Registered number: 3114407 Charity number: 1052303
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Directors and Advisers | 1 |
| Directors' Report | 2 - 6 |
| Independent Examiner's Report | 7 - 8 |
| Consolidated Statement of Financial Activities | 9 |
| Consolidated Balance Sheet | 10 - 11 |
| Charity Balance Sheet | 12 - 13 |
| Notes to the Financial Statements | 14 - 39 |
THE NORFOLK HERITAGE FLEET TRUST (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025
| Directors | Dr R J A Cadman |
|---|---|
| J E Jack | |
| Rev N H Khambatta | |
| R B Long | |
| R H Neate | |
| R E Smith | |
| Company registered number 3114407 Charity registered number 1052303 Registered office Hunters Yard Horsefen Road Great Yarmouth NR29 5QG Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ Bankers Natwest 32 Market Street Dereham Norfolk NR19 2AR Solicitors Cozens Hardy LLP Opie Street Norwich Norfolk NR1 3DP |
Page 1
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their annual report together with the financial statements of the Charity for the year 1 January 2025 to 31 December 2025. The Annual Report serves the purposes of a Directors' report under company law. The Directors confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The principal objectives are to advance the education of the public by the provision of facilities for sail training and to maintain, promote, restore, conserve, improve and develop historic and traditional sailing craft.
In setting objectives and planning for activities, the Directors have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The Schools, Youth and Community Project plays a key role in delivering our charitable objectives. During the year the project completed its second year funded by the National Lottery Heritage Fund and local charities. Over 1,000 primary school children from Norwich and the surrounding areas have now experienced the Broads, the boat yard and sailing. We have also involved teenagers from the Matthew Project and from a local secondary school, Acle Academy. A report from an independent evaluator clearly shows the benefit the young people deriver from the project. The Trust also supports a number of youth groups through a bursary that gives 30% off normal boat hire prices.
As part of our community engagement objectives the policy of the Trustees is for the yard to be open to the public within the restraints of Health & Safety requirements so that the public can see a traditional working Broads boat yard.
The Hunter's Fleet is well known and loved by many who know and use the Broads. The Trustees not only ensure the fleet is maintained in good condition but also ensure the yachts are sailed as often as possible so that the public can enjoy the sight of traditional Broads hire yachts.
Page 2
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Achievements and performance
a. Main achievements of the Charity and plans for the future
2025 brought challenging trading circumstances which reflected the situation many other Broadland firms were experiencing.
We continued responding positively to the demands of the market, offering short breaks as well as the traditional Saturday – Saturday bookings.
During the winter three further boats were fitted with electric engines. There is a noticeable reluctance on the part on some customers to hire a boat which does not have an auxiliary engine so we expect this increase in auxiliary powered yachts to be reflected in an increase in revenue over the coming seasons. We hope to complete the installation of electric engines in the remaining yachts in the near future.
A small but significant amount of private work was undertaken during the season. This addition to our hire & mooring revenue is welcome and we are actively seeking ways on ensuring the continuation of private work over the coming seasons.
We are pleased to report that Project Starfish, our Schools, Youth and Community project raised sufficient grants to enable us to continue it into 2026 and part way into 2027. We continue to fund raise to support this very important community activity.
The Trust ended the year well positioned to face the challenges 2026 may bring, although we are by no means complacent. We are beginning to plan for the centenary of the Hunter’s Yard which falls in 2032, a mere six years away.
Financial review
a. Going concern
After making appropriate enquiries, the Directors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, being 12 months from the date of this annual report. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Results for the year
The net gain for the year, before investment income and other recognised gains and losses, was £28,317 ( 2024 - net gain of £2,458 ).
The results of the Trust's wholly owned subsidiary, Hunter's Fleet Limited, are shown in note 13 of the accounts.
In addition to donations, the Trust benefited from voluntary help from various individuals, to whom grateful thanks are extended. In particular, the Trustees thank the 600 plus Friends of Hunter's Fleet who do so much to support the yard financially and voluntarily throughout the year.
