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← The Nancy Oldfield Trust Limited

2024-09-30-accounts

COMPANY REGISTRATION NUMBER: 03523388

CHARITY REGISTRATION NUMBER: 1068549

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

30 September 2024

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Financial statements

Year ended 30 September 2024

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 2024

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 2024.

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 (resigned 20 January 2025) 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 2024

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 2024

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 2024

Achievements and performance

Visitor numbers

2024 saw very good use being made of our self-catering accommodation with 65% occupancy in our Neatishead bungalow and 60% occupancy of our specially adapted cottage in East Harling. Day visitor numbers remained stable with 2845 visitors enjoying all types of boating activities. The appetite of our visitors to participate in all our offered activities remained strong throughout the year and extensions of our operating hours to include some evening trips proved successful. During the quieter winter months, we made good use of the Kenyon bungalow facilities for volunteer training activities.

Fixed assets

During the year the Trust spent £173,889 (2023: £88,876) on new fixed assets, including a van and the renovation of one of the Trust’s boats.

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 £91,369, with realised gains of £12,510 and unrealised losses of £5,918.

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:

Awards for All The Aylsham Agricultural Show Association Barber Holt Charity Barratt Family Charitable Trust D.C. Moncrieff Charitable Trust Educational Foundation of Alderman John Norman Foundation Froxfield Charitable Trust Garfield Weston Foundation Mrs H.R. Grenne Charitable Settlement Norfolk Community Foundation - Ranworth Trust Norfolk Community Foundation - Sail4Recovery Red Socks Charitable Trust The Anton Jurgens Charitable Trust The Boshier-Hinton Foundation The Clarke Charitable Settlement The Geoffrey Watling Charity The Goldcrest Charitable Trust The Lady Hind Trust The Leslie Mary Carter Charitable Trust The Limbourne Trust The Mickleham Trust The Paragon Trust The R C Snelling Charitable Trust The Sobell Foundation

- 4 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

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

Year ended 30 September 2024

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 £89,606 (2023: net expenditure of £74,177).

Reserves policy

The Trust's free reserves at 30 September 2024 comprised General Fund net current assets (cash and debtors less creditors) and investments of £70,762 (2023: £276,273) and Designated Funds of £47,194 (2023: £47,194). Restricted funds at 30 September 2024 were £23,973 (2023: £33,346). Total funds at 30 September 2024 were £1,085,508 (2023: £1,171,895).

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 £6k 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.

- 5 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

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

Year ended 30 September 2024

Plans for future periods

Moving into the 2025 season we will see our new motor cruiser Hazel, join the fleet with the capability of accommodating larger and heavier wheelchairs on the passenger lift. Electric propulsion, combined with a large accessible toilet cubicle, open plan cabin and galley will provide a quiet and well-appointed experience for our visitors. Hazel will be operating from Stalham thanks to the generous support of Richardson’s of Stalham boatyard. We will be looking to boost income by providing more activity opportunities, will be continuing to expand our outreach activities and will be undertaking a legacy campaign during 2025.

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

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.

- 6 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

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

Year ended 30 September 2024

Structure, governance and management (continued)

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.

The trustees' annual report was approved on 17 June 2025 and signed on behalf of the board of trustees by:

Mrs V Khambatta (Chairman) Trustee

- 7 -

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 2024

I report to the charity trustees on my examination of the financial statements of the company for the year ended 30 September 2024 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 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

17 June 2025

- 8 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Statement of financial activities (including income and expenditure account)

Year ended 30 September 2024

2024 2023
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 183,012 93,370 276,382 291,531
Other trading activities 6 6,880 – 6,880 4,166
Investment income 7 6,478 – 6,478 9,705
Other income 8 – – – 7,780
───────── ─────── ───────── ─────────
Total income 196,370 93,370 289,740 313,182
═════════ ═══════ ═════════ ═════════
Expenditure
Raising funds
Raising funds 9 (15,595) – (15,595) (14,603)
Charitable activities 10 (270,381) (96,743) (367,124) (312,871)
───────── ─────── ───────── ─────────
Total expenditure (285,976) (96,743) (382,719) (327,474)
═════════ ═══════ ═════════ ═════════
Net expenditure and net movements in
funds before gains and losses on
investments (89,606) (3,373) (92,979) (14,292)
Net gains on investments 11 6,592 – 6,592 6,365
───────── ─────── ───────── ─────────
Net expenditure before transfer of funds (83,014) (3,373) (86,387) (7,927)
Transfers between funds 6,000 (6,000) – –
───────── ─────── ───────── ─────────
Net movement in funds (77,014) (9,373) (86,387) (7,927)
Reconciliation of funds
Total funds brought forward 1,138,549 33,346 1,171,895 1,179,822
─────────── ─────── ─────────── ───────────
Total funds carried forward 1,061,535 23,973 1,085,508 1,171,895
═══════════ ═══════ ═══════════ ═══════════

