Registered number: 3114407 Charity number: 1052303 THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) CONTENTS Page Reference and administrative detalls of the Charity, its Trustees and advisers Trustees. report Independent examlner's report Consolidated statement of financlal activities Consolidated balance sheet 10-11 Charity balance sheet Notes to the financial statements 12-13 14-35
THE NORFOLK HERITAGE FLEET TRUST IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustses PMBray Dr R J A Cadman M Coupe A F Drew, Vice Chairman N G Hopkinson {resigned 24 January 2024) Rev N H Khambatta, Chairman K J Nelson R E Smith G Wilkes Company registered number 3114407 Charity registered number 1052303 Registered office Hunters Yard Horsefen Road Ludham Great Yarmouth NR29 5QG Company secretary PMBray Base Manager and Administrator Mr M Whitaker Independent Examiner Larking Gowen LLP Chartered Accountants Prospect House Rouen Road N0ch NR1 1RE Bankers Natwest 32 Market Place Dereham NR19 2AR Solicitors Cozens Hardy LLP Opie Street Norwch NR13DP Page 1
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together wth the financial statements of the Charity for the 1 January 2023 to 31 Dember 2023. The Annual report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 {Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities Policies and objectives 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. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity (PB2)'. b. Main activities undertaken to further the Charity's purposes for the public benefit The Trust gives discounts of up to 30 % 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. Achievements and perfomiance a. Main achievements of the Charity and plans for the future The effects of inflation and the state of the economy in the country have been felt by all the hire companies on The Broads over the past twelve months. The Trust recognised that this was likely to affect us and the budget set for the year reflected this. In the event the figures at the end of the year were much better than we had expected. The reason for this is primarily the support received by the Trust from three Norwich charities which gave us grants to work wth primary school children. A pilot scheme was run to offer a day out in Broadland to local primary schools, over 400 children visited Hunter's yard and went sailing during the sailing season. At the same time an application was made to the National Heritage Lottery Fund for a grant allow us to develop this work by recruiting a full time member of staff to work with schools, youth organisations and community groups, a project falling wthin the scope of our trust deed, to seek to educate and involve the public in the life and heritage of the Broads. Page 2
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perforniance (continued) Our application met with success and we are delighted to have our Project Coordinator in post and funded for l)NO years. We already have over 500 children b¢)oked in for a day at the yard. On the 'shop floor, there were also changes. A member of the boat-shed work force left us and we were fortunate to be able to replace them with boatbuilder and graduate from the local boat-building college, the IBTC. This strengthens our skills base considerably. Our manager of some 16 years retired and we appointed a new manager who has brought fresh ideas and direction to our business model. The Trust has al80 added the care of small boats to it's portfolio. The Arthur Ransome Society has entered into an agreement with us to care for and to hire the dinghies used in the 1974 film 'Swallows & Amazons,. Both require repair and resloration which opens another revenue stream which we hope can be built on in the coming seasons, another initiative for the future. The continued support of local charities, the opportunities which schools and youth sailing offer, our three new staff members together with Swallow & Amazon give us scope and opportunities to develop for the benefit of the Trust over the coming year. Financial revlew a. Results for the year The net gain for the year, before gains and losses, was £32,912 (2022 - net loss of £53,288). The results of the Trust's wholly owned subsidiary, Hunter's Fleet Limited, are shown in note 13 of the accounts. In addition to donations, the Trust benefited from voluntary help from various individuals, to whom grateful thanks are extended. b. Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this 8$On, they continue to adopt the going con¢em basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 3
