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2022-12-31-accounts

COMPANY REGISTRATION NUMBER: 04106136 CHARITY REGISTRATION NUMBER: 1084156

Norfolk Wherry Trust Company Limited by Guarantee Unaudited financial statements 31 December 2022

Norfolk Wherry Trust

Company Limited by Guarantee

Financial statements

Year ended 31 December 2022

Pages
Trustees' annual report (incorporating the directors' report) 1 to 6
Independent examiner's report to the trustees 7
Statement of financial activities (including income and expenditure account) 8
Balance sheet 9 to 10
Notes to the financial statements 11 to 20

Norfolk Wherry Trust

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report)

Year ended 31 December 2022

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 31 December 2022.

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 Norfolk Wherry Trust Charity registration number 1084156 Company registration number 04106136 Principal office and registered Forsythe Wherry Yard office Horsefen Road Ludham Norfolk NR29 5QG

The trustees

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

Martin Hills (Chair) Andrew Brooks (Vice Chair) Roger Watts (resigned 25 June 2022) James Fisk (Treasurer and Company Secretary) Philip Board (Membership Secretary) Michael Brett Michael Fuller Elaine Harris Michael Harris Trevor Hipperson Matthew Perring (resigned 19 December 2022) Briant Smith (resigned 25 June 2022) Michael Sparkes

- 1 -

Norfolk Wherry Trust

Company Limited by Guarantee

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

Year ended 31 December 2022

President Michael Brett Vice President Michael Fuller Independent examiner Mark Proctor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers Lloyds Bank Plc 18 Market Place North Walsham Norfolk NR28 9BP HSBC 22 Market Place North Walsham Norfolk NR28 9BH

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Norfolk Wherry Trust

Company Limited by Guarantee

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

Year ended 31 December 2022

Objectives and activities

The primary purpose of the charity is to preserve in perpetuity one or more examples of the Norfolk Wherry for the purposes of education, recreation and instruction.

Public benefit

The Norfolk Wherry Trust complies with the Charity Commission's public benefit requirements under following headings:

The advancement of education

The Trust intends to recommence chartering by Scout and School parties during the sailing season and we shall once again welcome visiting schools and youth groups to the base in Horsefen Road.

The advancement of the arts, culture, heritage and science.

The Norfolk Wherry Trust is committed to the restoration and maintenance of the Wherry Albion, with the help of specialist boatbuilders and voluntary labour.

The Trustees confirm that they have taken note of the Charity Commission's public benefit guidance.

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Norfolk Wherry Trust

Company Limited by Guarantee

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

Year ended 31 December 2022

Achievements and performance

In 2022, the Trust has been able to operate a charter schedule as normal and has been able to catch up with the maintenance backlog caused by prior lockdowns.

Albion started the season having been prepared to her usual high standard, the painting backlog having been addressed and with her new hull paint. The Trust also implemented findings from our full review of fire safety on board Albion. This included reworking of the gas lockers, switching to smaller gas bottles and a spark igniter for the stove. The bunks and mattresses were also replaced to improve their fire safety. An electric toilet was installed on Albion to address the concern some charter parties have about the toilet arrangements on a trip.

When the ballast was put back into Albion, she started to leak. This leak was persistent and the seams did not fully take up. It was decided to have an unscheduled lift to re caulk the affected seam. This was quickly accomplished and she was relaunched. It was, perhaps, inevitable after the disturbance of all the seams by the removal of all the tar in 2021, that a seam was missed that needed re caulking.

Albion was able to operate a full sailing season in 2022, including a trip to the southern rivers. We were able to hold open days at Oulton Broad, Beccles, Museum of the Broads and 2 days at base for the Heritage Open Days. 2 charter days were rearranged due to excessive heat.

At base there was a full review of fire and electrical safety on the site; this has led to some improvements.

A new on line booking system for charters was implemented, ready for the 2023 season. This was necessary for the Trust as the manual work required for the previous system, plus the burden of chasing overdue invoices was unmanageable. This new system does reduce the flexibility of the Trust to accommodate charters but that is considered necessary to have a sustainable booking process. At the same time, considerable work has been undertaken to reduce the manual load on other back office functions. This will be rolled out in 2023.

