2023-09-30-accounts

COMPANY REGISTRATION NUMBER: 03523388

CHARITY REGISTRATION NUMBER: 1068549

The Nancy Oldfield Trust Limited Company Limited by Guarantee Unaudited financial statements

30 September 2023

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Financial statements

Year ended 30 September 2023

	Page
Trustees' annual report (incorporating the directors' report)	1
Independent examiner's report to the trustees	8
Statement of financial activities (including income and expenditure account)	9
Balance sheet	10
Statement of cash flows	11
Notes to the financial statements	12

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report)

Year ended 30 September 2023

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 September 2023.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006 and 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 published in October 2019.

Reference and administrative details

Registered charity name The Nancy Oldfield Trust Limited Charity registration number 1068549 Company registration number 03523388 Principal office and registered Irstead Road office Neatishead Norwich NR12 8BJ

The trustees

The trustees who served during the year and at the date of approval were as follows:

Mrs V Khambatta (Chairman) D Lennard-Jones (Vice Chair) S I George (Company Secretary and Treasurer) J Ash J Copping Mrs D F Harber P M Hawes Ms H James S Smith

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 30 September 2023

Centre Manager	S Bradnock
Fundraising consultants	Felton Fundraising and Appeals
	91 Eastgate Street
	North Elmham
	Dereham
	Norfolk
	NR20 5HE
Independent examiner	Mark Proctor FCA DChA
	Lovewell Blake LLP
	Chartered accountants
	Bankside 300
	Peachman Way
	Broadland Business Park
	Norwich
	NR7 0LB
Solicitors	Leathes Prior
	74 The Close
	Norwich
	Norfolk
	NR1 4DR
Stockbrokers	Barratt & Cooke Limited
	5/6 Opie Street
	Norwich
	Norfolk
	NR1 3DW

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 30 September 2023

Objectives and activities

Principal objectives

The Trust exists to provide the opportunity and facilities for anyone who is disadvantaged in any way, or who has any form of disability, to experience and enjoy a variety of water-based activities afloat on the Norfolk Broads. Fully accessible self-catering accommodation ashore enables individuals and their helpers to participate on either a residential or daily basis. Our staff are experienced in providing activities for people with particular needs and hold the necessary qualifications relevant to to their duties. A team of 95 volunteers work with the staff to lead and support motor boating, sailing, canoeing, paddleboarding and pedal boating and facilitate the enjoyment of the Broads natural environment for our visitors in a safe, friendly and empathetic way.

The Trust owns its reception building, workshop and self-catering bungalow on the waterside at Neatishead, as well as a floating base on Barton Broad, together with a variety of motorboats, safety boats, sailing boats, pedal boats, canoes, large paddleboard and associated specialist equipment. The Trust also owns and operates a specially adapted self-catering property, Berwick Cottage in East Harling, Norfolk for visitors requiring specialist hoists. Visitors at the cottage receive a half day boating on the Broads as part of their stay.

Public benefit

The Trustees consider that the Trust provides a public benefit as defined by the Charity Commission through its objectives of providing sailing and other activities for disabled or disadvantaged people on the Norfolk Broads. These objectives are set out in more detail under 'objectives and activities' and numbers of users under 'achievements and performance.'

While visitors are encouraged to donate to the Trust when they visit, access is not restricted if a visitor is unable to make such a donation and we have a bursary fund to provide free or subsidised activities as appropriate to need.

All trustees give their time voluntarily and receive no benefits from the charity for their work. Our many volunteers also give their time and receive no remuneration for their work with the Trust.

Personnel, volunteers and local support

The Board of Trustees wish to record their thanks and appreciation to the staff, volunteers and local supporters for their support during the year.

Volunteers are involved with the many aspects of the Trust's activities. All volunteers who assist on the water are provided with training and supervision in order that they volunteer to the standards of knowledge and competence required by the Trust. All volunteers are encouraged to gain the nationally recognised qualifications appropriate for the activities they help with and, where possible, this is both provided and funded in-house by the Trust.