Page 3
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
c. Reserves policy
The expendable reserves of the Charity at 31 December 2025, excluding those invested in fixed assets and the Defined Benefit Pension Scheme Fund comprised:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| General Funds | 95,491 | 131,280 |
| Designated Funds | ||
| Repair Fund (premises) | 24,987 | 24,987 |
| The Friends of the Hunter Fleet | 14,214 | 19,840 |
| Restricted Funds | 62,129 | 20,123 |
| 196,821 | 196,230 |
It is the long term intention of the Directors to build up the reserves within the General Fund and the Repair Fund to a level equivalent to 6 months expenditure, which amounts to approximately £225,000. This level of reserves is considered appropriate to provide for unexpected repair and maintenance costs and in case funds are required to cover temporary downturns in income.
Structure, governance and management
a. Constitution
The Norfolk Heritage Fleet Trust is registered as a charitable company limited by guarantee, incorporated on 16 October 1995 and registered as a Charity on 26 January 1996. The Charity was established under a Memorandum of Association which sets out the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the Charity being wound up Members are required to contribute an amount not exceeding £1.
Page 4
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Structure, governance and management (continued)
b. Methods of appointment or election of Directors
Directors shall be persons who through residence, occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the Charity.
On appointment, Directors are provided with:
a) Coples of the memorandum and Articles of Association;
b) Details of the Charities Commission Guidelines "The Essential Director - What you need to know, what you need to do”.
c) The latest Financial Statements.
d) Copies of all current policies operated by the group.
In addition, the Directors are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
The Trustees are Directors within the meaning of the Companies Act 2006. The Trustees that held office throughout the year are detailed below.
Dr R J A Cadman J E Jack (appointed 23 April 2025) Rev N H Khambatta R B Long (appointed 19 March 2025) R H Neate (appointed 20 January 2025) R E Smith P M Bray (resigned 30 September 2025) D Chessum (appointed 20 January 2025, resigned 15 October 2025) M Coupe (resigned 7 July 2025) K J Nelson (resigned 7 July 2025) I D Patience (appointed 20 January 2025, resigned 6 July 2025) G Wilkes (resigned 20 October 2025)
c. Financial risk management
The Directors regularly review the risks and take any necessary steps to minimise them. Maintenance of the fleet and the sheds are crucial, particularly ensuring that the sheds are kept clean and tidy.
d. Related party relationships
The Trust's wholly owned subsidiary Hunter's Fleet Limited carried out non-charitable trading activities for the Trust and was incorporated on 12 February 1996. The accounts for the year ended 31 December 2025 are consolidated with those of the Charity.
e. Organisational structure
The Directors meet every two months or more frequently if a need arises. The day to day administration of the Trust Is undertaken by the Manager and the operation of the Yard and Fleet by the foreman boat builder. The Chairman of the Trust is in regular contact with the Manager by phone and e-mail ‘and visits the yard weekly. Other Directors also call in at the Yard on frequent occasions during the season.
Page 5
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Structure, governance and management (continued)
Statement of Directors' responsibilities
The Directors (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Directors to prepare financial statements for each financial year. Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Directors and signed on their behalf by:
Rev N H Khambatta (Chair of Trustees)
Date: 6 July 2026
Page 6
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Independent Examiner's Report to the Directors of The Norfolk Heritage Fleet Trust ('the Group')
I report to the charity Directors on my examination of the consolidated accounts of the Group comprising the The Norfolk Heritage Fleet Trust ('the parent Charity') and its subsidiary undertakings for the year ended 31 December 2025.
Responsibilities and Basis of Report
As the Directors of the parent Charity (and its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Companies Act 2006 ('the 2006 Act') and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both parent Charity and the Group are not required by either company or charity law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the consolidated accounts are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Group's accounts carried out under section 152 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 152(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the consolidated accounts present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.
Independent Examiner's Statement
Since the Directors have opted to prepare consolidated accounts for the Group your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the parent Charity and its subsidiaries as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Directors, as a body, in accordance with Part 4 of the Charities
Page 7
THE NORFOLK HERITAGE FLEET TRUST (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
(Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Directors those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the parent Charity and the Charity's Directors as a body, for my work or for this report.