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 c. Reserves policy The expendable reserves of the charity at 31 December 2023, excluding those invested in fixed assets and the Defined Benefit Pension Scheme Fund comprised.. 2023 2022 General Funds 140,523 117,090 Designated Funds Repair Fund (premises) The Friends of the Hunter Fleet 24,987 15,709 24,987 14,751 Restricted Funds 37,536 20,077 176 905 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 £165,000. This level of reseNes is considered appropriale to provide for unexpected repair and maintenance costs and in case funds are required to cover temporary downturns in income. Structure, governance and management a. Governlng document The Norfolk Heritage Fleet Trust is registered as a charitable company limited by guarantee, incorporated on 16 October 1995 and registered as a charity on 26 January 1996. The charily 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. b. Methods of appolntment or election of Trustees Trustees shall be persons who through residence, occupation, employment or otherwise have special knowledge of the area of benefit or who are othemise 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 memoranclum and Articles of Associalion-, 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 urses designed to keep them abreast of their duties and responsibilities. The Truslees 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. Page 4
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management (continued) c. Risk appraisal The Trustees regularly review the risks and take any necessary steps to minimise them. Maintenance of the fleet and the sheds are crucial, particularly ensuring that the sheds are kept clean and tidy. d. Related party relationships The Trusvs wholly 0ed subsidiary Hunter's Fleet Limited carried out non-charitable trading activities for the trust and was incorporated on 12 February 1996. The accounts for the year ended 31 December 2023 are consolidated with those of the charity. e. Organisational structure The Trustees meet every two months or more frequently if a need arises. The day to day administration of the Trust is undertaken by the Manager and the operation of the Yard and Fleet by the foreman boat builder. The Chaiman of the Trust is in regular contact wth the Manager by phone and e-mail and visits the yard weekly. Other Trustees also call in at the Yard on frequent occasions during the season. f. Independent examiner C Yeates FCA DChA of Larking Gown LLP has been appointed as independent examiner for the year. g. Small company provisions This report has been prepared in accordance wth the provisions applicable to companies entitled to the small companies exemption. Page 5
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees, responsibilities The Trustees I0 are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under Company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methc%Js and principles of the Charities SORP {FRS 102)., make judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Rev N H Khambatta Chair of Trustees Date.. Page 6
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examinerfs report to the Trustees of The Norfolk Heritsge Fleet Trust ('the Group.) I reFort to the charity Trustees on my examination of the consolidated accounts of the Group comprising the The Norfolk Heritage Fleet Trust {'the parent Charity,) and its subsidiary undertakings for the year ended 31 December 2023. Responsibilities and basis of report As the Trustees of the parent Charity (and its directors for the purposes of company law} you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,) and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both parent Charity and the Group are not required by either company or charity law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the consolidated accounts are not required to be audited under Part 16 of the 20C6 Act and are eligible for independent examination, I report in respect of my examination of the Group's accounts carried out under section 152 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 152(51{b) of the 2011 Act. Independent examiner's statement sin the Trusts have opted to prepare consolidated accounts for the Group your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of 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 wth the examination giving me cause to believe.. accounting records were not kept in respect of the parent Charity and its subsidiaries as required by section 386 of the 20CE Act,. or the accounts do not accord wth those records,. or the accounts do not Comply wth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination., or the accounts have not bn prepared in accordance wth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance wth 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 wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 7