Employee involvement and employment of disabled people

Regular staff and volunteer meetings are held to keep personnel informed and up to date. These are led by the Centre Manager. Trustees are provided with regular briefings about the work of the Trust. Our online news and social media posts keep visitors, volunteers and the general public informed. Policies and procedures exist regarding Equal opportunities, Volunteers and Health and Safety matters. We wish to take our visitors afloat safely and it is essential that staff and volunteers have appropriate practical qualifications, skills and experience in order to be able to do this. We provide training programmes to enable people to gain experience and acquire the necessary skills and qualifications. At present we do not have any staff with disabilities. When our most recent vacancies were advertised we received no applications from disabled applicants. The Trust will continue to work to encourage such applications for future vacancies.

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 30 September 2023

Achievements and performance

Visitor numbers

Day visitor numbers saw a steady but modest increase over the previous year. Residential visitor numbers increased significantly. Berwick Cottage booked days increased from 185 in 2022 to 220 in 2023 as a result of people booking visits earlier and later in the season due to the increased visibility of our accommodation on our improved website. Kenyon Bungalow saw an even greater increase of booked days from 158 in 2022 to 281 in 2023 partly due to the change to the pattern of lets from 'first come first served' to Monday to Friday and Friday to Monday fixed lets. Marketing efforts by Trust staff and word of mouth recommendations from visitors who have enjoyed stays with us in the past also had a positive impact on bookings.

Fixed assets

During the year the Trust spent £88,876 (2022: £18,162) on new fixed assets.

Investments

There were a number of changes in the investment portfolio but no change in the overall investment strategy. The market value of the portfolio at the year-end was £234,485, with realised gains of £3,870 and unrealised gains of £2,495.

Fundraising

The Trust does not own or have any interest in a trading subsidiary.

Although a significant part of the Trust's revenue has resulted from unsolicited gifts and donations from visitors and others, fundraising has been mainly concentrated on grant making trusts. The Trust is greatly dependent on the grants received from the charitable trusts, foundations and organisations and the Trustees wish to acknowledge and thank them all for their generous support:

Alan Boswell Group Charitable Trust Anne French Memorial Trust Douglas Arter Foundation Garfield Weston Foundation Norfolk Community Foundation - Ranworth Trust Norfolk Community Foundation - Sheringham Shoal R S Brownless Charitable Trust Red Socks Charitable Trust The Barnabas Trust The Clothworkers Foundation The Goldcrest Charitable Trust The Haramead Trust The Hedley Foundation The Lady Hind Trust The Limbourne Trust The Paul Bassham Charitable Trust The Philip and Elizabeth Rackham Charitable Trust The R C Snelling Charitable Trust Truemark Trust

Financial review

The results of the Trust's operations for the year are set out in detail on pages 9 to 26.

The net expenditure in the General Fund before transfers and other recognised gains and losses amounted to £74,177 (2022: net income of £318,096).

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 30 September 2023

Financial review (continued)

Reserves policy

The Trust's free reserves at 30 September 2023 comprised General Fund net current assets (cash and debtors less creditors) and investments of £276,273 (2022: £311,294) and Designated Funds of £47,194 (2022: £47,194). Restricted funds at 30 September 2023 were £33,346 (2022: £50,760). Total funds at 30 September 2023 were £1,171,895 (2022: £1,179,822).

The trustees consider the following factors in assessing the level of reserves required to be maintained on an on-going basis:

(a) The uncertainty surrounding revenue streams from year to year, particularly in the light of changes in visitor behaviour following the pandemic. The Trust receives no statutory funding and relies largely on voluntary donations and grants for the majority of its income. The current economic climate continues to be very challenging and for the foreseeable future the Trustees expect that the costs of running the centre will exceed income.

(b) On-going costs which continue to rise partly due to increases which are outside the control of the Trustees and those required to meet Health and Safety and insurance requirements.