Signed:
Dated:
Alice Lynch BSc FCA DChA
MA Partners LLP
Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
Page 8
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025
| Note Income from: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investments 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Actuarial gain on defined benefit pension schemes 20 Pension surplus not recognised 20 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2025 £ 103,951 - - - - 103,951 61,945 61,945 42,006 - 42,006 - - 42,006 20,123 42,006 62,129 |
Unrestricted funds 2025 £ 43,411 248,462 60,777 19,229 3,557 375,436 389,125 389,125 (13,689) 3,920 (9,769) 15,000 (48,000) (42,769) 523,229 (42,769) 480,460 |
Total funds 2025 £ 147,362 248,462 60,777 19,229 3,557 479,387 451,070 451,070 28,317 3,920 32,237 15,000 (48,000) (763) 543,352 (763) 542,589 |
Total funds 2024 £ 94,674 242,486 79,378 11,420 7,713 435,671 433,213 433,213 2,458 3,756 6,214 69,000 (93,000) (17,786) 561,138 (17,786) 543,352 |
|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 14 to 39 form part of these financial statements.
Page 9
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee) REGISTERED NUMBER: 3114407
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
| Note Fixed assets Tangible assets 12 Investments 13 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 16 Net current assets Total net assets Charity funds Restricted funds 17 Unrestricted funds Designated funds 17 General funds 17 Total unrestricted funds 17 Total funds |
37,955 55,874 105,309 199,138 (72,525) 39,201 441,259 |
2025 £ 345,768 70,208 415,976 126,613 542,589 62,129 480,460 542,589 |
27,971 27,409 111,909 167,289 (37,347) 44,827 478,402 |
2024 £ 347,122 66,288 |
|---|---|---|---|---|
| 413,410 129,942 |
||||
| 543,352 | ||||
| 20,123 523,229 |
||||
| 543,352 |
Page 10
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee) REGISTERED NUMBER: 3114407
CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The Members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:
Rev N H Khambatta
(Chair of Trustees) Date: 6 July 2026
The notes on pages 14 to 39 form part of these financial statements.
Page 11
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee) REGISTERED NUMBER: 3114407
CHARITY BALANCE SHEET AS AT 31 DECEMBER 2025
| Note Fixed assets Tangible assets 12 Investments 13 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 16 Net current assets Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total unrestricted funds 17 Total funds |
36,409 45,006 100,551 181,966 (55,355) 467,168 |
2025 £ 345,768 70,210 415,978 126,611 542,589 62,129 480,460 542,589 |
25,209 29,038 106,040 160,287 (30,347) 523,229 |
2024 £ 347,122 66,290 |
|---|---|---|---|---|
| 413,412 129,940 |
||||
| 543,352 | ||||
| 20,123 523,229 |
||||
| 543,352 |
Page 12
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee) REGISTERED NUMBER: 3114407
CHARITY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025
The Charity's net movement in funds for the year was £ 763 decrease ( 2024 - £17,786 decrease) .
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The Members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:
Rev N H Khambatta
(Chair of Trustees) Date: 6 July 2026
The notes on pages 14 to 39 form part of these financial statements.
Page 13
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Norfolk Heritage Fleet Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Subscritions are accounted for on a received basis.
Income from long term moorings is released over the period of the mooring.
Income from the hire of boats is recognised on the date the hire takes place.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 14
THE NORFOLK HERITAGE FLEET TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. Accounting policies (continued)
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
Freehold land - Not depreciated - Buildings and dyke 2% Straight line - Plant & office equipment 20 - 33% Straight line Motor vehicles - 33% Straight line Hire fleet - 2.5% Straight line
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
1.7 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Page 15
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. Accounting policies (continued)
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.
1.11 Financial instruments
The Group primarily has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
In addition, the Group holds shares in a short duration bond fund account which is valued at fair value with any gain or loss recognised as a gain or loss on investments in the Consolidated Statement of Financial Activities.
Page 16
THE NORFOLK HERITAGE FLEET TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. Accounting policies (continued)
1.12 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
The Charity also operates a defined benefits pension plan for the benefit of its qualifying employees. A liability for the Charity's obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method. Actuarial valuations are obtained at least triennially and are updated at each balance sheet date.
One member of the Charity's staff belongs to the Norfolk County Council Pension Fund, which provided benefits based on final personable salary.
