COMPANY REGISTRATION NUMBER: 04552637 CHARITY REGISTRATION NUMBER: 1096073
Wherry Yacht Charter Charitable Trust Company Limited by Guarantee Unaudited financial statements 31 March 2024
Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Financial statements
Year ended 31 March 2024
| Page | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities (including income and expenditure account) | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 10 |
Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report)
Year ended 31 March 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 31 March 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 Wherry Yacht Charter Charitable Trust Charity registration number 1096073 Company registration number 04552637 Principal office and registered Bankside 300 office Peachman Way Broadland Business Park Norwich Norfolk NR7 0LB
The trustees
The trustees who served during the year and at the date of approval were as follows:
Andrew Scull (Chairman) John R V Ash (Resigned 1 May 2023) Dawn Atter Simon (Bill) Housden (Treasurer) Paul Walshe (Resigned 31 March 2024) Mark Wright (Resigned 5 December 2023) Judith Keogh (Appointed 1 May 2023) Company secretary Simon (Bill) Housden Independent examiner Mark Proctor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers Barclays Bank Plc 40-42 Market Place Great Yarmouth Norfolk NR30 1LX
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 March 2024
Objectives and activities
The principal objectives of the trust are to:-
(a) recover, restore, maintain and preserve for the benefit of the public one or more examples of the Norfolk Wherry and in particular the Wherries Ardea, Hathor, Olive, Norada and White Moth.
(b) advance the education of the public concerning Norfolk Wherries and their historic and cultural role in the Norfolk and Suffolk Broads.
(c) provide training in the skills necessary to restore, maintain and sail them.
Public benefit
The trustees have taken due regard to the guidance published by the Charity Commission on public benefit.
It is considered that the trust provides a public benefit through restoring and maintaining five Norfolk Wherries for viewing and chartering by the public. Through this, the knowledge held by the public, regarding the history and role of the Wherries, is advanced.
Achievements and performance
The sailing income of the Trust in 2023 was £65,570 compared to £67,569 in 2022, a reduction of 2.96%.
Numerous factors affect sailing income and whilst the slight reduction in 2023 is not what the Trustee Directors would have liked, it is pleasing to see that WYC's offering to customers is appreciated. Other income in the year, from various sources amounted to £30,385 the principal components being donations and subscriptions, a material proportion of which was attributable to having Hathor open for significantly more days than in previous years.
Expenditure during 2023, excluding depreciation, amounted to £114,409 the primary components of which were maintenance on the five wherries and the Wherry Base, salary and investment in appointing and developing our new Wherry Trainee.
The cash position at the year end showed a positive amount of £53,689.
During 2023 considerable work was undertaken to augment the number of Volunteers and to promote awareness of the Trust, in particular by increasing the number of days on which Hathor was open for visitors during her Summer Season at How Hill.
As always, the Trust's Volunteers played a major part in the success of 2023 and their enthusiasm and commitment, together with the support of our Friends, is vital in achieving our long-term aim of Keeping History Sailing.
Financial review
The results of the trust's operations for the period are set out in detail on pages 6 to 19.
Reserves
It is the trustees' intention to build up free reserves when fully operational to a level of £100,000 representing £50,000 for operating costs and £50,000 as an emergency fund for repairs. At 31 March 2024 free reserves amounted to £45,439 (2023: £63,893).
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 March 2024
Financial review (continued)
Other restricted funds amounted to £150,000 relating to the value of Hathor, Norada and Olive when they were purchased and £49,261 (2023: £53,582) representing funds previously received from Heritage Lottery Fund for the development of the Base which continues to be restricted. This fund is being reduced by the depreciation charge attributable to the initial funding.
Plans for future periods
The 2024/2025 period will be another important year for the Trust as it continues to progress towards its long-term aim of becoming a financially self-sustaining operation.
As always, this will involve generating sustainable trading income from sailings and related activities, such as viewings and events.
Efforts will also continue to augment that income with donations and legacies and, in appropriate circumstances, grants may also be sought to fund significant specific projects which may help in securing the long term future of the wherries.
The coming year is likely to be financially testing as the Trust invests in the development of its Wherry Trainee, which is regarded as an essential requirement for safeguarding the skills required to assist in maintaining its wherries and the Wherry Base.
