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2024-12-31-accounts

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D THE NANCY BLACKETh TRUST 10 TRUSTEES ANNUAL REPORT AND A NT YEAR Resistered Charity No 1181202

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D THE NANCY BLACKETh TRUST CIO PATRON Dame Ellen MacArthur PRESIDENT Peter Willis VICE PRESIDENTS Bryan Bonser, David Collison, Doug Faunt, Loma Hammett, Christina Hardyment, Bob Hull, Claudia Myatt, Diana Sparkes, Roger Slurge, Bill Wallace-King, Jenny Wedick TRUSTEES Peter Willis (President and Chair) Neil Brooks Sue Coales (resigned 8 June) Simon Jackson Irwin Jacobson lan McGlynn Carl Ranger (appoinled 28 September) Robin Sadler John Smith Roger Sturge Mark Taylor (appointed 28 September) Keith White (Treasurer) The Nancy Blackett Trust is a membership organisation and a charitable incorporated organisation (CIO) regulated by the Charities Commission. Trustees are nominated by the Board and elected by the membership at the AGM. The Trust maintains a close relationship wilh the Arthur Ransome Society, a non-charitable association with similar objects. Reglstered Office 42 The Hyde. Ware. Herts SG12 OER Registered Charity No 1181202 Independent Examiner M J Bushell Audit LLP Kings House 101-135 Kings Road Brentwood Essex CM14 4DR Bankers CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ Fund Manager Citrus Wealth Management Orwell House The Strand Wherstead. Ipswich Suffolk IP2 8NJ

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D TRUSTEES REPORT Year ended 31 December 2024 The Nancy Blackett Trust is a Charitable Incorporated Organisation (CIO) regulated by the Charities Commission for England and Wales (number 1181202). The objectives of the Trust. in summary. are.. to secure the prese￿atIon and maintenance of the historic sailing vessel Nancy Blackett for public benefit. to advance the education and understanding of the public in the works ofArthur Ransome. to advance the education of the public by developing sailing and allied facilities, particularly but not exclusively for young people. The Trustees continue to have due regard to their charitable purposes for public benefit as custodians of Nancy as a working heritage asset. One of the principal activities of the Trust is to use her for a mixed programme of sailing and display events. Awards are made (via the Young Sailors Fund) to assist young people to participate in sailing experiences. Grants are made mainly to young people up to the age of 24 (inclusive) to ¢onlribute part of Ihe Cost of sailing activilies related particularly to the central interests of the Twst, the works of Arthur Ransome and the use of the ¢lassi¢ wooden sailing boats, with a preference for activities on the East Anglian coast. The Nancy Blackett Trust is a membership body where nomally most funds are contributed by members. Board and committee membership is by volunteers, as is management of the Trust and skippering the vessel. Volunteers also help with the maintenance and manning the vessel and display stands at events. There must be a minimum of 3 and a maximum of 12 Trustees and one-third retire each year and may be re-appointed. New Tnjstees receive documenlation relevant to their responsibilities, including the Constitution. Annual report and accounts and links to Charity Commission advice. The administration of the Trust is overseen by a Board comprising all Trustees and as necessary other members who are not Trustees but fulfill particular roles. The day to day management of boat maintenance and sailing activities is undertaken by a Sailing sub- Gommittee. The review of inveslments and strategic financial recommendations to the Board is made by a Finance sub-committee. Main achievements durin the Maintaining Nancy The maintenance of Nancy Blackett remains a primary objective of the Trusl. It became Glear in 2023 that considerable work would be needed over 2 Winters to address the ravages of time on a historiG wooden boat.