If the present value of the defined benefit obligation at the reporting date is less than the fair value of plan assets at that date, the plan has a surplus. A plan surplus, as a defined benefit plan asset, is only recognised to the extent that it can be recovered either through reduced contributions in the future or through refunds from the plan.
1.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 17
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. Income from donations and legacies
| Donations Legacies Grants Subscriptions Total 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ 15,000 31,681 - - 88,951 100 - 11,630 103,951 43,411 60,989 33,685 |
Total funds 2025 £ 46,681 - 89,051 11,630 147,362 94,674 |
Total funds 2024 £ 10,760 10,050 60,989 12,875 |
|---|---|---|---|
| 94,674 | |||
The Trust was gifted a boat during the year with a value of £8,000 ( 2024 - £Nil ), which is included within donations income. The gift was made without reservation, payment or consideration.
3. Income from charitable activities
| Unrestricted funds 2025 £ Hire activities 248,462 Total 2024 242,486 |
Total funds 2025 £ 248,462 242,486 |
Total funds 2024 £ 242,486 |
|---|---|---|
Page 18
(A Company Limited by Guarantee)
THE NORFOLK HERITAGE FLEET TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. Income from other trading activities
Income from non charitable trading activities
| Unrestricted funds 2025 £ Mooring income 42,614 Friends AGM and events 2,703 Merchandise and other income 15,460 60,777 Total 2024 79,378 |
Total funds 2025 £ 42,614 2,703 15,460 60,777 79,378 |
Total funds 2024 £ 50,108 4,887 24,383 |
|---|---|---|
| 79,378 | ||
5. Investment income
| Unrestricted funds 2025 £ Bank interest 1,229 Pension income 18,000 19,229 Total 2024 11,420 |
Total funds 2025 £ 1,229 18,000 19,229 11,420 |
Total funds 2024 £ 420 11,000 |
|---|---|---|
| 11,420 | ||
Page 19
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. Other incoming resources
| Other income Total 2024 |
Unrestricted funds 2025 £ 3,557 7,713 |
Total funds 2025 £ 3,557 7,713 |
Total funds 2024 £ 7,713 |
|---|---|---|---|
7. Analysis of expenditure on charitable activities
Summary by fund type
| Hire activities Total 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ 61,945 389,125 81,231 351,982 |
Total 2025 £ 451,070 433,213 |
Total 2024 £ 433,213 |
|---|---|---|---|
Page 20
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 8. Analysis of expenditure by activities Hire activities Total 2024 |
Direct costs 2025 £ 400,776 376,672 |
Support costs 2025 £ 50,294 56,541 |
Total funds 2025 £ 451,070 433,213 |
Total funds 2024 £ 433,213 |
|---|---|---|---|---|
Analysis of direct costs
| Staff costs Light, heat, water and rates Motor Materials, repairs and laundry Project costs Insurance River tolls Stock movement Depreciation Website Training |
Total funds 2025 £ 265,160 9,975 816 46,926 44,140 13,480 10,034 (11,200) 13,948 7,485 12 400,776 |
Total funds 2024 £ 228,479 6,533 3,443 44,218 42,764 13,020 12,231 2,938 17,060 5,551 435 |
|---|---|---|
| 376,672 |
Page 21
THE NORFOLK HERITAGE FLEET TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Friends of the Hunter Fleet expenditure Telephone and postage Trustee insurance Accountancy and independent examination Professional fees Advertising Office costs Bank charges Subscriptions Sundries |
Total funds 2025 £ 6,992 2,957 856 8,786 310 11,049 2,348 787 1,047 15,162 50,294 |
Total funds 2024 £ 8,397 2,118 800 8,644 2,737 8,337 1,076 2,869 216 21,347 |
|---|---|---|
| 56,541 |
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £4,750 ( 2024 - £5,050 ), and other services of £2,250 ( 2024 - £ - ).