THE NORFOLK HERITAGE FLEET TRUST {A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the parent Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated. l fr />1, L Tr+ Christopher Yeates FCA DChA Larking Gowen LLP Chartered Accountants Nomch Page 8
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Other trading activities Investments Other income 32,675 40,884 215.414 78,818 9,328 1,010 73,559 215,414 78,818 9,328 1,010 47,099 198, 986 71,862 64 1,389 Total income 32,675 345,454 378,129 319,400 Expenditure on: Raising funds Charitable activities 1,399 328,602 1,399 343,818 14,378 358,310 15,216 Total expenditure 15,216 330,001 345,217 372, 688 Net incomel{expenditura) before net gainslllosses) on investments Net gainslllosses) on investments Net movement in funds before other recognised gainsl(losses 17,459 15,453 4,487 32,912 4,487 (53, 288) (6,395) 17,459 19,940 37,399 (59, 683) other recognised gainslllosses): Actuarial gains on defined benefit pension scheme (23,0001 (23,000 1,000 Net movement in funds 17,459 {3,060) 14,399 (58, 683) Reconciliation of funds: Total funds brought fowdrd Net movement in funds 20,077 17,459 526,662 (3,060 $46,739 14,399 605,422 (58, 683) Total funds carried forward 37,536 523,602 561,138 546, T39 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 14 to 35 form part of these financial statements. Page 9
THE NORFOLK HERITAGE FLEET TRUST IA company limited by guarantee) REGISTERED NUMBER: 3114407 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Investments 12 342,383 62,532 369, 834 58, 045 13 404,915 427,879 Current assets Stocks Debtors Cash at bank and in hand 14 30,909 72,131 144,368 40,063 29. 553 116,236 15 247,408 185, 852 Creditors.. amounts falling due wthin one year 16 184,298) (53,218) Net current assets 163,110 132, 634 Total assets less current liabilities 568,025 560,513 Creditors.. amounts falling due after more than one year 17 (6,887) (13, 774) Total net assets 561,138 546, 739 Charity funds Restricted funds Unrestricted funds 18 18 37,536 523,602 20,077 526, 662 Totsl funds 561,138 54S, 739 Page 10
THE NORFOLK HERITAGE FLEET TRUST IA company limited by guarantee) REGISTERED NUMBER: 3114407 CONSOLIDATED BALANCE SHEET ICONTINUED) AS AT 31 DECEMBER 2023 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees a¢knOedge their responsibilities for complying with the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by- Rev N H Khambatta Chair of Trustees Date: 1 14 IP 202h The notes on pages 14 to 35 form part of these financial statements. Page 11
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) REGISTERED NUMBER: 3114407 CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Flxed assets Tangible assets Investments 12 13 342,383 62,534 369, 834 58,047 404,917 427,881 Current assets Stocks Debtors Cash at bank and in hand 14 15 26,075 31,730 123,401 26, 624 19,793 111,161 181,206 157,578 Creditors: amounts falling due within one year 16 (18.098) (24, 946) Net current assets 163,108 132, 632 Total assets less current liablllties 568,025 560,513 Creditors.. amounts falling due after more than one year 17 (6,887) (13, 774) Total net assets 561,138 546, 739 Charity funds Restricted funds Unrestricted funds 18 18 37,536 523.602 20,077 526, 662 Total funds 561,138 546, 739 Page 12
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) REGISTERED NUMBER: 3114407 CHARITY BALANCE SHEET ICONTINUED) AS AT 31 DECEMBER 2023 The Charity's net movement in funds for the year was £14,399 {2022- £(58,683)). The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance wth section 476 of Companies Act 20C6. The Trustees a¢knOedge their responsibilities for complying wth the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small Gompanies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. I, i/ J .11. !::..I,..h...... Rev N H Khambatta Chair of Trustees Date.. ///1 h The notes on pa es 14 to 35 form part of these financial statements. Page 13