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D To maintain the boat's character a quantity of Brazilian mahogany was sourced in 2023, sufficient to replace both port and starboard cockpit coaming and the cabin coachroof. The port side was completed in 2023124 and work continues on the stsrboard side in 2024125. Rol was found in the deck beam immediately aft of the mast. Temporary filler was applied to enable the 2024 sailing season to be completed pending fvrther examination. Further rot was found in Autumn 2024 at the foot ofthe stem where it meets the garboards when Nancy was laid up in the boatyard. This was cut out and refilled and the Trust's surveyor was called in for an opinion on future work ne￿SSary lo ensure Nancy's safety. A decision was also taken to replace the failed water tsnk and its replacement with a stainless steel one. This work will be completed before the 2025 launch. It should be noted that each Winter's yard bills straddle the Trust's financial year, making comparisons more difficult. The Tnjst is grateful for the expertise of Harry King's at Pin Mill in advising and carying out work on Nancy. We work closely together to ensure the programme of work is achievable within their resources and that payments are scheduled both for their cash flow but to show, as far as possible, the cost of work carried out in the financial year. The lotal cost over the 2 Winters will be in the region of £35,000 {excluding VAT which is Glaimedl. Without Ihe gift in the will in 2021, now invested, the Trust's financial position would be extremely difficult. Salllng The centrepiece of Nancy's sailing in 2024 was a trip to Scarborough in July over 2 weeks. Nominally to attend a sea festival, this was also intended lo fill out Nancy's history by finding out more about the quarter-century she had spent there in the ownership of the Bentley family. This had begun well, but ended sadly in 1988, leading to a relurn to the Ornell for a complete rebuild. Ther8 was an 8motional reunion between Nancy and members of the Bentley family who had enjoyed and looked after Nancy for many years. They were able to add more to the boat's history and they handed over a foghorn from many years ago. In addition there were 43 day sails by members, reduced from the previous year partly because of the Scarborough trip, a need for more skippers but possibly not helped by the adoption of a proprietary booking system, which has now been abandoned. As in many previous years. Nancy attended the Classic Boat Festival at St. Katharine's Dock in London in Sepiember. This is an opportunity not just to sail up the Thames. but for Nancy lo be seen by members, potential members and the general public, who can be welcomed aboard. The Trust were also represented at the RYA Conference in November to generate interest in the boat and membership with the possibility of recruiting new skippers. The Trustees took the decision to increase sailing rates for the 2025 season. They were last revised in 2022 and the new rates make it clearer that they include VAT.

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D Grants and other charitable activities The programme of activity days for primary schools and ScouVGuide groups continued. These are provided free by the Trust, but the restricted donation by the Company of Drapers in 2023 is used to fvnd transport costs in cases where the cost is a barrier to the group s attendance. The commitment in time, distance between home and the event and the administration needed by Trustees and volunteers limits the number of days that can be arranged. The Trustee organising these activities had to retire during 2024 but a new volunteer has been recruited to continue this work in 2025. Fund raising While most ofthe Trust's income comes from members in subscriptions and donations, the online shop is the main focus for regular fund raising and sales were increased over the previous year, assisted by sales of Christmas cards through a pop up shop in Woodbridge. Trust management The Trustees recognised that improvements in membership records were needed and a member is now paid through their small business to manage them, deal with renewals, send out information to new members and provide general secretarial support. Membership numbers are broadly steady with less than 50/0 turnover and new members more or less replacing losses. This seems a remarkable achievement for a mature body nearly 30 years old, with ils membership still largely made up of people who contributed to the purchase cost of Nancy in 1997. This loyalty is impressive, though we are aware that numbers will diminish through wastage in years to come, and are actively seeking engagement with other organisats'ons with a view to mutual support. The Trustees continue to work on IT improvements, particularly keeping cenlralised documents through a shared electronic system and regular email and video conferencing. The main risk lo the Trust is the cost of maintaining an historic wooden boat and a decline in traditional maintenance skills. Nancy Blackett's winter maintenance was moved to Harry King's (Pin Mill) in 2022 and they continue to provide specialist skills and advi￿, local to the home marina. There is an increasing difficulty in finding sufficient skippers and mates to be able to sail Nancy and meet our charitable obligations. The Trust needs other volunteers to provide event days for young people and undertake charity management and administration. Trustee succession in key areas remains an issue which is continuing to be addressed and the Trust is grateful to some tTUStees who have continued longer than planned for continuity. Fin The results for the period are summarised in the Statement of Income and Expenditure and the Balance Sheet.

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D The trustees are responsible for keeping proper a(XXMJnting recoth awKI pwepating financial ststements for each financial year which give a true and fair view of the financial position in accordan￿ with legal requirements. They are required to select suitable accounting policies and apply theffl GQnSiStenlly' make judgetnerFts and estimales that are reasonable and prudent,. and prepare financial statements on a going ￿)n￿M basis. unless il is inappropriate to presume that The Nancy BLid(ett Twst will continue. They are alao responsib￿ for taking reasonable steps for Ihg preveniion and detection of fraud an¢J other irregularit*s. The present policy is to maintain a r&%erve fund (exduding restricted and desynated funds) equivalent to at least 50% of average annual expenditure. Money is also set aside in restricted and desrgnated furKls for making grants (Young Sailors Fund) arKI for future major boat expenditure (the Maint8nan¢e Fund,) Reserve Funds ale generally held in intere8t bearin9 acGounts. The funds re￿IVed from a large legacy in 2021 were invested from January 2024 through a Fund M8n8ger. The intention 13 to draw dw) an annual amounl uvei long period of around 25 years to ensure that the prmnary aims of the Trust can be met. Vthile investrnent returns in 2024 were positlve. risk of retums going up and 15 recognised. The Trustees are satisfied that this approach will better safeguard the level of resep compared to 8tandard saving8 accounts, where interest rates are Guiwently falling, and mitigate the effects of inflation on expenditure. Other re8er¥68 hekl in immediate acces8 Savings accounts continue to satisfy the reserves WIGY. roved on behalf of the Tru8tee8 Peter WAllis, Chair Date 27oC.a£)L