Page 22
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. Staff costs
| Group Group 2025 2024 £ £ Wages and salaries 238,977 198,636 Social security costs 16,508 12,257 Pension costs 2,675 9,586 Operating costs of defined benefit pension schemes 7,000 8,000 265,160 228,479 The average number of persons employed by the Charity during the year was Group Group 2025 2024 No. No. Administration 4 4 Boat maintenance 4 4 Part time cleaner 1 1 9 9 |
Charity 2025 £ 238,977 16,508 2,675 7,000 265,160 as follows: Charity 2025 No. 4 4 1 9 |
Charity 2024 £ 198,636 12,257 9,586 8,000 |
|---|---|---|
| 228,479 Charity 2024 No. 4 4 1 |
||
| 9 |
No employee received remuneration amounting to more than £60,000 in either year.
The total amount of employee benefits received by key management personnel is £40,529 ( 2024 - £40,178 ). The Trust considers its key management personnel to comprise the Manager.
11. Directors' remuneration and expenses
During the year, no Directors received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 December 2025, expenses totalling £ 510 were reimbursed or paid directly to 4 Directors (2024 - £385 to 4 Directors) .
Page 23
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. Tangible fixed assets
Group and Charity
| Cost or valuation At 1 January 2025 Additions At 31 December 2025 Depreciation At 1 January 2025 Charge for the year At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 |
Freehold land, buildings and dyke £ 308,977 - 308,977 58,225 4,180 62,405 246,572 250,752 |
Plant & office equipment £ 125,989 4,594 130,583 114,937 4,651 119,588 10,995 11,052 |
Motor vehicles £ 5,992 - 5,992 5,991 - 5,991 1 1 |
Hire Fleet £ 197,188 8,000 205,188 111,871 5,117 116,988 88,200 85,317 |
Total £ 638,146 12,594 |
|---|---|---|---|---|---|
| 650,740 | |||||
| 291,024 13,948 |
|||||
| 304,972 | |||||
| 345,768 | |||||
| 347,122 |
Page 24
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 13. Fixed asset investments Group Valuation At 1 January 2025 Revaluations At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 |
Investments £ 66,288 3,920 |
|---|---|
| 70,208 | |
| 70,208 | |
| 66,288 |
Page 25
(A Company Limited by Guarantee)
THE NORFOLK HERITAGE FLEET TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. Fixed asset investments (continued)
| Charity Cost or valuation At 1 January 2025 Revaluations At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 Principal subsidiaries |
Investments in subsidiary companies £ 2 - 2 2 2 |
Investments £ 66,288 3,920 70,208 70,208 66,288 |
Total £ 66,290 3,920 |
|---|---|---|---|
| 70,210 | |||
| 70,210 | |||
| 66,290 | |||
The following was a subsidiary undertaking of the Charity:
| Name | Company | Principal activity | Principal activity | Holding | Included in |
|---|---|---|---|---|---|
| number | consolidation | ||||
| Hunter's Fleet Limited | 03157685 | Hire | fleet operators | 100% | Yes |
| The financial results of the subsidiary for the year | were: | ||||
| Name | Income | Expenditure | Profit for | Net assets | |
| £ | £ | the year | £ | ||
| £ | |||||
| Hunter's Fleet Limited | 269,935 | (247,201) | 22,734 | 2 |
Page 26
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. Stocks
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Merchandise and other stocks | 37,955 | 27,971 | 36,409 | 25,209 |
During the year there was an impairment reversal to stock of £13,292 ( 2024 - £Nil ) in respect of stock items written down in prior periods. The impairment reversal represents a non-cash movement.
15. Debtors
| Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income |
Group 2025 £ 10,798 - 4,114 40,962 55,874 |
Group 2024 £ 10,170 - 1,882 15,357 27,409 |
Charity 2025 £ - - 4,044 40,962 45,006 |
Charity 2024 £ 9,296 2,787 1,882 15,073 |
|---|---|---|---|---|
| 29,038 |
Page 27
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. Creditors: Amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Other creditors Accruals and deferred income Deferred income at 1 January 2025 Resources deferred during the year Amounts released from previous periods |
Group 2025 £ 2,079 - 1,838 68,608 72,525 Group 2025 £ 16,476 41,543 (16,476) 41,543 |
Group 2024 £ - - 164 37,183 37,347 Group 2024 £ 79,908 8,088 (71,520) 16,476 |
Charity 2025 £ 2,079 21,848 1,708 29,720 55,355 Charity 2025 £ 11,690 4,905 (11,690) 4,905 |
Charity 2024 £ - - - 30,347 30,347 Charity 2024 £ 15,275 3,302 (6,887) 11,690 |
|---|---|---|---|---|
Deferred income is amounts invoiced for future boat hire and moorings.
