230
6,606
(1,363)
26,064
-
280
251,678
280
3,839
873
2,673
451
637
5,000
132
5,176
2,006
4,166
3,057
170
2,777
26,917
287,412
57,601		 2020
£
165,925
2,171
171,579
710
9,865
100
22
2,330
11,686
5
364,393		 2020
£
165,925
2,171
171,579
710
9,865
100
22
2,330
11,686
5
364,393

655
272,866
-
3,495
1,044
26,245

304,305

60,088

21