Reg18tered number: 3114407 Charfty numbar: 1052303 THE NORFOLK HERITAGE FLEET TRUST (A company Ilmlted by guarantee) UNAUDITED DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarnnteel CONTENTS Page Roforence and admlnl8tratlv• detall• of th• Charlty, It8 Dlrector8 and advl8er8 Dlroctor8' roport Independent •xamlneff8 report Con8olldatod 8tstemont ol flnanclal actlvltles Consolldated balance 8ho•t 10-11 Charlty balanco sheat Nots8 to th• flnanclal •tat8monts 12-13 14-35
THE NORFOLK HERITAGE FLEET TRUST IA company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARrrY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Dlrectors PMBray Dr R J A Cadman M Coupe {reslgned 7 July 2025) A F Drew {reslaned 31 December 2024) N G Hopklnson Ireslqned 24 January 2024) Rev N H Khambatta, Chalrman K J Nelson (reslgned 7 July 2025) R E Smlth G Wllkes, Vtce Chalrman D Chessum (appolnled 20 January 2025) R H Neata (appolnted 20 January 2025) l O Patlence lappolnted 20 January 2025, re8loned 6 July 2025) R B Lona {appolnted 19 March 2025) J E Jack (appolnted 23 Aprll 2025) Company reg18tored number 3114407 Charfty regl8t•rnd numbor 1052303 Rogl8tored offlco Hunters Yard Horsefen Road Ludham Great Yamiouth NR29 5QG Company 8ocretary PMBray B88e Managar and Admlnl8trator Mr M Whltaker Indopondent Examlner L8rklng Gowen LLP Chartered Accountants Prospect House Rouen Road Norwlch NR1 1RE Bankor8 Natwest 32 Market Place Deroham NR19 2AR Sollcltor8 Cozens Hardy LLP Ople Street Norwlch NR13DP Page 1
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarnnteol DIRECTORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Dlrectors present thelr annu81 report together wlth Ihe financlal statsments of the Charlty for Ihe 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both 8 Dlrectors, report and a dlrectors, report under company law. The Dlrectors conflrm that the Annu81 report and flnanclal ststemenls of the charltsble company comply wlth the current statutory requlrements, the requlrernents of the charltable companvs governlng document and tho provlslons of the Statement of Recommended Pr8cl¢e (SORP) appllcable to charltles preparlng thelr accounts In accordance wlth the Flnanclal Reportlng Standard appllcable In the UK and Republ1¢ of Ireland (FRS102) (effectlve 1 January 2019). Slnce the group and the Charfty quaS1fy as sm811 under secllon 383 01 the Companles Act 2006, the Group strateglc report requlred of medlum and large companles under the Companles Act 2006 {Strateglc Report and Dlrectors, Report) Regulatlons 2013 has been omltted. ObJectlvo• and actlvltl•8 a. Pollclo8 and obJectlve• The prlnclpal oblectlv88 are to advance the education of the publlc by the provl$Son of facllllles for 8all tralnlng and to malntaln, promote, re8tore, con80rve, Improve and develop h181orlc and tradltlon81 salllng craft. In 8ettlng oblectlve8 and plannlng for advltle8, the Dlrectors have glven duo conslderalon to general guldance publlshed by the Cherlty Commls8lon relang to publ1¢ bonefll, Includlng the guldance 'Publlc benefit: runnlng 8 charlty (P82)'. b. Maln actlvlllo8 undertaken to further tho Charlty'8 purpo8•8 for tho publlc banefft The Tru8t glve8 d18count8 ol up to 30% to youth group8 to fulfll the oblecllve to 8UPPOrt young people. The pollcy of the Dlrectors Is for the yard to be open to tho publlc vlthln the re8tralnt8 of Health and Safety requlrements 80 that the publlc can see a tradltlonal worklng Broads toat yard. The Hunter Yachts are well known and loved by many thus the Dlre¢lors not only m8lntaln the Fleet In good condSJon but 8180 ensure the yacht8 are Salled as often as p088lble 80 that the publlc can enjoy the slght of tradluonal salllng boats. Achlevem•nt8 and pertomianco a. Maln achlevomenl8 of the Charlty and plan• for the futuro When revlewlng the work of a charftable trust It18 necessary to look behlnd the figure8 on the flnal b81ance sheet. Thls year has seen over 600 school chlldren from Norwlch and around the county vlslt the Yard, go out for a s811 on the rlver, be Introduced to Alblon. the Norfolk Whery and to experlence the natural envlronment so many of us know slmply as The Broads,. These vlslts have been facllltsted by the grants we have recelved from flve N0ch charltles and from the N8tlonal Lottery Herttage Fund. These grant8 wlll allow us to contlnue trls work durfng the 2025 season and the trust Is actlvely engaged In applylng for fundlng to secure the project for a further three years. Thanks to our marketlng pollcy, whlch Is under constsnt revlew and development, we saw a sllght Increase In Indlvldual booklngs. Thls offset the contlnulng loss of fleet booklngs whlch had begun to make Itself felt before COVID and Is stlll struggllng to recover. The trust Is actlvely seeking new cllents to replace the loss of Ihose hlstorfc youth booklng8. Page 2
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmltsd by guarantee) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achtovements and pertomiance (contlnued) The commltment ol our staff to dellverlng the hlgh 8tsndards of malntenance expecled by our cllents and supporters has to be recognlse(J. especl8lly as the early months of the year saw floodlng throughout the Broads and rlght through both sheds. As the tlme to return the fleet to the water approached there were serlous concems as to whether the water level would have gone down sufflclently to permlt launchlng safely. In the event It all went well. The matter of addresslng the problem of floodlng In the future Is now flrmly on the agenda to be examlned by the Trust. Tha webslte 18 now worklng well and vlll contlnue to be developed vthlle v4e are looklng to Integrate booklngs, webslte and accounts whlch wlll be of beneflt to both out cllents and the offlce. The strateglc plan ha8 been re-v181ted and revlsed. Taklng Into account all that has been achleved slnce the last revlslon, together wlth plans whlch are In hand for the Immedlate future, the Dlrector8 are quletly confldent that we are In 8 PO8ltlve placo. A8 ever Ihere Is always a lot to b8 done bul we are fortunate to have both the staff on the ground to dellver what18 needed day by day and the Dlre¢tor8 able to Secure what