Page 28
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Friends of Hunters Fleet Repair General funds General Funds Pension reserve Total Unrestricted funds |
Balance at 1 January 2025 £ 19,840 24,987 44,827 478,402 - 478,402 523,229 |
Income £ 28,874 - 28,874 328,562 18,000 346,562 375,436 |
Expenditure £ (34,500) - (34,500) (369,625) 15,000 (354,625) (389,125) |
Gains/ (Losses) £ - - - 3,920 (33,000) (29,080) (29,080) |
Balance at 31 December 2025 £ 14,214 24,987 |
|---|---|---|---|---|---|
| 39,201 | |||||
| 441,259 - |
|||||
| 441,259 | |||||
| 480,460 |
Page 29
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. Statement of funds (continued)
| Restricted funds Heritage Lottery Alan Boswell Anguish Educational Norwich Freemans Ranworth Trust Goldcrest Trust Norfolk Community Norwich Freemans Mark Cator All Hallows Norfolk Community Foundation - Project Starfish Trinity House Total of funds |
Balance at 1 January 2025 £ - 2,050 4,049 6,115 3,974 1,000 2,935 - - - - - 20,123 543,352 |
Income £ 43,570 - - - 7,381 - - 25,000 15,000 5,000 5,000 3,000 103,951 479,387 |
Expenditure £ (43,570) (910) (2,029) (5,608) (3,974) - (2,935) - - - (2,919) - (61,945) (451,070) |
Gains/ (Losses) £ - - - - - - - - - - - - - (29,080) |
Balance at 31 December 2025 £ - 1,140 2,020 507 7,381 1,000 - 25,000 15,000 5,000 2,081 3,000 |
|---|---|---|---|---|---|
| 62,129 | |||||
| 542,589 |
Page 30
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. Statement of funds (continued)
Restricted Funds
Heritage Lottery Fund - Donations received to enable the Charity to complete a project.
Alan Boswell - Grant received towards the cost of Norfolk and Norwich school children using the boats for skippered sailing experiences.
Anguish Educational Foundation - Grant received towards the cost of young carers, Nelson's Journey users, ex-offenders, adults with PTSD and ex-service people (all within Norwich) using the boats for skippered sailing experiences and take home packs.
Norwich Freemans - Grant received towards the cost of school children within a 10 mile radius of Norwich using the boats for skippered sailing experiences and take home packs.
Ranworth Trust - Grant received towards the cost of Acle school children using the boats for skippered sailing experiences.
Goldcrest Trust - Grant received from The Goldcrest Trust for the purpose of youth sailing.
Norfolk Community - Grant received to enable young people to complete their RYA Level 1 & courses in partnership with the Matthew Project.
Norwich Freemans - Grant received towards the cost of delivery of Project Starfish.
Mark Cator - Donation received towards the cost of delivery of Project Starfish.
All Hallows - Grant received towards the cost of delivery of Project Starfish.
Norfolk Community Foundation - Project Starfish - Grant received towards the cost of delivery of Project Starfish.
Trinity House - Grant received towards the cost of delivery of sail training.
Restricted Funds comprise grants made by outside bodies to the Trust to enable it to pursue its charitable purposes in the area of education. These are largely delivered through the Trust’s Project Starfish initiative, the Schools, Youth and Community project which is detailed on page 2 of this report under b. Activities undertaken to achieve objectives. Restricted Funds may only be used for the purpose of delivering the activities approved by the grant funder.
Unrestricted Funds
General - General funds for the Charity.
Friends of the Hunters Fleet - Operating funds of a support organisation of the Charity.
Repair Fund - To fund future repairs to Charity premises.
Pension reserve - The balance at 31 December 2025 was £Nil and represents the Trust's share of the estimated surplus within the Norfolk County Council Pension Fund.