(c) The long term costs of repairing and replacing the Trust's fleet of boats and quay headings and upgrading facilities to modern day standards. These will vary from year to year and on some occasions will be significant.

(d) Reliance on the investment portfolio to contribute to the income of the Trust. Investment income is currently £9,821 p.a.

(e) The seasonal nature of the Trust's activities with cash balances being significantly lower in the winter months when visitor donations are small.

With further grants and generous legacies the Trust remains in a healthy financial position. However, the Trust is always reviewing its operations to generate new / additional sources of income and is always looking at ways of reducing costs. In addition the option remains open for the trust to reviews its portfolio of assets should cash generation be required.

Investment policy

The Trust's investment policy is conservative, minimising risk while seeking to obtain a balance between capital growth and income. A firm of stockbrokers is retained to advise on and manage the portfolio on a discretionary basis. However, the Trustees still take responsibility for overall investment decisions.

Plans for future periods

The Trust will continue to look for imaginative and innovative ways to enable visitors to get out on the water as recovery from the pandemic continues. Work started in 2023 to refit an electrically powered replacement motor cruiser with specially adapted facilities for visitors, scheduled for launch in 2024. This investment will be funded by a mixture of fundraising and the use of reserves. The Trust will work to restore the level of reserves over the coming years to facilitate further investment in in operational assets as it looks to continue to keep its service offer relevant to the needs of its visitors.

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 30 September 2023

Structure, governance and management

Governing document

The Nancy Oldfield Trust was established under a trust deed dated 22 March 1984. The trade and assets of the Trust were transferred to The Nancy Oldfield Trust Limited on 1 April 1998.

The Nancy Oldfield Trust Limited is a company limited by guarantee and is governed by its Memorandum and Articles of Association as amended September 2016. Each member is liable to contribute a sum not exceeding £10 in the event of the company being wound up.

The company is also registered with the Charity Commission.

Recruitment and appointment of Trustees

As a general rule the Board is between ten and twelve members all of whom have some particular and relevant experience or skill that can be offered to the Charity, at present there are only nine members of the board. Recruitment is undertaken by advertising widely for expressions of interest and the appointing new trustees as appropriate to achieve a balance of expertise, and experience on the Board. All potential Trustees have the opportunity to visit the Trust and meet the Chairman, Centre Manager and other Trustees before a formal interview procedure.

Trustees induction and training

• On appointment Trustees are provided with:

• The charity's Memorandum and Articles of Association

• The latest accounts of the charity

• Details of Charity Commission guidance notes CC3 - "The Essential Trustee - what you need to know,

• what you need to do"

In addition, Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.

Risk management

The Trustees acknowledge the Charity Commission's recommendation for them to undertake a review of the major risks to which the Trust is exposed. Risk management is now reviewed on a regular basis to ensure they can update accordingly.

Organisational structure

The Trustees are directors within the meaning of the Companies Act 2006. The Trustees at the date of this report are listed in the 'Reference and Administrative Details' section of this document.

The Trustees meet three or four times a year.

Independent examiner

A resolution to reappoint Mark Proctor FCA DChA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.

Small company provisions

This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.

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The Nancy Oldfield Trust Limited Company Limited by Guarantee Trustees. annual report (incorporating the directors. reportl (contlnued) Year ended 30 September 2023 The trustees, annual wort was approv8d on 1 February 2024 and s19r￿￿ on behalf of the board of trustees Mrs V Khambatta Ichaimanl Twst8e

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Independent examiner's report to the trustees of The Nancy Oldfield Trust Limited

Year ended 30 September 2023

I report to the charity trustees on my examination of the financial statements of the company for the year ended 30 September 2023 which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows and the related notes.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the financial statements of the company 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 your company's financial statements as carried out under section 145 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 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 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 (ICAEW), 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 that in any material respect:

1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements 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

4. the financial statements 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.