wlll be needed for the future, whether It be grants. new Inltlatlves or capltsl projects. The hoped for apprentlce scheme has suffered a set-back vAth the closure of IBTC, the boat bulldlng college at Lowestoft. We now need lo explore how best to address the matter of apprentlceshlps. Three Dlrector8 are leavlng the Board and Ihe appolntment of thelr replacements Is In hand. A number of appllcants have been Intervlewed and we shall be looklng to the new members to brlng thelr own Inslghts and enthusla8m to the Tru8t and the Fleet over the comlng Seasons. Hunter's Y8rd was founded In 1932. Our centenary18 only a few years away and we axpect to be abla to celebrate that from a posStlon of strength when118rdve8. Flnanclal rnvlew a. R•8uIt8 lor tho year The net galn lor the year, before Investment Income and other recognlsed galn8 and losses, was £2,458 (2023 - net galn of £32,912). The re8uIt8 of the Tru8t'8 wholly ownod subsldlary, Huntsrfs Fleet Llmlted, are shown In note 13 of the accounts. In addltlon to donatlon8, the Trust benefited from voluntary help from varlous Indlvldu818, to whom grateful thank8 are extended. b. Golng concern After maklng approprlate enqulrles. the Dlrectors have 8 re8son8ble expoctatlon that the Charfty has adequate resources to contlnue In operatlonal exlslence for the foreseeable future. For thls reason, they conllnue to adopt the golng concern basls In preparlng the fSnanclal statements. Further detalls regardlng the adoplon of the golng concern basls can be found In the accounting pollcles. Page 3
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmltsd by guarantee) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 c. R680rve8 poIIcy The expendable reserves of the charlty at 31 December 2024, excludlng those Investsd In flxed assets and the Deflned Benefit Penslon Scheme Fund comprl8ed'. 2024 2023 General Funds 131,280 140,523 Deslgnated Funds Repalr Fund (preml8e8) The Frlend8 of the Hunter Fleet 24,987 19,840 24,987 15,709 Restrlcted Fund8 20,123 37,538 18 the long tsrm Intenllon of the Dlrectors to bulld up the reserves wthln the General Fund and the Repalr Fund to a level equlvalent to 6 months expendlture, whlch amount8 to approxlmalely £165,000. Thls level of reserves 18 con81dered approprlato to provlde for unexpected repalr and malntenance oosls and In case funds are requlred to cover temporary downturns In Income. structural governance and managemont a. Governlng documont The Norfolk Heritsge Fleet Trust18 reglstered 88 a charlt8ble company Ilmlted by guarantee. Incorporated on 16 October 1995 and reglstered 88 a charlty on 26 January 1998. The charlty was e8tabllshed under 8 Memorandum of Assoclatlon vthl¢h sets out the objects and powen8 of the ch8rltable company 8nd Is governed under Its Artlcles of Assoclatlon. In the event of the charfty belng wound up members are requlred to contrlbute an amount not exceedlng £1. b. Mothods of appolntmont or oloctlon ol Dlrector8 Dlrectors shall be persons who through resldenc8, occupatlon, employment or otheIse have speclal knowledge of the area of beneflt or who are olherwlse able by vlrtue of thelr personal or professlonal qualSflcatlons to make a contrlbutlon to the pur8uII of the objects of thg charlty. On appolntment, Dlrectors are provlded wlth.. a) Coples ofthe memorandum and Artlcles of Assoclatlon., b) Detalls of the Charltles Commlsslon Guldellnes "The Essentlal Dlrector - What you need to know, what you need to do" c) The latest Flnanclal Statements. d) Coples of all current pollcles operated by the group. In addltlon, the DlreGtors are encouraged to read Chaty Commlsslon and other newsletters and to attend courses deslgned to keep them abreast of thelr dutles and responslbllltles. The Trustees are dlrectors wlthln Ihe meanlng of the Companles Act 2006. The trustees that held offlce throughout the year and at the date of approval are Ilsted on page 1. Page 4
THE NORFOLK HERITAGE FLEET TRUST (A company Ilmlted by guarantee) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structurei governanc• and managoment (contlnued) c. Rl•k appral8al The Dlrectors regularly revlew the rlsks and tske any necessary steps to mlnlmlse them. Malntenance of the fleet and the sheds are cruclal. partlcularly ensurlng that the sheds 8re kept clean and tldy. d. Related party relatlon8hlp• The Tru8Vs wholly owned 8ub8ldlary Hunterf8 Fleet Llmlted carded out non-charltable tradlng aclvltles for the trust and was Incorporated on 12 February 1998. The accounts for the year ended 31 December 2023 are consolldated those of the charlty. . Organl8atlonal 8tructur• The Dlrector8 meet every bNo month8 or more frequently If a need arlses. The day to day admSn18tr8tlon of the Trust Is undertaken by the Manager and the operatlon of the Yard and Fleet by the foreman boat bullder. Tho Chalrman of the Trust Is In regular contact wlth the Manager by phone and e-mall and vlslts the yard weekly. Other Dlrectors also call In at the Yard on frequent occaslons durlng the season. f. Indopendont examlner C Yeates FCA DChA of Larklng Gown LLP h88 been appolnted 88 Independent examlner for the year. g. Small company provl8lon8 Thls report has been prepared In accordance th the provl8lon8 appllcable to companles entltled to the 8mall companle8 exemptlon. Page 5