2024/2025 should also see both (i) an increasing number of Volunteers progressing through the Crew Training Programme and (ii) the careful expansion of the Trust's unique ability to offer "multi-wherry" charters and events, including a modest number of sailings on the Southern Rivers.
Considerable work has been done to attract more Volunteers to join the Trust, particularly to allow greater public access to Hathor whilst she is at How Hill. The Trust's relationship with The How Hill Trust remains constructive and the aim is to continue this initiative in the 2024 sailing season.
Structure, governance and management
Governing document
Wherry Yacht Charter Charitable Trust is a company limited by guarantee governed by its Memorandum and Articles of Association. The company operates as a charitable trust, registered with the Charity Commission.
Recruitment and appointment Trustees
Trustees shall be persons who through occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the charity.
All new trustees will be provided with :
-
The Memorandum and Articles of Association
-
The latest financial statements of the charity
-
Details of the Charity Commission guidance notes The Essential Trustee "What you need to know, what you need to do".
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.
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 March 2024
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. The trustees have carried out a review and have prepared a risk assessment which will be updated during the next 12 months.
Organisational structure
The trustees meet not less than four times each year including the Annual General Meeting - an Agenda is prepared and circulated in advance of such meetings and includes items relating to health and safety, strategy, finance (including income statement, balance sheet and cashflow), fundraising operations and education (including training).
External support is provided by volunteer means.
Trustees
The trustees are directors within the meaning of the Companies Act 2006. The trustees who served during the year are listed on page 1.
Independent examiner
M Proctor FCA DChA will be reappointed as independent examiner for the ensuing year.
Small company provisions
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 March 2024
The trustees' annual report was approved on 8 December 2024 and signed on behalf of the board of trustees by:
Andrew Scull (Chairman) Trustee
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Independent examiner's report to the trustees of Wherry Yacht Charter Charitable Trust
Year ended 31 March 2024
I report to the charity trustees on my examination of the financial statements of the company for the year ended 31 March 2024 which are set out on pages 7 to 20..
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
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:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
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
-
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
19 December 2024
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Statement of financial activities (including income and expenditure account)
Year ended 31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 25,951 | – | 25,951 | 59,887 |
| Charitable activities | 6 | 65,570 | – | 65,570 | 67,569 |
| Other trading activities | 7 | 3,738 | – | 3,738 | 1,749 |
| Investment income | 8 | 696 | – | 696 | 125 |
| -------------------------- | ------------- | -------------------------- | ------------------------------- | ||
| Total income | 95,955 | – | 95,955 | 129,330 | |
| ========================== | ============= | ========================== | =============================== | ||
| Expenditure | |||||
| Raising funds | |||||
| Costs of raising funds | 9 | (3,838) | – | (3,838) | (2,852) |
| Charitable activities | 10 | (118,703) | (4,321) | (123,024) | (108,229) |
| ------------------------------- | ---------------------- | ------------------------------- | ------------------------------- | ||
| Total expenditure | (122,541) | (4,321) | (126,862) | (111,081) | |
| =============================== | ====================== | =============================== | =============================== | ||
| ------------------------------- | ---------------------- | ------------------------------- | ------------------------------- | ||
| Net (expenditure)/income and net | |||||
| movement in funds | (26,586) | (4,321) | (30,907) | 18,249 | |
| =============================== | ====================== | =============================== | =============================== | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 296,376 | 203,582 | 499,958 | 481,709 | |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | ||
| Total funds carried forward | 269,790 | 199,261 | 469,051 | 499,958 | |
| =============================== | =============================== | =============================== | =============================== |
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 10 to 20 form part of these financial statements.