Page 31
THE NORFOLK HERITAGE FLEET TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Provision for pension deficit Friends of Hunters Fleet Repair General funds General Funds Total Unrestricted funds |
Balance at 1 January 2024 £ - 15,709 24,987 40,696 482,906 523,602 |
Income £ - 24,500 - 24,500 350,182 374,682 |
Expenditure £ (8,000) (20,369) - (28,369) (323,613) (351,982) |
Transfers in/out £ 32,000 - - 32,000 (34,829) (2,829) |
Gains/ (Losses) £ (24,000) - - (24,000) 3,756 (20,244) |
Balance at 31 December 2024 £ - 19,840 24,987 |
|---|---|---|---|---|---|---|
| 44,827 | ||||||
| 478,402 | ||||||
| 523,229 |
Page 32
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. Statement of funds (continued)
| Restricted funds Heritage Lottery Alan Boswell Anguish Educational Norwich Freemans Ranworth Trust Goldcrest Trust Norfolk Community Total of funds |
10,699 9,974 7,825 8,038 - 1,000 - 37,536 561,138 |
58,054 - - - - - 2,935 60,989 435,671 |
(61,257) (7,924) (3,776) (1,923) (6,351) - - (81,231) (433,213) |
(7,496) - - - 10,325 - - 2,829 - |
- - - - - - - - (20,244) |
- 2,050 4,049 6,115 3,974 1,000 2,935 |
|---|---|---|---|---|---|---|
| 20,123 | ||||||
| 543,352 |
Page 33
THE NORFOLK HERITAGE FLEET TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Designated funds General funds Restricted funds |
Balance at 1 January 2025 £ 44,827 478,402 20,123 543,352 Income £ 24,500 350,182 60,989 435,671 |
Income £ 28,874 346,562 103,951 479,387 Expenditure £ (28,369) (323,613) (81,231) (433,213) |
Expenditure £ (34,500) (354,625) (61,945) (451,070) Transfers in/out £ 32,000 (34,829) 2,829 - |
Gains/ (Losses) £ - (29,080) - (29,080) Gains/ (Losses) £ (24,000) 3,756 - (20,244) |
Balance at 31 December 2025 £ 39,201 441,259 62,129 |
|---|---|---|---|---|---|---|
| 542,589 | ||||||
| Balance at 31 December 2024 £ 44,827 478,402 20,123 |
||||||
| Summary of funds - prior year | ||||||
| Designated funds General funds Restricted funds |
Balance at 1 January 2024 £ 40,696 482,906 37,536 561,138 |
|||||
| 543,352 |
Page 34
(A Company Limited by Guarantee)
THE NORFOLK HERITAGE FLEET TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2025 Unrestricted funds 2025 £ £ - 345,768 - 70,208 62,129 137,009 - (72,525) 62,129 480,460 |
Total funds 2025 £ 345,768 70,208 199,138 (72,525) 542,589 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2024 £ - - 20,123 - 20,123 |
Unrestricted funds 2024 £ 347,122 66,288 147,166 (37,347) 523,229 |
Total funds 2024 £ 347,122 66,288 167,289 (37,347) 543,352 |
|---|---|---|---|
Page 35
THE NORFOLK HERITAGE FLEET TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. Pension commitments
The Group operates a defined benefit pension scheme for qualifying employees providing benefits based upon final pensionable pay. The pension is funded by the payment of contributions and assets of the plan are held in a separately administered fund.
The most recent comprehensive actuarial valuation of pension plan assets and the present value of the defined benefit obligation was carried out at 31 December 2025.
Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):
| At 31 | At 31 | |
|---|---|---|
| December | December | |
| 2025 | 2024 | |
| % | % | |
| Discount rate | 5.60 | 5.50 |
| Future salary increases | 3.45 | 2.45 |
| Future pension increases | 2.75 | 2.75 |
| At 31 | At 31 | |
|---|---|---|
| December | December | |
| 2025 | 2024 | |
| Years | Years | |
| Mortality rates (in years) | ||
| - for a male aged 65 now | 21.6 | 21.3 |
| - at 65 for a male aged 45 now | 20.3 | 20.1 |
| - for a female aged 65 now | 24.9 | 24.9 |
| - at 65 for a female aged 45 now | 26.2 | 26.2 |
The Group's share of the assets in the scheme prior to the asset restriction explained further below was:
| Equities Bonds Property Cash and other liquid assets Total fair value of assets |
At 31 December 2025 £ 260,710 437,320 134,560 8,410 841,000 |
At 31 December 2024 £ 229,800 390,660 122,560 22,980 766,000 |
|---|---|---|
Page 36
(A Company Limited by Guarantee)
THE NORFOLK HERITAGE FLEET TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. Pension commitments (continued)
The actual return on scheme assets was £60,000 (2024 - £31,000).