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmltod by guarantee) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ststament of Dlroctor8' re8pon81bllltle8 The Dlrector8 (who are also the dlrectors of the Charfty for the purposes of company law) are responslble for preparlng the Dlrectors, report and the flnanclal statements In accordance wlth appllcable law and Unlted Klngdom ACcoUnng Stsndards (Unlted Klngdom Generally Accepted Accountlng Practlce). Comp8ny law requlres the Dlrectors to prepare financlal statements for each flnancl81 . Under company law. the Dlrectors must not approve the flnanclal statements unless they are satlsfled that they glve a true and falr vlew of the state of affalrs ol the Group and the Charlty and of thelr Incomlng r8sources and appllcatlon of resources, Includlng thelr Income and expendlture, for that perlod. In preparlng these flnanclal statemonts, the Dlrector8 are requlred to,. select 8ultable accounting pollcle8 and then apply them con8l8leny', obseNe the methods and prlnclples ofthe Charltles SORP (FRS 102),, make ludgments and accountlng esllmates that are rea80nable and prudent., Stale whether appllcable UK Accountlng Standards (FRS 1021 have been followed. 8uble¢t to any matorfal departures dlsclosed and explalned In the flnanclal st8tements', prepare the flnanclal statements on the golng concern b8s18 unle88 It18 Inapproprlate to presume that the Group wlll contlnue In bu81nes8, The Dlrectors are responslble for keeplng adequate 8¢countlng records that are sufflclent to show and explaln the Group and the Charltys transactlons and dlsclose wlth reasonable accuracy at any Imo the flnanclal posltlon of the Group and the Charlty 8nd enable them to ansure that the flnancl81 ststements comply wllh the Companle8 Act 2006. They aro also responslble for safeguardlng the assets of the Group and the Charlty and hence for taklng reasonable steps for the preventlon and detectlon of fr8ud and other Irregul8rltles. Approved by order of the members of the board of Dlrector8 and slgned on thelr behalf by: li/, // 1111 I, IC{IY) Rev N H Khambatta Chalr ol Dlroctor8 Date: Page 6
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examlnerfs roport to the Dlrectorn of The Norfolk Herltaga Fleet Tru8t Iyhe Group.) I report to the charlty Dlrectors on my examlnatlon of the consolldated accounts of the Group comprlslng the The Norfolk Herltage Fleet Tru8t (Ihe parent Charltv) and Its 8ubsldlary undertaklngs for the year ended 31 December 2024. Ra8pon8lbllltlo8 and ba818 of raport A8 the Dlrectors of the parent Charfty land Its dlrectors for the purp0888 of comp8ny18w) you are respon81ble for the preparalon of the con8olldated aocounts of the Group In accordance wlth the requlrements of the Companles Act 2006 {'the 2006 Act,) and you have chosen to prep8re consolldated accounts for the Group. You are satlslled that the accounts of both parent Charlty and the Group 8re not requlred by elthor company or charlty law to be audlted and have chosen Instead to have an Independent examlnauon. Havlng satlsfied myself that the consolldaled accounts are not requlred to be audlted under Part 16 of the 2006 Act and are ellglble for Independent examlnatlon, I report In re8pect of my examlnallon of the Group's accounts carrled out under sectlon 152 of the Charltles Act 2011 (Ihe 2011 Act,). In Carng out my examlnatlon I have followed the Dlreclons glven by the Charlty Comm1881on under Sedon 152(51(b) of the 2011 Act. Indepondent examIn0$ 8tatsmont Slnce the Dlrectors have opted to prepare con8011dated accounts for the Group your ex8mlner must be a member of 8 body Ilsted In soctlon 145 of the 2011 Act. I conflrm that l am quallfled lo undertako the examlnatlon because l am a member of Institute of Chartered Accountant8 In Enoland and Wales, whlch18 one of the118ted bodle8. I have completed my examlnatlon. I conflm that no matter8 have come to my attentlon In connedon wllh the examlnatlon glvlng me cause to belleve.. accountlng records were not kept In respect of the parent Charfty and Its sub$ldlarle$ as requlred by $ectlon 386 of the 2008 Act,, or the 8ccount8 do not accord those record8. or the accounts do not comply wlth the accountlng requlrements of sectlon 396 of the 2006 Act other than any requlrement that the accounts glve a 'true and falf vlew whlch18 not 8 matter consldered 88 part ol an Independenl examlnatlon; or Ihe accounts have not been prepared In accordance th the methods and prlnclple8 of the Ststement of Recommended Pr8Ctlce for accountlng and reportlng by ch8rllles appllcable to ch8rflle$ preparlng thelr accounts In accordance wlth the Flnanclal Reportlng Standard appllcable In the UK and Republfc of Ireland (FRS 102). I have no concems and have come across no other matters In connecUon the ex8mlnaUon to whlch attentlon should be drawn In thls report In order to enable a proper understandlng of the accounts to bo reached. Page 7
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmltsd by guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Thls report Is made solely to the Charlty8 Dlrectors. a8 8 body. In accordance wlth Part 4 of the Charltle8 (Accounts and Reports) Regulatlons 2008. My work h88 been undertaken so that I mlght state to the Ch8rltls Dlrectors those matters l am requlred to stste lo them In an Independent examlnerfs report and for no other purpose. To the fullest exient permltted by law, I do nol accept or assume responslblllty to anyone olher than the parent Charlty and the Charltls Dlrectors as 8 body, for my work or for thls report. Slgned: /iJ Datsd. 79 Z03 Chrlstopher Yeates FCA DChA Larklng Gowon LLP Chartered Accountants NorvAch Page 8
THE NORFOLK HERITAGE FLEEf TRUST (A ¢ompany Ilmlted by guarant80) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Re8trlcted Unrg8trlctod fund8 lund8 2024 2024 Total fund8 2024 Tot81 funds 2023 Noto Income from: Don8tlons 8nd legacles Charftsble advltle8 Other tradlng actlvltle8 Investmen18 Other Income 60,989 33,685 242,486 79,378 11,420 7,713 94,674 242,486 79,378 11,420 7,713 73,559 215.414 78,818 9,328 1,010 Total Incomo 60,989 374,682 435,671 378,129 Expondlture on: Ralslng funds Charltsble 8ctJvltle8 1,399 343,818 81,231 351,982 433,213 Total oxpondlture 81,231 351,982 433,213 345,217 Not (expendlture)llncomo b•forn n galn8 on Inve8tment• Net galn8 on Investrnents 120,242) 22,700 3,756 2,458 3,756 32,912 4,487 Not lexpondlture)nncom• Tran8fer8 between fund8 (20,242) 2,829 26,456 (2,829) 6,214 37,399 18 Net movement In lund8 beforo othor recogn180d galn81(108•08) (17,413) 23,627 8,214 37,399 Other recognl8ed galn•l(108808): Actuarfal108se8 on deflned beneflt penslon scheme (24,000) (24,000) (23,000) Not movement In fund• (17,413) (373) 117,786) 14,399 Roconclllatlon of lund8: Total funds brought forward Net movement In funds 37,536 (17,413) 523,602 (373) 561,138 (17,786) 546, 739 14,399 Totsl funds carrled forward 20,123 523,229 543,352 561,138 The Consolldated statement of flnanclal actlvltles Includes 811 galns 8nd10s8es recognlsed In the year. The notes on pages 14 to 35 form part of these flnancl81 statements. Page 9