Mark Proctor FCA DChA Independent Examiner

Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB 12/02/2024

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Statement of financial activities (including income and expenditure account)

Year ended 30 September 2023

			2023		2022
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5	189,358	102,173	291,531	597,609
Other trading activities	6	4,166	–	4,166	7,234
Investment income	7	9,705	–	9,705	9,821
Other income	8	7,780	–	7,780	8,350
					
Total income		211,009	102,173	313,182	623,014
					
Expenditure
Raising funds
Raising funds	9	(14,603)	–	(14,603)	(13,461)
Charitable activities	10	(270,583)	(42,288)	(312,871)	(275,846)
					
Total expenditure		(285,186)	(42,288)	(327,474)	(289,307)
					
Net (expenditure)/income and net
movements in funds before gains and
losses on investments		(74,177)	59,885	(14,292)	333,707
Net gains/(losses) on investments	11	6,365	–	6,365	(18,945)
Net (expenditure)/income before transfer of
funds		(67,812)	59,885	(7,927)	314,762
Transfers between funds		77,299	(77,299)	–	–
					
Net movement in funds		9,487	(17,414)	(7,927)	314,762
Reconciliation of funds
Total funds brought forward		1,129,062	50,760	1,179,822	865,060
					
Total funds carried forward		1,138,549	33,346	1,171,895	1,179,822
					

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 26 form part of these financial statements.

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The Nancy Oldfield Trust Limited Company Limited by Guarantee Balance sheet 30 September 2023 2023 2022 Fixed assets Irtsngible assets Tangible fixed assets Investments 16 17 18 6.942 808,140 234.485 9,917 760.857 228.904 1,049.567 999,478 Current assets Debtors Ca$h at bank and in hand 19 18,947 115,572 6,212 186,165 134,519 192,377 Croditors: Amounts tslling duo within Or￿ yar 112,1911 112,0331 Net CUTrent a•s•ts 122,328 180,344 Total a8set81o88 ¢urr•nt IlabSllties 1.771.895 1.179.822 Not a8s8ts 1.171.89S 1.179.822 Fund$ of tha charlty Restricted funds Unrestn'cled lunds 33.346 1.138.549 50.760 1,129.062 Total charity funds 1,171,895 1,179,822 For th8 year ending 30 September 2023 the charity was efttrtlod to èxemption from audit under section 477 of the Companies Act 2006 relating to small eompanies. Directors. responsibilities.. The members have not required the wrnpany to r)btain an audit of its fina￿181 stements for Ihe year sn question in accordance wlh sects'on 476., The directors ac￿nOw1edge their responsibiltb'es for complyirvJ wrth the requirements of the Ac* v respect to accounting ￿COrdS and the preparation offinanual 8tstements. These financAal statements h8v8 been prepared in accord8n¢e wth the provisions applicable lo c£)mpanies subject lo the small ￿MpanIeS. regime. These financial statements were approved by the board of trustees and authorised lor issue on 1 February 2024, and are signed on behalf ol the board by.. Mrs V Khambatta Ichaimanl Twsteè Company registration number. 03S23388 The notss <)n pag•s 12 to 26 form part of flnancSal statements. 10-

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Statement of cash flows

Year ended 30 September 2023

	2023	2022
	£	£
Cash flows from operating activities
Net (expenditure)/income	(7,927)	314,762
Adjustments for:
Depreciation of tangible fixed assets	41,393	42,264
Amortisation of intangible assets	2,975	1,983
Net gains/(losses) on investments	(6,365)	18,945
Other interest receivable and similar income	(9,705)	(9,821)
Gains on disposal of tangible fixed assets	(7,780)	(8,350)
Other operating cash flow adjustment	–	(300,000)
Changes in:
Trade and other debtors	(12,735)	(50)
Trade and other creditors	158	4,482
		
Cash generated from operations	14	64,215
Interest received	9,705	9,821
		
Net cash from operating activities	9,719	74,036
		
Cash flows from investing activities
Purchase of tangible assets	(88,876)	(6,262)
Proceeds from sale of tangible assets	7,780	8,350
Purchase of intangible assets	–	(11,900)
Purchases of other investments	(46,615)	(80,101)
Proceeds from sale of other investments	47,399	79,697
		
Net cash used in investing activities	(80,312)	(10,216)
		
Net (decrease)/increase in cash and cash equivalents	(70,593)	63,820
Cash and cash equivalents at beginning of year	186,165	122,345
		
Cash and cash equivalents at end of year	115,572	186,165
		

The notes on pages 12 to 26 form part of these financial statements.