Docusign Envelope ID: B8A57C9C-DA82-4CD1-85C2-118A6704BB2D

NANCY BLACKETT TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF NANCY BLACKETT TRUST

I report to the Trustees on my examination of the financial statements of Nancy Blackett Trust (the Charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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:

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 financial statements to be reached.

Corné von Wielligh ACA

MJ Bushell Audit LLP Kings House, 101-135 Kings Rd Brentwood Essex CM14 4DR

19/06/2025

Dated: .........................

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D THE NANCY BLACKETh TRUST CIO Charity Number 1181202 ANNUALACCOUNTS Start date 1 January 2024 End Date 31 December 2024 STATEMENT OF FINANCIAL ACTIVITIES Note Unreslricted Designated Restrictal funds funds funds Total funds 2024 Tot81 funds 2023 INCOMING RESOURCES from Donations and legacies Charitable activities 15226 125 15351 17730 2024 2024 2822 Investments and Interest 8919 163 9082 3254 Other 2612 2612 2707 TOTAL 28781 163 125 29069 26513 RESOURCES EXPENDED on Raising funds Charitable activities 7596 7596 5571 25574 0 25574 26317 Young persons TOTAL 362 250 612 755 33170 362 250 33782 32643 NET INCOMEIEXPENDITURE 4389 -199 -125 4713 -6130 Net gainsllosses on investments Extraordinary items Transfers between funds Gainsllosses on revaluation of fixed assets for charily's own use NET MOVEMENT IN FUNDS 4389 -199 -125 4713 -6130 RECONCILIATION OF FUNDS Total funds brought forward Total funds carried fornard 201834 20720 2000 224554 230684 197445 20521 1875 219841 224554

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D BALANCE SHEEf as at 31 December 2024 . Charlty Number 1181202 Note 2024 2023 FIXED ASSETS Tangible a88ets )'- :'.., 29860 CURRENT ASSErs Stod 1015 1671 Debtors 2773 2333 Cash at bank 13 28301 190690 Investments 14 , 158021 TOTAL 190110 194694 LIABILITIES Liab115ts'es due wlthin 12 month8 -129 Long term liabilities NET ASSETS 219841 224554 FUNDS Unrestricted lundB 197445 201834 Designated funds Restrfcted furKI8 15 20521 20720 15 1875 RESERVES 219841 224554 Audlt exomptlon For the year ended 31 December 2024 the charity was entilled to exemption under section 144 of the Charities Act 2011. The twstees acknowledge their responsibilty for ensuring the charty keeps accounting records which comply with the Charities Act; and for preparing accounts in accordan￿ wilh the records. Approved on behalf of the Trustees Peter Willis. Chair Date 37-05.zoa

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024. BASIS OF PREPARATION The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. These accounts are prepared on a going cOn￿M basis and have been prepared in accordance with.. The Stalement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102} issued on 16 July 2014. and wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102J and with the Charitl8s Act 2011. ACCOUNTING POLICIES AA These are included in the accounts when: the charity becomes entitled to the resources,. the Trustees are virtually certain they will receive the resourc8s; and the monetary value can be measured with sufficient reliability. Inv Income from investment and dividends is recognised when its re￿Ipt is probable and the amount receivable can be measured reliably. AA Where incoming resources have related expenditure las with fundraising or contract income) the incoming resources and related expenditure are reported gross in the accounts. tall1£￿. Grants and donations are only included in the accounts when the charily has unconditional entitlement to the resources. Incoming resources from tax reclaims are included in the accounts al the same time as the gift to which they relate. olUDtO￿ The value of any voluntary help received is not included in the accounts but is described in the directors, annual report Liabilit reco nition. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. rn . Include costs of the preparation of statutory accounts and the costs of Trustee meetings