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarantea) REGISTERED NUMBER: 3114407 CONSOLIDATED BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Note Flxed a880t8 Tanglble assets Investments 12 13 347,122 66,288 342,383 62,532 413,410 404,915 Current as88ts Stocks Debtors C88h at bank and In hand 14 15 27,971 27,409 111,909 30,909 72,131 144,368 167,289 247,408 Credltor8: emount8 falllng due wlthln one year 16 (37,347) (84, 298) Not current a8•Ot• 129,942 163,110 Total 8•80ts1988 current Ilabllltlos 543,352 568,025 Credltors.. amoun18 falllng due after more than one year 17 (6,887) Total not 888ets 543,352 561,138 Charfty fund8 Restrlcted fund8 Unre8trlcted funds 18 18 20,123 523,229 37,536 523,602 Totsl lund• 543,352 561,138 Page 10
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarnntoe) REGISTERED NUMBER. 3114407 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The Charlty was enlled to exemptlon from audlt under sedon 477 of the Companle8 Act 2006. The members have not requlred the company to obtaln an audlt for the year In questlon In accordance wlth sectlon 476 of Companles Act 2006. Tha Dlrector8 acknowledge thelr responslbllleS for complslng wlth the requlroments of the Act wlth respect to accountlng records and preparaOn of flnanclal ststements. The flnanclal 8tstements have been prepared In accordance wlth the provlslon8 appllcable to en1Je8 Subject to the small companles reglme. The flnanclal Statements were approved and authorl8ed for Issue by the Dlredors and 81gned on thelr behalf by: li/, /1 1111 I,,1 ICIIQ Rev N H Khambatta Chalr of Dlrector8 Date.. The notes on pag88 14 to 35 form part ofthese flnancl81 ststements. Page 11
THE NORFOLK HERITAGE FLEEf TRUST IA company Ilmlted by guaranlee) REGISTERED NUMBER.. 3114407 CHARITY BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Note Flxod a88eto Tanglble as8et8 Investrnents 12 13 347,122 66,290 342,383 62,534 413,412 404,917 Currnnt a886t8 Stock8 Debtor8 Cash 8t bank and In hand 14 15 25,209 29,038 106,040 26,075 31,730 123,401 160,287 181,206 Credltor8: amounts falllng due wlthln one year 16 (30,347) (18,098) currant a•8ets 129,940 163,108 Total 888ot81088 current Ilabllltlo8 543,352 568,025 Credltor8.' amounts f8lllng due after more than one year 17 (6,887) Total net a•8ot8 543,352 561,138 Charlty funds Restrlcled funds Unrestrlcted funds 18 18 20,123 523,229 37,536 523,602 Totsl funds 543,352 561,138 Page 12
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarantee) REGISTERED NUMBER: 3114407 CHARrrY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The Charltys net movement In funds for the year was £(17.786) (2023- £14,399). The Charlty v$ entitled to exemptlon from audlt under seclon 477 of the Companles Act 2006. The members have not requlred the company to obtsln an audlt for the year In questton In accordance wlth sectlon 476 of Companles Act 2006. The Dlrectors acknOedge thelr responslbllltles for complylng wlth the requlrements of the Act wlth respect to accounllng record8 and preparalon of financlal statements. The flnanolal statements have been prepared In accordance wlth the provlslons appllcable to oneS subject to the small companle8 reglme. The flnanclal statements were approved and authorl8ed for188ue by the Dlrectors and slgned on thelr behalf by: IUIY) Rov N H Khambatta Chalr of Dlrectors Date: The note8 on page8 14 to 35 form part of the8e flnanclal Statements. Page 13
THE NORFOLK HERITAGE FLEEf TRUST (A Company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcle8 1.1 Ba•18 of preparatlon of flnanclal •latsmonts The fln8nclal ststements h8ve been prepared In accord8nce th the charle8 SORP (FRS 102) Accountlng and Reportlng by Charltles: Statement of Recommended Pr8Ctlce appllcable to charltles preparlng thelr accounts In accord8nce th the Flnonclal Reportlng Standard appllcable In tha UK and Republlc of Ireland (FRS 102) (effecuvo 1 January 20191, the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102> and the Companles Act 2006. The Norfolk Hedtage Fleet Trust meets the definlljon of a publlc benoflt entlty under FRS 102. A88ets and Ilabllltles are Inltlally recognlsed at hlstorlcal cost or tran8actlon value unle88 otheSe stated In the relevant accountlng pollcy. The Consolldated 8tstement of ftnenclal actlvltlas (SOFA) and Consolldated balance sheet consolldate the flnanclal statements of the Charlty and Its 8ubsldlary undertaklng. The results of the subsldlary are consolldated on a Ilne by Ilne ba81s. The Charlty has tsken advantage of the exemptlon allowed under Seclon 408 of the Companles Act 2006 and ha8 not pre8ented Its own Statement of flnanclal actlvltles In these flnanclal statements. 1.2 Golng concern The flnanclal ststements have been prepared on a golng concem ba818 a8 the Dlrector8 belleve that no matertal uncertalntles exlst. The Dlreotors have consldered the lev81 of funds held and th9 expected level of Income and expendlture for 12 months from authorlslng these flnanclal ststements. The budgeted Income and expendlture18 sufflclent for the Company to be able to contlnue as a golng concem. 1.3 Incomo All Income 18 recognlsed once the Ch8rlty has ontltlement to the Income. It Is probable that the Income ¥MII be recelved and the amount of Income recelvable can be moasured rellably. The recognltlon of Income from lega¢lo8 Is dependent on est8bll8hlng entltlement, the probablllty of recelpt and the ablllty to estlmate wlth sufflclent accuracy the amounl recelvable. Evldence of entitlement to a legacy exlsts when the Charlty has sufflclent evl(ience that a glft has been left to them {Ihrough knowledge of the exl8tence of a valld wlll and the death of Ihe benefactor) 8nd the executor Is satlsfled that the property In questlon wlll nol be requlred to satlsfy clalms In Ihe estate. Receipt of a legacy must be recognlsed when It Is probable that It wlll be re¢elved and the falr value of the amount recelvable, whlch wlll generally be the expocted cash amount to be dlstrlbuted to the Charlty. can be rellably measured. Grants are Included In the Consolldated statement of flnanclal actlvlles on a recelvable ba8ls. The balance of Income recelved for speclflc purposes but nol expended durlng the perlod Is shown In the relevant funds on the Balance sheet. Whore Income 1$ recelved In adv8nce of entltlement of recelpt, Its rocognllon Is deferred and Included In credltors as deferred Income. Where enlltlement occurs before Income Is reoelved, the Income Is accrued. SUbsCptonS are accounted for on a recelved basls. Income from long term moorfngs Is released over the perfod of the moorlng. Income from the hlre of boats Is recognlsed on the date the hlre tskes place. Page 14