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements

Year ended 30 September 2023

1. General information

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Irstead Road, Neatishead, Norwich, NR12 8BJ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to the charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), Companies Act 2006 and the Charities Act 2011. The charity has applied Update Bulletin 1 as published on 2 February 2016.

The charity constitutes a public benefit entity as defined by FRS 102.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified to include investment assets at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Fund accounting

• Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

• Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

• Restricted funds are subjected to restrictions on the expenditure imposed by the donor or through the terms of an appeal.

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

3. Accounting policies (continued)

Income

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

 Donations and legacies Income from donations and legacies includes grants, donations, and gifts and is included in full in the Statement of Financial Activities when entitlement is established. Legacies are included in the Statement of Financial Activities when the legacy has been received unless, before receipt, there is sufficient evidence to provide the necessary certainty that the legacy will be received and the value of the incoming resources can be measured with sufficient reliability.

 Property gift

Property gifted to the charity is included when entitlement is established and valued in accordance with independent third party valuation.

 Grants Grants both income and capital are credited in full in the Statement of Financial Activities when entitlement is established.

• Investment income

Investment income is included when receivable.

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:

• Costs of raising funds comprise the costs associated with attracting donations and fundraising.

• Charitable activities comprise those costs incurred by the charity in the delivery of its undertakings and services for its beneficiaries.

• All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Website

• 25% straight line

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

3. Accounting policies (continued)

Amortisation (continued)

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

All fixed assets are initially recorded at cost except for assets which are gifted to the Trust. Gifted assets are included at the Trustees estimate of the value at the date of the gift.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property, improvement and quay - 2%, 6.67%, and 10% straight line Boat, yachts and houseboat - 10% and 20% straight line Vehicles, plant and equipment - 10% and 33.33% straight line

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Pension contributions

The Trust makes contributions to the defined contribution personal pension scheme for all employees. The charge to the Statement of Financial Activities represents those contributions payable by the Trust during the year.

4. Limited by guarantee

The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.

- 14 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

5. Donations and legacies

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Donations
Visitor donations	116,592	–	116,592
Legacies
Legacies	40,000	–	40,000
Gifts
Berwick Cottage	–	–	–
Grants
Grants and other donations	32,766	102,173	134,939
			
	189,358	102,173	291,531
			
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Donations
Visitor donations	96,861	–	96,861
Legacies
Legacies	100,000	–	100,000
Gifts
Berwick Cottage	300,000	–	300,000
Grants
Grants and other donations	44,917	55,831	100,748
			
	541,778	55,831	597,609
			

During the year ended 30 September 2023 £Nil (2022: £11,881) of government funding was received.

6. Other trading activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Shop income	428	428	454	454
RYA Course	3,738	3,738	6,780	6,780
				
	4,166	4,166	7,234	7,234
				

- 15 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

7. Investment income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Interest	962	962	197	197
Dividends	8,743	8,743	9,624	9,624
				
	9,705	9,705	9,821	9,821
				
Other income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Profit/(loss) on disposal of fixed assets	7,780	7,780	8,350	8,350
				
Raising funds
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Consultancy fees and expenses	11,563	11,563	10,436	10,436
Investment Management Fee	432	432	408	408
RYA course expenses	988	988	1,681	1,681
Other	1,620	1,620	936	936
				