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies 1.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Norfolk Heritage Fleet Trust meets the definition of a public benefit entity under FRS 102. ASt8 and liabilities are initially recognised at historical cost or transaction value unless otheise stated in the relevant accounting policy. The Consolidated statement of financial activities {SOFA) and Consolidated balan sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 1.2 Going concern The financial statements have been prepared on a going concem 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 for the Company to be able to continue as a going concern. 1.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate wth sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existen of a valid will and the death of the benefactor} and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised then it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advan of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Subscriptions are accounted for on a received basis. Income from long term moorings is released over the period of the mooring. Page 14
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 1.3 Income (continued) Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Investment income is included when receivable. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent wth the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.5 Tangible flxed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following basis: Hire fleet Buildings and New Dyke Plant and machinery Motor vehicles Office equipment 3 /0 Straight line 2 % straight line 20 % Straight line 33% Straight line 33°/, Straight line Freehold land is not depreciated. Page 15
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 1.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as'Gainsl(Losses) on investments, in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 1.7 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 1.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments wth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 Liabilities and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of 8 past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to *ttle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 1.11 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 16
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 1.12 Pensions The Charity operates a defined benefits pension 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 provided benefits based on final personable salary. If the present value of the defined benefit obligation at the reporting date is less than the fair value of plan assets at that date, the plan has a surplus. A plan surplus, as a defined benefit plan asset, is only recognised to the extent that it can be recovered either through reduced contributions in the future or through refunds from the plan. 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. 1.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. 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 wth specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and U of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Page 17
THE NORFOLK HERITAGE FLEET TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacies Restricted Unrestrictsd funds funds 2023 2023 Total funds 2023 Donations 17,188 11,000 17,188 11,000 32,675 12,696 Legacies Grants Subscriptions 32,675 12,696 Total 2023 32,675 40,884 73,559 Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Donations Legacies Grants Government covid grants Subscriptions 10 11,895 1,000 17, 100 4, 000 10,094 11,905 1,000 20, 100 4, 000 10,094 3, 000 Total 2022 3,010 44,089 47,099 Income from charitable activities Unrestricted funds 2023 Total funds 2023 Hire income 215,414 215,414 Page18
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitsble activities (continued) Unrestricted funds 2022 Total funds 2022 Hire income 198. 986 198, 986 Income from other trading activities Income from non charitable trading activities Unrestrlcted funds 2023 Total funds 2023 Mooring income Friends AGM and events Merchandise and other income 45,127 3,223 30,468 45,127 3,223 30,468 78,818 78,818 Unrestricted funds 2022 Total funds 2022 Mooring income Friends AGM and events Merchandise and other income 43,941 4,040 23,881 43,941 4, 040 23,881 71, 862 71,862 Page 19
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income Unrestricted funds 2023 Total funds 2023 Bank deposit interest - Trust Bank deposit interest- Friends of the Hunter Fleet Pension income 78 250 78 250 9.000 9,000 9,328 9,328 Unrestricted funds 2022 Total funds 2022 Bank deposit interest - Trust Bank deposit interest - Friends of the Hunter Fleet 58 58 64 64 Other incoming resources Unrestricted funds 2023 Total funds 2023 Other income 1,010 1,010 Page 20
