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 rela￿ng 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 N0￿ch 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 othe￿Ise 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 Cha￿ty 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 ACcoUn￿ng 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 con8l8len￿y',
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 Car￿ng 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 en￿lled 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 responslblll￿eS for complslng wlth the requlroments of the Act wlth respect to
accountlng records and prepara￿On of flnanclal ststements.
The flnanclal 8tstements have been prepared In accordance wlth the provlslon8 appllcable to en1J￿e8 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 acknO￿edge 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 on￿￿eS 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 charl￿e8 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 othe￿Se 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.
SUbsC￿pt￿onS 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 acqu181￿On 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 addl￿On, 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 CharIt￿8 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
nUM￿r
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
N0￿ch 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 NOr￿ch) 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
I￿QUI
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