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcle8 (contlnued) 1.3 Incom6 (contlnued) Other Income Is recognlsed In Ihe perlod In whlch It Is recelvable and to the extent the goods have been provlded or on completlon of the servlce. Investment Income18 Included whan recelvable. 1.4 Expendlturn Expendlture18 re¢ognl8ed once there18 a legal or constructlve obllgatlon to transfer economlc benefit to 8 Ihlrd party, It Is probable that a transfer of economlc boneflts wlll be requlred In settlement and the amount of the obllgatlon can be measured rellably. Expondlture18 classlfled by actlvlty. The costs of each actlvlty are made up of the totsl of dlrect costs and shared costs, Includlng support costs Involved In undertaklng each 8¢tlvlty. Dlrect Costs attrlbutsble lo a slngle actlvlty are allocated dlrectly to that 8Ctlvlty- Shared costs whlch contrlbule to more than one aclvlty and 8UPPOrt costs whlch are nol attrlbutable to a Slngle advlly are apportloned betsveen those acllvltles on 8 b8sI8 conslstent wlth the use of resource8. Central stsff costs are allocated on the bas18 of tlme 8pent, and depreclatlon charges allocated on the portlon of the a88et'8 use. Expendlture on ra181ng fund8 Include8 all expendlture Incurred by the Group to ra18e funds for Its charltsble purpo8e8 and Includes C08ts of all fundra181ng a¢tlvllle8 events and non-charltable tradlng. Expendlture on charltable actJvltle81s Incurred on dlrectly undertaklng the 8clvltle8 whlch further the Group'8 obleolive8, as well a8 any a880clated 8UPPOrt C0818. All expendlture Is Inclu8lve of Irrecoverable VAT. 1.5 Tanglble flxod a88Ot• and depreclatlon T8nglble flxed 888et8 are Inltlally recognlsed at cost. After recognltlon, under the cost model, tsnglble flxed 8ssels are measured at cost less accumulated depreclatlon and any accumulated Impalrment losses. All costs Incurred to brlng a tsnglble flxed asset Into Its Intended worklng condlUon should be Included In the measurement of cost. Depreclatlon 18 charged 80 as to allocate the cost of tanglble flxed assets le88 thelr re8ldual value over thelr e8tlmated useful Ilves, Depreclatlon Is provlded on the followlng bases: Hlre fleet Bulldings and New Dyke Plant and machlnery Motor vehlcles Offlce equlpment 2.5% Stralghl Ilne 20A Stralght Ilne 20% - 25Vo Stralght Ilne 33% Stralght Ilne 33% Stralght Ilne Freehold land Is not depreclated. Page 15
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Accountlng pollclg8 (contlnued) 1.6 Inve8tmants Flxed as80t Investments are a form of flnancl81 Instrument and are Inltlally recogn18ed at thelr trans8Ctlon cost and subsequently measured at falr value at the Balance sheet date, unless the value cannot be measured rellably In whlch case It Is measured at cost less Impalrment. Investment galns and losses. whether reallsod or unreallsed, are comblned and presented as 'Galnsl(Losses) on Investments. In the Consolldated statement of flnanclal acfjvltle8. Inveslments In 6ubsldl8rle8 are valued at CO8t le88 provlslon for Impalrment. 1.7 8tock8 Stocks are valued at the lower of cost 8nd net reallsable value after maklng duo allowance for obsolete and 81ow-movlng Stock8. 1.8 Debtorn Trade and other debtors are recognlsed at the settlement 8mount after any trade d18count offerad. Prepayments are valued at the amount prepald net of any trade dlscounts due. 1.9 Ca8h at bank and In hand Ca8h at bank and In hand Includes ca8h and short-term hSghly Ilquld Investments th a short maturlty of throe month8 or le88 from Ihe date of acqu181On or openlng of the dep081t or slmllar account. 1.10 Llabllltlo8 and provl•lon• Llabllltles are recognlsed when ther818 an obllgatlon 8t the Balance Sheet d8te as 8 result of a past event, It 18 probable that a transfer of economlc beneflt wlll be requlred In settlement, and the amount of the settlement can be e8tlmated rellably. Ll8bllltles are reoognlsed at the amount that the Charlty antlclpates It VAII pay to settle the debl or the amount It has recelved as advanced payments for the goods or servlces It must provlde. Provlslons are measured at the best e8tlm8te of the amounts requlred to 8ettle the obllgatlon. Where the effect of the tlme value ol money Is materlal, the provlslon Is b8sed on the present value of those amounts, dlscounted at the pre-tsx dlscount rate that reflects the rlsks speclfic to the Ilablllty- The unwlndlng of the d18count Is recognlsed In the Consolldated statement of flnanclal aclvltles a8 a flnance c08t. 1.11 Flnanclal In8truments The Group prfmarlly has flnanclal assets and flnanclal Ilabllltles of a klnd that quallfy as baslc flnanclal Instruments. Baslc flnanclal Instruments are Inltlally recognlsed at transacuon value and subsequenvy measured at thelr settlement value wlth the exceptlon of bank loans whlch are subsequently measured at amortlsed cost uslng the effectlve Inlerest method. In addlOn, the Group holds shares In a Short Duratlon Bond Fund Account 1¢h Is valued at f8lr value wlth any galn or loss recognlsed as 8 galn or loss on investments In the Consolldated ststement of Flnanclal Actlvltles. Page 16