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D Grants with erformance conditions. Where the charity gives a grant with conditions for its payment being a specific level of seNice or output to be provided, such grants are only recognised in the accounts once the recipient of the grant has provided the specified service or output Tan ible fixed assets for use b the charit . Larger items are capitalised if they can be used for more than one year. They are valued at cost or. if gifted. at the value to the charity on receipt. They are written off over their expected useful lives. &touk These are valued at the lower of cost or market value. Depreciation is calculated at 250A per annum, straight line, to write down the cost of equipment over its expected useful life. The primary objects of the Tmsl centre on the sailing vessel Nancy Blackett and the Trusl has expended the funds necessary to fully restore the vessel. The Trustees intend to maintain the vessel at its present high level of restoration. Hence, in their opinion, a charge for depreciats'on is not appropriate. All funds are unrestricted income funds other than the Young Sailors Fund and the Maintenance Fund where funds are Designated by the Trustees or donated and Restricted for a particular purpose. 3. DONATIONS AND LEGACIES Unrestricted Designated Restricted Total Total 2024 2023 Donations and gifts GiftAid 4031 100 4131 5755 2475 25 2500 2576 Legacies Subscriptions Total 8720 8720 9399 15226 125 15351 17730 4. CHARITABLE ACTIVITIES Unrestricted Designated Restricted Total Total 2024 2023 Maintenance and sailing costs Administration costs 23931 23931 19081 1643 1643 2236 Charitable donations 0 5000 Total 25574 25574 26317 Staff costs.. There were no employees during the year.

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D 5. FIXED ASSETS 2024 2023 NANCY BLACKE Cost at 1 January Cost at 31 December 28860 28860 28860 28860 PICTURE Cost at 1 January Cost at 31 December 1000 1000 1000 1000 Depreciation on both At 1 January Charged in year Net book value at end of year 29860 29860 DEBTORS Debtors, all of which are due within one year, comprise 2024 2023 VAT repayable GiftAid repayable Investment income and interest 1748 7597 462 505 563 210 Sundry debtors Total 21 2773 2333 CREDITORS Creditors, all of which are due within one year, comprise 2024 2023 Trade creditors -129 Total -129

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D LONG TERM LIABILITIES There are no long term liabilities. TRUSTEE EXPENSES Trustees may be paid for travel and in some cases for ovemight expenses for attending Board meetings. 2024 2023 Number of Trustees who were paid expenses Amount paid 80 1033 In addition Trustees were reimbursed for expenses incurred in obtaining goods and services on behalf of the Trust. No Trustee received any remuneration during the year. 10. TRANSACTIONS WITH RELATED PARTIES All transactions with Trustees concerning sailing the boat were made on the same basis that they would have been made if the Trustees were ordinary members. 11. GOVERNANCE COSTS Unrestricted Designated Restricted 2024 2023 Independent examination fees Other costs 650 650 425 993 993 1811 Total 1643 1643 2236 12. STOCKS Unrestricted Designated Restricted 2024 2023 For resale 1015 1015 1671

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D 13. CASH IN HANDAND AT BANK Unrestrirted Designated Restricted 2024 2023 Short temi deposits Cash at bank and in hand 5905 20521 1875 28301 190690 14. INVESTMENTS A J BELL Investcentre Value at 31 January 2024 Inv8Stment gains (losses) Value at 31 December 2024 150000 8021 158021 15. FUNDS Balance 1Jan 2024 Income Expenditure Transfers Balance 31 Dec 2024 YOUNG SAILORS FUND Designated Reslri¢ted 4687 163 362 4488 2000 250 1750 TOTAL 163 612 6238 MAINTENANCE FUND Designated 16033 16033 Restricted 125 125 TOTAL 16033 125 16158 Total Designaled Total Restricted 20720 163 362 20521 2000 125 250 1875 TOTAL FUNDS 22720 288 612 22396 The Young Sailors Fund assists young people to participate in sailing experiences. The Maintenance Fund provides for abnormal boat expenditure.

Docusign Envelope ID." B8A57C9C-DA824CD1-85C2-118A6704BB2D 16. COMPARATIVES Unrestricted Designated Restricted 2024 Total Funds 2023 Total Funds INCOMING RESOURCES Donations and legaGies Charitable activities 15226 125 15351 17730 2024 2024 2822 Investments and Interest 8919 163 9082 3254 Other 2612 2612 2707 TOTAL 28781 163 125 29069 26513 RESOURCES EXPENDED Raising fvnds Charitable activities 7596 7596 5571 25574 25574 26317 Young persons TOTAL 362 250 612 755 33170 362 250 33782 32643 Net Incomlng re$our¢esl net Income (net expenses) 4389 -199 -125 4713 -6130 Gain {loss} on revaluation Transfers between funds NET MOVEMENT IN FUNDS 4389 -199 -125 4713 .6130 Fund balances brought forward 201834 20720 2000 224554 230684 Fund balances Carried forward 197445 20521 1875 219841 224554 NET ASSETS BY FUND Tangible fixed assets Current assets 29860 29860 29860 167714 20521 1875 190110 194694 Liabilities -129 -129 TOTAL 197445 20521 1875 219841 224554