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Balance sheet
31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 15 | 143,612 | 156,065 | ||
| Heritage assets | 16 | 280,000 | 280,000 | ||
| ------------------------------- | ------------------------------- | ||||
| 423,612 | 436,065 | ||||
| Current assets | |||||
| Debtors | 17 | 9,887 | 13,601 | ||
| Cash at bank and in hand | 53,689 | 61,278 | |||
| -------------------------- | -------------------------- | ||||
| 63,576 | 74,879 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 18 | (18,137) | (10,986) | ||
| -------------------------- | -------------------------- | ||||
| Net current assets | 45,439 | 63,893 | |||
| ------------------------------- | ------------------------------- | ||||
| Total assets less current liabilities | 469,051 | 499,958 | |||
| ------------------------------- | ------------------------------- | ||||
| Net assets | 469,051 | 499,958 | |||
| =============================== | =============================== | ||||
| Funds of the charity | |||||
| Restricted funds | 199,261 | 203,582 | |||
| Unrestricted funds: | |||||
| Revaluation reserve | 130,000 | 130,000 | |||
| Other unrestricted income funds | 139,790 | 166,376 | |||
| ------------------------------- | ------------------------------- | ||||
| Total unrestricted funds | 269,790 | 296,376 | |||
| ------------------------------- | ------------------------------- | ||||
| Total charity funds | 19 | 469,051 | 499,958 | ||
| =============================== | =============================== |
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The balance sheet continues on the following page.
The notes on pages 10 to 20 form part of these financial statements.
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Balance sheet (continued)
31 March 2024
These financial statements were approved by the board of trustees and authorised for issue on 8 December 2024 and are signed on behalf of the board by:
Andrew Scull (Chairman) Trustee
Simon (Bill) Housden (Treasurer) Trustee
Company registration number: 04552637
The notes on pages 10 to 20 form part of these financial statements.
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements
Year ended 31 March 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 Bankside 300, Peachman Way, Broadland Business Park, Norwich, Norfolk, NR7 0LB. The charity’s operational address is The Wherry Base, Barton House, Hartwell Road, Wroxham, Norwich, Norfolk, NR12 8TL.
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 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)) issued in October 2019, Companies Act 2006 and the Charities Act 2011.
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 measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) 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.
(c) Fund accounting
-
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
-
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
(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:
-
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
Charter income is included in the year in which the charter is undertaken.
-
Investment income is included when receivable.
-
Income from other trading activities is related to income from merchandise and events orchestrated by the Trust.
(e) Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
-
Costs of raising funds comprise the costs associated with attracting other income and the costs of trading for fundraising purposes.
-
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
-
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include costs linked to the strategic management of the charity.
-
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designated to reflect the use of the resource.
(f) Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
(g) Tangible assets
All fixed assets are initially recorded at cost.
(h) 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:
Equipment - 20% straight line
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
(i) Heritage assets
The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity. Heritage assets are recognised on the balance sheet and initially measured at cost when purchased. Assets are subsequently stated at valuation as provided by the Trustees.
Heritage assets are to be held for the foreseeable future. The very long expected lives of heritage assets, due to their nature, value and need to be protected and preserved means that depreciation is not material and is, therefore, not provided.
(j) 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.
4. Limited by guarantee
The Wherry Yacht Charter Charitable Trust is a company limited by guarantee. Each member is liable to contribute a sum not exceeding £1 in the event of the company being wound up.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 11,533 | 11,533 | 43,400 | 43,400 |
| Subscriptions | 7,435 | 7,435 | 6,125 | 6,125 |
| Gift aid | 6,983 | 6,983 | 10,362 | 10,362 |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |
| 25,951 | 25,951 | 59,887 | 59,887 | |
| ========================== | ========================== | ========================== | ========================== |
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2024
6. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Charter income | 46,530 | 46,530 | 49,400 | 49,400 | |
| Public Sailing | 19,040 | 19,040 | 18,169 | 18,169 | |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | ||
| 65,570 | 65,570 | 67,569 | 67,569 | ||