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarante01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢l98 (contlnuad) 1.12 P6n8lon8 The Ch8rlty operate8 a deflned beneflts penslon plan for the benefit of118 quallfylng employees. A Ilablllty for the ch8rlWs obllgallons under the plan18 recognlsed net of plan assets. The net change In the net deflned benefit Ilablllty Is recognlsed as the cost of the deflned beneflt plan durlng the perlod. Penslon plan assets are measured at falr value and the deflned beneflt obllgatlon Is measured on an actuarlal basls uslng the projected unlt method. Aotuarlal v8luatlons are obtalned at least trfennlally and are updated at each balance 8heet date. One member of the charltys stsff belongs to the Norfolk County Councll Pen81on Fund, whlch provlded benefits b88ed on flnal per80nable salary. If the present value of the deflned beneflt obllgatlon at the reportlng date18 le88 than the falr value of plan 888etS 8t that date, the plan has 8 Surplus. A plan Surplus, as 8 deflned beneflt p18n asset. Is only recognlsed to the extent that It can be recovered glther through reduced contrlbutlons In the future or through refund8 from the plan. The charlty also operates a deflned contrlbutlon plan for the beneflt of It8 employeos. Contrlbutlons are expensed as they become payable and dlrectly allocated lo the 8Ctlvltlos of the Tru8t. 1.13 Fund accountlng General funds are unre8trlcted fund8 whlch are avallable for use at the dlscretlon of the Dlrector8 In further8nce of the general oblectlves of the Group and whlch have not been deslgnated for other purpose8. De81gn8ted funds comprlse unrestrlcted funds that have been sel 88lde by the Dlrectors for partlcular purposes. The alm and use of each deslgnated fund 18 Set out In the notes to the flnanclal statements. Restrlcted funds are funds whlch arg to be used In accordance wlth speclflc restdctlons Imposed by donors or whlch h8ve been ralsed by Ihe Group for partlcular purposes. The costs of ralslng and admlnlsterlng such funds are charged agalnst the 8peclfic fund. The alm and use of each restrlcted fund18 8et out In the note8 to the flnanclal ststements. Investment Income, galns and1088e8 are alloeAted to the approprfate fund. Page 17
THE NORFOLK HERITAGE FLEEf TRUST {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donatlon8 and legacle8 Re8trfcted Unre8trlGtsd funds fund8 2024 2024 Total fund8 2024 Donatlons Legacles Grants Sub8crlpUon8 10,760 10,050 10,760 10,050 60,989 12,875 80,989 12,875 Total 2024 60,989 33,685 94,674 RgStrlct8d Unrestrlcted funds fvnds 2023 2023 Tot81 funds 2023 Donatlon8 Legacles Grants Sub8crlplon8 17,188 11,000 17,188 If.000 32,675 12,696 32,675 12,696 Total 2023 32,675 40,884 73,559 Income from charltable actlvltle• Unre8trlcted fund8 2024 Total fund8 2024 Hlre Income 242,486 242,486 Page 18
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmltod by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charltsble actlvltle8 (contlnuod) Unrgstrlcted funds 2023 Total funds 2023 Hlre Income 215,414 215.414 Income from othor tradlng actlvltle• Income from non charltsblg tradlng actlvltl88 Unro8trlctsd funds 2024 Total funds 2024 Moorlng Income Frlends AGM and event8 Merchandlse and other Income 50,108 4,887 24,383 50,108 4,887 24,383 79,378 79,378 Unrestrlcted fund8 2023 Total funds 2023 Moorlng Income Frlends AGM and events Merchandlse and other Income 45, 127 3,223 30,468 45.127 3,223 30,468 78,818 78,818 Page 19
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Invostment Incomo Unro8trlcted fund8 2024 Total fund8 2024 Bank dep081t Interest - Tru8t Bank deposlt Intere8t- Frlends of the Hunter Fleet Penslon Income 95 325 11,000 95 325 11,000 11,420 11,420 Unrestrlcted funds 2023 Total funds 2023 88nk deposlt Interest - Trust Bank deposlt Intere81- Frlends ol the Hunter Fleet Penslon Income 78 250 9,000 78 250 9,000 9,328 9,328 Other Incomlng re•ource• Unre8trlcted funds 2024 Total fund8 2024 Other Income 7,713 7,713 Page 20
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarantee) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Other Incomlng resource8 (contlnued Unrestrlcted funds 2023 Total lunds 2023 Other Income 1,010 1,010 Anaty81• of oxpendlturn on charltable actlvltle• Re•trlctsd Unro•trlct•d fund8 fund• 2024 2024 Total 2024 Salarles. wages (Incl penslon contrlbulon8) and tralnlng Llght, heat, water and rate8 Motor Malerlals, repalrs and laundry Project CO8t8 Insurance Rlver tolls Stock wrlte off8 Depreclatlon Webslte Support costs 21,756 207.158 6,533 1.443 29,507 228,914 6,533 3,443 44,218 42,764 13,020 12,231 2,938 17,080 5,551 56,541 2,000 14,711 42,764 13,020 12,231 2,938 17,060 5,551 56,541 81.231 351,982 433,213 Page 21
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmltsd by guarnntoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analy818 of oxpendlture on charltablo actlvltl•8 (contlnuod) Icontlnued) Rastrlcted Unrestrlcted funds funds 2023 2023 Total 2023 Salarle8, wages (Incl penslon contrlbulons) and tralnlng Llght, heat, water and rate8 Motor Mated818, repalr8 and laundry Insurance Rlver to118 Stock wrlte offs Depreclatlon Web81ts Support costs 5,160 174,881 6,123 1,573 40,014 11,000 9,055 9,147 32, 703 3,034 41,092 180,021 6,123 2, 773 48,010 11,000 9,055 9,147 32, 703 3,034 41.952 1,200 7,996 860 15,216 328,602 343,818 AnatyBl8 of support C08ts 2024 2023 Frlends of the Hunter Fleet expendlture Telephone and postsge Trustee Insurance Acoountancy and Independent examlnatlon Professlon81 fees Advertlslng Offlce Costs Bank charges Subscdptlons Webslte booklng Sundries 8,397 2,118 800 10.901 2,249 598 6,376 413 8, 784 1,633 2,112 636 306 7,944 2,737 8,337 1,076 2,869 216 21,347 56,541 41,952 Page 22
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmltod by guarante61 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Independont examlnerf8 remuneratlon 2024 2023 Fee8 payable to the CharIt8 Independent ex8mlner for the Independent examlnatlon of the Charltys annual accounts 5,050 3,800 10. Staff costs Group 2024 Group 2023 Charlty 2024 Charlty 2023 Wages and 8alarle8 Socl8189curlty c08t8 Contrlbutlon to deflned contrlbution pen81on 8cheme6 Operatlng costs of deflned beneflt pen81on Schemes 198,636 12,257 155,272 8,813 198,636 12,257 155,272 8,813 9,586 8,456 9,586 8,456 8,000 7,000 8,000 7,000 228,479 179,541 228,479 179,541 The average number of persons employed by the Charlty durlng the year wa8 as follows.. Group 2024 No. Group 2023 Charlty 2024 No. Charlty 2023 Admlnlstrallon 8oat malntenance Part tlme cleaner No employee recelved remuneralon amounting to more than £60.000 In elther year. The total 8mount of employee beneflts recelved by key management pen80nnel IS £40,178 {2023'. £31.956). The Trust conslders Its key management personnel compdse the Manager. Page 23