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Other incoming resources (continued Unrestricted funds 2022 Total funds 2022 Other income 1,389 1, 389 Analysis of expenditure on charltsble activltles Restricted Unrestricted funds funds 2023 2023 Total 2023 Salaries, wages {incl pension contributions) and training Light, heat, water and rates Motor Materials and repairs Laundry Insurance 5,160 174,861 6,123 1,573 36,804 3,210 11,000 9,055 9,147 32,703 3,034 41,092 180,021 6,123 2,773 44,800 3,210 11,000 9,055 9,147 32,703 3,034 41,952 1,200 7,996 River tolls stock write off Depreciation Website Support costs 860 15,216 328,602 343,818 Page 21
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure on charitable activities (continued) (continued) Restricted Unrestricted funds funds 2022 2022 Total 2022 Salaries, wages (incl pension contributions} and training Light, heat, water and rates Motor 182, 500 7,281 2, 795 69, 642 2, 757 9,463 8, 060 29, 606 5,617 39, 967 182, 500 7,281 2, 795 70,264 2, 757 9,463 8,060 29, 606 5,617 39,967 Materials and repairs Laundry Insurance River tolls Depreciation Website Support costs 622 622 357, 688 358,310 Analysis of Support Costs 2023 2022 Friends of the Hunter Fleet expenditure Telephone and postage Insurance Accountancy and independent examination Professional fees Advertising Office Costs Marketing Bank charges Subscriptions Website booking Sundries 10,901 2.249 598 6,376 413 4,691 1,633 4,093 2.112 636 306 8,631 2,217 566 5, 802 1,259 5, 789 2, 128 2, 886 3, 049 664 2,667 4,309 41,952 39,987 Page 22
THE NORFOLK HERITAGE FLEET TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examiner's remuneration 2023 2022 Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts 3,800 3, 600 10. Staff costs Group 2023 Group 2022 Charity 2023 Chan"ty 2022 Wages and salaries Social security costs Contri bution to defined contribution pension schemes Operating costs of defined benefit pension schemes 155,272 8,813 159, 729 8, 146 155,272 8,813 159, 729 8, 146 8,456 2, 625 8.456 2, 625 7.000 12,000 7,000 12,000 179,541 182, 500 179,541 182, 500 The average number of persons employed by the Charity during the year was as follows.. Group 2023 No. Group 2022 No. Charity 2023 No. Charity 2022 No. Administration Boat maintenance Part time cleaner No employee reiVed remuneration amounting to more than £60,000 in either year. The total amount of employee benefits received by key management personnel is £31,956 (2022: £36,819). The Trust considers its key management personnel comprise the Manager. Page 23
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2022- £NIL). During the year ended 31 December 2023, no exFenses {2022.' £294) were reimbursed to trustees (2022= 2) for administrative costs incurred on behalf of the charity. The charity paid £598 for Trustee Indemnity insurance in 2023 (2022.. £566). 12. Tangible fixed assets Group and Charity Freehold land, buildings and dyke Plant & office equipment Motor vehicles Hire Fleet Total Cost or valuation At 1 January 2023 Additions 308,977 110,299 5,252 5,992 185,827 611,095 5,252 At 31 December 2023 308,977 115,551 5,992 185,827 616,347 Depraciation At 1 January 2023 Charge for the year 49,865 4,180 85,637 22,231 3,321 1,659 102,438 4,633 241,261 32,703 At 31 December 2023 54,045 107,868 4,980 107,071 273,964 Net book value At 31 December 2023 254,932 7,683 1,012 78,756 342,383 At 31 December 2022 259, 112 24, 662 2,671 83, 389 369, 834 Page 24
THE NORFOLK HERITAGE FLEET TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Fixed asset investments Listed investments Group Cost or valuation At 1 January 2023 Revaluations 58,045 4,487 At 31 December 2023 62,532 Investments in subsidiary Listed companies investments Total Charity Cost or valuation At 1 January 2023 Revaluations 58,045 4,487 58,047 4,487 At 31 December 2023 62,532 62,534 Principal subsidiarles The following was a subsidiary undertaking of the Charity.. Name Company number Principal activity Holding Hunterfs Fleet Limited 03157685 Hire fleet operators 100/0 The financial results of the subsidiary for the year were: Name Income Expenditure Profiu (Loss)I Surplusl (Deficit) for the year Net assets Hunter's Fleet Limited 240,737 (215,660) 25.077 Page 25
THE NORFOLK HERITAGE FLEET TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Stocks Group 2023 Group 2022 Charity 2023 Charity 2022 Merchandise and other stocks 30,909 40,063 26,075 26, 624 15. Debtors Group 2023 Group 2022 Charity 2023 Charity 2022 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 59,624 18,957 1,736 17,487 1,513 10,994 155 9, 042 1,997 8,599 1,513 10,994 1,997 8, 599 72,131 29, 553 31,730 19, 793 Page 26