The amounts recognised in the Consolidated Statement of Financial Activities are as follows:
| Current service cost Interest income Interest cost Total amount recognised in the Consolidated Statement of Financial Activities |
2025 £ 7,000 (42,000) 24,000 (11,000) |
2024 £ 8,000 (33,000) 22,000 (3,000) |
|---|---|---|
Movements in the present value of the defined benefit obligation were as follows:
| Opening defined benefit obligation Current service cost Interest cost Contributions by scheme participants Actuarial losses/(gains) Benefits paid Closing defined benefit obligation |
2025 £ 443,000 7,000 24,000 2,000 3,000 (9,000) 470,000 |
2024 £ 491,000 8,000 22,000 2,000 (71,000) (9,000) 443,000 |
|---|---|---|
Movements in the fair value of the Group's share of scheme assets were as follows:
| Opening fair value of scheme assets Expected return on assets Actuarial gains/(losses) Contributions by scheme participants Benefits paid Contributions by employer Closing fair value of scheme assets |
2025 £ 766,000 42,000 18,000 2,000 (9,000) 22,000 841,000 |
2024 £ 721,000 33,000 (2,000) 2,000 (9,000) 21,000 766,000 |
|---|---|---|
Page 37
THE NORFOLK HERITAGE FLEET TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. Pension commitments (continued)
The fair value of the pension plan assets at 31 December 2025 is in excess of the present value of the defined benefit obligation at that date. This gives rise to a surplus of £371,000.
The surplus is recognised in the financial statements only to the extent that the Trust can recover that surplus, either through a reduction in future contributions or through a refund to the Trust.
The Trust is unable to determine that future contributions will be reduced and it is not possible for the Trust to receive a refund, as the specific conditions for this have not been met. Therefore, the surplus of £371,000 is not recognised as an asset at 31 December 2025.
Page 38
THE NORFOLK HERITAGE FLEET TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. Related party transactions
During the year the group raised invoices, under normal commercial terms to the following Directors:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| P M Bray - Winter storage & mooring fees | 2,961 | 2,273 |
| R Long - Mooring fees | 1,364 | - |
| R H Neate - Boat hire | 1,695 | - |
| Rev N H Khambatta - Mooring fees, repairs and merchandise | - | 2,751 |
| R Smith - Winter storage and repairs | - | 139 |
During the year management fees of £240,000 ( 2024 - £239,150 ) were paid from Hunter's Fleet Limited, the trading subsidiary, to the Trust. At 31 December 2025 Gift aid payable, equal to the value of taxable profits, was £22,734 ( 2024 - £15,594 ). An intercompany balance of £21,848 is owed by the Trust to Hunter's Fleet Limited ( 2024 - £2,787 owed to the Trust ), and includes the year end gift aid payment.
J E Jack, a Trustee of the Trust, is also a Director of Serene Agency Limited. During the year the group purchased services for website and booking service maintenance and development amounting to £8,880 ( 2024 - £Nil ).
R H Neate, a Trustee of the Trust, is also a Partner of Forvis Mazars LLP. During the year the Trust received a donation of £1,000 ( 2024 - £Nil ) from Forvis Mazars LLP.
P M Bray, a Trustee of the Trust, made a donation of £260 ( 2024 - £Nil ) to the Trust during the year.
D Chessum, a Trustee of the Trust, is also a Director of Chessum Communications Limited. During the year the Trust received a donation of £1,855 ( 2024 - £Nil ) from Chessum Communications Limited.
A Drew, a Trustee until 31 December 2024, is also a Director of Alan Boswell Insurance Brokers. During the prior year the Trust purchased insurance through Alan Boswell Insurance Brokers, amounting to £14,091.
Page 39