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 2024

2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 16 3,967 6,942
Tangible fixed assets 17 939,612 808,140
Investments 18 91,369 234,485
─────────── ───────────
1,034,948 1,049,567
Current assets
Debtors 19 8,243 18,947
Cash at bank and in hand 82,705 115,572
─────── ─────────
90,948 134,519
Creditors: Amounts falling due within
one year 20 (31,388) (12,191)
─────── ─────────
Net current assets 59,560 122,328
─────────── ───────────
Total assets less net current liabilities 1,094,508 1,171,895
Creditors: Amounts falling due after
one year 22 (9,000) –
─────────── ───────────
Net assets 1,085,508 1,171,895
═══════════ ═══════════
Funds of the charity
Restricted funds 23,973 33,346
Unrestricted funds 1,061,535 1,138,549
─────────── ───────────
Total charity funds 23 1,085,508 1,171,895
═══════════ ═══════════

For the year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 17 June 2025 and are signed on behalf of the board by:

Mrs V Khambatta (Chairman) Trustee

Company registration number: 03523388

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

- 10 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Statement of cash flows

Year ended 30 September 2024

2024 2023
£ £
Cash flows from operating activities
Net expenditure (86,387) (7,927)
Adjustments for:
Depreciation of tangible fixed assets 42,417 41,393
Amortisation of intangible assets 2,975 2,975
Net gains on investments (6,592) (6,365)
Other interest receivable and similar income (6,478) (9,705)
Gains on disposal of tangible fixed assets – (7,780)
Changes in:
Trade and other debtors 10,704 (12,735)
Trade and other creditors 14,697 158
─────── ───────
Cash generated from operations (28,664) 14
Interest received 6,478 9,705
─────── ──────
Net cash (used in)/from operating activities (22,186) 9,719
═══════ ══════
Cash flows from investing activities
Purchase of tangible assets (173,889) (88,876)
Proceeds from sale of tangible assets – 7,780
Purchases of other investments (150,368) (46,615)
Proceeds from sale of other investments 300,076 47,399
───────── ───────
Net cash used in investing activities (24,181) (80,312)
═════════ ═══════
Cash flows from financing activities
Proceeds from borrowings 18,320 –
Repayment of borrowings (4,820) -
───────── ───────
Net cash from financing activities 13,500 –
═════════ ═══════
Net decrease in cash and cash equivalents (32,867) (70,593)
Cash and cash equivalents at beginning of year 115,572 186,165
───────── ─────────
Cash and cash equivalents at end of year 82,705 115,572
═════════ ═════════

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 2024

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

- 12 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2024

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 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:

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 2024

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 2024

5. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Donations
Visitor donations 140,232 – 140,232
Legacies
Legacies – – –
Grants
Grants and other donations 42,780 93,370 136,150
───────── ─────── ─────────
183,012 93,370 276,382
═════════ ═══════ ═════════
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Donations
Visitor donations 116,592 – 116,592
Legacies
Legacies 40,000 – 40,000
Grants
Grants and other donations 32,766 102,173 134,939
───────── ───────── ─────────
189,358 102,173 291,531
═════════ ═════════ ═════════
Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Shop income 440 440 428 428
RYA Course 6,440 6,440 3,738 3,738
────── ────── ────── ──────
6,880 6,880 4,166 4,166
══════ ══════ ══════ ══════
Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Interest 510 510 962 962
Dividends 5,968 5,968 8,743 8,743
────── ────── ────── ──────
6,478 6,478 9,705 9,705
══════ ══════ ══════ ══════

6. Other trading activities

7. Investment income

- 15 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2024

8. Other income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Profit/(loss) on disposal of fixed assets – – 7,780 7,780
════ ════ ══════ ══════
9. Raising funds
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Gifts - impairment reversal 998 998 – –
Consultancy fees and expenses 11,019 11,019 11,563 11,563
Investment Management Fee 493 493 432 432
RYA course expenses 1,457 1,457 988 988
Other 1,628 1,628 1,620 1,620
─────── ─────── ─────── ───────
15,595 15,595 14,603 14,603
═══════ ═══════ ═══════ ═══════