Financial review

Net income amounted to £17,096 (2021: £246 net expenditure) after incurring expenditure of £nil (2021: £1,769) on the restoration project.

Reserves policy

The Trust agreed to set up a new designated reserve to cover works on the site, including the quay heading and walkways, dredging, work sheds, storage sheds and wet shed. The quay heading does not need any short term works although there are ongoing works on the walkways with some planks needing replacement and the addition of a non-slip surface on the landing stage. After consideration, there is no short term need to perform structural work on the wet shed, and no long-term advantage doing so at this time. The refurbishment project has been delayed until the roof needs to be re-laid or the steelwork needs structural repair. This new reserve will initially be £50,000 and that will be reviewed annually.

The Trust will continue to maintain the reserves to support the restoration of Albion. Although inflation was high this year, the Trust has prioritised the setting up of reserves for the site and will not be increasing the size of the Albion reserves this year, leaving them at £210,000.

The Trust was fortunate to receive a legacy for the purchase of wood for the restoration. Unfortunately, we were unable to find suitable wood in 2022 that we could then store onsite ready for drying and subsequent use. We hope to do so in 2023, but that money will be held as cash reserves until it can be converted into wooden planks.

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Norfolk Wherry Trust

Company Limited by Guarantee

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

Year ended 31 December 2022

Reserves policy (continued)

It should be noted that the non-designated part of the free reserves has been reduced during the last few years to such an extent that there might be some difficulties in inflation proofing the reserves in future years if inflation continues at a heightened level. It is not currently possible to increase charter income beyond inflation increases with the current crew; additionally, more trips mean greater strain on Albion which might not be in her long-term interest.

Plans for future periods

In addition to the purchase of wood listed above, we hope to replace the sail on Albion. The current sail is over 20 years old and has had to have repairs due to UV damage in both 2021 and 2022. The sailcloth has been purchased, but we need to agree plans for the construction of the sail.

There is also an outline plan to refurbish the existing winch on Albion and to add some safety enhancements. The winch is critical to both the operation of Albion and the safety of crew and passengers on board so any changes need to be carefully implemented to minimise the risks.

The state of the underside of Albion is being monitored. Currently there is no indication that Albion will need to be lifted at the end of 2023 to repaint her. However, as she was scraped back to bare wood last year, there has been no opportunity to build up the layers on paint beyond the minimum so that she might not last the planned three years between lifts.

Structure, governance and management

Governing document

Norfolk Wherry Trust is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association.

Recruitment, appointment and training of Trustees

Trustees are appointed from the membership of the Trust which, in accordance with the Articles of Association, is open to any individual, body corporate or unincorporated association which is interested in furthering the charity's work.

All new trustees will be provided with:

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

The Trustees at the date of approval of the accounts and throughout the year are listed on page 1.

Risk management

The Trust acknowledges the Charity Commission's recommendation for them to undertake a review of the major risks to which the Trust is exposed. The Trustees recognise their duty and the risks faced, and these are reviewed annually. This will continue into the future.

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Norfolk Wherry Trust

Company Limited by Guarantee

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

Year ended 31 December 2022

Structure, governance and management (continued)

Organisational structure

A committee is responsible for the management of the affairs of the Trust and all members of the committee are regarded as Trustees under the Charities Act 2011 and directors within the meaning of the Companies Act 2006.

A finance and general purposes committee exists to act as a steering group for the Trust. The members of the committee are the Chair, Vice Chair, Company Secretary and Treasurer.

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 .............................. and signed on behalf of the board of trustees by:

Martin Hills (Chair) Trustee

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Norfolk Wherry

Company Limited by Guarantee

Independent examiner's report to the trustees of Norfolk Wherry Trust

Year ended 31 December 2022

I report to the charity trustees on my examination of the financial statements of the company for the year ended 31 December 2022 which comprise the statement of financial activities (including income and expenditure account), balance sheet 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

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

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Norfolk Wherry Trust

Company Limited by Guarantee

Statement of financial activities (including income and expenditure account)