| ========================== | ========================== | ========================== | ========================== | ||
| 7. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Merchandise income | 2,690 | 2,690 | 619 | 619 | |
| Event income | 1,048 | 1,048 | 1,130 | 1,130 | |
| ---------------------- | ---------------------- | ---------------------- | ---------------------- | ||
| 3,738 | 3,738 | 1,749 | 1,749 | ||
| ====================== | ====================== | ====================== | ====================== | ||
| 8. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 696 | 696 | 125 | 125 | |
| ============= | ============= | ============= | ============= | ||
| 9. | Costs of raising funds | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Event costs | 3,838 | 3,838 | 2,852 | 2,852 | |
| ====================== | ====================== | ====================== | ====================== |
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2024
10. Expenditure on charitable activities
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Wherry operating and restoration costs | 40,389 | – | 40,389 |
| Salaries | 34,693 | – | 34,693 |
| Tolls | 2,811 | – | 2,811 |
| Wherry Base rent | 5,000 | – | 5,000 |
| Telephone, postage, administration and sundry | 2,937 | – | 2,937 |
| Rates, electricity and insurance | 9,175 | – | 9,175 |
| Advertising | 1,381 | – | 1,381 |
| Website | 3,246 | – | 3,246 |
| Depreciation | 8,132 | 4,321 | 12,453 |
| Professional fees | 1,826 | – | 1,826 |
| Chartering costs | 6,625 | – | 6,625 |
| Governance costs | 2,488 | – | 2,488 |
| ------------------------------- | ---------------------- | ------------------------------- | |
| 118,703 | 4,321 | 123,024 | |
| =============================== | ====================== | =============================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Wherry operating and restoration costs | 22,058 | – | 22,058 |
| Salaries | 34,606 | – | 34,606 |
| Tolls | 2,005 | – | 2,005 |
| Wherry Base rent | 5,000 | – | 5,000 |
| Telephone, postage, administration and sundry | 3,168 | – | 3,168 |
| Rates, electricity and insurance | 8,608 | – | 8,608 |
| Advertising | 10,154 | – | 10,154 |
| Website | 153 | – | 153 |
| Depreciation | 8,530 | 4,465 | 12,995 |
| Professional fees | – | – | – |
| Chartering costs | 7,350 | – | 7,350 |
| Governance costs | 2,132 | – | 2,132 |
| ------------------------------- | ---------------------- | ------------------------------- | |
| 103,764 | 4,465 | 108,229 | |
| =============================== | ====================== | =============================== |
Analysis of governance costs
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Independent examination fee | 2,488 | – | 2,488 | 2,132 |
| ====================== | ============= | ====================== | ====================== | |
| Net (expenditure)/income | ||||
| Net (expenditure)/income is stated after | charging/(crediting): | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 12,453 | 12,995 | ||
| Operating lease rentals :- Land and buildings | 5,000 ========================== |
5,000 ========================== |
11. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
- 14 -
Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2024
12. Independent examination fees
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,488 ====================== |
2,132 ====================== |
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 33,864 | 33,788 |
| Social security costs | – | – |
| Pension costs | 829 | 826 |
| -------------------------- | -------------------------- | |
| 34,693 | 34,614 | |
| ========================== | ========================== |
During the year the trust had 1 employee (2023: 1 employee).
No employee received remuneration of more than £60,000 during the year (2023 - Nil).
Key Management Personnel
There are no Key Management Personnel due to the trustees being involved in day to day management of the Trust.
14. Trustee remuneration and expenses
The Trustees received no emoluments during the year. No Trustees received reimbursed expenses during the year (2023: two Trustees, £221).
15. Tangible fixed assets
| Base | Total | |
|---|---|---|
| £ | £ | |
| Cost | ||
| At 1 April 2023 and 31 March 2024 | 298,876 | 298,876 |
| =============================== | =============================== | |
| Depreciation | ||
| At 1 April 2023 | 142,811 | 142,811 |
| Charge for the year | 12,453 | 12,453 |
| ------------------------------- | ------------------------------- | |
| At 31 March 2024 | 155,264 | 155,264 |
| =============================== | =============================== | |
| Carrying amount | ||
| At 31 March 2024 | 143,612 | 143,612 |
| =============================== | =============================== | |
| At 31 March 2023 | 156,065 | 156,065 |
| =============================== | =============================== |
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Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2024
16. Heritage assets
| Wherries | |
|---|---|
| £ | |
| Cost or valuation | |
| At 1 April 2023 and 31 March 2024 | 280,000 |
| =============================== | |
| Accumulated depreciation | |
| At 1 April 2023 and 31 March 2024 | – |
| =============================== | |
| Carrying amount | |
| At 31 March 2024 | 280,000 |
| =============================== | |
| At 31 March 2023 | 280,000 |
| =============================== |
Depreciation
The Wherries are considered to be heritage assets as they are held for preservation and are used to educate the public on the history of the Norfolk Wherries.