	14,603	14,603	13,461	13,461
				

8. Other income

9. Raising funds

- 16 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

10. Expenditure on charitable activities

			Unrestricted	Restricted	Total Funds
			Funds	Funds	2023
			£	£	£
	Staff costs		105,409	36,750	142,159
	Boat maintenance		19,784	3,607	23,391
	Other boat costs		7,655	–	7,655
	House running costs		24,249	–	24,249
	Vehicle running costs		3,467	–	3,467
	Office, stationary & sundry		36,715	–	36,715
	Insurance		23,724	–	23,724
	Bursaries		–	1,931	1,931
	Legal and professional fees		1,732	–	1,732
	Depreciation		41,393	–	41,393
	Amortisation		2,975	–	2,975
	Governance costs		3,480	–	3,480
					
			270,583	42,288	312,871
					
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			£	£	£
	Staff costs		91,610	29,769	121,379
	Boat maintenance		13,976	–	13,976
	Other boat costs		6,743	–	6,743
	House running costs		17,264	–	17,264
	Vehicle running costs		3,789	–	3,789
	Office, stationary & sundry		28,932	272	29,204
	Insurance		21,899	–	21,899
	Bursaries		–	10,179	10,179
	Legal and professional fees		2,771	–	2,771
	Depreciation		42,264	–	42,264
	Amortisation		1,983	–	1,983
	Governance costs		4,395	–	4,395
					
			235,626	40,220	275,846
					
	Analysis of Governance costs:
				2023	2022
				£	£
	Independent examination			3,480	3,390
	VAT advice			–	1,005
					
				3,480	4,395
					
11.	Net gains/(losses) on investments
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Gains/(losses) on other investment
	assets	6,365	6,365	(18,945)	(18,945)
					

- 17 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

12. Net (expenditure)/income

Net (expenditure)/income is stated after charging/(crediting):

	Net (expenditure)/income is stated after charging/(crediting):
		2023	2022
		£	£
	Amortisation of intangible assets	2,975	1,983
	Depreciation of tangible fixed assets	41,393	42,264
	Gains on disposal of tangible fixed assets	(7,780)	(8,350)
			
13.	Independent examination fees
		2023	2022
		£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements	3,480	3,390
	Tax advisory services	–	1,005
			
		3,480	4,395
			

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2023	2022
	£	£
Wages and salaries	135,030	113,906
Social security costs	2,800	2,082
Employer contributions to pension plans	3,300	2,563
Other employee benefits	1,029	2,828
		
	142,159 	121,379 

Key Management Personnel

The Centre Manager and Finance Officer represent the Key Management Personnel for the Trust. The total value of remuneration and benefits received by Key Management Personnel was £46,317 (2022: £43,891).

The average head count of employees during the year was 9 (2022: 8).

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

15. Trustee remuneration and expenses

No remuneration was paid to the Trustees in either the current or previous year and no Trustees were reimbursed for expenditure during either the current or previous year.

- 18 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

16. Intangible assets

	Website
	£
Cost
At 1 October 2022 and 30 September 2023	11,900
	
Amortisation
At 1 October 2022	1,983
Charge for the year	2,975
	
At 30 September 2023	4,958
	
Carrying amount
At 30 September 2023	6,942
	
At 30 September 2022	9,917 

17. Tangible fixed assets

	Property,	Boats, yachts	Vehicles,
	improvement	and	plant and
	and quay	houseboat	equipment	Total
	£	£	£	£
Cost
At 1 October 2022	902,555	462,333	45,337	1,410,225
Additions	–	88,876	–	88,876
Disposals	–	(6,500)	–	(6,500)
				
At 30 September 2023	902,555	544,709	45,337	1,492,601
				
Depreciation
At 1 October 2022	279,798	339,378	30,392	649,568
Charge for the year	19,125	17,836	4,432	41,393
Disposals	–	(6,500)	–	(6,500)
				
At 30 September 2023	298,923	350,714	34,824	684,461
				
Carrying amount
At 30 September 2023	603,632	193,995	10,513	808,140
				
At 30 September 2022	622,757	122,955	14,945	760,657
				

All of the above fixed assets are used for direct charitable purpose by the Trust.