Year ended 31 December 2022

2022 2021
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 23,527 7,500 31,027 38,820
Charitable activities 6 24,098 – 24,098 21,842
Other trading activities 7 3,653 – 3,653 2,792
Investment income 8 2,824 – 2,824 783
Other income 9 1,300 – 1,300 –
-------------------------- ---------------------- -------------------------- --------------------------
Total income 55,402 7,500 62,902 64,237
========================== ====================== ========================== ==========================
Expenditure
Expenditure on raising funds:
Costs of raising funds 10 (7,554) – (7,554) (6,170)
Expenditure on charitable activities 11 (38,252) – (38,252) (58,313)
-------------------------- ---------------------- -------------------------- --------------------------
Total expenditure (45,806) – (45,806) (64,483)
========================== ====================== ========================== ==========================
-------------------------- ---------------------- -------------------------- --------------------------
Net income/(expenditure) and net
movement in funds 9,596 7,500 17,096 (246)
========================== ====================== ========================== ==========================
Reconciliation of funds
Total funds brought forward 401,265 – 401,265 401,511
------------------------------- ---------------------- ------------------------------- -------------------------------
Total funds carried forward 410,861 7,500 418,361 401,265
=============================== ====================== =============================== ===============================

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 11 to 20 form part of these financial statements.

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Norfolk Wherry Trust

Company Limited by Guarantee

Balance sheet

31 December 2022

2022 2021
Note £ £ £ £
Fixed assets
Tangible fixed assets 16 23,722 23,323
Current assets
Stocks 17 17,796 6,326
Debtors 18 4,100 10,891
Cash at bank and in hand 376,143 366,227
------------------------------- -------------------------------
398,039 383,444
Creditors: Amounts falling due within
one year 19 (3,400) (5,502)
------------------------------- -------------------------------
Net current assets 394,639 377,942
------------------------------- -------------------------------
Total assets less current liabilities 418,361 401,265
------------------------------- -------------------------------
Net assets 418,361 401,265
=============================== ===============================
Funds of the charity
Restricted funds 7,500 –
Unrestricted funds 410,861 401,265
------------------------------- -------------------------------
Total charity funds 20 418,361
===============================		 401,265
===============================

For the year ending 31 December 2022 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.

The notes on pages 11 to 20 form part of these financial statements.

The balance sheet continues on the following page.

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Norfolk Wherry Trust

Company Limited by Guarantee

Balance sheet (continued)

31 December 2022

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Martin Hills (Chair) Trustee

James Fisk (Treasurer and Company Secretary) Trustee

Company registration number: 04106136

The notes on pages 11 to 20 form part of these financial statements.

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Norfolk Wherry Trust

Company Limited by Guarantee

Notes to the financial statements

Year ended 31 December 2022

1. General information

The charity is a public benefit entity and 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 Forsythe Wherry Yard, Horsefen Road, Ludham, Norfolk, NR29 5QG.

2. Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

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

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.

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

(b) Going concern

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

(c) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

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

(d) 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:

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Norfolk Wherry Trust

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Income (continued)

(e) Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

 other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

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Norfolk Wherry Trust

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

(g) 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:

Land held by the Trust is not depreciated.

(h) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(i) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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 paable 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.

4. Limited by guarantee

The company is limited by guarantee. Each member is liable to contribute a sum, not exceeding £1, in the event of a winding up.

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Norfolk Wherry Trust

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

5. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Donations
Donations 7,919 – 7,919
Subscriptions 10,892 – 10,892
Gift aid tax repayment 1,699 – 1,699
Legacies
Legacies 350 7,500 7,850
Grants
Grants - COVID-19 support 2,667 – 2,667
-------------------------- ---------------------- --------------------------
23,527 7,500 31,027
========================== ====================== ==========================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Donations
Donations 8,303 – 8,303
Subscriptions 11,230 – 11,230
Gift aid tax repayment 2,500 – 2,500
Legacies
Legacies 500 – 500
Grants
Grants - COVID-19 support 16,287 – 16,287
-------------------------- ------------- --------------------------
38,820 – 38,820
========================== ============= ==========================

Government funding received during the year totalled £2,667 (2021: £16,287).