THE NORFOLK HERITAGE FLEET TRUST (A company 11m1t by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Dlrector8' ramunoratlon and expen8•8 Durlng the year, no Dlrectors recelved any remuneratlon or other benellts (2023- £NIL). Durlng the year ended 31 December 2024, expenses totalllng £385 (2023: £NIII were relmbursed to Dlrectors for admlnlstralve costs Incurred on behalf of the charfty. 12. Tanglble flxed a8801• Group and Charlty Froohold land, bulldlng8 and dyko Planl & offlce equlpment Motor vohlcle• Hlre Floot Total C08t At l January 2024 Addltlon8 308,977 115,551 10h38 5,992 185,827 11,361 616,347 21,799 At 31 December 2024 308,977 125,989 5,992 197,188 638,146 Dgproclatlon At 1 January 2024 Charge for the year 54,045 4,180 107,888 7,069 4,980 1,011 107,071 4,800 273,964 17,060 At 31 December 2024 58,225 114,937 5,991 291,024 Not book valuo At 31 Decembor 2024 250,752 11,052 85,317 347,122 At 31 Dgcomb8r 2023 254,932 7, 683 1,012 78,756 342,383 Page 24
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarant901 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Flxed a88et Investments Inve8tm8nt8 Group Valuatlon At 1 January 2024 Revaluatlon8 62,532 3,756 At 31 December 2024 66,288 Inv08tmonts In 8ubgldlary companlei Invo•tmonts Total Charlty Cost or valuatlon At 1 January 2024 Rev8luatlon8 62,532 3,756 82,534 3,756 At 31 December 2024 66,288 66,290 Prlnclpal 8ub8ldlarlo8 The follovlng was a 8ubsldlary undertaklng of the Ch8rlty'. Nam• Company nUMr Prlnclpal actlvlty Holdlng Huntals Fleet Llmlted 03157685 Hlre fleet operator8 1000 The flnanclal results of the subsldlaryfor the year were: Name Incomo Expondlture Proflt for the year Net a88ets Hunterf8 Fleet Llmlted 266,302 1250,708) 15,594 Page 25
THE NORFOLK HERITAGE FLEEf TRUST IA company Ilmlt8d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Stock8 Group 2024 Group 2023 Charlty 2024 Charlty 2023 Merchandlse and other stock8 27,971 30,909 25,209 26,075 15. Dobtor• Group 2024 Group 2023 Charlty 2024 Charlty 2023 Due wlthln one year Trade debtorg Amount8 owed by group undertaklng8 Other debtors Prepayments and accrued Income 10,170 59,624 9,298 2,787 1,882 15,073 1, 736 17.487 1,513 10,994 1,882 15,357 1,513 10,994 27,409 72,131 29,038 31,730 Page 26
THE NORFOLK HERITAGE FLEEf TRUST IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Credltor8: Amounts falllng duo wlthln one year Group 2024 Group 2023 Charlty 2024 Charlty 2023 Trade credltors (Xher credltors Accruals and deferred Income 55 30 84,213 37,183 30,347 18,043 37,347 84,298 30,347 18,098 Group 2024 Group 2023 Charlty 2024 Ch8rtty 2023 Deferred Income 8t 1 January 2024 Resource8 deferred durlng the year Amounts released from prevlou8 perfods 79,908 8,088 (71,520 43,992 66,134 (30,218) 15,275 3,302 (6,887) 20,661 1,501 (6,887) Doferred Income at 31 Docember 2024 16,476 79,908 11,690 15,275 Defarred Income18 amounts Involced for future boat hlre and moortngs. 17. Crodltor•: Amount8 falllng duo after more than ono ar Group 2024 Group 2023 Charlty 2024 Charlty 2023 Accrua18 and deferred Income 6,887 6,887 Page 27
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. 8tstemont of fund• ststemont of fund8 - current year Balance at 31 Galn81 December (L08808) 2024 Balance at 1 January 2024 Tran8fer8 Inlout Incomo Expendlture Unrostrlctsd lund• D881gnatod fund• Provlslon for penslon deflclt Frlends of the Hunter Fleet Repalr (8,000) 32,000 (24,000) 15,709 24,987 24,500 (20,369) 19,840 24,987 40,696 24,500 (28,3691 32,000 124,000) 44,827 General Fund8 all funds 482,906 350,182 (323,613) {34,829) 3,758 478,402 Totsl Unro•trlcted fund8 523,602 374,682 (351,982) (2,829) (20,244) 523,229 R••trlct•d fund8 Herltage Lottery Alan Boswell Angulsh Educatlonal N0ch Freeman8 Ranworth Trust Goldcrest Trust Norfolk Communlty 10,699 9,974 58,054 (61,2571 (7,9241 17,496) 2,050 7,825 8,038 (3,776) (1,923) (6,3511 4,049 6,115 3,974 1,000 2,935 10,325 1,000 2,935 37,536 60,989 (81,231) 2,829 20,123 Totsl oflund8 561,138 435,671 1433,2131 (20,244) 543,352 Page 28
THE NORFOLK HERITAGE FLEET TRUST {A company Ilmlted by guarantO0) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Ststemènt of fund8 (contlnued) statamont of lund8 - prlor year Ba18nce al 31 December 2023 Balance at l January 2023 Transfers In/out Galn81 (Loss88) InGom8 Expendlture Unre•trlcted fund8 De81gnatod fund• Provlslon for penslon deflclt Frlend8 of the Hunter Fleet Repalr (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 G•neral Funds 486,924 322,231 (300,736) (30,000) 4,487 482,906 Total Unrestrlcted fund• 526, 662 345.454 (330,001) (18,513) 523, 602 R08trlctsd funds Herltage Lottery Alan Boswell Angulsh Educalon81 Norwlch Freemans Ranworth Trust Goldcrest Trust 10,699 9,378 10,699 9,974 10.OOQ (9,404) 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 Tt)tsl of fund8 546, 739 378,129 (345,217) (18,513) 561,138 Page 29
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Stat6mont of fund8 (contlnued) R68trlcted Fund•: Herltsge Lottery Fund - Donatlon8 recelved to enable the Charlty to complete a project. A transfer of £7,496 h88 been made from HLF to unrestrlcted, corredng mls-allocated expendlture In prevlous perfods. A18n 8oswell - Grant recelved toward8 the cost of Norfolk and Norwlch school chlldren uslng the boats for Sklppered 88lllng experlences. Angulsh Educatlonal Foundatlon - Grant recelved towards the Cost of young carers, Nelson's Joumey Users, ex-offenders. adults wlth PTSD and ex-seNlce people (all wlthln NOrch) uslng the boats for sklppered salllno experlences and take home packs. Norwlch Freeman8 - Grant recelved toward8 the c08t of 8chool chlldren thIn 8 10 mlle radlus of Nor4vlch u81no the boats for 8klppered 8alllng experlenc88 and take home packs. Ranworth Trust - Grant recelved towards the cost of Acle school chlldren uslng the boats for sklppered 88lllng experlence8. Goldcre8t Tru8t- Grant recelved from The Gold¢re8t Tru8t for Ihe purp08e of youth 8alllng. Norfolk Communlty - Grant recelved to enable young people to complete thelr RYA Level 1 & course8 In partnershlp wlth the Matthew Prolect. Unre•trlctsd Fund8: General - General fund8 for the Charlty. Frlends of the Hunters Fleel - Operatlng lunds of a support organlsallon of the Charlty. Repalr Fund - To fund future repalr8 to Charlty prem18e8. Penslon provlslon - The e8tJmated deflclt wlthln the Norfolk County councll Penslon Fund. Transfers between funds represent movement on the deflned beneflt penslon 8cheme and transfers from the Frlends of the Hunter Fleet Fund to General Fund8. Page 30