Fixed assets include a property, a boat and a further property which were originally gifted to the Nancy Oldfield Trust at a valuation of £105,000, £30,000 and £300,000 respectively, being the Trustee's estimate of the value at the date of the gifts.

- 19 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

18. Investments

	Listed
	investments
	£
Cost or valuation
At 1 October 2022	228,904
Additions	46,615
Disposals	(43,529)
Fair value movements	2,495
	
At 30 September 2023	234,485
	
Impairment
At 1 October 2022 and 30 September 2023
Carrying amount
At 30 September 2023	234,485
	
At 30 September 2022	228,904
	

All investments shown above are held at valuation.

The investment portfolio comprises of the following listed investments:

Holding	2023	2022
	£	£
Henderson International Income Trust Plc Ord 1p shares	13,203	13,041
Gilts: Treasury Stock 2.75% Index Linked 2024	22,237	–
Gilts: Treasury Stock 4.25% Index Linked 2027	15,909	–
Other investments with market value < 5% of portfolio	196,339	215,863
		
	247,688	228,904
		
Gains/(losses) on Investment assets are made up as follows:
	£	£
Realised	3,870	1,899
Unrealised	2,495	(20,844)
		
	6,365 	(18,945) 

The fair value of listed investments is determined by reference to the quoted price of identical assets in an active market at the balance sheet date.

The cost of investments at 30 September 2023 was £215,114 (2022: £216,494).

19. Debtors

	2023	2022
	£	£
Prepayments and accrued income	18,947	6,212
		

- 20 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

20. Creditors: Amounts falling due within one year

	2023	2022
	£	£
Trade creditors	2,640	2,509
Accruals and deferred income	2,272	2,905
Social security and other taxes	2,661	2,540
Accruals and deferred income	4,618	4,079
		
	12,191	12,033
		
Deferred income
	2023	2022
	£	£
At 1 October 2022	2,905	1,142
Amount released to income	(2,905)	(706)
Amount deferred in year	2,272	2,469
		
At 30 September 2023	2,272	2,905
		

21. Deferred income

Deferred income represents deposits in advance of activities to be undertaken in the following year.

- 21 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

22. Analysis of charitable funds

						Transfer	At 30
	At 1 October				Gain on	Between	September
	2022	**Income **	Expenditure	Investments		Funds	2023
	£	£	£		£	£	£
Unrestricted funds
General funds	1,081,868	211,009	(285,186)		6,365	77,299	1,091,355
							
Designated
Hazel
Refurbishment
(previously Boat
Replacement)	44,194	–	–		–	–	44,194
Volunteer Training	3,000	–	–		–	–	3,000
							
Total Designated	47,194	–	–		–	–	47,194
							
Restricted funds
Property
Maintenance	4,217	–	–		–	(4,217)	–
Garden Equipment	3,000	–	–		–	(3,000)	–
Boat and Sailing
Equipment	24,114	8,319	(3,607)		–	(27,082)	1,744
Hazel
Refurbishment	–	43,000	–		–	(43,000)	–
Salaries	–	36,750	(36,750)		–	–	–
Bursary Fund	19,429	14,104	(1,931)		–	–	31,602
							
Total Restricted	50,760	102,173	(42,288)		–	(77,299)	33,346
							
Total Funds	1,179,822	313,182	(327,474)		6,365	–	1,171,895
							

- 22 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

						Transfer	At 30
	At 1 October				Gain on	Between	September
	2021	**Income **	Expenditure	Investments		Funds	2022
	£	£	£		£	£	£
Unrestricted funds
General funds	732,919	567,183	(249,087)		(18,945)	49,798	1,081,868
							