The Wherries have been valued at fair value by the Trustees with reference to market prices. The Wherries are not depreciated on the basis that the Trust has a programme of continual restoration and repair.
A restriction has been placed on the Wherries Hathor, Norada and Olive by the Heritage Lottery Fund, the initial funding provider which will expire 80 years after the original purchase, being 2086.
Summary analysis
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Purchased additions | |||||
| Assets held at valuation | 280,000 | 280,000 | 280,000 | 280,000 | 280,000 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 280,000 | 280,000 | 280,000 | 280,000 | 280,000 | |
| =============================== | =============================== | =============================== | =============================== | =============================== |
17. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Prepayments | 3,364 | 3,083 |
| Accrued income | 4,700 | 9,500 |
| Other debtors | 1,823 | 1,018 |
| ---------------------- | -------------------------- | |
| 9,887 | 13,601 | |
| ====================== | ========================== |
- 16 -
Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2024
18. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trade creditors | – | 750 |
| Accruals and deferred income | 18,137 | 10,236 |
| -------------------------- | -------------------------- | |
| 18,137 | 10,986 | |
| ========================== | ========================== | |
| 2024 | 2023 | |
| £ | £ | |
| Deferred income brought forward | 7,147 | 7,456 |
| Released during the year | (7,147) | (7,456) |
| Deferred during the year | 11,799 | 7,147 |
| -------------------------- | ---------------------- | |
| Deferred income carried forward | 11,799 | 7,147 |
| ========================== | ====================== |
Deferred income relates to monies received by the Trust in relation to charter days.
- 17 -
Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2024
19. Analysis of charitable funds
Unrestricted funds
Year ended 31 March 2024
| Balance at 1 | Balance at 31 | ||||
|---|---|---|---|---|---|
| Apr 2023 | Income | Expenditure | Transfers | Mar 2024 | |
| £ | £ | £ | £ | £ | |
| General Funds | 166,376 | 95,955 | (122,541) | – | 139,790 |
| Revaluation Fund | 130,000 | – | – | – | 130,000 |
| ------------------------------- | -------------------------- | ------------------------------- | ------------- | ------------------------------- | |
| 296,376 | 95,955 | (122,541) | – | 269,790 | |
| =============================== | ========================== | =============================== | ============= | =============================== | |
| Year ended 31 March | 2023 | ||||
| Balance at 1 | Balance at 31 | ||||
| Apr 2022 | Income | Expenditure | Transfers | Mar 2023 | |
| £ | £ | £ | £ | £ | |
| General Funds | 143,662 | 129,330 | (106,616) | – | 166,376 |
| Revaluation Fund | 130,000 | – | – | – | 130,000 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------- | ------------------------------- | |
| 273,662 | 129,330 | (106,616) | – | 296,376 | |
| =============================== | =============================== | =============================== | ============= | =============================== | |
| Restricted funds | |||||
| Year ended 31 March | 2024 | ||||
| Balance at 1 | Balance at 31 | ||||
| Apr 2023 | Income | Expenditure | Transfers | Mar 2024 | |
| £ | £ | £ | £ | £ | |
| Wherries | 150,000 | – | – | – | 150,000 |
| The Base | 53,582 | – | (4,321) | – | 49,261 |
| ------------------------------- | ------------- | ---------------------- | ------------- | ------------------------------- | |
| 203,582 | – | (4,321) | – | 199,261 | |
| =============================== | ============= | ====================== | ============= | =============================== | |
| Year ended 31 March | 2023 | ||||
| Balance at 1 | Balance at 31 | ||||
| Apr 2022 | Income | Expenditure | Transfers | Mar 2023 | |
| £ | £ | £ | £ | £ | |
| Wherries | 150,000 | – | – | – | 150,000 |
| The Base | 58,047 | – | (4,465) | – | 53,582 |
| ------------------------------- | ------------- | ---------------------- | ------------- | ------------------------------- | |
| 208,047 =============================== |
– ============= |
(4,465) ====================== |
– ============= |
203,582 =============================== |
The wherries fund represents funds received from Heritage Lottery Fund to enable the purchase of three Norfolk Wherries, Hathor, Norada and Olive.