- 16 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2024

10. Expenditure on charitable activities

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Staff costs 81,278 76,370 157,648
Boat maintenance 25,667 – 25,667
Other boat costs 10,208 – 10,208
House running costs 34,354 – 34,354
Vehicle running costs 5,037 – 5,037
Office, stationary & sundry 35,868 – 35,868
Insurance 26,294 – 26,294
Bursaries – 20,373 20,373
Legal and professional fees 1,447 – 1,447
Depreciation 42,417 – 42,417
Amortisation 2,975 – 2,975
Governance costs 4,836 – 4,836
───────── ─────── ─────────
270,381 96,743 367,124
═════════ ═══════ ═════════
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
═════════ ═══════ ═════════
Analysis of Governance costs:
2024 2023
£ £
Independent examination - current year 4,260 3,480
- previous year 576 –
────── ──────
4,836 3,480
══════ ══════
11. Net gains on investments
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Gains/(losses) on other investment
assets 6,592 6,592 6,365 6,365
══════ ══════ ══════ ══════

- 17 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2024

12. Net expenditure

Net expenditure is stated after charging/(crediting):

Net expenditure is stated after charging/(crediting):
2024 2023
£ £
Amortisation of intangible assets 2,975 2,975
Depreciation of tangible fixed assets 42,417 41,393
Gains on disposal of tangible fixed assets – (7,780)
═══════ ═══════
Independent examination fees
2024 2023
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 4,836
══════		 3,480
══════

13. Independent examination fees

14. Staff costs

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

2024 2023
£ £
Wages and salaries 148,407 135,030
Social security costs 4,953 2,800
Employer contributions to pension plans 3,425 3,300
Other employee benefits 863 1,029
───────── ─────────
157,648 142,159
═════════ ═════════

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 £46,527 (2023: £46,317).

The average head count of employees during the year was 9 (2023: 9).

No employee received employee benefits of more than £60,000 during the year (2023: 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 2024

16. Intangible assets

Website
£
Cost
At 1 October 2023 and 30 September 2024 11,900
═══════
Amortisation
At 1 October 2023 4,958
Charge for the year 2,975
───────
At 30 September 2024 7,933
═══════
Carrying amount
At 30 September 2024 3,967
═══════
At 30 September 2023 6,942
═══════

17. Tangible fixed assets

Property,
Boats, yachts		 Vehicles,
improvement
and		 plant and
and quay houseboat equipment Total
£ £ £ £
Cost
At 1 October 2023 902,555 544,709 45,337 1,492,601
Additions – 155,569 18,320 173,889
───────── ───────── ─────── ───────────
At 30 September 2024 902,555 700,278 63,657 1,666,490
═════════ ═════════ ═══════ ═══════════
Depreciation
At 1 October 2023 298,923 350,714 34,824 684,461
Charge for the year 18,584 19,603 4,230 42,417
───────── ───────── ─────── ───────────
At 30 September 2024 317,507 370,317 39,054 726,878
═════════ ═════════ ═══════ ═══════════
Carrying amount
At 30 September 2024 585,048 329,961 24,603 939,612
═════════ ═════════ ═══════ ═══════════
At 30 September 2023 603,632
═════════		 193,995
═════════		 10,513
═══════		 808,140
═══════════

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 2024

18. Investments

Listed
investments
£
Cost or valuation
At 1 October 2023 234,485
Additions 150,368
Disposals (287,566)
Fair value movements (5,918)
─────────
At 30 September 2024 91,369
═════════
Impairment
At 1 October 2023 and 30 September 2024
Carrying amount
At 30 September 2024 91,369
═════════
At 30 September 2023 234,485
═════════

All investments shown above are held at valuation.

The investment portfolio comprises of the following listed investments:

Holding 2024 2023
£ £
Henderson International Income Trust Plc Ord 1p shares – 13,203
Gilts: Treasury Stock 2.75% Index Linked 2024 – 22,237
Gilts: Treasury Stock 4.25% Index Linked 2027 – 15,909
WS Opie Stareet Income Fund R Inc Shares 91,369 –
Other investments with market value < 5% of portfolio – 183,136
─────── ─────────
91,369 234,485
═══════ ═════════
Gains/(losses) on Investment assets are made up as follows:
£ £
Realised 12,510 3,870
Unrealised (5,918) 2,495
─────── ──────
6,592 6,365
═══════ ══════

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 2024 was £87,339 (2023: £215,114).