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Creditors: Amounts falling due within one year Group 2023 Group 2022 Charity 2023 Charity 2022 Trade creditors 55 30 84.213 4, 969 1, 428 Other creditors Accruals and deferred income 48,249 18,043 23,518 84,298 53,218 18,098 24,946 Group 2023 Group 2022 Charity 2023 Charity 2022 Deferred income at 1 January 2023 Resources deferred during the year Amounts released from previous periods 43,992 66.134 (30,218) 127,260 23,331 (106,599) 20,661 1,501 (6,887) 47,312 (26,651) Deferred income at 31 December 2023 79,908 43,992 15.275 20,661 Deferred income represents funds invoiced and received in advance of future boat hire and moorings. 17. Creditors: Amounts falling due after more than one year Group 2023 Group 2022 Charity 2023 Charity 2022 Accruals and deferred income 6,887 13, 774 6,887 13, 774 Page 27
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Ststement of funds Statement of funds - current year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Transfers inlout Income Expenditure Unrestrictsd funds Designatsd funds Provision for pension deficit Friends of the Hunter Fleet Repair (7,000) 30,000 (23,000) 14,751 24,987 23,223 (22,265) 15,709 24,987 39,738 23,223 (29,265 30,000 {23,000 40,696 General Funds 486,924 322,231 (300,736) (30,000 4,487 482,906 Total Unrestricted funds 526,662 345,454 (330,001) (18,513) 523,602 Restricted funds Heritage Lottery Alan Boswell 10,699 9,378 10,699 9,974 10,000 19,404 Anguish Educational Foundation Nomch Freemans Ranworth Trust Goldcrest Trust 10,000 (2,175) 7,825 10,000 1,675 1.000 (1,962) (1,675) 8,038 1,000 20,077 32,675 (15,216) 37,536 Total of funds 546,739 378,129 (345,217 (18,513) 561,138 Page 28
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of funds (continued) statement of funds - prior year Balance at 31 December 2022 Balance at 1 January 2022 Transfers in/out Gains/ (Losses) Income Expenditure Unrestrictsd funds Designated funds Provision for pension deficit Friends of the Hunter Fleet (9,000) (12,000) 20, 000 1,000 17,066 24,987 23,110 (8, 631) (16, 794) 14,751 24, 987 Repair 33, 053 23,110 (20, 631) 3, 206 1, 000 39, 738 General Funds 545, 670 293,280 (351,435) 5, 804 (6, 395) 486, 924 Total Unrestricted funds 578, 723 316,390 (372, 066) 9,010 (5, 395) 526, 662 Restricted funds Heritage Lottery Alan Boswell Anguish Educational Foundation 10,699 10,000 10,699 9,378 (622) 6,000 3,010 (9,010) 26,699 3.010 (622) (9,010) 20,077 Total of funds 605, 422 319,400 (372. 688) (5, 395) 546, 739 Page 29
THE NORFOLK HERITAGE FLEET TRUST IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of funds (continued) Restricted Funds: Heritage Lottery Fund Donations received towards the purchase of specific items of equipment. Alan Boswell Grant received towards the cost of Norfolk and Norwich sch¢)ol children using the boats for skippered sailing experiences. Anguish Educational Foundation Grant received towards the cost of young carers, Nelson's Journey users, ex-offenders, adults with PTSD and ex-service people {all within Norwich) using the boats for skippered sailing experiences and take home packs. Norwich Freemans Grant received todfdS the cost of school children wthin a 10 mile radius of Nomich using the boats for skippered sailing experiences and take home packs. Ranworth Trust Grant received towards the cost of Acle school children using the boats for skippered sailing experiences. Goldcrest Trust Grant received from The Goldcrest Trust. Unrestricted Funds: General General funds for the Charity. Friends of the Hunters Fleet Operating funds of a support organisation of the Charity. Repair Fund To fund future repairs to Charity premises. Pension provision The estimated deficit within the Norfolk County council Pension Fund. Transfers between funds represent movement on the defined benefit pension scheme and transfers from the Friends of the Hunter Fleet Fund to General Funds. Page 30
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Summary offunds Summary of funds - current year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Transfers inlout Income Expenditurn Designated funds General funds Restricted funds 39,738 486,924 20,077 23,223 322,231 32,675 129,265) (300,736) (15,216 30,000 (30,000 (23,000) 4,487 40,696 482,906 37,536 $46,739 378.129 (345,217) (18,513) 561,138 Summary of funds - prior year 8alance at 31 December 2022 Balance al 1 January 2022 Transfers in/out Gain (Losses) Income Expenditure Designated funds General funds Restricted funds 33, 053 545,670 26, 699 23,110 293,280 3,010 (20, 631) (351, 435) (622) 3, 206 5, 804 (9,010) 1,000 (6, 395) 39, 738 486, 924 20,077 605,422 319,400 (372, 688) (5, 395) 546, 739 Page 31