6. Charitable activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Charter income 24,098 24,098 21,842 21,842
========================== ========================== ========================== ==========================
Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Social functions 1,776 1,776 1,574 1,574
Sale of souvenirs 1,877 1,877 1,218 1,218
---------------------- ---------------------- ---------------------- ----------------------
3,653 3,653 2,792 2,792
====================== ====================== ====================== ======================

7. Other trading activities

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Norfolk Wherry Trust

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

7. Other trading activities (continued)

2022 2021
Social functions £ £
Income 1,776 1,574
Expenses (1,899) (1,528)
---------------------- ----------------------
(Deficit)/Surplus (123) 46
====================== ======================
2022 2021
Sale of souvenirs £ £
Income 1,877 1,218
Opening stock (3,326) (3,705)
Closing stock 3,127 3,326
Purchases (1,021) (402)
---------------------- ----------------------
Surplus 657 437
====================== ======================
8. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Interest receivable 2,824 2,824 783 783
====================== ====================== ============= =============
9. Other income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Gain on disposal of tangible fixed assets
held for charity's own use 1,300 1,300 – –
====================== ====================== ============= =============

10. Costs of raising funds

Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Social functions 1,899 1,899 1,528 1,528
Sale of souvenirs 1,220 1,220 781 781
Fundraising and publicity 4,435 4,435 3,861 3,861
---------------------- ---------------------- ---------------------- ----------------------
7,554 7,554 6,170 6,170
====================== ====================== ====================== ======================

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Norfolk Wherry Trust

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

11. Expenditure on charitable activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Operating and maintaining Albion 22,113 22,113 39,637 39,637
Restoration project – – 1,769 1,769
Rates and insurance 6,313 6,313 5,555 5,555
Electricity and expenses 683 683 482 482
Professional expenses 1,610 1,610 1,559 1,559
General expenses 2,770 2,770 5,165 5,165
Depreciation (excluding mast and
equipment) 2,465 2,465 2,520 2,520
Governance costs 2,298 2,298 1,626 1,626
-------------------------- -------------------------- -------------------------- --------------------------
38,252 38,252 58,313 58,313
========================== ========================== ========================== ==========================
Analysis of governance costs:
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Independent examination fees 2,106 2,106 1,626 1,626
Independent examiners - other fees 192 192 – –
---------------------- ---------------------- ---------------------- ----------------------
2,298 2,298 1,626 1,626
====================== ====================== ====================== ======================

12. Net income/(expenditure)

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

Net income/(expenditure) is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible fixed assets 2,465 2,520
Gains on disposal of tangible fixed assets (1,300)
======================		 –
======================

13. Independent examination fees

2022 2021
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 2,106 1,626
Other assurance services 192 –
---------------------- ----------------------
2,298 1,626
====================== ======================

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Norfolk Wherry Trust

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

14. Staff costs

The Trust had no employees during the year and so no individual earned over £60,000.

Key management personnel

There are no key management personnel due to the Trustees being involved in the day to day management of the Trust.

15. Trustee remuneration and expenses

The trustees were not entitled to and received no remuneration from the charity for being a trustee during the year but received minor necessary and authorised out of pocket expenses in relation to their role as crew members.

£
Andy Brooks 338
Philip Board 53
Martin Hills 260
Michael Harris 845
Michael Sparkes 90

16. Tangible fixed assets

Freehold Archive Mast and Wherry
Workshop		 Quay
property equipment equipment Albion and fixtures heading Total
£ £ £ £ £ £ £
Cost
At 1 January 2022 5,786 574 18,266 5,000 35,636 19,085 84,347
Additions – – 2,864 – – – 2,864
---------------------- ------------- -------------------------- -------------------------- -------------------------- -------------------------- --------------------------
At 31 December
2022 5,786 574 21,130 5,000 35,636 19,085 87,211
====================== ============= ========================== ========================== ========================== ========================== ==========================
Depreciation
At 1 January 2022 – 109 16,331 4,000 31,951 8,633 61,024
Charge for the
year – 47 481 - 369 1,568 2,465
---------------------- ------------- -------------------------- -------------------------- -------------------------- -------------------------- --------------------------
At 31 December
2022 – 156 16,812 4,000 32,320 10,201 63,489
====================== ============= ========================== ========================== ========================== ========================== ==========================
Carrying amount
At 31 December
2022 5,786 418 4,318 1,000 3,316 8,884 23,722
====================== ============= ========================== ========================== ========================== ========================== ==========================
At 31 December
2021 5,786 465 1,935 1,000 3,685 10,452 23,323
====================== ============= ========================== ========================== ========================== ========================== ==========================