19. Debtors

2024 2023
£ £
Prepayments and accrued income 8,243
══════		 18,947
═══════

- 20 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2024

20. Creditors: Amounts falling due within one year

2024 2023
£ £
Trade creditors 3,994 2,640
Deferred income 14,541 2,272
Social security and other taxes 2,833 2,661
Accruals 5,520 4,618
Other creditors 4,500 –
─────── ───────
26,888 12,191
═══════ ═══════

Other creditors represents amounts owing to Harber Properties Limited (a company to which Mrs D F Harber is connected). The amount is to be repaid at quarterly instalments of £1,500. No interest is payable.

21. Deferred income

2024 2023
£ £
At 1 October 2023 2,272 2,905
Amount released to income (2,272) (2,905)
Amount deferred in year 14,541 2,272
─────── ──────
At 30 September 2024 14,541
═══════		 2,272
══════

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

22. Creditors: Amounts falling due after one year

2024 2023
£ £
Other creditors 9,000 –
─────── ──────
9,000 –
═══════ ══════

Other creditors represents amounts owing to Harber Properties Limited (a company to which Mrs D F Harber is connected). The amount is to be repaid at quarterly instalments of £1,500. No interest is payable.

- 21 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2024

23. Analysis of charitable funds

Transfer At 30
At 1 October Gain on Between September
2023 **Income ** Expenditure Investments Funds 2024
£ £ £ £ £ £
Unrestricted funds
General funds 1,091,355 196,370 (285,976) 6,592 6,000 1,014,341
═══════════ ═════════ ═════════ ══════ ══════ ═══════════
Designated
Hazel
Refurbishment
(previously Boat
Replacement) 44,194 – – – – 44,194
Volunteer Training 3,000 – – – – 3,000
─────────── ───────── ───────── ────── ────── ───────────
Total Designated 47,194 – – – – 47,194
═══════════ ═════════ ═════════ ══════ ══════ ═══════════
Restricted funds
Boat and Sailing
Equipment 1,744 – – – – 1,744
Hazel
Refurbishment – 6,000 – – (6,000) –
Salaries – 76,370 (76,370) – – –
Bursary Fund 31,602 11,000 (20,373) – – 22,229
─────── ─────── ─────── ──── ────── ───────
Total Restricted 33,346 93,370 (96,743) – (6,000) 23,973
═══════ ═══════ ═══════ ════ ══════ ═══════
Total Funds 1,171,895 289,740 (382,719) 6,592 – 1,085,508
═══════════ ═════════ ═════════ ══════ ══════ ═══════════

- 22 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2024

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
═══════════

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.

- 23 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2024

24. Analysis of net assets between funds

Intangible At 30
and Tangible September
Fixed Assets Investments Debtors **Cash at Bank ** Creditors 2024
£ £ £ £ £ £
Unrestricted funds
General funds 943,579 47,175 8,243 55,732 (40,388) 1,014,341
═════════ ═══════ ══════ ═══════ ═══════ ═══════════
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
Bursary Fund – – – 22,229 – 22,229
──── ──── ──── ─────── ──── ───────
Total
Restricted – – – 23,973 – 23,973
════ ════ ════ ═══════ ════ ═══════
Total Funds 943,579 91,369 8,243 82,705 (40,388) 1,085,508
═════════ ═══════ ══════ ═══════ ═══════ ═══════════

- 24 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2024

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
═══════════

25. Analysis of changes in net debt

At
At 1 Oct 2023 Cash flows 30 Sep 2024
£ £ £
Cash at bank and in hand 115,572 (32,867) 82,705
Other creditors: due within one year – (4,500) (4,500)
Other creditors: due after one year – (9,000) (9,000)
───────── ─────── ────────
115,572
═════════		 (46,367)
═══════		 69,205
═══════

26. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

Tangible fixed assets

2024 2023
£ £
35,777
════		 90,000
═══════

- 25 -

The Nancy Oldfield Trust Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 30 September 2024

27. Related party transactions

During the year the charity purchased a vehicle from Harber Properties Limited, a company to which Mrs D F Harber is connected. The total cost of the vehicle was £18,320 which is to be repaid at quarterly payments of £1,500. At the year end £13,500 was owing to Harber Properties Limited.

- 26 -