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
N0￿ch
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 De￿mber 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 0￿ed 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 I￿0 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 Trust*s 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 b*n 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¢knO￿edge 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¢knO￿edge 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.
AS￿t8 and liabilities are initially recognised at historical cost or transaction value unless othe￿ise
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 be￿een 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 re￿iVed 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 to￿dfdS 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 re￿nt 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