## **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 Tho NorfoW( H•rft•g• Fl••tTru•t TnMt••s annu•l r•port Forth• y•ar •nd•d 31 D•c•mb•r 2021 Th8 Trustw rnguhrly roM¥th• rnks and rwJs9ary staps lo mlnlmls8 tham. Mgkntsrffjn￿ oftl* Ile•t and th& shed¥ cnxlal. paflculaty ensuring shgd$ aro kept d8•n l*. Tho Tnwfs vkndly owned 8ub8ldlary Un￿t•d ¢anled tyjt non￿￿11•b￿ trading aebvitms Illr the Tntst and wo$ in0)￿OrIted on 12 Faty￿ry 1998. Tho a¢¢¢wnts (or y•8r •rrfl•d 31 Docgmbar 2021 are Tnfytees moot evwy two month$ or moro fv¢quenlty rf a need wises. The day to day admlntstraoon ol lh• TnJsl 1$ undertaken by thg Monggfrr •nd tho opernfjon ol the Yard and Fleet by tho toremgn boal bulhlar. Th• ch11Trn￿ ol tr* Twst Is In Mo￿•r ¢onl4d with tha MAhwr by phoro. • mail and fax and M•lis the Yord . Othw TNst•88 4180 all In attha Yard M frgquenl occa8ion6 thring th• 80880n. Ind•p•nd•nt Examln M Pmthr FCA DCIK4 ¢lL¢¥wwtl 8* LLP*ll b& rnr•ppolnt•d 88 IMlap6ndentexaminerlor th• •MulTrJ 5ffj•r. Smal campary pro¥l8lon• Thls report bean wwr•d In ac￿r￿￿K• wilh th• 4pplc4bl• to •rthd lo Itro Im￿1 stgned on behdfofth•TnthJs on4.:.?.T..Ap.rjl 2022 Rov N H Khamb￿a Chakrnan ,11.11. I¥L,.L, ## **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 Th• Norfolk H•rltag• Vl••t TN•t O•lane• Shoot A• •t 31 D0￿m￿•r 2021 Cornpthy numl)•r 3114407 2021 2020 Group Ch•ilty Grolp Charfty TaNJfoh a38el8 1nWstrr￿18 16 17 381.475 381.475 400.175 400.175 urrnnl ag1•ts 16 19 38.576 29.619 98.489 35,352 5.950 28.879 39,2 5,949 17.353 1,479 S,949 Dobtorn COIF depc4N8 Ca¥h atknk and In h8nd 32&382 246.862 208,920 207,810 Cr•dltorn: knount8 fallng due wllhln ono ye8f N•1 ¢urrnnt4•••ts 20 Tol•l •u•l• l••• ¢urrnntllablllle• 834,781 834,781 831,538 588,282 Cr•dltorn: Arnounts lalllry ¢*J• aftgr one year N•1 u••ts •xcludlng p•Tr•It￿ Illbllty D•ffln•d l*n•fit P￿￿10n •ch•m• Il•blW 27 814.422 814.422 5e6.502 566.502 Ch￿mY Fund• Restrfct•d fvr Unr051￿ l￿d$. O•sbnalod fuThJ5 P•n8lon lurnl Olhor*Ye8* fund• 26.699 26.899 le.￿? 16.330 19.0 41053 1g.ocoi 42,053 19Q,(Wl 54,921 26 54,921 For th& y￿r 31 Dscambor 2021 th• oyry)gny w88 I￿l￿d to •xrfon S•ckn 477 01 the Cornpanf•8 Act 2006 rdatSn9 to $mg11 eomp4nl8S. Tfftjst￿, ￿pOn￿bIllIo￿. Th• m•mb8rn ho￿ nol rnqulr•d th• ¢rAnp•ry tr• (thln on audfc d Its attwnl8 for th• In qu•sU(ffi th ￿￿On 478: The dir•cl0rn aL*nu•A8&J• r•spordthNl•$ for ¢unptying ￿1th th• rnqwrwnents of Act wth Mjpxt to accountlrrfJ record5 and the preparabcn ofacceunt& flngn¢lo1 Slat￿OnI$ bgen pr￿[0d in KCOTdanca th¢ pro¥￿0￿ applkth to Campa￿88 sthlect to th• Th66• fththd818tst•morts 8pwo¥•d ty Trttytws and for IMu• on th• 2T.ARijl 2S)22. wned ¢)n th•ir bohalf by.. Rov N H Khgmbgtt• Chalrman I,.IL11. kL,.&4h 7hg onpagg$ 810 20fomi ￿ lr*rnlpartdlm￿ thandalsl•t•n7•nl$ **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. - Subscriptions are accounted for on a received basis. - Investment income is included when receivable. - Income from charitable activities are accounted for when earned. • 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: - Costs of raising funds comprise the costs of trading for fundraising purposes. - Charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 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| |---|---|---|---|---| ||||(
|| - **Restricted Funds** Electric engine fund - Donations received towards the purchase of electric engines. Equipment fund - Donations received towards the purchase of specific items of equipment. - Alan Boswell - Grant received towards the cost of Norfolk & Norwich school children using the boats for skippered sailing experiences - **Unrestricted Funds** General - General funds of the charity. Friends of Hunter Fleet - Operating funds of a support organisation of the charity. - Repair Fund - To fund future repairs to charity premises. - Provision for pension - The Trust’s estimated deficit within the Norfolk County Council Pension Fund deficit **Transfers** - Transfers between funds represent the transfer of funds in connection with the pension liability and also transfers from Heritage Lottery Funding to rebuild reserves. ## **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