**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
**- 1 -**
## **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|
**- 2 -**
**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.
**- 3 -**
## **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).
**- 4 -**
**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.
**- 5 -**
**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.
**- 6 -**
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
**- 8 -**
**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.**
**- 9 -**
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$h at bank and in hand
19
18,947
115,572
6,212
186,165
134,519
192,377
Croditors: Amounts tslling duo within
Or y*ar
112,1911
112,0331
Net CUTrent a•s•ts
122,328
180,344
Total a8set81o88 ¢urr•nt IlabSllties
1.771.895
1.179.822
Not a8s8ts
1.171.89S
1.179.822
Fund$ 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 fina181 st*ements for Ihe year
sn question in accordance wlh sects'on 476.,
The directors acnOw1edge 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.**
**- 11 -**
**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.
**- 12 -**
**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
**- 13 -**
**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.
**- 23 -**
## **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|
||``|``|``|``|``|``|
**- 24 -**
## **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|–|
|||||``|``|
**- 25 -**
## **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).
**- 26 -**