- 18 -
Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2024
The Base fund represents funds received from The Heritage Lottery Fund of £102,697, The Geoffrey Watling Charity of £30,000, Lady Hind Trust of £1,000, a private donation of £20,000, Town Close Charities of £10,000 and The Paul Bassham Charity of £10,000, for the redevelopment of the operations base on the river frontage at Barton House, Wroxham. As the funds from all donors (excluding The Heritage Lottery Fund) have been fully expended a transfer has been made, over the years, to the unrestricted fund due to there being no ongoing restriction. The funds received from The Heritage Lottery Fund continue to be restricted.
20. Analysis of net assets between funds
Year ended 31 March 2024
| Tangible | Heritage | Net current | ||
|---|---|---|---|---|
| fixed assets | Assets | assets | Total | |
| £ | £ | £ | £ | |
| Restricted Income Funds | ||||
| Wherries (Hathor, Norada and Olive) | – | 150,000 | – | 150,000 |
| The Base | 49,261 | – | – | 49,261 |
| -------------------------- | ------------------------------- | ------------- | ------------------------------- | |
| 49,261 | 150,000 | – | 199,261 | |
| Unrestricted Income Funds | ||||
| General fund | 94,351 | – | 45,439 | 139,790 |
| Revaluation fund | – | 130,000 | – | 130,000 |
| -------------------------- | ------------------------------- | -------------------------- | ------------------------------- | |
| 94,351 | 130,000 | 45,439 | 269,790 | |
| ------------------------------- | ------------------------------- | -------------------------- | ------------------------------- | |
| 143,612 | 280,000 | 45,439 | 469,051 | |
| =============================== | =============================== | ========================== | =============================== | |
| Year ended 31 March 2023 | ||||
| Tangible | Heritage | Net current | ||
| fixed assets | Assets | assets | Total | |
| £ | £ | £ | £ | |
| Restricted Income Funds | ||||
| Wherries (Hathor, Norada and Olive) | – | 150,000 | – | 150,000 |
| The Base | 53,582 | – | – | 53,582 |
| -------------------------- | ------------------------------- | ------------- | ------------------------------- | |
| 53,582 | 150,000 | – | 203,582 | |
| Unrestricted Income Funds | ||||
| General fund | 102,483 | – | 63,893 | 166,376 |
| Revaluation fund | – | 130,000 | – | 130,000 |
| ------------------------------- | ------------------------------- | -------------------------- | ------------------------------- | |
| 156,065 | 130,000 | 63,893 | 296,376 | |
| ------------------------------- | ------------------------------- | -------------------------- | ------------------------------- | |
| 156,065 | 280,000 | 63,893 | 499,958 | |
| =============================== | =============================== | ========================== | =============================== |
- 19 -
Wherry Yacht Charter Charitable Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 March 2024
21. Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Not later than 1 year | 5,000 | 5,000 |
| Later than 1 year and not later than 5 years | 20,000 | 20,000 |
| Later than 5 years | 40,000 | 45,000 |
| -------------------------- | -------------------------- | |
| 65,000 | 70,000 | |
| ========================== | ========================== |
The Trust is committed to a 30 year lease with effect from April 2006, with an annual cost of £5,000 per annum.
22. Related parties
During 2012 Andrew Scull, a Trustee, purchased the wherry yacht White Moth and agreed to its use by the Trust for an extended period until 31 December 2016, on the basis that the Trust paid for the maintenance and insurance costs. In 2017 the period of use was extended, until 31 December 2019.
During 2015 Andrew Scull purchased the pleasure Wherry Ardea and agreed to its use by the Trust for a three year period, on the basis that the Trust paid for the maintenance and insurance costs.
The current arrangements regarding the use by the Trust of Pleasure Wherry Ardea and Wherry Yacht White Moth have been extended for a further period expiring on 31 December 2025.
During the year £65 (2023: £80 from three Trustees) of subscriptions income was received from three Trustees, together with unrestricted donations amounting to £5,000 (net of gift aid claim) (2023: £6,913).
During the year The Adventure Connection Group Limited, a company in which Mark Wright, (trustee) is a director and major shareholder provided marketing and publicity advice totalling £3,345 (2023: £9,402). There were no outstanding amounts at the year end (2023: creditor of £750).
- 20 -