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Norfolk Wherry Trust

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

16. Tangible fixed assets (continued)

The wherry Albion was revalued at 31 March 1988 by the unincorporated Norfolk Wherry Trust to the sum of £5,000. It has been included in these accounts on the same basis as that adopted by the unincoporated Norfolk Wherry Trust in prior years.

17. Stocks

2022 2021
£ £
Stock 17,796 6,326
========================== ======================
Stock comprises souvenirs,timber and sail cloth.
18. Debtors
2022 2021
£ £
Prepayments and accrued income 4,100 10,891
====================== ==========================
19. Creditors: Amounts falling due within one year
2022 2021
£ £
Accruals 3,400 5,502
====================== ======================

Included in accruals is deferred income of £1,540 (2021:£Nil) which comprises charter income for future periods.

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Norfolk Wherry Trust

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

20. Analysis of charitable funds

Balance at
31
Balance at 1 December
January 2022 **Income ** Expenditure Transfers 2022
£ £ £ £ £
Unrestricted funds
General funds 184,789 55,402 (45,381) (50,000) 144,810
Archive fund (designated) 6,476 – (425) – 6,051
Base fund (designated) – – – 50,000 50,000
Restoration fund (designated) 210,000 – – – 210,000
------------------------------- -------------------------- -------------------------- -------------------------- -------------------------------
401,265 55,402 (45,806) – 410,861
=============================== ========================== ========================== ========================== ===============================
Restricted funds
Wood fund – 7,500 – – 7,500
------------------------------- -------------------------- -------------------------- ------------- -------------------------------
401,265 62,902 (45,806) – 418,361
=============================== ========================== ========================== ============= ===============================
Balance at
31
Balance at 1 December
January 2021 **Income ** Expenditure Transfers 2021
£ £ £ £ £
Unrestricted funds
General funds 205,819 64,237 (63,508) (21,759) 184,789
Archive fund (designated) 6,476 – – – 6,476
Restoration fund (designated) 188,216 – (719) 22,503 210,000
Albion lighting improvement
(designated) 1,000 – (256) (744) –
------------------------------- -------------------------- -------------------------- -------------------------- -------------------------------
401,511
===============================		 64,237
==========================		 (64,483)
==========================		 –
==========================		 401,265
===============================

The general fund represents funds available for use in the operation of the Trust.

Archive Fund

The archive fund represents a legacy received (in 2008) from Roy Clark which the Trustees have set aside to meet the costs of archiving trust materials for educational purposes.

Base Fund

The Trustees have established a base fund to meet the future anticipated costs of the trust base.

Restoration Fund

The Trustees have established a restoration fund to meet the future anticipated costs of the continual restoration for the Albion.

Albion lighting improvement

A donation of £1,000 was set aside to improve the lighting on Albion.

Wood Fund

A legacy of £7,500 was received from W J Pope for future wood purchases to maintain Albion.

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Norfolk Wherry Trust

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

21. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Tangible fixed assets 23,722 – 23,722
Investments – 7,500 7,500
Current assets 390,539 – 390,539
Creditors less than 1 year (3,400) – (3,400)
------------------------------- ---------------------- -------------------------------
Net assets 410,861 7,500 418,361
=============================== ====================== ===============================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Tangible fixed assets 23,323 – 23,323
Investments – – –
Current assets 383,444 – 383,444
Creditors less than 1 year (5,502) – (5,502)
------------------------------- ------------- -------------------------------
Net assets 401,265 – 401,265
=============================== ============= ===============================

22. Capital commitments

At the year ended 31 December 2021 there was a commitment of £11,232 for purchase of sailcloth, a deposit of £3,120 paid in the year which has been treated as a prepayment. At the year ended 31 December 2022 there were no commitments.

23. Related parties

Eight Trustees made donations totally of £148

There were no other related party transactions in this or the previous year.

- 20 -