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 19. Summary of fund8 Summary of lund• - current ar Balanco at 31 Galn81 December (Los8e8) 2024 Balance at 1 January 2024 Tran8fer8 Inlout Income Expondlture Deslgnatsd funds Gener81 funds Restrlctsd fund8 40,096 482,906 37,536 24,500 350,182 60,989 (28,369) (323,613) (81,231) 32,000 (34,829) 2,829 (24,000) 3,758 44,827 478,402 20,123 581,138 435,671 (433,213) (20,244) 543,352 Summary of fund• - prlor year Balance al 31 Decamber 2023 Balance a¢ l January 2023 Transfers IQUI Galnal (Losses) Income Expgndltur8 Deslgnatsd funds General fund8 Restrlcted funds 39, 738 486,924 20,077 23,223 322,231 32,675 (29,265) (300, 736) (15,216) 30,000 {30,000) (23,000) 4,487 40,696 482,906 37,536 546, 739 378,129 (345.217) (18,513) 561,138 20. Analy818 of net a•88t• betwoen fund8 Anaty818 of net a88et8 betwoen fund8 - current porlod Re8trlcted Unra•lrlcted funds funds 2024 2024 Total fund8 2024 Tanglble flxed a88ets Flxed asset Investments Current assets Credltors due thIn one year 347,122 66,288 147,166 (37.347) 347,122 66,288 167,289 (37,347) 20.123 Totsl 20,123 523.229 543,362 Page 31
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Anaty818 of net a88et8 batween fund81contlnu•d) Analy818 of net a88et8 betweon fund8 . prlor porlod Restrfctsd Unr&strlcted funds fvnds 2023 2023 Total funds 2023 Tanglble flxed asset8 Flxed 88set Investment8 Current a888ts Credltors due wlthln one year Credltor8 due In more than one year 342,383 62,532 209, 872 (84,298) (6, 887) 342.383 62,532 247,408 (84,298) (6,887) 37,536 Total 37,536 523,602 561,138 21. P•n8lon commltmont• The charlty operates 8 defined beneflt penslon plan for quallfylng employees provldlng baneflls ba8ed upon flnal penslonable pay. The penslon Is funded by the paym8nt of contrlbulons and assets of the plan are held In a separatsly admlnlstered fund. The most recent comprehen81ve actuarlal valualon of penslon plan assets and the present value of the deflned benefit obllgallon was carrfed out at 31 December 2024. Prlnclpal actuarfal assumptlon8 at the Balance 8heet date (exprg88ed as welghted average8)'. At31 Docember 2024 At31 Dec8mb8r 2023 Dlscount rate Future salary Incre8se8 Future penslon Increase8 Infiatlon a8sumptlon 4.55 3.55 2.85 2.85 2.75 2.75 Llfe expectancy18 b88ed on the Funds Wtacurves wlth Improvements In Ilne wllh the CMI 2022 model. Page 32
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Pen8lon commltment8 (contlnued) At31 December 2024 Yoar8 At31 December 2023 Years Mortallty rate8 (In years) - for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 85 now - at 85 for a female aged 45 now 21.3 20.1 24.9 262 21.4 20.2 24.9 26.2 The Group's share of the a88et8 In the scheme prlor to the £323,000 a88et re8trlctlon explalned further below was: At31 December 2024 At31 D6Gember 2023 Equltles Bond8 Property Cash and other Ilquld 888ets 229,800 390,860 122,560 22,980 209,090 382,130 108,150 21,630 Total lalr value of a•8Ot8 766,000 721,000 The total returns for the year were 4.2% {2023- 11.2Vo The amounts recognlsed In the Consolldated statement of financl81 actlvltles are 88 follows: 2024 2023 Current servlce cost Interest Income Interest cost Totsl amount recognlsed In the Consolldated statement of flnanclal actlvlt188 8,000 (33,000) 22,000 7,000 (30,000) 21,000 (3,000) (2,000) Page 33
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmltod by guarantao) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 21. Penslon ¢ommltmont8 (contlnuod) Movements In the present value of the deflned beneflt obllgatlon were a8 follows: 2024 2023 Openlng deflned beneflt obllg8tlon Current servlce cost Interest cost Contrfbutlon8 by scheme partlclpant8 Actuarlal {galns)llosses Beneflts pald 491,000 8,000 22,000 2,000 171,000) (9,0001 445.000 7,tXIO 21,OOQ 2,000 24,000 (8,000) Closlng doflned benefit obllgatlon 443,000 491,000 Movements In the falr value of the Group'8 Share of Scheme 8888ts w8re a6 follows: 2024 2023 Openlng falrvalue of scheme assets Expected return on 888ets Actuarlal (losses)Igaln8 Contrfbutlons by employer Contrtbutlon8 by Scheme partlclp8nt8 Beneflts pald Derecognltlon of surplu8 491,000 33,000 12,000) 21,000 2,000 (9,000) (93,000) 445,000 30,000 63,000 21,000 2,000 (8,000) (52.000) Clo8lng falr valua of •ch8mo a88et8 443,000 491,000 At 31 December 2024 the Penslon Fund wa8 In surplu8 of £323,00012023 - £230,000). However the crlterla for recognltlon of the surplus a8 an asset as descrlbed In 8ccounllng pollcy 1.12 was not met. The $chame's assets have therefore been restrlcted by £323.000 (2023 £230.000) $0 as to not recognlse the surplus, as presented above. Page 34
THE NORFOLK HERITAGE FLEEf TRUST (A company Ilmlted by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Rolatod party tran8actlon• Durlng the year the group ralsed Involce8. under normal commerclal terms to the followlng Dlrectors: 2024 (£) 2023 (£) PMBray Rev N H Khambatta N Hopklnson R Smlth Wlnter storage & moorlng fees Moorlng fees, repalrs and merchandl88 Wlnter storage Wlnter storage and repalrs 2,273 2,751 2,148 1,253 684 884 139 Durlng the year management fee8 of £239,150 (2023: £197,140) were pald from Hunterfs Fleet Llmlted, the tradlng subsldlary, to the Trust. At 31 December 2024 Glft alo payable, equ81 to the value of taxable profits, w88 £15.59412023: £25,077). An Intercompany balance of £2.787 Is owed to the Trust from Hunterfs Fleet Llmlted (2023.. £17,487), and Include8 the year end glft ald payynent. A Drew, a Dlrector untll 31 December 2024,18 also a dlrector of Aan Boswell Insurance 8rokers. Durlng the year the Trust purchased Insurance through Alan Boswell Insurance Brokers. amountlng to £14,091 (2023.. £11,303). A grant of £NII (2023.. £10,000) w8$ rocelved from A8n Boswell. Page 35