Designated
Property
Maintenance and
Improvement	38,189	–	–		–	(38,189)	–
Hazel
Refurbishment
(previously Boat
Replacement)	44,194	–	–		–	–	44,194
Volunteer Training	3,000	–	–		–	–	3,000
							
Total Designated	85,383	–	–		–	(38,189)	47,194
							
Restricted funds
Property
Maintenance	4,217	–	–		–	–	4,217
Garden Equipment	3,000	–	–		–	–	3,000
Boat and Sailing
Equipment	21,614	2,500	–		–	–	24,114
Salaries	2,570	27,200	(29,770)		–	–	–
Bursary Fund	15,357	14,250	(10,178)		–	–	19,429
Other equipment	–	11,881	(272)		–	(11,609)	–
							
Total Restricted	46,758	55,831	(40,220)		–	(11,609)	50,760
							
Total Funds	865,060 	623,014 	(289,307) 		(18,945) 	– 	1,179,822 

Unrestricted Funds The unrestricted funds are to provide the necessary financial resources to fund the day to day activities of the charity.

Designated Funds These funds have been set aside in recognition of the trustees commitment to the costs described in the title.

Restricted Funds Each fund represents monies raised by grants given specifically towards the costs described in its title.

Transfers between funds

Restricted funds were transferred to unrestricted funds to reflect capital items purchased, on which there is no ongoing restriction and to bring balances in line with expectations following some expenditure in previous years not being allocated to correct funds.

During the previous year designated funds were transferred to unrestricted funds to reflect the funds having been spent in previous years.

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

23. Analysis of net assets between funds

	Intangible					At 30
	and Tangible					September
	Fixed Assets	Investments	Debtors	**Cash at Bank **	Creditors	2023
	£	£	£	£	£	£
Unrestricted funds
General funds	815,082	190,291	8,947	89,226	(12,191)	1,091,355
						
Designated
Hazel
Refurbishment
(previously
Boat
Replacement)	–	44,194	–	–	–	44,194
Volunteer
Training	–	–	–	3,000	–	3,000
						
Total
Designated	–	44,194	–	3,000	–	47,194
						
Restricted funds
Boat and
Sailing
Equipment	–	–	–	1,744	–	1,744
Hazel
Refurbishment	–	–	10,000	(10,000)	–	–
Bursary Fund	–	–	–	31,602	–	31,602
						
Total
Restricted	–	–	10,000	23,346	–	33,346
						
Total Funds	815,082	234,485	18,947	115,572	(12,191)	1,171,895
						

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

	Intangible					At 30
	and Tangible					September
	Fixed Assets	Investments	Debtors	**Cash at Bank **	Creditors	2022
	£	£	£	£	£	£
Unrestricted funds
General funds	770,574	184,710	6,212	132,405	(12,033)	1,081,868
						
Designated
Hazel
Refurbishment
(previously
Boat
Replacement)	–	44,194	–	–	–	44,194
Volunteer
Training	–	–	–	3,000	–	3,000
						
Total
Designated	–	44,194	–	3,000	–	47,194
						
Restricted funds
Property
Maintenance	–	–	–	4,217	–	4,217
Gardening
Equipment	–	–	–	3,000	–	3,000
Boat and
Sailing
Equipment	–	–	–	24,114	–	24,114
Bursary Fund	–	–	–	19,429	–	19,429
						
Total
Restricted	–	–	–	50,760	–	50,760
						
Total Funds	770,574 	228,904 	6,212 	186,165 	(12,033) 	1,179,822 

24. Analysis of changes in net debt

					At
		At			30 September
		1 October	2022	Cash flows	2023
			£	£	£
	Cash at bank and in hand	186,165		(70,593)	115,572
					
25.	Capital commitments
	Capital expenditure contracted for but not provided for in the financial statements is as follows:
				2023	2022
				£	£
	Tangible fixed assets			90,000	–
					

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The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2023

26. Related party transactions

During the year a £Nil (2022: £20) donation was received from a trustee. There were no other related party transactions during the year (2022: £Nil).

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