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due wthin one year Creditors due in more than one year 342, 383 62,532 209,872 (84,298) 16,887) 342,383 62,532 247,408 (84,298) (6,887 37,536 Total 37,536 523,602 561,138 Analysis of net assets between funds - prior year Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due wthin one year Creditors due in more than one year 369, 834 58,045 165, 775 (53,218) (13, 774) 369, 834 58,045 185, 852 (53,218) (13, 774) 20,OT7 Total 20,077 526, 662 546, 739 21. Pension commitments The Group operates a defined benefit 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 rent comprehensive actuarial valuation of pension plan assets and the present value of the defined benefit obligation was carried out at 31 December 2023. Page 32
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Pension commitments Icontinued Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages).. At31 December 2023 At31 December 2022 Discount rate Future salary increases Future pension increases Inflation assumption 4.55 4.75 3.55 2.85 2.85 3.80 3.10 3.10 Life expectancy is based on the Funds Vitacurves with improvements in line wth the CMI 2022 model. At31 December 2023 Years At31 December 2022 Years Mortality rates (in years) - for a male aged 65 now at 65 for a male aged 45 now - for a female aged 65 now at 65 for a female aged 45 now 21.4 20.2 21.7 22.9 24.1 24.9 26.2 26 Sensitivity analysis The Group's share of the assets in the scheme prior to the £230,000 asset restriction explained further below was.. The actual return on scheme assets was £32,400 (2022- £34,265). The amounts recognised in the Consolidated statement of financial activities are as follows.. 2023 2022 Current service cost Interest income 7,000 (30.000) 21,000 12,000 (12,000) 72,000 Interest cost Total amount recognised in the Consolidated statement of financial activities (2,000) 12,000 Page 33
THE NORFOLK HERITAGE FLEET TRUST IA company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Pension commitments (continued) Movements in the present value of the defined benefit obligation were as follows.. 2023 2022 Opening defined benefit obligation Current service cost 445,000 7,000 21,000 2,000 24,000 18,000) 665, 000 12,000 12,000 2, 000 (227, 000) (19,000) Interest cost Contributions by scheme participants Actuarial lossesl(gains) Benefits paid Closing defined benefit obligation 491,000 445, 000 Movements in the fair value of the Group's share of scheme assets were as follows: 2023 2022 Opening fair value of scheme assets Expected return on assets Actuarial gainslllosses} Contributions by employer Contributions by scheme participants Benefits paid Derecognition of surplus 445,000 30,000 53,000 21,000 2,000 (8,000) (52,000) 656, 000 12,000 (48, 000) 20, 000 2, 000 (19,000) (178, 000) Closing fair value of scheme assets 491,000 445,000 At 31 December 2023 the Pension Fund was in surplus of £230,000 (2022 £178,000). However the criteria for recognition of the surplus as an asset as described in accounting policy 1.13 was not met. The scheme's assets have therefore been restricted by £230,000 (2022 £178,000) so as to not recognise the surplus, as presented above. Page 34
THE NORFOLK HERITAGE FLEET TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Related party transactions During the year the group raised invoices, under normal commercial terms to the following Trustees: 20231£ 20221£) PMBray Rev N H Khambatta N Hopkinson R Smith G Wilkes R Cadman Winter storage & mooring fees Mooring fees and merchandise Winter storage Winter storage Books Boat Hire 2,146 1,253 684 684 2,582 1,100 640 704 720 553 During the year management fees of £197,140 (2022.. £194,229) were paid from Hunter's Fleet Limited to the Trust. At 31 December 2023 Gift aid payable, equal to the value of taxable profits, was £25,077 {2022'. £24,720>. An intercompany balance of £17,487 is owed to the Trust from Hunter's Fleet Limited {2022.. £9,042), and includes the year end gift aid payment. A Drew, a Trustee, is also a director of Alan Boswell Insurance Brokers. During the year the Trust purchased insurance through Alan Boswell Insurance Brokers, amounting to £11,303 (2022.. £12,298). A grant of £10,00012022'. £Nill was received from Alan Boswell. Page 35